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EUR 130 million in European funding accessed via CEC Bank

In the first three months of the year CEC Bank offered 1,900 credits linked to as much as EUR 130 million in European funds, said the institution's president Radu Ghetea during a presentation occasioned by the 'Cristian Popisteanu' symposium that marked the Day of the National Bank of Romania (BNR).

The CEC Bank president explained that these loans represent either co-financing for projects with access to European funds, or grant financing.

Ghetea gave the example of the EUR 97 per hectare subsidy. As the money flows in no earlier than June or even in July - as it happened in 2008 - whereas the farmer needs it in spring for sowing works, CEC Bank has short-term credits on offer, with a maturity of 3-4 months, that take as guarantee the individual or legal entity's right to receive such subsidies. Radu Ghetea said that the EUR 130 million is quite a modest amount compared to the EUR 30 billion Romania expects to access in the next five years, but the country is just at the beginning of the road in attracting community resources and 'not all the money supply taps like projects and specific measures were turned on yet.' According to Ghetea, whereas at the end of 2006 CEC Bank credits mainly addressed the population, with some 80pc of the amount assigned to individuals and 20pc for legal entities, the ratio is now 64 for individuals and 36pc for legal entities, for an almost triple amount of loans.

'In 2009, we want to reach a balance in lending, specifically 50pc for individuals and 50pc for legal entities, that's how the shareholders will have it and it is the normal way because CEC Bank is the only state-owned bank and the state wants to find the adequate methods and means to keep economy working at reasonable parameters,' underscored Ghetea.

 

Sursa: http://www.rompress.ro

Tags: ghetea million cec european bnr

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