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| SALARIES AND STABILITY 15/10/2008 |
| (2008-10-15) |
| Last updated: 2008-10-16 12:02 EET |
The Romanian government has increased from 20 thousand to 50 thousand euros the threshold for guaranteeing the bank deposits of the population. The governor of the National Bank of Romania, Mugur Isarescu, said Monday that most bank deposits in Romania are below 20 thousand euros, therefore the lifting of the threshold would not have been necessary. The Romanian government was forced, however, to comply with the new European norms in the field. The measure is meant to once again secure Romanians' savings and to inspire trust to people fearing that the tsunami on international financial markets would hit Romania as well.
Domestic banks, however, are stable, the national bank governor assured Parliament once more, where he went to draw a picture of the international situation and to describe the potential impact of the crisis on the domestic banking system and the economy at large. Mugur Isarescu said that no Romanian bank had to trigger its emergency plan. Bank liquidities are very good, way over the normal percentages, and have not been affected by withdrawals caused by panic. In addition, said the governor, the collapse of a parent bank abroad does not automatically result in the collapse of a branch in the country, which usually has its own independent capital and status.
Mugur Isarescu:
“Despite emotional fears that there might be a domino effect – in the sense that if a foreign bank were faced with problems then the Romanian bank would face the same problems - we have all the reasons and arguments to clearly state that there is no such domino effect. We are obliged by law - should a liquidity problem arise, and not a solvency issue - to provide the necessary liquidities. “
Still there are indirect effects of the world financial crisis which can be seen, according to governor Isarescu, in the rising interests on foreign funding, the instability of the currency exchange rate and the deepening of the economic deficit. In another development, the developments on the international markets require a careful monitoring as well as a prudent attitude alongside curbing populist measures that might destabilise the budget. And the biggest temptation in this electoral year is to raise salaries at levels that are not justified from the point of view of economy and performance. Alerted by the press, which exposed the indecent salaries earned by the heads of governmental agencies, the government decided to limit the pays of the heads of public institutions to the level of salaries earned by a secretary of state.
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2025-04-05
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