Download Survey on the access to finance of the non

NATIONAL BANK OF ROMANIA
Survey on the access to finance of the
non-financial companies in Romania and
their capacity to cope with adverse
financial conditions
June 2014
Executive summary
According to companies, their general economic indicators and the indebtedness level
remained widely unchanged, while profitability decreased during October 2013 - March 2014.
In the companies’ opinion, access to finance does not represent a high important challenge.
The most significant difficulties reported by the companies in conducting their activities are:
the level of taxation, the competition and finding customers.
A relatively small percentage of the companies opted for bank financing, whilst the majority
of them used internal sources of finance in the period between October 2013 and March 2014.
The perceptions about the financing conditions supplied by the financial institutions remained
unchanged compared with the previous semester. The most significant obstacles for
companies to access financial resources from banks and/or non-bank financial institutions
(NFIs) are: high level of the interest rates and bank fees, the requirements regarding the value
or type of collateral, and the bureaucracy burden. Firms reported that most part of their credit
applications to banks and/or non-bank financial institutions ended successfully in the
analyzed period.
Using European funds for developing the business remains a weak option among the
Romanian firms.
Firms outline that their capacity to cope with adverse financial evolutions regarding the
exchange rate or the interest rate is not adequate. A large part of the companies having bank
loans consider they are already hurt by the current level of the interest rate (whatever the
currency of the loan). The majority of the firms choose to cutback their indebtedness level
due to the financing cost.
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A. Access to finance of non-financial companies
(A1) The evolution of the main economic indicators in the period between October 2013
and March 2014
Most of the companies reported that turnover and labour costs remained fairly constant in the
period October 2013 - March 2014. A significant part of the firms reported a decline in profit
and profit margin respectively (see Chart 1). The overwhelming majority of the companies
reported no changes concerning the loan cost expenditures (84 percent).
Chart 1: Evolution of the main financial indicators for nonfinancial companies in the period October 2013 - March
2014
90 percentage
in total
80
Increased
70
Remained fairily
constant
60
Decreased
50
40
30
20
10
Profit margin (net
profit divided by
turnover)
Profit (net profit, after
tax deduction)
Monthly expenditure
with credit cost
Other costs
(production costs:
materials, energy, etc.)
Labour costs
Turnover
0
In structure, depending on the size
of the company, large firms
reported figures which denote an
economic
and
financial
performance superior to the other
companies in the sample (similar to
the results of the previous survey).
Depending on the business sector,
the companies in the agriculture
sector recorded, on balance, a
better evolution than the companies
in other business sectors (Chart 2).
The companies in high-tech 1
sectors registered economic results
inferior to those in low-tech sectors.
At the same time, the companies in
knowledge
intensive
sectors
performed better in terms of
turnover compared to those in less
knowledge intensive sectors.
The data regarding the indebtedness level of the companies shows no major changes in
comparison with the previous survey period (April – September 2013). For the majority of
the companies, the debt-to-assets ratio (the leverage ratio) remained unchanged (around 53
percent), Chart 3.
1
High-tech sectors refer to those sectors in which intensive activities are unfolded in technology. In the present case, hightech sectors include also the medium-high-tech sectors. Low-tech sectors refer to those sectors in which low intensive
activities are unfolded in technology. In this case, low-tech sectors include also the medium-low-tech sectors.
Knowledge intensive sectors refer to those sectors in which intensive activities are unfolded in knowledge. Less knowledge
intensive sectors refer to those sectors in which low intensive activities are unfolded in knowledge.
3/19
Chart 2: Evolution of the main financial indicators
in the period October 2013 - March 2014, by main
business sectors
Chart 3: Evolution of debt-to-assets ratio for nonfinancial companies in the period October 2013 March 2014
60
50
percentage
in total
40
30
20
10
0
It increased It remained It decreased
The
constant
company
does not
hold debt
The most pressing problems faced by companies in the period October 2013 – March 2014
In comparison with the previous survey round, the perception of the companies regarding the
most pressing problems faced in their activity in the period between October 2013 and March
2014 did not change. Globally, the scale of impact of these problems faced by companies did
not suffer modifications. The top 3 issues mentioned were High taxation, Competition and
Finding customers (being seen as pressing problems by 81 percent of the firms, 47 percent
and 46 percent respectively). Access to finance represents a concern for around 19 percent of
the companies (Chart 4).
