Curs Piete Financiare 2011

Piete financiareLect.univ.Laura Elly Novac

The highest use of capital is not to make more money, but to make money do more for the betterment of life. Henry Ford

Piete financiarePiata financiara permite un transfer de instrumente financiare de la o persoana care are un excedent catre o persoana care are un deficit.Transferul se poate face:Pe termen scurtPe termen lungCa mijloc de protectie

Tipuri de piete financiareSursa: Dragota, Victor (coordonator), Piete financiare. Piete si sisteme financiare, Ed. ASE, Bucuresti, 2008

Rolul, ComponenteRolul:economic contribuie la dezvoltarea procesului investitionalsocial asigura protectia veniturilor economisite

Piata monetara tranzactii monetare, in moneda nationala, intre rezindentii aceleiasi tariPiata de capital intermedierea de tranzactii cu active financiare cu scadente pe termene medii/lungi

Piaa monetar este piata capitalurilor pe termen scurt i foarte scurt Piata monetaraPiaa monetar se deruleaz n principal la bncile care creaz moned, de la care se pot procura disponibilitile necesare pentru a face fa fluxurilor de pli Piaa monetar este o pia a monedei centrale, a numerarului n general i a disponibilitilor n cont

Participanti, Rolul BNR, Piete paraleleParticipanii : bnci, persoane juridice, societi financiare, BNRBanca Nationala , poate efectua operaiuni de open-market, interventie in piata monetara Pieele paralele noi piee ale creditului independente pieei tradiionale a creditului Eurodevizele reprezint creanele exprimate n valut unei ri Piaa creditului ntre firme (intercompany market) Piaa societilor financiare cu operaiile specializate ca leasing , factoring Piaa ipotecar, credite pe termen scurt , necesare desfurrii activitii autoritilor locale

Actorii Pietei BancareActorii pieei interbancare sunt : bncile comerciale, societile financiare, clientii bancii, Banca NationalaPiaa interbancar rmne o pia care funcioneaz banciile si Banca Nationala

Bancile si Rolul lor in EconomieBancile au rolul de intermediar principal n relaia economii investii, relaie hotrtoare n creterea economic Agenii economici i gsesc resursele necesare realizrii investiiilor fie : prin utilizarea propriilor economii - prin recurgerea la creditele ce le sunt acordate prin bnciBncile institutii monetare pun n circulaia creane si sporesc volumul circulaiei monetare

Sistemul de Compensare al Bancilor

SITUAIA NCASRI-PLI USD CITI BANK TRANZACII N DERULARE USD CITI BANK SITUAIA NCASRI-PLI USD ALPHA BANK TRANZACII N DERULARE USD ALPHA BANK RULAJE PE CONTUL USD AL BANCII STUDIU DE CAZ RAPORT DE LICHIDITATE AL UNEI BANCII

