Romanian banks, under ANAF’s eye

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The National Agency for Fiscal Administration (ANAF) began the inspections on banks, finding many problems with “major consequences”, Ionut Misa, General Director of Large Tax Office said in a press conference on Friday, agerpres.ro informs.

ANAF focuses also on the loans sale to debt recovering companies.

“The banks have come up with the idea that to redeem a loan that is nonperforming should put it in a package with performing loans, so as to create a package more attractive to a potential investor. Thus, there have been sold credit packages of EUR 100 million (…) at yields of 5-7 percent. The banks sold a package of EUR 100 million to a company for EUR 5-7 million. The remaining EUR 95-93 million would be deductible expense. There were losses, meaning diminished profit ,” ANAF official explained.

According to him, the company to whom the loan portfolio was sold was a subsidiary of the bank, with offices in offshore.

 

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