Chart 4: The most pressing problems of non-financial
companies in the period October 2013 – March 2014
90
percentage in
total
80
pressing
moderate
less pressing
70
60
50
40
30
20
10
2
High taxation
Payment
discipline
Insolvency
procedure
Regulation
Availability of
skilled staff
Production costs,
labour costs, etc.
Access to finance
Competition
Finding
customers
0
According to Annex: Methodological information on the survey
4/19
In structure, developments were
mixed. Access to finance was less of
a concern for large firms and
exporting companies (compared with
total companies). The companies in
the agriculture sector perceived
access to finance as a problem of
higher intensity compared with those
in other business sectors, although
the first ones were leaders in the
percentage of companies which apply
to bank loans, depending on the
business sectors of activity.
The firms with loans2 considered that
the problems faced (except for
Finding customers) were felt with
higher amplitude than by those without loans3. A significant difference of perception occurs
in case of the Payment discipline, this issue having probably a high impact on the capacity to
meet the debt service by the companies with loans (Chart 6).
Chart 5: The most pressing problems of SMEs and
large companies in the period October 2013 –
March 2014
Chart 6: The most pressing problems of nonfinancial companies with and without loans in the
period October 2013 – March 2014
Note: the percentage in total refers to the number of
companies that graded the problem as being pressing or
very pressing in the total number of respondent companies
(question with grading scale from 1 – the most pressing
problem, to 5 – the least pressing problem)
Note: the percentage in total refers to the number of
companies that graded the problem as being pressing or
very pressing in the total number of respondent companies
(question with grading scale from 1 – the most pressing
problem, to 5 – the least pressing problem)
(A2) Availability of sources of financing
Main sources of financing for companies in the period October 2013 – March 2014
The firms signaled a relatively significant use of internal sources of financing, especially
Retained earnings or sale of assets (44 percent of the respondents). The access of bank
financing remains modest, the demand for bank loans registering a decrease compared with
the previous survey round (18 percent of the companies used at least one banking product in
the period October 2013 – March 2014 in comparison with 21 percent in the period April –
September 2013).
While small and medium enterprises followed the overall development, large firms accessed
bank loans prevailingly (52 percent), used financial leasing more than SMEs and internal
financing less (35 percent of the large companies reinvested the profit or sold assets in order
to finance their activity) (Chart 7).
3
According to Annex: Methodological information on the survey
5/19
The capital market financing remains extremelly reduced. No corporation used this source in
the period from October 2013 to March 2014 and an extremely low number of SMEs issued
shares or obligations in this interval.
Chart 7: Main sources of financing of firms in the
period October 2013-March 2014, for SMEs and
large companies
Chart 8: Main sources of financing of companies
in tradables and non-tradables sectors, in the
period October 2013-March 2014
The companies in the agriculture sector and industry applied mostly for bank loans (34
percent of the firms in the agriculture sector, 25 percent of the companies in the industry
sector respectively), whereas the firms in the sectors of services and utilities used retained
earnings or sale of assets prevailingly for financing their operations (47 percent), Chart 9. The
companies doing business in tradables sectors 4 accessed more loans from banks, financial
leasing or commercial loans than the firms that do business in non-tradables sectors. This
positive trend, noted also in the previous survey round, may indicate a sustainable economic
growth sustained by the financial system and other economic agents, Chart 8.
4
Tradables sectors cover companies in agriculture, hunting and forestry, industry and energy and might as well encompass
companies providing international transport, communication, external travel services etc. but the available statistics
do not allow a clear and precise identifi cation of the mentioned fi rms. Non-tradables sectors include companies in
construction, trade and services and transport, warehousing and communications.
6/19
Chart 9: Main sources of financing of companies in the period October 2013-March 2014,
depending on business sectors
Evolution of the main sources of financing of the companies in the period October 2013 March 2014 and perspectives for the period April – September 2014
The majority of the companies that accessed financing declared that the use of internal or
external financing remained fairly constant in the period October 2013-March 2014. This
result confirms the expectations indicated in the previous survey. The companies reported, on
balance, that the availability of the sources of financing will also be maintained constant for
the next 6 months (April - September 2014), Chart 10 and Chart 11.