Raport lichiditate

RAPORT DE LICHIDITATE

DATA 05/03/2004Contul NOSTRO

4-May5-May6-May7-May8-May

CONT CURENTUSDCITI BANK52,32052,23052,230102,23082,230

ALPHA BANK5,3205,3208,3008,300158,323

BNR *2,050,1232,050,1232,050,1232,050,1232,050,123

EURCOMMERZ BANK52,23052,23052,230102,23082,230

B.R.D.2,500-97,5002,51228,0127,412

ROLBNR **16,324,560,00016,000,000,00020,452,554,00014,947,424,00015,247,424,000

* rezerva minima obligatorie USD 2,050,123

* rezerva minima obligatorie ROL 18,500,000,000

PLASAMENTEUSDCITI BANK00000

ALPHA BANK150,000150,000150,000150,0000

BONDS250,000250,000250,000250,000250,000

EURCOMMERZ BANK00000

B.R.D.00000

ROLING BANK00000

RO BANK N3*1,000,000,0001,000,000,0001,000,000,0001,000,000,0001,000,000,000

T-BILLS2,400,000,0002,400,000,0002,400,000,0002,400,000,0002,400,000,000

T-BILLS N3*1,600,000,0001,600,000,0001,600,000,0001,600,000,0001,600,000,000

* N3 Norma 3 plafon de garantare unilaterala BNR

DEPOZITEUSDCITI BANK00000

ALPHA BANK00000


FINANS BANK0000100,000

B.R.D.100,0000100,000100,000100,000

ROLING BANK00000

RAIFFEISEN BANK05,000,000,000000

ACTIVEUSD150,000PASIVEUSD0

EUR0EUR100,000

ROL0ROL5,000,000,000

Plati-Incasari USD

DataSimbolData valuteiDebitCreditSold

5-May5-May52,230

5-May5-May52,230

5-May5-May52,230

5-May5-May52,230

TRANZACTII N DERULARE


6-MayINC BU6-May050,000102,230

6-MayPL BV7-May20,000082,230

6-MayPL OR8-May5,000077,230


5-MayIN OR5-May2,9808,300

5-May8,300

5-May8,300

5-May8,300



6-MayMAT DP7-May150,000158,300

6-MayDOB DP7-May23158,323

6-MayPL OR8-May30,000128,323

Plati- Incasari EUR


5-May5-May52,230

5-May5-May52,230

5-May5-May52,230

5-May5-May52,230



6-MayINC BU6-May050,000102,230

6-MayPL BV7-May20,000082,230

6-MayPL OR8-May5,000077,230


5-MayMAT DP5-May100,000-97,500

5-MayDOB DP5-May12-97,487

5-May5-May100,0002,512

5-May5-May2,512



6-MayPL BU6-May4500-1,988

6-MayDP O/N6-May30001,012

6-MayMAT DP8-May20600-19,588


Debit+Credit

mii lei

SITUATIA NCASARI-PLATI COMPENSARE

DataCont analiticData decontariiDebitCreditSoldDiferenta

5-Mar3005-Mar48,72188,42916,039,70839,708.00

5-Mar101 BU5-Mar45,623125,63416,080,01180,011.00Norma 3

5-Mar101 IS5-Mar250,63296,23115,845,599-154,401.00

5-Mar101 BV5-Mar300,320253,65215,953,332-46,668.00

5-Mar7015-Mar500,000015,453,332-500,000.00

5-Mar2005-Mar0015,453,3320.00

5-Mar8095-Mar05,000,00020,453,3325,000,000.00

5-Mar8105-Mar0020,453,3320.00

5-Mar9015-Mar778020,452,554-778.00



6-Mar3006-Mar0100,00020,552,554100,000.00

6-Mar101 BU6-Mar0020,452,5540.00

6-Mar101 IS6-Mar0020,452,5540.00

6-Mar101 BV6-Mar0020,452,5540.00

6-Mar7016-Mar500,000019,952,554-500,000.00

6-Mar2006-Mar0019,952,5540.00

6-Mar8096-Mar5,000,000014,952,554-5,000,000.00

6-Mar8106-Mar5,130014,947,424-5,130.00

6-Mar9016-Mar014,947,4240.00

14,947,424

7-Mar3007-Mar0014,947,424

7-Mar101 BU7-Mar0014,947,424

7-Mar101 IS7-Mar0014,947,424

7-Mar101 BV7-Mar0014,947,424

7-Mar7017-Mar0014,947,424525,000.00

7-Mar2007-Mar0300,00015,247,424

7-Mar8097-Mar0015,247,424

7-Mar8107-Mar0015,247,424

7-Mar9017-Mar0015,247,424

SITUATIA NCASARI-PLATI TREZORERIE

DataSucursalaPlatiIncasariSoldTotalComisioane

decontariiValBucValBuc

4-FebIS23,056,300310,000,000213,056,300

4-FebBV15,015,230318,630,4564-3,615,226

4-FebOR12,563,123514,563,1235-2,000,000

4-FebBU35,203,000745,236,1006-10,033,100

85,837,6531888,429,67917-2,592,026-2,592,026525,000

5-FebIS21,456,300213,260,00028,196,300

5-FebBV10,032,230412,475,4564-2,443,226

5-FebOR2,233,123118,963,1235-16,730,000

5-FebBU15,000,000141,236,1006-26,236,100

48,721,653885,934,67917-37,213,026-37,213,026375,000

6-FebIS23,056,30027,452,000215,604,300

6-FebBV15,015,23042,601,045412,414,185

6-FebOR12,563,12328,639,21053,923,913

6-FebBU10,235,060312,336,1003-2,101,040

60,869,7131131,028,3551429,841,35829,841,358375,000

Rezerva min

CALCULUL

DataBalantaDif.netaDif.cumulataMediaDataBalanta

3/24/0419,851,320.001,399,085.001,399,085.0019,851,320.003/24/042,095,079

3/25/0419,851,320.001,399,085.002,798,170.0019,851,320.003/25/042,095,079

3/26/0419,851,320.001,399,085.004,197,255.0019,851,320.003/26/042,095,079

3/27/0418,550,000.001,073,755.005,271,010.0019,525,990.003/27/042,095,079

3/28/0419,532,075.001,074,972.006,345,982.0019,527,207.003/28/042,095,079

3/29/0423,014,563.001,656,198.008,002,180.0020,108,433.003/29/042,095,079

3/30/0415,861,956.001,049,558.439,051,738.4319,501,793.433/30/042,095,079

3/31/0419,230,456.001,015,641.2510,067,379.6819,467,876.253/31/042,095,079

4/1/0419,230,456.00989,261.2211,056,640.9019,441,496.224/1/042,095,079

4/2/0419,230,456.00968,157.2012,024,798.1019,420,392.204/2/042,095,079

4/3/0412,035,648.00296,816.8212,321,614.9218,749,051.824/3/042,095,079

4/4/0413,260,456.00-160,566.1712,161,048.7518,291,668.834/4/042,095,079

4/5/0410,234,569.00-780,343.0811,380,705.6817,671,891.924/5/042,095,079

4/6/0412,456,789.00-1,152,850.4310,227,855.2517,299,384.574/6/042,095,079

4/7/0420,456,789.00-942,356.809,285,498.4517,509,878.204/7/042,095,079

4/8/0420,456,789.00-758,174.888,527,323.5717,694,060.134/8/042,095,079

4/9/0420,456,789.00-595,661.417,931,662.1617,856,573.594/9/042,095,079

4/10/0414,245,647.00-796,268.447,135,393.7217,655,966.564/10/042,095,079

4/11/0418,236,456.00-765,716.376,369,677.3517,686,518.634/11/042,095,079

4/12/0419,876,453.00-656,219.655,713,457.7017,796,015.354/12/042,095,079

4/13/0417,230,526.00-683,147.715,030,309.9817,769,087.294/13/042,095,079

4/14/0420,103,561.00-577,035.274,453,274.7117,875,199.734/14/042,095,079

4/15/0420,103,561.00-480,150.003,973,124.7117,972,085.004/15/042,095,079

4/16/0420,103,561.00-391,338.503,581,786.2118,060,896.504/16/042,095,079

4/17/0414,562,320.00-531,281.563,050,504.6517,920,953.444/17/042,095,079

4/18/0412,356,879.00-745,284.422,305,220.2317,706,950.584/18/042,095,079

4/19/0414,563,712.00-861,700.671,443,519.5617,590,534.334/19/042,095,079

4/20/0415,956,423.00-920,061.79523,457.7717,532,173.214/20/042,095,079

4/21/0427,120,456.00-589,431.34-65,973.5717,862,803.664/21/042,095,079

4/22/0427,120,456.00-280,842.93123,456.0018,171,392.074/22/042,095,079

4/23/0427,120,456.007,836.55242,933.0018,460,071.554/23/042,095,079

Media18,460,072Media2,095,079

Necesarul18,452,235Necesarul2,091,023

Diferenta7,837Diferenta4,056

Trezo+Suc

Situatia incasarilor/platilor zilnice pentru Trezorerie

DataSucursalaPliIncasariSoldComisioane

decontriiValBucValBuc

3/5/03IS12,932,647310,000,00022,932,647

3/5/03BV18,015,230318,630,4564-615,226

3/5/03OR2,563,123514,563,1235-12,000,000

3/5/03BU15,203,000745,236,1006-30,033,100

48,714,0001888,429,67917-39,715,679525,000

2/23/03IS21,456,300213,260,00028,196,300

2/23/03BV10,032,230412,475,4564-2,443,226

2/23/03OR2,233,123118,963,1235-16,730,000

2/23/03BU15,000,000141,236,1006-26,236,100

48,721,653885,934,67917-37,213,026375,000

2/24/03IS23,056,30027,452,000215,604,300

2/24/03BV15,015,23042,601,045412,414,185

2/24/03OR12,563,12328,639,21053,923,913

2/24/03BU10,235,060312,336,1003-2,101,040

60,869,7131131,028,3551429,841,358375,000

Lichid. Zilnica Cash

Lichiditate zilnica

sucursala Bucuresti

2-Feb

ROLEURUSD

Cash Initial1,230,000,00019,00023,000

Cash incasat (+)

alte banci200,000,000020,000

rambursari credite150,000,00000

depozite55,000,0005,0002,000

Total Incasari405,000,0005,00022,000

Cash platit (-)

alte banci000

credite150,000,0002,0001,000

plata depozite50,000,0003,0002,000

Total plati200,000,0005,0003,000

Total Cash final1,435,000,00019,00042,000

Credite - total3,000

ROL cu FX3,000

in EUR/USD

retrageri numerar30,000,000

Prognoza Cash flowsROLEURUSD

Disbursri credite4,000

in ROL cu FX

in EUR/USD


Maturitate depozite

Alte miscari de cash flow

Rap.Calculul Rez

CALCULUL

conform Normei BNR nr.4/1998

A. Constituite in LEI

Nr.Date de fundamentareSumaRata rezervelorNivelul prevazut al

Crt.minime obligatoriirezervelor minime obligatorii

1Nivelul mediu al elementelor de pasiv18%17,290,131.11

cu scadenta reziduala mai mica de 2ani96,056,283.97

de la finele perioadei de observare

2Nivelul mediu al sumelor in tranzit6,456,132.7018%1,162,103.89

3Nivelul mediu al elementelor de pasiv

cu scadenta reziduala mai mare de 2 ani0.0000


4Nivelul prevazut al rezervelor

minime obligatorii in leiXX18,452,235.00

(rd.1+rd.2+rd.3)

B. Constituite in valuta

echivalent mii $



1Nivelul mediu al elementelor de pasiv25%

cu scadenta reziduala mai mica de 2 ani8,303.242,076


2Nivelul mediu al sumelor in tranzit60.7625%15.19





minime obligatorii in leiXX2,091

(rd.1+rd.2+rd.3)

