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Isarescu claims Romanian banks are well capitalised

The general capitalisation of banking groups in financial difficulty is not a necessity for Romania, Central Bank (BNR) Governor Mugur Isarescu told the ‘Financial Times,' according to Agerpres.

The Romanian official warned about the risk of putting together countries that actually have distinct problems and assign to them the characteristic of European emergent states' risk. Last year, Romania had the fastest economic growth in the European Union, but the boom in the last eight years stopped at the end of last year. The 7.3 per cent growth rate in 2008 is expected to turn into a negative one this year. With a foreign debt that, last year, was 12 per cent of the gross domestic product (GDP), many analysts expect Romania to follow the example of Hungary and Ukraine who asked the International Monetary Fund (IMF) for support.

Prime-Minister Emil Boc has stated that, this month, a decision would be made on taking a loan from the IMF, the Financial Times comments.

Asked about the Austrian Government's plan to support economies in Central and Eastern Europe, Isarescu said that, when Joseph Proll (Austrian Finance Minister) had been in Bucharest, he told him that a global approach to subsidising all Austrian subsidiaries would not be good for Romania, because banks in this country are already well capitalised. Any injection of capital is welcome, of course, but a global approach should address local specificities, otherwise you will create confusion, the head of the BNR explained.

Mugur Isarescu made the above statements on Monday, after the central banks of Romania, the Czech Republic, Poland and Hungary had agreed to have a co-ordinated intervention in support of their national currencies.

 

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Tags: romania banks isarescu bnr

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