The crisis is not over, but signs of positive developments are emerging in many countries including in Bulgaria and Romania. With the start of a new growth phase, the financial institutions will, once again, embark on a cruise to sell credits and gain market shares.
Of course they will promise that they will take their precautions, that they have learned from the past. These promisses will be forgotten in about 24 months at the latest if we do not suffer a double dip recession.
For the department in charge of the credits in difficulty, it should mean more possibilities to find constructive solutions and exits. Indeed, the best solution is to give full responsibility for the treatment of the risky positions to the workout department, to separate these credit issues from the current business and concentrate them in a so-called bank for bad debts. This does not have to be a new legal entity. It can of course also be a real workout department that can really act independently from the structure that was responsible for the sale of the bad credits. The result will be that, at last, the necessary provisions will be created and solution found.
The customers in difficulty can only pray for the creation of these new departments that will give a chance to envisage a positive future.
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