Media soldurilor zilniceProcent rata rezervelor minime obligatorii

ROL96,056,283.97ROL18%

USD8,303,240.00USD25%

Raport lichiditate





ALPHA BANK5,3205,3208,3008,300158,323

BNR *2,050,1232,050,1232,050,1232,050,1232,050,123

EURCOMMERZ BANK52,23052,23052,230102,23082,230

B.R.D.2,500-97,5002,51228,0127,412

ROLBNR **16,324,560,00016,000,000,00020,452,554,00014,947,424,00015,247,424,000




ALPHA BANK150,000150,000150,000150,0000

BONDS250,000250,000250,000250,000250,000


B.R.D.00000

ROLING BANK00000

RO BANK N3*1,000,000,0001,000,000,0001,000,000,0001,000,000,0001,000,000,000

T-BILLS2,400,000,0002,400,000,0002,400,000,0002,400,000,0002,400,000,000

T-BILLS N3*1,600,000,0001,600,000,0001,600,000,0001,600,000,0001,600,000,000



ALPHA BANK00000



B.R.D.100,0000100,000100,000100,000

ROLING BANK00000



EUR0EUR100,000

ROL0ROL5,000,000,000

Plati-Incasari USD


5-May5-May52,230

5-May5-May52,230

5-May5-May52,230

5-May5-May52,230



6-MayINC BU6-May050,000102,230

6-MayPL BV7-May20,000082,230

6-MayPL OR8-May5,000077,230



5-May8,300

5-May8,300

5-May8,300



6-MayMAT DP7-May150,000158,300


6-MayPL OR8-May30,000128,323

Plati- Incasari EUR


5-May5-May52,230

5-May5-May52,230

5-May5-May52,230

5-May5-May52,230



6-MayINC BU6-May050,000102,230

6-MayPL BV7-May20,000082,230

6-MayPL OR8-May5,000077,230


5-MayMAT DP5-May100,000-97,500


5-May5-May100,0002,512

5-May5-May2,512





6-MayMAT DP8-May20600-19,588


Debit+Credit

mii lei



5-Mar3005-Mar48,72188,42916,039,70839,708.00

5-Mar101 BU5-Mar45,623125,63416,080,01180,011.00Norma 3

5-Mar101 IS5-Mar250,63296,23115,845,599-154,401.00

5-Mar101 BV5-Mar300,320253,65215,953,332-46,668.00

5-Mar7015-Mar500,000015,453,332-500,000.00

5-Mar2005-Mar0015,453,3320.00

5-Mar8095-Mar05,000,00020,453,3325,000,000.00

5-Mar8105-Mar0020,453,3320.00

5-Mar9015-Mar778020,452,554-778.00



6-Mar3006-Mar0100,00020,552,554100,000.00

6-Mar101 BU6-Mar0020,452,5540.00

6-Mar101 IS6-Mar0020,452,5540.00

6-Mar101 BV6-Mar0020,452,5540.00

6-Mar7016-Mar500,000019,952,554-500,000.00

6-Mar2006-Mar0019,952,5540.00

6-Mar8096-Mar5,000,000014,952,554-5,000,000.00

6-Mar8106-Mar5,130014,947,424-5,130.00

6-Mar9016-Mar014,947,4240.00

14,947,424

7-Mar3007-Mar0014,947,424

7-Mar101 BU7-Mar0014,947,424

7-Mar101 IS7-Mar0014,947,424

7-Mar101 BV7-Mar0014,947,424

7-Mar7017-Mar0014,947,424525,000.00

7-Mar2007-Mar0300,00015,247,424

7-Mar8097-Mar0015,247,424

7-Mar8107-Mar0015,247,424

7-Mar9017-Mar0015,247,424




4-FebIS23,056,300310,000,000213,056,300

4-FebBV15,015,230318,630,4564-3,615,226

4-FebOR12,563,123514,563,1235-2,000,000

4-FebBU35,203,000745,236,1006-10,033,100

85,837,6531888,429,67917-2,592,026-2,592,026525,000

5-FebIS21,456,300213,260,00028,196,300

5-FebBV10,032,230412,475,4564-2,443,226

5-FebOR2,233,123118,963,1235-16,730,000

5-FebBU15,000,000141,236,1006-26,236,100

48,721,653885,934,67917-37,213,026-37,213,026375,000

6-FebIS23,056,30027,452,000215,604,300

6-FebBV15,015,23042,601,045412,414,185

6-FebOR12,563,12328,639,21053,923,913

6-FebBU10,235,060312,336,1003-2,101,040

60,869,7131131,028,3551429,841,35829,841,358375,000

Rezerva min

CALCULUL


3/24/0419,851,320.001,399,085.001,399,085.0019,851,320.003/24/042,095,079

3/25/0419,851,320.001,399,085.002,798,170.0019,851,320.003/25/042,095,079

3/26/0419,851,320.001,399,085.004,197,255.0019,851,320.003/26/042,095,079

3/27/0418,550,000.001,073,755.005,271,010.0019,525,990.003/27/042,095,079

3/28/0419,532,075.001,074,972.006,345,982.0019,527,207.003/28/042,095,079

3/29/0423,014,563.001,656,198.008,002,180.0020,108,433.003/29/042,095,079

3/30/0415,861,956.001,049,558.439,051,738.4319,501,793.433/30/042,095,079

3/31/0419,230,456.001,015,641.2510,067,379.6819,467,876.253/31/042,095,079

4/1/0419,230,456.00989,261.2211,056,640.9019,441,496.224/1/042,095,079

4/2/0419,230,456.00968,157.2012,024,798.1019,420,392.204/2/042,095,079

4/3/0412,035,648.00296,816.8212,321,614.9218,749,051.824/3/042,095,079

4/4/0413,260,456.00-160,566.1712,161,048.7518,291,668.834/4/042,095,079

4/5/0410,234,569.00-780,343.0811,380,705.6817,671,891.924/5/042,095,079

4/6/0412,456,789.00-1,152,850.4310,227,855.2517,299,384.574/6/042,095,079

4/7/0420,456,789.00-942,356.809,285,498.4517,509,878.204/7/042,095,079

4/8/0420,456,789.00-758,174.888,527,323.5717,694,060.134/8/042,095,079

4/9/0420,456,789.00-595,661.417,931,662.1617,856,573.594/9/042,095,079

4/10/0414,245,647.00-796,268.447,135,393.7217,655,966.564/10/042,095,079

4/11/0418,236,456.00-765,716.376,369,677.3517,686,518.634/11/042,095,079

4/12/0419,876,453.00-656,219.655,713,457.7017,796,015.354/12/042,095,079

4/13/0417,230,526.00-683,147.715,030,309.9817,769,087.294/13/042,095,079

4/14/0420,103,561.00-577,035.274,453,274.7117,875,199.734/14/042,095,079

4/15/0420,103,561.00-480,150.003,973,124.7117,972,085.004/15/042,095,079

4/16/0420,103,561.00-391,338.503,581,786.2118,060,896.504/16/042,095,079

4/17/0414,562,320.00-531,281.563,050,504.6517,920,953.444/17/042,095,079

4/18/0412,356,879.00-745,284.422,305,220.2317,706,950.584/18/042,095,079

4/19/0414,563,712.00-861,700.671,443,519.5617,590,534.334/19/042,095,079

4/20/0415,956,423.00-920,061.79523,457.7717,532,173.214/20/042,095,079

4/21/0427,120,456.00-589,431.34-65,973.5717,862,803.664/21/042,095,079

4/22/0427,120,456.00-280,842.93123,456.0018,171,392.074/22/042,095,079

4/23/0427,120,456.007,836.55242,933.0018,460,071.554/23/042,095,079

Media18,460,072Media2,095,079



Trezo+Suc




3/5/03IS12,932,647310,000,00022,932,647

3/5/03BV18,015,230318,630,4564-615,226

3/5/03OR2,563,123514,563,1235-12,000,000

3/5/03BU15,203,000745,236,1006-30,033,100

48,714,0001888,429,67917-39,715,679525,000

2/23/03IS21,456,300213,260,00028,196,300

2/23/03BV10,032,230412,475,4564-2,443,226

2/23/03OR2,233,123118,963,1235-16,730,000

2/23/03BU15,000,000141,236,1006-26,236,100

48,721,653885,934,67917-37,213,026375,000

2/24/03IS23,056,30027,452,000215,604,300

2/24/03BV15,015,23042,601,045412,414,185

2/24/03OR12,563,12328,639,21053,923,913

2/24/03BU10,235,060312,336,1003-2,101,040

60,869,7131131,028,3551429,841,358375,000


Lichiditate zilnica

sucursala Bucuresti

2-Feb

ROLEURUSD

Cash Initial1,230,000,00019,00023,000

Cash incasat (+)

alte banci200,000,000020,000


depozite55,000,0005,0002,000

Total Incasari405,000,0005,00022,000

Cash platit (-)

alte banci000

credite150,000,0002,0001,000

plata depozite50,000,0003,0002,000

Total plati200,000,0005,0003,000

Total Cash final1,435,000,00019,00042,000


ROL cu FX3,000

in EUR/USD




in ROL cu FX

in EUR/USD


Maturitate depozite


Rap.Calculul Rez

CALCULUL














(rd.1+rd.2+rd.3)


echivalent mii $












(rd.1+rd.2+rd.3)


