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The analysis and approval of the solicitations for granting state guarantees or the granting of sub loans by the Ministry of Public Finances

In the Official Gazette of Romania, First Part, no. 121 of February the 17th 2012 it was published the Decision of the Interdepartmental Committee for Finances, Guarantees and Insurances no. 20/2012 (hereinafter named “I.C.F.G.I.) regarding the approval of the Norm concerning the analysis and approval of the solicitations for granting state guarantees or de granting of sub loans by the Ministry of Public Finances (NI-CST-10-II/0).

This Decision abolishes the Decision of the Interdepartmental Committee for Finances, Guarantees and Insurances regarding the approval of the Norm concerning the analysis and approval of the solicitations for granting state guarantees or the granting of sub loans by the Ministry of Public Finances (NI-CST-10-I/0).

The Norm regulates, mainly, aspects like:

  • the objectives of the Norm;
  • the issuance of the I.C.F.G.I. notification;
  • the solicitants of the I.C.F.G.I. notification;
  • the analysis of the solicitations for the attainment of the I.C.F.G.I.  notification;
  • the risk factor of the solicitant;
  • final dispositions.
THE OBJECTIVES OF THE NORM
  • to establish the work methodology and the specific tasks afferent to the analysis activity for the solicitations or granting state guarantees or de granting of sub loans by the Ministry of Public Finances (hereinafter named “M.P.F.”);
  • the analysis, systematization and correlation of the information on which the I.C.F.G.I. can approve the solicitations for granting state guarantees or the granting of sub loans by the M.P.F.
THE ISSUANCE OF THE I.C.F.G.I. NOTIFICATION

The I.C.F.G.I. notification can be solicited through a petition placed at EximBank along with the necessary documents:

  • judicial file;
  • other necessary notifications;
  • financial documentation
  • commercial documentation
  • other documents (e.g., feasibility studies )
EximBank can request, depending on the case, clarifications/ supplements, including the  feasibility study, the solicitant being to obliged to offer the requested documents for the completion of the analysis.

The results of the analysis are materializeed in a grade as result of the analysis which will be submited to the I.C.F.G.I. where it will undergo the examination and approval process.

AFTER THE ATTAINMENT OF THE NOTIFICATION, THE I.C.F.G.I. DECISION IS TRANSMITTED LIKE THIS:

  • a copy along with a sample of the analysis grade by the M.P.F.;
  • a copy to the solicitant.
THE RISK FACTOR OF THE SOLICITANT

The determination of the risk factor of the solicitant is made based on the score that resulted from the adding of the afferent scores:

  • to the financial performance category, determined in compliance with the thermal regulations of EximBank;
  • to the credit reimbursement history;
  • to the duration of the credits;
  • to the share of the total passive owned funds, in the case of economic operators;
  • to the behavior of the solicitants concerning the debts to the state budget, in the case of economic operators;
  • to the litigation history against the state, in the case of economic operators;
  • to the degree of accomplishment of its own revenues, as in the last annual fiscal situation, registered at the local M.P.F. agencies, corresponding to the determination matrix of the risk factor afferent to the solicitant.
FINAL DISPOSITIONS

EximBank will issue the procedures for the application of the Norm, which are under approval by the I.C.F.G.I.

>>The source

Vlad VRINCEANU

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