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Adrian Vasilescu (BNR): The World Bank will pay 11 billion euros in the market over the next years

Romania's Central Bank governor's advisor, Adrian Vasilescu, said that BNR (national Central bank) does not stand for the word "relaxation".

Therefore, it will send 12 billion euros into the market, money that BNR managed to attract. The debates took part during "Retail Banking - 2:0. Post crisis version", organised by Finmedia. Adrian Vasilescu:

• BNR does not stand for "relaxation: and will not relax the monetary policy. The bank sealed an agreement with the IMF and EC - it will reduce the minimum compulsory deposits (RMO).
• 1 billion euros have already been sent into the market. There are 11 billion left.
• BNR is not in a rush to put this money out, to prevent flooding the banking system with foreign currency. It would be a great mistake. Now, when we're fighting with the crisis, all experts say that we don't need genius ideas, but fewer mistakes.
• For each euro, each bank needs to bring in 40 cents. BNR took this money not to block the crediting, as it has been said, but to tame it.
• Now, when the crediting stopped running with a fast train, but goes by a commuters' train, BNR wil gradually give up this quota.
• The aim is to reach to the level of joining the euro zone, namely 2%. From 40% for foreign currency and 12% for lei, we need to get to 2%.

Banks keep interests high to stay competitive

Banks keep interests high through a market phenomenon, which makes them level their offers to remain competitive, said the advisor to the governor of NBR, Adrian Vasilescu, adding that banks did not have a tacit arrangement, as the Competition Council alleged.Vasilescu mentioned that it was the authority for consumers' protection (ANPC) in charge with overseeing competition between banks and not the central bank. On the other hand, NBR has repeatedly expressed its concern with the high interests offered by banks for deposits.

"Interests for passives have kept going up. NBR does not intervene in the competition between banks, but has joined the voices that triggered an alarm signal on a dangerous process in this climb," he explained.The central bank official stressed that interests for deposits should stand below the key interest rate, which now is of 9.5 percent a year.

 

Sursa: http://www.actmedia.eu

Tags: market banks interests adrian euros bnr billion vasilescu euro

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