ROL96,056,283.97ROL18%

USD8,303,240.00USD25%

Raport lichiditate





ALPHA BANK5,3205,3208,3008,300158,323

BNR *2,050,1232,050,1232,050,1232,050,1232,050,123

EURCOMMERZ BANK52,23052,23052,230102,23082,230

B.R.D.2,500-97,5002,51228,0127,412

ROLBNR **16,324,560,00016,000,000,00020,452,554,00014,947,424,00015,247,424,000




ALPHA BANK150,000150,000150,000150,0000

BONDS250,000250,000250,000250,000250,000


B.R.D.00000

ROLING BANK00000

RO BANK N3*1,000,000,0001,000,000,0001,000,000,0001,000,000,0001,000,000,000

T-BILLS2,400,000,0002,400,000,0002,400,000,0002,400,000,0002,400,000,000

T-BILLS N3*1,600,000,0001,600,000,0001,600,000,0001,600,000,0001,600,000,000



ALPHA BANK00000



B.R.D.100,0000100,000100,000100,000

ROLING BANK00000



EUR0EUR100,000

ROL0ROL5,000,000,000

Plati-Incasari USD


5-May5-May52,230

5-May5-May52,230

5-May5-May52,230

5-May5-May52,230



6-MayINC BU6-May050,000102,230

6-MayPL BV7-May20,000082,230

6-MayPL OR8-May5,000077,230



5-May8,300

5-May8,300

5-May8,300



6-MayMAT DP7-May150,000158,300


6-MayPL OR8-May30,000128,323

Plati- Incasari EUR


5-May5-May52,230

5-May5-May52,230

5-May5-May52,230

5-May5-May52,230



6-MayINC BU6-May050,000102,230

6-MayPL BV7-May20,000082,230

6-MayPL OR8-May5,000077,230


5-MayMAT DP5-May100,000-97,500


5-May5-May100,0002,512

5-May5-May2,512





6-MayMAT DP8-May20600-19,588


Debit+Credit

mii lei



5-Mar3005-Mar48,72188,42916,039,70839,708.00

5-Mar101 BU5-Mar45,623125,63416,080,01180,011.00Norma 3

5-Mar101 IS5-Mar250,63296,23115,845,599-154,401.00

5-Mar101 BV5-Mar300,320253,65215,953,332-46,668.00

5-Mar7015-Mar500,000015,453,332-500,000.00

5-Mar2005-Mar0015,453,3320.00

5-Mar8095-Mar05,000,00020,453,3325,000,000.00

5-Mar8105-Mar0020,453,3320.00

5-Mar9015-Mar778020,452,554-778.00



6-Mar3006-Mar0100,00020,552,554100,000.00

6-Mar101 BU6-Mar0020,452,5540.00

6-Mar101 IS6-Mar0020,452,5540.00

6-Mar101 BV6-Mar0020,452,5540.00

6-Mar7016-Mar500,000019,952,554-500,000.00

6-Mar2006-Mar0019,952,5540.00

6-Mar8096-Mar5,000,000014,952,554-5,000,000.00

6-Mar8106-Mar5,130014,947,424-5,130.00

6-Mar9016-Mar014,947,4240.00

14,947,424

7-Mar3007-Mar0014,947,424

7-Mar101 BU7-Mar0014,947,424

7-Mar101 IS7-Mar0014,947,424

7-Mar101 BV7-Mar0014,947,424

7-Mar7017-Mar0014,947,424525,000.00

7-Mar2007-Mar0300,00015,247,424

7-Mar8097-Mar0015,247,424

7-Mar8107-Mar0015,247,424

7-Mar9017-Mar0015,247,424




4-FebIS23,056,300310,000,000213,056,300

4-FebBV15,015,230318,630,4564-3,615,226

4-FebOR12,563,123514,563,1235-2,000,000

4-FebBU35,203,000745,236,1006-10,033,100

85,837,6531888,429,67917-2,592,026-2,592,026525,000

5-FebIS21,456,300213,260,00028,196,300

5-FebBV10,032,230412,475,4564-2,443,226

5-FebOR2,233,123118,963,1235-16,730,000

5-FebBU15,000,000141,236,1006-26,236,100

48,721,653885,934,67917-37,213,026-37,213,026375,000

6-FebIS23,056,30027,452,000215,604,300

6-FebBV15,015,23042,601,045412,414,185

6-FebOR12,563,12328,639,21053,923,913

6-FebBU10,235,060312,336,1003-2,101,040

60,869,7131131,028,3551429,841,35829,841,358375,000

Rezerva min

CALCULUL


3/24/0419,851,320.001,399,085.001,399,085.0019,851,320.003/24/042,095,079

3/25/0419,851,320.001,399,085.002,798,170.0019,851,320.003/25/042,095,079

3/26/0419,851,320.001,399,085.004,197,255.0019,851,320.003/26/042,095,079

3/27/0418,550,000.001,073,755.005,271,010.0019,525,990.003/27/042,095,079

3/28/0419,532,075.001,074,972.006,345,982.0019,527,207.003/28/042,095,079

3/29/0423,014,563.001,656,198.008,002,180.0020,108,433.003/29/042,095,079

3/30/0415,861,956.001,049,558.439,051,738.4319,501,793.433/30/042,095,079

3/31/0419,230,456.001,015,641.2510,067,379.6819,467,876.253/31/042,095,079

4/1/0419,230,456.00989,261.2211,056,640.9019,441,496.224/1/042,095,079

4/2/0419,230,456.00968,157.2012,024,798.1019,420,392.204/2/042,095,079

4/3/0412,035,648.00296,816.8212,321,614.9218,749,051.824/3/042,095,079

4/4/0413,260,456.00-160,566.1712,161,048.7518,291,668.834/4/042,095,079

4/5/0410,234,569.00-780,343.0811,380,705.6817,671,891.924/5/042,095,079

4/6/0412,456,789.00-1,152,850.4310,227,855.2517,299,384.574/6/042,095,079

4/7/0420,456,789.00-942,356.809,285,498.4517,509,878.204/7/042,095,079

4/8/0420,456,789.00-758,174.888,527,323.5717,694,060.134/8/042,095,079

4/9/0420,456,789.00-595,661.417,931,662.1617,856,573.594/9/042,095,079

4/10/0414,245,647.00-796,268.447,135,393.7217,655,966.564/10/042,095,079

4/11/0418,236,456.00-765,716.376,369,677.3517,686,518.634/11/042,095,079

4/12/0419,876,453.00-656,219.655,713,457.7017,796,015.354/12/042,095,079

4/13/0417,230,526.00-683,147.715,030,309.9817,769,087.294/13/042,095,079

4/14/0420,103,561.00-577,035.274,453,274.7117,875,199.734/14/042,095,079

4/15/0420,103,561.00-480,150.003,973,124.7117,972,085.004/15/042,095,079

4/16/0420,103,561.00-391,338.503,581,786.2118,060,896.504/16/042,095,079

4/17/0414,562,320.00-531,281.563,050,504.6517,920,953.444/17/042,095,079

4/18/0412,356,879.00-745,284.422,305,220.2317,706,950.584/18/042,095,079

4/19/0414,563,712.00-861,700.671,443,519.5617,590,534.334/19/042,095,079

4/20/0415,956,423.00-920,061.79523,457.7717,532,173.214/20/042,095,079

4/21/0427,120,456.00-589,431.34-65,973.5717,862,803.664/21/042,095,079

4/22/0427,120,456.00-280,842.93123,456.0018,171,392.074/22/042,095,079

4/23/0427,120,456.007,836.55242,933.0018,460,071.554/23/042,095,079

Media18,460,072Media2,095,079



Trezo+Suc




3/5/03IS12,932,647310,000,00022,932,647

3/5/03BV18,015,230318,630,4564-615,226

3/5/03OR2,563,123514,563,1235-12,000,000

3/5/03BU15,203,000745,236,1006-30,033,100

48,714,0001888,429,67917-39,715,679525,000

2/23/03IS21,456,300213,260,00028,196,300

2/23/03BV10,032,230412,475,4564-2,443,226

2/23/03OR2,233,123118,963,1235-16,730,000

2/23/03BU15,000,000141,236,1006-26,236,100

48,721,653885,934,67917-37,213,026375,000

2/24/03IS23,056,30027,452,000215,604,300

2/24/03BV15,015,23042,601,045412,414,185

2/24/03OR12,563,12328,639,21053,923,913

2/24/03BU10,235,060312,336,1003-2,101,040

60,869,7131131,028,3551429,841,358375,000


Lichiditate zilnica

sucursala Bucuresti

2-Feb

ROLEURUSD

Cash Initial1,230,000,00019,00023,000

Cash incasat (+)

alte banci200,000,000020,000


depozite55,000,0005,0002,000

Total Incasari405,000,0005,00022,000

Cash platit (-)

alte banci000

credite150,000,0002,0001,000

plata depozite50,000,0003,0002,000

Total plati200,000,0005,0003,000

Total Cash final1,435,000,00019,00042,000


ROL cu FX3,000

in EUR/USD




in ROL cu FX

in EUR/USD


Maturitate depozite


Rap.Calculul Rez

CALCULUL














(rd.1+rd.2+rd.3)


echivalent mii $












(rd.1+rd.2+rd.3)


