The Estonian Leasing Association has reported that new business
written by members during October was up nearly seven percent, from
€22 million to €23.5 million, showing signs of recovery in the
Baltic state’s leasing market.
Finance leasing made up 60 percent of this new business, and
operating leasing just 32 percent: a marked change from the
national portfolio’s makeup of 50 percent finance lease and 41
percent operating lease.
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But while new business volumes may be beginning to recover, they
have a long way to go – July’s total of €22.5 million was 75
percent down on the equivalent figure from 2008.
In addition, the speed with which the Estonian national lease
book continues to shrink shows how much the sales climate has
changed – between September and October it decreased by some €42.3
million: nearly double the rate at which it is being
replenished.
Its composition, too, has changed. Once dominated by passenger
car leasing, the portfolios of Estonian lessors are now showing
more and more machinery and equipment (at 19 percent of the
national leasebook) and rolling stock, ships and aircraft (at 23
percent).
Fred Crawley
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