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| PRIVATE BANKS ON THE ROMANIAN MARKET 19/11/2009 |
| (2009-11-19) |
| Last updated: 2009-11-20 16:24 EET |
The main foreign banks active in Romania, which reduced their market capital below the agreed level, on Wednesday reiterated their commitment to fill in this gap. Officials of the nine crediting institutions on the Romanian market held meetings with the IMF representatives, as well as with representatives of the European Commission, the European Bank for Reconstruction and Development, the World Bank and the European Investment Bank, and with representatives of the National Bank of Romania.
The parties involved agreed to provide for a capital adjustment rate of more than 10%. At the same time, banks underlined the fact that they needed diversified market investment tools. The meeting on Wednesday was the third one, after those held in March and May, respectively, when parent banks from four countries ( Austria, Italy, France and Greece) accepted to boost their capital in order to back their local branches from Romania, and to contribute to the country’s economic re-launch by resuming crediting operations.
Participants in the meeting held in Brussels acknowledged the importance of the banks’ coordination and their role in staving off an even more serious crisis in Romania, against the backdrop of a difficult economic environment. Participants believed that the commitment made by the parent banks, jointly with the international institutions’ financial support were meant to help the Romanian banking system better cope with the current downturn, also supporting the economy to be put on a sustainable track.
Officials of the nine crediting institutions were kept abreast of the recent talks the authorities in Bucharest held with the IMF on the revised program aimed at supporting Romania’s payment balance. Without a 2010 state budget, both the IMF and the European Union delayed the disbursement of the third installment of the foreign loan they granted Romania in spring.
Bucharest signed a two-year agreement with the IMF, worth some 13 billion Euros, which is part of a 20 billion Euro foreign aid package from the IMF, the European Union, the World Bank and the European Bank for Reconstruction and Development. In another development, the National Bank of Romania on Monday decided to cut down on the minimum required reserves made by the Commercial banks for their foreign currency liabilities with a payment terns set at less than two years, from 30 to 25%. The measure is meant to support not only the financing of the state sector on the domestic market, given that the foreign loan payments have been delayed, but also to maintain macroeconomic stability.
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