The risk of an increase in reference rates for loans in euros -EURIBOR - is not something beyond the control of corporatecustomers because they have at their disposal instruments they canuse to "block" certain interest rate and exchange rate levels forvarious periods of time, says Marius Stoica, executive manager offinancial markets at BRD-SocGen, the second largest bank on theRomanian market.
Even though the European Central Bank is not likely to start toincrease its key interest rate before the end of 2012, when itdoes, the impact will be long-term.
"Neither the interest rate increase, nor the adverse exchange ratemovements are beyond control, they can be managed. The level ofcustomer sophistication is a constant problem, but I think thepainful experiences that various companies have been through overthe last few years contribute to their awareness of the need tocover risks. Considering the prospects of resuming the growth cyclefor the euro interest rate at a certain point, we recommend to ourcustomers to look carefully into ways to freeze their long-termloan interest rates via hedging."
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