Chart 10: Evolution of the main sources of financing
of non-financial companies in the period October
2013-March 2014
Remained
fairily
constant
Financial leasing or factoring
Trade credit
Investment loan
Cash flow loan
Decreased
Retained earnings or sale of
assets
Loans from shareholders or
equity funding
Bank overdraft, credit lines
or credit cards overdraft
100
90
80
70
60
50
40
30
20
10
0
Increased
percentage
in total
The
company
did not
need this
type of
financing
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Chart 11: Perspectives of evolution of the main
sources of financing of non-financial companies
in the period April-September 2014
In the case of companies that signaled changes, the net percentage indicated a marginal
increase of the access to internal financing in the last 6 months, and a slightly decrease of the
availability of all the financing sources for the next 6 months, except for retained earnings or
sale of assets. Large companies registered a higher increase of the availability of all sources
of financing, in comparison with the data reported by SMEs, in the period October 2013March 2014.
Depending on the business sector, the net percentage points out the fact that the companies in
construction and real estate sectors reported a slight increase of the use of all financing
sources in the period October 2013-March 2014, whereas mixed developments were observed
in the other sectors. In the agriculture sector a marginal increase of the investment loan was
noticed in the last 6 months (6 percent in net percentage).
Destinations of the financing accessed by non-financial companies in the period October
2013-March 2014
At aggregate level, the main destination of the financing accessed by firms in the period from
October 2013 to March 2014 was Working capital or payment of suppliers (34 percent of the
respondents). Large companies directed the sources of financing towards Working capital or
payment of suppliers more than SMEs (50 percent of the large companies compared to 35
percent of the SMEs), but they also channeled financing towards Investments for business
development more than SMEs (28 percent of the large companies compared with 10 percent
of the SMEs), Chart 12.
Chart 12: Main destinations of the financing
accessed by SMEs and large companies in the
period October 2013-March 2014
Chart 13: Main destinations of the financing accessed
by companies in high-tech and low-tech sectors in the
period October 2013-March 2014
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The companies in high-tech sectors directed the sources of financing towards Investments for
innovation purposes more than those in low-tech sectors (6 percent compared with 1 percent),
Chart 13. An important part of the financing accessed by the companies in the agriculture
sector was directed towards Investments for business development and Investments for
innovation purposes (25 percent, respectively 5 percent of the companies doing business in
agriculture).
Companies’ success rate in accessing finance from banks and non-bank financial
institutions in the period October 2013 – March 2014
Most of the companies included in the sample did not use financing from banks and/or nonbank financial institutions in the analyzed period, similar to the previous survey (around 70
percent of the respondents).
Chart 14: Success rate of SMEs and large companies in accessing
finance from banks and non-bank financial institutions in the period
October 2013 – March 2014
A significant proportion
of the loan applications to
banks and/or non-bank
financial institutions were
successful for companies
(around 73 percent of the
companies that applied for
a loan). In structure, large
companies’ appetite for
bank loans, in addition to
their
success
in
contracting loans in full or
partial amount, stand out
(around 49 percent of the
large firms), Chart 14.
Significant
differences
were noted between the
number of companies with
foreign trade activity that
applied for and contracted loans, on the one side, and the overall situation, on the other side
(around 43 percent of the exporters and 41 percent of the importers accessed bank loan
financing). Companies in the agriculture sector and companies in the tradables sectors
reported a higher success rate than the overall companies in accessing financing from banks
and/or non-bank financial institutions.
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Companies’ access to European Union funding
Almost 3 percent of the companies included in the sample declared that they accessed EU
funding since the period these funds were available until the beginning of the period October
2013 – March 2014. The structure of companies’ answers regarding access to EU funding
remained broadly unchanged.
Chart 15: Access to EU funding by SMEs and large companies
in the period October 2013-March 2014
Companies in tradables sectors
showed a higher openness
towards developing businesses
using EU funding. Moreover,
large firms accessed these
financial resources in a higher
proportion than SMEs (Chart
15). By business sectors, the
highest
performance
in
accessing EU funds was
registered by the companies in
agriculture, at the opposite side
being the companies in the trade
sector. From the Europe 2020
strategy
perspective,
the
answers reveal the fact that
high-tech
and
low-tech
companies applied to EU
funding in equal proportions,
whereas the knowledge intensive companies showed a higher interest in accessing nonreimbursable community funding than the less knowledge intensive companies.
(A3) Conditions and influencing factors regarding companies’ access to finance
Companies’ relationship with banks and non-bank financial institutions and their
perception on the terms and conditions in the period October 2013 – March 2014
The number of the companies without loans from banks and/or non-bank financial
institutions rose compared with the previous term (71 percent in the period October 2013March 2014 in comparison with 65 percent in the previous survey round). For the analyzed
period, the relative equality of the number of improving perceptions of the relationship with
banks and non-bank financial institutions and the number of worsening perceptions was
maintained (Chart 16).
