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Mother-banks with Romanian branches to sign individual commitments with BNR

The new individual letters agreed in Brussels also include the measures resulting from stress tests.

The nine mother-banks which signed the Vienna agreement at end-March, namely Erste Group, Volksbank, Raiffeisen International, Societe Generale, UniCredit, EFG Eurobank, National Bank of Greece, Alpha Bank and Piraeus participated in a meeting in Brussels where they agreed upon new forms of bilateral commitments with the National Bank of Romania. Thus, the mother-banks of the first nine crediting institutions in Romania will sign, within 30 days at most, individual letters of commitment with the Central Bank over maintaining financing lines at March levels. The new individual letters agreed in Brussels with mother-banks also include the measures resulting from stress tests, the first deputy governor of BNR, Florin Georgescu announced yesterday, quoted by Mediafax. According to the official, the 10 pc solvency rate must be maintained by banks from September 2009 until 2011, when the agreement with the International Monetary Fund will end.

Van Groningen: A new meeting, six months from now

The next meeting of the main nine foreign banks in Romania will take place six months from now, the president of Raiffeisen Bank Romania, Steven van Groningen said yesterday. Asked whether the current accord agreed by the nine banks with Romanian authorities can be changed, van Groningen answered that "any agreement can be modified, but I don't think there will be dramatic changes." He added that the Ministry of Finance and BNR must come with financial instruments that will allow making foreign investments in Romania. Foreign banks also need a clear strategy set by the Finance Ministry with respect to the loans it will take in order to finance the budget deficit, he added.

Corporate financing - a prerogative of large banks

BCR President Dominic Bruynseels explained that the lack of liquidities in the system and the increase of provisions caused by bad loans' rise turned corporate financing into an exclusive prerogative of large banks, with available resources. The relations between banks and companies were recalibrated from fierce competition to long-term partnership, he added. "We are trying to support many companies to restructure and continue their activity," the BCR official declared, adding that crediting in euro will most likely remain the financing form preferred by companies, because of the big differences of interest rates compared to loans in lei. Bruynseels explained that, according to BCR calculations, corporate externalized crediting stands at EUR 8-10 bln. BCR is committed to financing Romania, on feasible projects, and the majority stockholder Erste Bank is, in its turn, committed to supporting the bank, he added. The Brussels meeting was attended by officials of the IMF, the World Bank, EBRD, the European Commission and the central banks from the countries where mother-banks are headquartered.

 

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Tags: banks financing romania bnr mother individual euro bcr

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