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BCR’ recapitalisation - RON 460 M in 2009 and 2010

The recapitalisation needs of the Romanian Commercial Bank (BCR) for 2009 and 2010 come to roughly to RON 460 M (circa EUR 100 M), compared to late last year's data, according to stress tests conducted by the National Bank of Romania (BNR) at the request of the International Monetary Fund (IMF), the Money Channel reports. According to the sources quoted, and compared to the figures published on December 31, 2008, the sum corresponding to BCR's share capital increase stands at RON 230 M, and next year, the bank would require a similar capital injection to maintain its solvability above the recommended level of 10 per cent. Sources also reported that, considering the conditions applied by the tests, the BCR solvability could drop up ton 8.7 per cent at the end of 2010.

The BCR Executive President, Dominic Bruynseels, has recently said that BCR has a solvability rate exceeding 14 per cent in terms of International Financial Reporting Standards (IFRS) and topping 10 per cent according to Romanian accountancy standards. He also said that the Romanian Commercial Bank will need additional capital if BNR increases the solvability rate from the current 8 per cent to 10 per cent for commercial banks under the Romanian accountancy standard. Bruynseels also mentioned that ‘the need for asset fund availability is out of question.'

BCR's net profit after taxation last year was of RON 1.29 bln (EUR 348.8 M). For the stress tests, BCR discounted the exceptional revenues made by banks.

Banks need to come up with two-instalment additional capital, with the first by September 30, 2009 and the second, by March 31, 2010. ‘Originally, we had established for the entire amount required for recapitalisations to be brought in by late September, yet, after the meeting in Brussels we decided to demand the banks to come up by September 30 with the sum corresponding to 2009, and by March 31, next year with the sum resulting from the stress test for 2010, the head of the IMF delegation in Romania, Jeffrey Franks, explained.

Banks also need to bring during the upcoming months additional capital required for the solvability rate of over 10 per cent, a prudential level established by the central bank, given the minimum regulated level of 8 per cent. For the recapitalisations required of the banks, BCR takes into count a basic scenario applying economic downturn forecasts of 4 per cent for 2009 and an average exchange rate of RON 4.4/EUR this year, banking sources said.

 

Sursa: http://www.nineoclock.ro

Tags: banks solvability capital bcr bnr