In structure, the highest percentages of the companies with loans were numbered amongst
large firms and companies in the agriculture sector. At the opposite side, there were SMEs
and companies in the services and utilities sectors.
10/19
Chart 16: Relationship of non-financial
companies with banks and non-bank financial
institutions in the period October 2013-March
2014
Chart 17: Perception of non-financial companies with
loans regarding the terms and conditions imposed by
banks and non-bank financial institutions in the
period October 2013-March 2014
Most of the companies with loans from banks and non-bank financial institutions signaled no
changes in the conditions of the loans granted. The difference between the number of the
firms that reported a worsening of the conditions and the number of those that reported an
improvement of the conditions is minor, except for the perception on the requirements
regarding the collateral’s value or type. In this respect, the weight of those that signaled an
increase is highly superior to those that signaled a decrease (Chart 17).
Chart 18: Non-financial companies’ reasons for applying for loans
from financial institutions in the period October 2013-March 2014
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The most frequent reason,
of companies that applied
for loans, to choose a
certain financial institution,
in the last 6 months, was
the business relationship
between the firms and
those institutions
(46
percent of the companies
with loans), Chart 18. In
case of large firms, on
balance, this answering
option was chosen in a
higher proportion than in
the case of SMEs or at
aggregate level.
The main difficulties faced by companies in accessing financing from banks and NFIs in
the period from October 2013 to March 2014.
The too high a level of interest rates and bank fees, the value or type of collateral, the
contractual clauses and the bureaucracy of the credit process, represent, in this order, the
most important obstacles for companies in accessing financial resources from banks and/or
NFIs.
Chart 19: The difficulties faced by non-financial
companies with loans in accessing financing from
banks and NFIs, in the period from October 2013 to
March 2014
Chart 20: The difficulties faced by non-financial
companies, with and without loans, in accessing
financing from banks and NFIs, in the period from
October 2013 to March 2014
Note: the percentage in total refers to the number of
companies that reported the difficulty as being significant
or highly significant in total number of respondent
companies (a question with grading scale from 1 - very big
to 5 – very small or without impact)
The impact of these terms affected mostly the companies which already had loans, while the
companies which did not access financing from banks and/or NFIs were relatively neutral at
these conditions imposed by financial institutions (Chart 19 and Chart 20). The situation
observed at aggregate level was observed for SMEs too, while large companies were more
affected by these difficulties.
12/19
B. The companies’ capacity to cope with adverse financial developments
(B1) The companies’ perception of regarding unfavorable evolution of financing cost
(interest rate)
The perception on financing cost influence (March 2014)
A great part of firms (30 percent of respondents) considered that the current level of the
financing cost already affected the activity or the capacity of a company to reimburse the loan,
while, 12 percent of respondents said that the level of financing cost would not affect their
activity. The majority of companies did not need loans from banks or NFIs (54 percent)
(Chart 21).
Chart 21: The financing cost for non-financial
companies, in March 2014
The availability of companies to
reimburse a certain amount as the
monthly cost of a loan, in quantitative
terms, is heterogeneous, due to the
different financial situations of firms.
Thus, SMEs would be willing to pay a
monthly amount of 5500 lei (the median
of values indicated by SMEs), whereas
the large companies would be willing to
pay a monthly amount of 100 000 lei
(the median of values indicated by large
companies).
The perception on a maximum bearable level of interest rate of credits (March 2014)
The majority of companies said that their main intention was to reduce their leverage rate, so
the firm would not take any loans in future, irrespective of the cost (52 percent of companies
with loans denominated in lei and 57 percent of companies with loans denominated in euros).
The percentages increased compared with the survey results from September 2013.
The greater part of firms showing their interest in applying for loans said that they would do
this only in case of a very low cost of financing (between 0,1 percent and 3 percent for both
loans denominated in lei and for loans denominated in euros). Unlike SMEs, which reflect the
aggregate level trend, large companies could bear greater interest rates, especially for
financing in national currency (27 percent of large companies indicated a maximum interest
rate between 3 percent and 8 percent for loans denominated in lei and 15 percent of large
companies indicated a maximum interest rate between 3 percent and 5 percent for loans
denominated in euros).
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The perception regarding a possible unfavorable evolution of interest rates (March 2014)
The majority of companies with loans in national currency had on average an interest rate
between 9 percent and 11 percent for loans denominated in lei 5 and the majority of
companies with debt in euros 6 had on average an interest rate between 5 percent and 7
percent, the companies stating also that they were already affected by these interest rates
levels.
