loans to households foreign-currency-denominated loans lei-denominated loans 26.8  40 35 30  19.6  22.7  20.7  20  16.6  15.4  12.7  13.3 11.3  15  5  35.9  18.6 19.5  25  10  39.3  11.8 10.2  4.8  6.3  7.4  9.4  11.4  14.1  17.3 16.4  2006  2007  19.7  16.6  0 2004  2005  2008  Source: National Bank of Romania, National Institute of Statistics  Government credit hovered around relatively low levels during the period under review (Chart 5). 8  BIS Review 5/2010  Chart 5 Government credit percent of GDP  4.0 3.4  3.5 3.0 2.3  2.5 2.0 1.5  1.2  1.1  1.0  2004  2005  2006  1.0 0.5 0.0 2007  2008  Source: National Bank of Romania, National Institute of Statistics  Banks came to rely heavily on external financing, while the mismatch between foreign currency-denominated assets and forex liabilities of both companies and households widened. In 2004, the difference between forex-denominated deposits and loans in the corporate sector stood at around lei –5 billion, increasing sevenfold by March 2009, i.e. lei –34 billion. As for households, the differences stood at lei +5 billion and lei –28 billion respectively (Chart 6).
Figure II CZECH REPUBLIC nominal exchange rate vs the euro  effective exchange rate (+) appreciation / (-) depreciation  CZK/EUR  40  index, Dec. 2005=100  40  daily exchange rate  38  140  nominal  38  annual average 36  36  34  34  32  32  30  30  28  28  26  26  24  24  22  22  130  real  120 110 100  80  2009  2008  2007  2006  2005  2004  2003  2002  2001  2000  70 1999  2009  2008  2007  2006  2005  2004  2003  2002  2001  2000  1999  90  HUNGARY effective exchange rate  nominal exchange rate vs the euro  (+) appreciation / (-) depreciation  index, Dec. 2005=100  HUF/EUR  120  320  2009  70 2008  220  80  2007  220  90  2006  230  100  2005  230  110  2004  240  2009  240  2008  250  2007  250  2006  260  2005  260  2004  270  2003  270  2002  280  2001  280  2000  290  1999  290  2003  300  2002  300  2001  310  annual average  nominal real  2000  310  daily exchange rate  1999  320  Source: ECB, BIS  14  BIS Review 5/2010  Figure II (continued) POLAND nominal exchange rate vs the euro  effective exchange rate (+) appreciation / (-) depreciation  index, Dec. 2005=100  PLN/EUR  5  4.8  130  nominal  4.8  125  4.6  real 4.6  120  4.4  4.4  115  4.2  4.2  110  4 4  105 3.8  3.8  100 3.6  3.6  95  3.4  2009  2008  2007  2006  2005  2004  1999  2003  80 2002  85  3 2009  2008  2007  2006  2005  2003  2002  2001  2000  1999  2004  annual average  3  90  3.2  2001  daily exchange rate  3.2  2000  3.4  ROMANIA effective exchange rate  nominal exchange rate vs the euro  (+) appreciation / (-) depreciation  index, Dec. 2005=100  RON/EUR 4.6  125  4.6  daily exchange rate 4.4  nominal  4.4  annual average  120  real 115  4.2  4.2  4.0  4.0  3.8  3.8  3.6  3.6  3.4  3.4  3.2  3.2  85  3.0  3.0  80  110 105 100  2009  2008  2007  2006  2005  2004  90  2003  2009  2008  2007  2006  2005  2004  2003  95  Source: ECB, BIS  The credibility import from the EU and the IMF prevented some private financings from diminishing or at least made them diminish less.