ROL96,056,283.97ROL18%

USD8,303,240.00USD25%

Raport lichiditate





ALPHA BANK5,3205,3208,3008,300158,323

BNR *2,050,1232,050,1232,050,1232,050,1232,050,123

EURCOMMERZ BANK52,23052,23052,230102,23082,230

B.R.D.2,500-97,5002,51228,0127,412

ROLBNR **16,324,560,00016,000,000,00020,452,554,00014,947,424,00015,247,424,000




ALPHA BANK150,000150,000150,000150,0000

BONDS250,000250,000250,000250,000250,000


B.R.D.00000

ROLING BANK00000

RO BANK N3*1,000,000,0001,000,000,0001,000,000,0001,000,000,0001,000,000,000

T-BILLS2,400,000,0002,400,000,0002,400,000,0002,400,000,0002,400,000,000

T-BILLS N3*1,600,000,0001,600,000,0001,600,000,0001,600,000,0001,600,000,000



ALPHA BANK00000



B.R.D.100,0000100,000100,000100,000

ROLING BANK00000



EUR0EUR100,000

ROL0ROL5,000,000,000

Plati-Incasari USD


5-May5-May52,230

5-May5-May52,230

5-May5-May52,230

5-May5-May52,230



6-MayINC BU6-May050,000102,230

6-MayPL BV7-May20,000082,230

6-MayPL OR8-May5,000077,230



5-May8,300

5-May8,300

5-May8,300



6-MayMAT DP7-May150,000158,300


6-MayPL OR8-May30,000128,323

Plati- Incasari EUR


5-May5-May52,230

5-May5-May52,230

5-May5-May52,230

5-May5-May52,230



6-MayINC BU6-May050,000102,230

6-MayPL BV7-May20,000082,230

6-MayPL OR8-May5,000077,230


5-MayMAT DP5-May100,000-97,500


5-May5-May100,0002,512

5-May5-May2,512





6-MayMAT DP8-May20600-19,588


Debit+Credit

mii lei



5-Mar3005-Mar48,72188,42916,039,70839,708.00

5-Mar101 BU5-Mar45,623125,63416,080,01180,011.00Norma 3

5-Mar101 IS5-Mar250,63296,23115,845,599-154,401.00

5-Mar101 BV5-Mar300,320253,65215,953,332-46,668.00

5-Mar7015-Mar500,000015,453,332-500,000.00

5-Mar2005-Mar0015,453,3320.00

5-Mar8095-Mar05,000,00020,453,3325,000,000.00

5-Mar8105-Mar0020,453,3320.00

5-Mar9015-Mar778020,452,554-778.00



6-Mar3006-Mar0100,00020,552,554100,000.00

6-Mar101 BU6-Mar0020,452,5540.00

6-Mar101 IS6-Mar0020,452,5540.00

6-Mar101 BV6-Mar0020,452,5540.00

6-Mar7016-Mar500,000019,952,554-500,000.00

6-Mar2006-Mar0019,952,5540.00

6-Mar8096-Mar5,000,000014,952,554-5,000,000.00

6-Mar8106-Mar5,130014,947,424-5,130.00

6-Mar9016-Mar014,947,4240.00

14,947,424

7-Mar3007-Mar0014,947,424

7-Mar101 BU7-Mar0014,947,424

7-Mar101 IS7-Mar0014,947,424

7-Mar101 BV7-Mar0014,947,424

7-Mar7017-Mar0014,947,424525,000.00

7-Mar2007-Mar0300,00015,247,424

7-Mar8097-Mar0015,247,424

7-Mar8107-Mar0015,247,424

7-Mar9017-Mar0015,247,424




4-FebIS23,056,300310,000,000213,056,300

4-FebBV15,015,230318,630,4564-3,615,226

4-FebOR12,563,123514,563,1235-2,000,000

4-FebBU35,203,000745,236,1006-10,033,100

85,837,6531888,429,67917-2,592,026-2,592,026525,000

5-FebIS21,456,300213,260,00028,196,300

5-FebBV10,032,230412,475,4564-2,443,226

5-FebOR2,233,123118,963,1235-16,730,000

5-FebBU15,000,000141,236,1006-26,236,100

48,721,653885,934,67917-37,213,026-37,213,026375,000

6-FebIS23,056,30027,452,000215,604,300

6-FebBV15,015,23042,601,045412,414,185

6-FebOR12,563,12328,639,21053,923,913

6-FebBU10,235,060312,336,1003-2,101,040

60,869,7131131,028,3551429,841,35829,841,358375,000

Rezerva min

CALCULUL


3/24/0419,851,320.001,399,085.001,399,085.0019,851,320.003/24/042,095,079

3/25/0419,851,320.001,399,085.002,798,170.0019,851,320.003/25/042,095,079

3/26/0419,851,320.001,399,085.004,197,255.0019,851,320.003/26/042,095,079

3/27/0418,550,000.001,073,755.005,271,010.0019,525,990.003/27/042,095,079

3/28/0419,532,075.001,074,972.006,345,982.0019,527,207.003/28/042,095,079

3/29/0423,014,563.001,656,198.008,002,180.0020,108,433.003/29/042,095,079

3/30/0415,861,956.001,049,558.439,051,738.4319,501,793.433/30/042,095,079

3/31/0419,230,456.001,015,641.2510,067,379.6819,467,876.253/31/042,095,079

4/1/0419,230,456.00989,261.2211,056,640.9019,441,496.224/1/042,095,079

4/2/0419,230,456.00968,157.2012,024,798.1019,420,392.204/2/042,095,079

4/3/0412,035,648.00296,816.8212,321,614.9218,749,051.824/3/042,095,079

4/4/0413,260,456.00-160,566.1712,161,048.7518,291,668.834/4/042,095,079

4/5/0410,234,569.00-780,343.0811,380,705.6817,671,891.924/5/042,095,079

4/6/0412,456,789.00-1,152,850.4310,227,855.2517,299,384.574/6/042,095,079

4/7/0420,456,789.00-942,356.809,285,498.4517,509,878.204/7/042,095,079

4/8/0420,456,789.00-758,174.888,527,323.5717,694,060.134/8/042,095,079

4/9/0420,456,789.00-595,661.417,931,662.1617,856,573.594/9/042,095,079

4/10/0414,245,647.00-796,268.447,135,393.7217,655,966.564/10/042,095,079

4/11/0418,236,456.00-765,716.376,369,677.3517,686,518.634/11/042,095,079

4/12/0419,876,453.00-656,219.655,713,457.7017,796,015.354/12/042,095,079

4/13/0417,230,526.00-683,147.715,030,309.9817,769,087.294/13/042,095,079

4/14/0420,103,561.00-577,035.274,453,274.7117,875,199.734/14/042,095,079

4/15/0420,103,561.00-480,150.003,973,124.7117,972,085.004/15/042,095,079

