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September 29, 2022

Fewer refusals to pay in banking system

The banks have refused to pay about 48,500 debt instruments over the first five months of the year, 31.5 percent less on a year-on-year basis, with a total value of RON 3.05 billion, an amount 28 percent smaller as the dynamics difference is explained through higher amounts refused to be paid. Last year, the refusals to pay in the banking system accounted for 70,696 debt instruments with a total value of RON 4.22 billion. Out of the total instruments refused over the first five months, most of them were promissory notes (45,696) followed by cheques (2,675) and notes payable (102), reads a release from RisCo, quoting the data of the central bank. The 31.5 percent decrease in the number of instruments which reflects in a 28 percent decrease of amounts is explained by the higher amounts of sums refused this year, mainly due to lack of liquidity for the companies, a trend that has increased since 2012. “If the companies had problems in getting money for invoices at the onset of the financial crisis, and consequently they had partial amounts to pay their own debts, we notice over the past few years a reduction in this phenomenon and a higher number of companies that either declare insolvency or cannot pay the amounts to their major suppliers of raw materials or services,” said Dragos Cabat, managing partner of RisCo in a release.

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