“Most are margin loans, which have been rescheduled. Basically, these should have been repaid at the beginning of this year, but, making allowances for the market context, we preferred to extend them rather than foreclose on the collateral,” said the brokerage firm’s General Manager, Grigore Chis.
“The amounts we could recover are significant, and so far we have had positive results. These amiable agreements with our clients are very important, because otherwise we are in the situation of foreclosing on some collateral, in the form of shares, and we would register losses considering current prices,” said Anton Ionescu, President of Broker Cluj.
Broker Cluj ranks 13th among top brokers in 2009, with transactions worth €46.8 million.