4/16/0420,103,561.00-391,338.503,581,786.2118,060,896.504/16/042,095,079

4/17/0414,562,320.00-531,281.563,050,504.6517,920,953.444/17/042,095,079

4/18/0412,356,879.00-745,284.422,305,220.2317,706,950.584/18/042,095,079

4/19/0414,563,712.00-861,700.671,443,519.5617,590,534.334/19/042,095,079

4/20/0415,956,423.00-920,061.79523,457.7717,532,173.214/20/042,095,079

4/21/0427,120,456.00-589,431.34-65,973.5717,862,803.664/21/042,095,079

4/22/0427,120,456.00-280,842.93123,456.0018,171,392.074/22/042,095,079

4/23/0427,120,456.007,836.55242,933.0018,460,071.554/23/042,095,079

Media18,460,072Media2,095,079



Trezo+Suc




3/5/03IS12,932,647310,000,00022,932,647

3/5/03BV18,015,230318,630,4564-615,226

3/5/03OR2,563,123514,563,1235-12,000,000

3/5/03BU15,203,000745,236,1006-30,033,100

48,714,0001888,429,67917-39,715,679525,000

2/23/03IS21,456,300213,260,00028,196,300

2/23/03BV10,032,230412,475,4564-2,443,226

2/23/03OR2,233,123118,963,1235-16,730,000

2/23/03BU15,000,000141,236,1006-26,236,100

48,721,653885,934,67917-37,213,026375,000

2/24/03IS23,056,30027,452,000215,604,300

2/24/03BV15,015,23042,601,045412,414,185

2/24/03OR12,563,12328,639,21053,923,913

2/24/03BU10,235,060312,336,1003-2,101,040

60,869,7131131,028,3551429,841,358375,000


Lichiditate zilnica

sucursala Bucuresti

2-Feb

ROLEURUSD

Cash Initial1,230,000,00019,00023,000

Cash incasat (+)

alte banci200,000,000020,000


depozite55,000,0005,0002,000

Total Incasari405,000,0005,00022,000

Cash platit (-)

alte banci000

credite150,000,0002,0001,000

plata depozite50,000,0003,0002,000

Total plati200,000,0005,0003,000

Total Cash final1,435,000,00019,00042,000


ROL cu FX3,000

in EUR/USD




in ROL cu FX

in EUR/USD


Maturitate depozite


Rap.Calculul Rez

CALCULUL














(rd.1+rd.2+rd.3)


echivalent mii $












(rd.1+rd.2+rd.3)


ROL96,056,283.97ROL18%

USD8,303,240.00USD25%

Bnci Surplus/Deficit ROLnchiderea poziie clientPoziie speculativBNRData tranzaciei=ziua de azi + o ziT/N (tom/next)Data tranzaciei = ziua urmtoare + o ziO/N (overnight)Data tranzaciei = dou zile + o zi 1 wk (week)Data trazaciei = ziua de azi + o sptmnS/N (spot/next)Operaiuni open marketAtragere depoziteOperaiuni titluri de statFaciliti de creditareCertficate de depozit1 mth (1 month)Data trazaciei = ziua de azi + o lunFront Office Tranzacionare Dealing ReutersBack Office Confirmri valutSWIFT Back Office Confimri RONSistem de decontare BNRClieniDepozite persoane fiziceDepozite persoane juridiceCumprare/Vnzare titluri

Data decontariiSistem de tranzactionare

EUR

Bid AskROLOND 20.7521.75ROLSWD20.7521.75ROL1MD21.2522.25

BidAskEUROND 2.152.30EURSWD2.202.40EURMD2.302.50 Cotaii din piaa monetara inter-bancar pagina ReutersBncile tranzacioneaz pe baza unor limite de lucru care se stabilesc n funcie de rezultatele financiare, bonitate, structura acionarilor etcCotatii

Analiza economico-financiarInflaieDobnd de referin BNRExces/Deficit lichiditateAnaliz tehnicInterpretarea graficelorUSDLIBORcotaie stabilit la Londra pentru USD EUREURIBORcotaie stabilit la Bruxelles i LondraDobnda de referin RONBUBID media aritmetic a cotaiei Bid a primelor 10 bnci comerciale BUBOR media aritmetic a cotaiei Ask a primelor 10 bnci comerciale Dobanda de referinta

Piata de Titluri de StatEmiteniiMinisterul de FinaneInvestitori bnci, companii de asigurri sau investitori particulari Rating cel mai bun, grad 0 Scopul finanarea datoriei publice a riiGaranii Guvernul RomnieiAvantaje

Emiteni finanarea datoriei de stat di8n surse internedobnda comparabil cu cea interbancar

Investitori obligaiuni fr risc, garantate de Guverndobnd mai mare dect cea bancar, peste inflaietermen de investiie termen scurt 3-12 luniAnalistul studiaz piaa monetar, dobnda de referin, dobnzile interbancare pe termen scurt

Prospectul de emisiune al certificatelor de trezorerie cu discount Prospect de emisiune al obligaiunilor de stat cu dobndPiata de Titluri de Stat

Codul IBANData licitaieiData emisiuniiData scadeneiNr.zileValoare nominalRO0305DBN09907.5.200809.5.200807.6.200830100000000RO0305DBN01017.6.20089.6.20087.12.200818240000000RO0305DBN010521.10.200823.10.200821.10.200936590000000RO0305DBN11021.10.200823.10.20829.01.2013182530000000

Codul IBANData licitaieiData emisiuniiData scadeneiNr.zileValoare nominalRO0305DBN02009.10.200813.10.200810.10.2010728100000000RO0305DBN02416.10.200820.10.200816.04.2013109240000000

Piata de Titluri de Stat

%%%%%%%%Companie privatObligaiune corporatistInvestitorCapitalul returnat prin plata dobnzii i la scadenCapitalde bazCapital de baz mprumutat de investitorPiaa de obligaiuni (Bonds market)Obligaiunea este un contract prin intermediul cruia emitentul este obligat s restituie suma cu care s-a mprumutat de la investitori n termenii i condiiile prevzute n prospectul de emisiune

