Leasing defaults in Bulgaria are expected to soar in the final
quarter of this year and the first quarter of 2010, according to
the co-chairman of the Bulgarian Association for Leasing (BAL).
Teodor Marinov said: “We are now seeing a second wave of overdue
leasing that we will overcome by the second quarter of 2010.”
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The executive director of EFG Leasing, Plamen Pavlov, seconded
Marinov’s predictions, saying he expects defaults will continue to
soar, before peaking at the beginning of next year – particularly
in the construction sector and related industries.
According to recent BAL estimates, around 20 percent of leasing
contracts in the construction industry are non-performing.
In total, non-performing leasing contracts nearly doubled to
BGN688.3 million (€351.9 million) in the third quarter, from
BGN373.8 million in Q2, figures from the Bulgarian National Bank
showed.
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