The great majority of SMEs with loans denominated in lei bore a monthly interest rate
between 9 percent and 11 percent for their loans (28 percent of SMEs with loans in lei). The
most important share of large companies with loans in lei had an average interest rate below 7
percent (46 percent of large companies with lei loans) (see Chart 22). The majority of SMEs
(28 percent of SMEs with foreign currency loans) had an average interest rate for loans
denominated in euros between 5 percent and 7 percent. The bulk of large companies had an
average interest rate for loans denominated in euros between 3 and 5 percent (46 percent of
large companies with loans in euros)(see Chart 24). Credit risk, unsatisfactory payment
discipline and the reduced negotiation power of SMEs could explain those differences made
by banks through the financing cost.
Chart 22: The average interest rate of loans Chart 23: The perception of non-financial
denominated in lei for non-financial companies on a future possible change of interest
companies with credits in lei, in March 2014
rate for credits denominated in lei, in March 2014
Large companies indicated a better capacity to cope with a possible increase of interest rates,
both in national currency and in euros, as well (an impact between 1 and 3 basis points was
the easiest to bear). The SMEs said that they were already affected by the current level of
interest rates, irrespective of the currency of denomination (see Chart 23 and Chart 24). The
situation was similar with that identified at the previous survey (September 2013).
The companies in high-tech sectors had relatively higher interest rates for loans denominated
in lei (33 percent indicate an average rate between 11 percent and 13 percent) compared with
the companies in low-tech sectors (33 percent indicate an average rate between 9 percent and
11 percent) and they were more sensitive to possible future shocks of increase in interest rates.
5
6
See Annex: Methodological information on the survey
See Annex: Methodological information on the survey
14/19
Chart 24: The average interest rate of loans Chart 25: The perception of non-financial
denominated in euro for non-financial companies regarding a future possible change in
companies with loans in euros, in March 2014
interest rates for loans denominated in euros, in
March 2014
(B2) The companies’ perception regarding an unfavorable development of the exchange
rate of the national currency against the euro
The perception regarding a possible national currency depreciation (in March 2014)
The majority of companies considered that the current exchange rate level of leu against the
euro affected their activity (53 percent of respondents), while 14 percent of firms said that
would be affected by a slight depreciation of national currency of 0,1 percent. The large
companies, in relative terms compared with SMEs, could support better a possible important
national currency depreciation, of a maximum of 15 percent (see Chart 26).
The importing firms7, large companies especially, considered that the national currency was
sufficiently depreciated in order for their activity to be affected or that a depreciation of 0,1
percent would significantly affect their activity, the situation being more problematic in case
of companies with loans denominated in euro. The exporting firms8 considered, also, that a
significant level of depreciation of the national currency would negatively affect their activity
(Chart 27). The opinions were in line with those given at the previous survey, taking into
account the modest change of the exchange rate compared with the moment of the previous
research (September 2013).
7
Importers were chosen to be foreign trade companies which realized net import (trade deficit), and the value of their
imports was over 100.000 euros in each quarter of year 2013.
8
Exporters were chosen to be foreign trade companies which realized net export (trade surplus), and the value of their
exports was over 100.000 euros in each quarter of the year 2013.
15/19
Chart 26: The perception regarding a possible Chart 27: The importers’ (SMEs and large
national currency depreciation, of SMEs and companies) perception regarding a possible
large companies, in March 2014
national currency depreciation, in March 2014
The perception on a possible national currency appreciation (in March 2014)
Companies considered that the appreciation of the national currency against the euro was
more tolerable than the depreciation, 31 percent of respondents indicated that the current
level of the exchange rate already affected them in terms of appreciation. The large
companies would be more affected by an appreciation of the exchange rate between 0,1
percent and 15 percent, while the majority of SMEs were not content with the current level of
the exchange rate (see Chart 28).
Chart 28: The perception regarding a possible Chart 29: The exporters’ (SMEs and large
national currency appreciation, of SMEs and companies) perception regarding a possible
large companies, in March 2014
national currency appreciation, in March 2014
Except for exporters, who consider that they are already affected by the current exchange rate
level, the greater part of exporting SMEs would be affected by an appreciation higher than 8
16/19
percent (21 percent of importing SMEs), while 16 percent of exporting large companies,
would be affected by a slight appreciation of 0,1 percent (Chart 29).