Emisiunea de obligaiuni aduce societi fonduri fr s creasc numrul de acionari Prin emisiunea de obligaiuni societatea se poate mprumuta mai ieftin i pe o perioad mai mare fa de bncile comerciale Organizaia poate s acomodeze perioada datoriei sale la necesitile de finanare pe care le are A emite obligaiuni este un proces rapid dect a emite aciuniEmitentInvestitor surs de profit mai mare dect depozitele bancare garantate n risc de neplat speculaii pe rata dobnzii termene de scaden mai mari dect depozitele bancare favorabile societilor de asigurare Listarea prin intermediul pieei de capital ofer ncredere investitorilor, mai mult transparen Emisiunea unei datorii nu confer nici un fel de propietate, cum ar fi drepturi de vot sau o cot a parte din profiturile companieiPiaa de obligaiuni (Bonds market)

Principalele atuuri pentru emitenicosturi reduse fa de mprumutul bancar dobnda mai mic perioada de rambursare mai mare comparativ cu mprumuturile bancare termen 2-5 ani monitorizare a surselor obinute datorit raportrilor periodice pentru plata dobnzilor i capitaluluigsirea unor surse alternative de finanare

Principalele atuuri pentru investitoridobnda atractivpstrarea pn la maturitate n cazul societilor de asigurri Randamentul obligaiuniiSe bazeaz pe media dobnzilor interbancare plus prima de risc bonificat n funcie de emitentObligatiuni Municipale

IndicatorRata anual a dobndObligaiuni municipale18,00%Certificate trezoreri-6luni14,00%Titluri de stat -3 ani12,89%Titluri de stat -2 ani13,95%Depozite 1an12,00%

Diagram1

0.18130.16780.22380.2119

0.18250.17090.2250.2125

0.18220.17130.2250.2125

0.18340.17380.2250.2128

0.18220.17250.22380.2128

0.18090.17130.21380.2021

0.17590.16340.20250.1978

0.17160.15970.19310.1891

0.16910.15690.190.1861

BUBID 3M

BUBID 6M

BUBOR 3M

BUBOR 6M

BUBID,BUBOR

Jan-08Feb-08Mar-08Apr-08May-08Jun-08Jul-08Aug-08Sep-08

BUBID 3M18.13%18.25%18.22%18.34%18.22%18.09%17.59%17.16%16.91%

BUBID 6M16.78%17.09%17.13%17.38%17.25%17.13%16.34%15.97%15.69%

BUBOR 3M22.38%22.50%22.50%22.50%22.38%21.38%20.25%19.31%19.00%

BUBOR 6M21.19%21.25%21.25%21.28%21.28%20.21%19.78%18.91%18.61%

BUBID,BUBOR

BUBID 3M

BUBID 6M

BUBOR 3M

BUBOR 6M

Dobnzi

IndicatorRata anual a dobnd

Obligaiuni municipale21.00%

Certificate trezoreri-6luni15.00%

Titluri de stat -3 ani12.89%

Titluri de stat -2 ani13.95%

Depozite 1an15.00%

Emitenii administraiile publice i statale, coli, spitaleInvestitori bnci, companii de asigurri, fonduri de investiii, investitori particulariAgeniile de rating furnizeaz calificative cu privire la calitatea emitentuluiAsiguratorii garanteaz plile dobnzii i principalul pe care emitentul este obligat s le facScopul finanarea datoriei publice sau activiti publice rentabile Garaniincasrile administraiei n acest caz plata se face din impozite veniturile realizate de obiectivi plata se realizeaz din rentabilitatea obiectivuluiExemple Obligaiuni pltite din impozitele ncasate de municipalitatea unui ora Obligaiuni pltite din veniturile furnizate de o reea de aprovizionare cu ap, un sistem de furnizarea a energiei electrice sau veniturile generate de un bazin de notAnalistul evalueaz sarcina fiscal i gradul de ndatorare, calculeaz impozitele i examineaz situaia financiar i economic a emitentuluiObligatiuni Municipale

Emitent: Municipiul OradeaScopul : Reabilitarea i modernizarea strzilor Municipiului OradeaValoarea total a emisiunii: 150.000.000.000 lei.Valoarea nominal: 1.500.000 lei/obligaiunePerioada de derulare a ofertei: Oferta va fi iniiat dup cel puin 5 zile de la data publicrii anunului de la data 14.06.2006 pn la data de 19.06.2006Dobnda pltit investitorilor: [(BUBID3M+BUBOR3M)/2] + 3% prima perioad 23% pe an; Modalitatea de plat a dobnzii i a mprumutului ctre investitori:Agentul de plat: BCR SECURITIES SA va plti att dobnzile cat si principalul la scadenGrup de distribuie: Banca Comerciala Romana si HVB Bank Grup Garanii din partea Emitentului: Municipiul Oradea garanteaz plata integral a principalului i a dobnzilor cu parte din creanele pe care le are de ncasat, creane ce reprezint veniturile proprii (calculate conform LEGII aferente bugetelor locale pe anii 2006, 2007, 2008, 2009 si 2010 prin cesionarea veniturilor)Studiu de Caz Obligatiune municipale

Avantajele asigurrii obligaiunilor municipale o garanie suplimentar cu privire la efectuarea plilor aferente obligaiuni rating mai bun sporete ncrederea investitorilor Emitentul Capitalul (valoarea total a emisiunii) Randamentul obligaiunii Termenul de rambursare Valoarea nominal a obligaiunii Prospectul de emisiune (Clauze speciale)Emitentul trebuie s stabileasc scopul finanrii : un proiect de investiie exemple autostrad nou, coal etc necesar n scopul reparrii i ntreinerii unei proprieti deinute de emitent efectuarea unui mprumut pentru refinanarea unei emisiuni de obligaiuni aflate n circulaieRolul distribuitoruluiAsigur modalitatea de plat a dobnzii i a mprumutului ctre investitori Obligatiuni Corporatiste

Numrul total de Obligaiuni oferite 240.000Condiii pentru subscriere 80% persoane juridice i 20%persoane fizice Preul de ofert 5.000.000 pentru fiecare obligaiune Dobnda (BUBOR6M+BUBID6M)/2 + 0,5 la sut Maturitate 3 ani, pn n 2008Destinaia fondurilor Necesiti generale de finanare ale Bncii Grupul de Distribuie Raiffeisen Bank S.A. Agentul de Plat Raiffeisen Bank S.A. Perioada de valabilitate zece zile lucrtoare, 17 mai - 28 mai 2004 inclusiv ncheierea cu succes a Ofertei Oferta va fi considerat ca fiind ncheiat cu succes dac:- Obligaiunile au fost subscrise de minim 100 de Investitori - valoarea subscrierilor valabile este de cel puin 100.000 )Autorizat de CNVM prin Decizia Nr.2209 din 06 Mai 2004Studiu de Caz Obligatiune Corporatiste Raiffeisen Bank

EURO DISNEY construirea unui parc de distracie la Parismodul novator de a obine finantarea utilizarea mrcii pentru a obine finanarea i riscul mic EURO DISNEY SURSE DE FINANAREmprumuturi bancareContribuia companieiWalt Disneymprumut Guvernul FrancezContribuii acionariParteneriate specialeEmisiune de obligaiuniStudiu de Caz

Chart2

0.166124.5

0.14105

0.04936.75

0.12493

0.246184.5

0.275206.25

Sheet1

16.60%14.00%4.90%12.40%24.60%27.50%14

124.510536.7593184.5206.25655

750

124.5

105

36.75

9375000.00%

184.5

206.25

Sheet1

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Cerere41.00040.00040.500EUR/RONCantitate41.00040.00040.500EUR/RONCantitateOfertCerere41.00040.00040.500EUR/RONCantitateOfert41.00040.00040.500EUR/RONCantitate41.00040.00040.500EUR/RONCantitateOfertO1O2Demand for currencyInfluence of inflationOffer for currencyExchange rate equlibriumC1C2C1C2Government controlPiaa valutara Cerere si Oferta

Piaa valutara Cotatii

Bnci Surplus/Deficit ROLnchiderea poziie clientPoziie speculativ

BNRMonitorizeaz piaa valutarClientul cumpr Poziie LongBanca vindePoziie ShortClientul vindePoziie ShortClientul cumprPoziie LongData tranzaciei = Data valuteiTommrow (TOM)Data tranzaciei = Data valutei + 1 zi (urmtoarea zi)

Today (TDY)Data tranzaciei = Data valutei + 2 zile (peste 2 zile)Forward (FWD)Data tranzaciei > Data valutei + 2 zile (mai mult de 2 zile)SPOTClieniOrdine vnzare/cumprareData valuteiOperatiuniParticipanti

Piata asigurarilor

incertitudineriscsigurantaRiscul si asigurareaRiscul reprezinta un eveniment viitor, aleatoriu, nesigur si evaluabil care produce pierderi de natura financiara.

