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Negritoiu, ING: The loan from EU and IMF is vital to fill in the financial gaps in Romania

An agreement with IMF and EU is crucial for Romania, both to restore credibility and predictability in the local economic environment, to soften lending and fillcertain financing gaps, said the managing director of ING Bank Romania, Misu Negritoiu.

He said the Romanian legislators should make more efforts to limit both macroeconomic and microeconomic risks, stressing that the loan package is "absolutely necessary" in this purpose. The effect stemming from restructurings ran by ING on its Romanian subsidiary will be ‘marginal' as the bank had a solid and sustainable activity, said the managing director of ING Bank Romania.

"The group announced a 10% spending cut, namely 1 bln euros and layoff of 7,000. It is more about the geographic orientation and focus on certain markets. For Romania, the effect will be marginal, due to its solid and sustainable activity", said Negritoiu. He added that the bank had no plan to shut down units or layoff staff.ING Bank Romania reported a 66% increase in pre-tax profit in 2008, up to 106 million lei, as the bank's asset reached 11.09 bln lei at the end of last year, up 36% from a year earlier.

Romania needs 10 billion euros in external financing Romania's need for external financing is estimated within the limits of a quite large range, between 8 and 10 billion euros, which is seen as a decent amount to back up Romania's forex reserves, ING Bank Romania CEO Misu Negritoiu said on Tuesday upon releasing the financial results of ING Bank.

'We are supporting the idea of Romania raising a loan from the International Monetary Fund and the European Union that will help strengthen the Romanian economy and make lending easier and more predictable. There are two components about the financing needs, a quantitative and a qualitative one. As regards the quality component, external financing will improve the country rating. In terms of quantity, we mean first of all backing up Romania's forex reserves and ING specialists estimate the need within quite a large range from between 9 billion and 25 billion euros, depending on the policy of the National Bank of Romania (BNR) for forex reserves preservation,' said Negritoiu.

As regards a cut in the interest rates charged on loans, the ING Romania official mentioned that mutations are expected in the real economy and banks, as intermediaries between those owning money in excess and those needed it, have to manage the money accordingly.'Interest rates are determined by the free market mechanism, but markets today are quite broken and separated. There should be no finger pointing to banks for their charging high interest rates,' argued Negritoiu.

 

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Tags: ing romania negritoiu financing bnr

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