17/19
Annex: Methodological information on the survey
The survey is conducted semiannually by NBR in March and September. The survey is based on a
questionnaire sent to a sample of nearly 10.000 non-financial companies, from which around 80 percent
are SMEs, large firms being included exhaustively.
The sample, representative at the national level, is selected through statistical processes, using the
following criteria:
- firm size class (micro firms, small firms, medium-sized firms and large companies);
- business sector, according to NACE classification (two digits);
The questionnaire is structured into two sections, as follows (A) Romanian enterprises’ access to finance
and (B) the non-financial companies’ capacity to cope with adverse financial developments in the interest
rate and the exchange rate).
The questions aim to gather the companies’ opinions regarding:





the general economic outlook of firms;
the availability of financing sources,
the conditions and factors regarding the access to finance of companies,
the companies’ perception regarding the unfavorable evolutions regarding the cost of financing
(interest rate),
the companies’ perception regarding the unfavorable evolutions of the exchange rate of the
national currency against the euro.
The analysis of answering options
The answering options in the questionnaire are analyzed in the following ways:
a) For questions with a grading scale three types of analysis are used:
- the analysis of answering options separately for grades indicating a positive dynamics,
for grades indicating a lack of dynamics and for notes indicating a negative dynamics;
- the analysis of answering options only for grades indicating a certain dynamic;
- the analysis of the net percentage (the difference between the share of companies
reporting an evolution/problem as being upward/significant and the share reporting an evolution/problem
as being downward/insignificant)
b) For multiple choice questions or single choice questions: the share of companies which chose a
certain answering option in total number of respondents.
Regarding question „A1. How would you assess the evolution of the company's following financial
indicators, in the past 6 months?”, the net percentage represents the difference between the share of
companies indicating an upward development of an indicator and the share of companies indicating a
downward development of that indicator. A positive net percentage would indicate an improvement of
turnover, profit or profit margin or a worsening of labour costs, of other costs or of monthly expenditure
with cost of credit.
Regarding question „A2: What are the most pressing problems your company faced in the past 6 months?”,
the net percentage represents the difference between the share of companies indicating a problem as being
significant and the share of companies indicating a problem as being unimportant. A positive net
percentage means that a certain problem is significant.
18/19
Regarding question „A8: What is your opinion regarding the evolution, in the past 6 months, of the terms
and conditions applied by banks and non-bank financial institutions to loans you have in stock?”, the net
percentage represents the difference between the share of companies indicating a tightening of conditions
and the difference between the share of companies indicating a relaxing of conditions. A positive net
percentage indicates that a certain condition became more stringent.
Regarding questions „A9: Please indicate how the availability of the following sources of financing for the
company evolved in the past 6 months?” and „A10: Please indicate how you believe future availability of
the following sources of financing for the company will evolve in the next 6 months?”, the net percentage
represents the difference between the share of companies indicating an increase of availability of a certain
source of financing and the share of companies indicating an decrease of availability of that source of
financing. A positive net percentage means that the availability of a certain source increased (A9) or will
increase (A10).
The opinions cover the evolution over the previous six months and the expectations regarding the next six
months.
The definition of companies with loans and of companies without loans
1. The separation of companies into companies with loans and without loans was realized using the
answering option „d. You do not have loans”, of to the single choice question „A7. How do you perceive
your relation, in the past 6 months, with the banks and non-bank financial institutions from which you
obtained loans (ongoing loans irrespective of age)?”. The companies that chose the answering option d)
were considered firms without loans, and the rest of the companies, which chose (other options from the
question above, were considered companies with loans.
2. The separation of companies into companies with loans denominated in lei and without loans
denominated in lei was realized using the answering option „f. The company does not have loans
denominated in lei (including leasing)”, of the single choice question „B5. Between what values would you
place the average interest rate on your current loans denominated in lei?”. The companies which chose the
answering option f) were considered firms without loans denominated in lei, and the rest of the companies,
which chose other options from the question above, were considered companies with loans denominated in
lei.
3. The separation of companies into companies with loans denominated in euro and without loans
denominated in euro was realized using the answering option „f. The company does not have loans
denominated in euro (including leasing)”, of the single choice question „B7. Between what values would
you place the average interest rate on your current loans denominated in euro?”. The companies that chose
the answering option f) were considered firms without loans denominated in euro, and the rest of the
companies, which chose other options from the question above, were considered companies with loans
denominated in euro.
19/19