Asigurarea metoda de protectie1.Evitarea sau prevenirea riscului Evitarea riscului - consta n luarea de msuri capabile s fac imposibil producerea unui risc.Prevenirea riscurilor msuri cu caracter activ sau pasiv, dup caz.2.Limitarea pagubelor provocate de riscurile produse.3.Crearea de rezerve in vederea acoperirii a eventualelor pagube.4.Transferul riscului (cu alte cuvinte a pierderii) asupra altei persoane ASIGURAREA!!

Tipuri de asigurareTinand cont de obiectul asigurarii, asigurarile se impart in urmatoarele clase:Asigurari de persoaneDe viata De persoane, altele decat cele de viataAsigurari generaleDe bunuri De raspundere

Concepte tehnice ale asigurrilor Asigurtorul este persoan juridic (societatea de asigurri) care:n schimbul primei de asigurare ncasate de la asigurai, i asum obligaia de a acoperi pagubele produse de anumite evenimente, pltete o despgubire pentru prejudiciul de care asiguratul rspunde fa de tere persoane.Asiguratul este persoan fizic sau juridic, care:n schimbul primei de asigurare pltite asiguratorului, i asigur bunurile impotriva unor calamiti naturale sau accidente, mpotriva unor evenimente ce pot aprea n viaa sa.

Concepte tehnice ale asigurrilor Beneficiarul asigurrii este persoana care are dreptul s ncaseze despgubirea sau suma asiguratnu este parte la contractul de asigurare.Contractantul asigurrii este persoana fizic sau juridic care poate ncheia o asigurare, nu are calitatea de asigurat.contractantul asigurrii poate fi n acelai timp i beneficiarul acesteia.

Concepte tehnice ale asigurrilor Riscul asigurat = evenimentul sau un grup de evenimente care odat produs(e), datorit efectelor sale oblig pe asigurtor s plteasc asiguratului despgubirea asigurat.riscul mpotriva cruia se ncheie asigurareafenomenul asigurat, care a fost deja produs = caz asigurat sau sinistru.ndeplinete anumite condiii :1) Producerea fenomenului pentru care se ncheie asigurarea s fie posibil.2) Fenomenul (evenimentul) trebuie s aib n toate cazurile un caracter ntmpltor3) Este necesar ca aciunea fenomenului s poat fi nregistrat n evidena statistic. 4) Producerea fenomenului s nu depind de voina asiguratului sau a beneficiarului asigurrii (acetia s nu o poat influena)

Concepte tehnice ale asigurrilor Suma asigurat = partea din valoarea de asigurare pentru care asigurtorul i asum rspunderea n cazul producerii fenomenului pentru care s-a ncheiat asigurarealimita maxim a rspunderii asigurtorului este unul din elementele care stau la baza calculrii primei de asigurare.Prima de asigurare = suma de bani dinainte stabilit pe care asiguratul o pltete asigurtoruluise determin nmulind suma asigurat cu cota de prim tarifar stabilit pentru fiecare 100 sau 1000 uniti monetare sum asigurat.

Prima de asigurare = Cota de prima * Suma Asigurata

Piata asigurarilorEste similara pietei bancare dar are anumite caracteristici unice.Ofera posibilitatea unei economisiri, dar mult mai important, ofera protectie impotriva unor riscuri care pot afecta viata sau bunurile persoanelor fizice sau juridice.Este bazata pe un cadru juridic specific ce reglementeaza conditiile de desfasurare a activitatii de catre participantii pe piata, sub monitorizarea unei institutii de supraveghereExemplu: Comisia de Supraveghere a Asigurarilor

Participanii pe piaa asigurrilorOrice pia presupune existena: cererii i ofertei Pe pieele de asigurri i reasigurri existclieni - persoane fizice i juridice care au nevoie i doresc protecia pentru anumite riscuri la care sunt supuse.ofertani - societi specializate.

Tipurile de companii ntlnite pe pia n calitate de asigurtori i reasigurtori sunt:companii de asigurarecompanii captiveasociaii mutuale(constituite pe profesii, etc.)companii de reasiguraresindicate Lloydspool-uri de subscriitori.Asigurtori i reasigurtori

AsigurtoriCompanii de asigurare (asigurtorii direci) principalii ofertani de asigurri i cumprtori de reasigurri pe pieele internaionale ale asigurrilor i reasigurrilor. Pe unele piee, o importan mare o au companiile de stat de asigurri.n rile in care asigurrile sunt monopol de stat. (Brazilia, Chile, Argentina, Kenya).pot apare ca unici cumprtori de reasigurri n rile lor

ReasigurtoriCompaniile de reasigurri societi specializate de reasigurare i reprezint categoria principal de reasigurtori prezeni pe piaa internaional.companii de reasigurare sub form de societi pe aciuni cu parteneri din ri diferite

n 1976, a fost fondat compania Norwich Winterthur Reinsurance Company de ctre Norwich Union Group din Marea Britanie, Winterthur Insurance Company din Elveia i Chiyoda Insurance Company din Japonia.

CaptiviCompaniile captivecategorie aparte a asigurtorilor (a cumprtorilor de reasigurare) i, n acelai timp, a reasigurtorilor, au cunoscut o dezvoltare deosebit n perioada postbelic, strns legat de formarea marilor companii industriale i comerciale. sunt companii deinute sau controlate de o alt ntreprindere al cror obiect de activitate este, n primul rnd, acoperirea necesarului de asigurri al firmei mam, i, n al doilea rnd, efectuarea de operaiuni pe pia.

IntermediariAGENTUL

Reprezint interesele asigurtoruluiVinde poliele de asigurare ale unuia sau mai multor asigurtoriCa regul, nu poate fi dat n judecat pentru neglijen n exercitarea profesieiRemunerat de ctre asigurtor prin salariu, comision sau o combinare a acestoraBROKERUL

Reprezint interesele n primul rnd ale asiguratuluiCumpr asigurri/reasigurri pentru clientul su,numit principalPoate fi dat n judecat pentru nendeplinirea sau ndeplinirea defectuoas a obligaiilor lorRemunerat de ctre asigurtor prin comision, denumit comision de brokerajCare sunt principalele diferente intre agent si broker?Raspuns:

Ziarul Financiar, 14.07.2008

Piaa romneasc a asigurrilor a ajuns la nivelul la care se gsea Austria n urm cu aproape 40 de ani, daca lum spre comparaie nivelul mediu al primelor brute subscrise pe cap de locuitor, arat un raport al Erste Bank. La sfritul lui 2007, densitatea (prime brute subscrise pe locuitor) era n Romnia de 99 de euro, nivel la care piaa austriac ajunsese nc din 1969. n prezent, piaa asigurrilor a ajuns la 1,7% din Produsul Intern Brut (PIB), n timp ce n Austria era n 1969 la 3%.PIAA ROMNEASC A ASIGURRILOR ESTE LA NIVELUL AUSTRIEI DIN 1969

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