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IMF and BNR to let the nine lenders that signed the agreement in Vienna to slash exposure on Romania

The International Monetary Fund (IMF), the European Union and Romania's Central Bank (BNR) okayed in principle that the nine lenders which inked the agreement in Vienna to cut exposure on Romania, matter also stipulated in the initial agreement in the event of steep investment opportunities.

Thus, at the last meeting between the nine financial institutions and the representatives of IMF, the European Commission (EC) and BNR, which took place at Brussels on September 24, the nine banks required the institutions to let them slash exposure on Romania, explaining the investment opportunities are poor and they obstruct using the liquidity at the best level.

The commercial banks said they will maintain exposure depending on the investment opportunities, but the agreement stipulated that the respective index can be adjusted according to the opportunities on the market, people from the financial market told NewsIn, adding there is no kind of dissent between the authorities regarding this matter.

BNR will participate next to IMF and the EC at a meeting with the financial groups to settle a new threshold regarding the exposure on Romania.

Romania's second letter of intent for IMF, sent in August, mentioned the exposure on Romania fluctuated despite the agreements settled in Vienna and Brussels, and that BNR aims to monitor better the evolution of the exposure.

After the first meeting in Vienna in mid-March, nine large financial groups and the representatives of EC, IMF and BNR engaged to sustain operations on the Romanian market and to hike the capital of local subsidiaries if needed.

The nine groups are Erste Bank, Raiffeisen International, Eurobank EFG, National Bank of Greece, Unicredit, Societe Generale, Alpha Bank, Volksbank and Piraeus Bank.

At the second meeting which took place in Brussels in May, banks promised to maintain exposure on Romania at the level in March 2009. Soon after that, the chief economist of BNR, Valentin Lazea, said the understanding between the Romanian banks and BNR is a "gentlemen's agreement" even if there will be a signed document in that respect or not.

The head of the IMF mission in Romania, Jeffrey Franks, told NewsIn after the first evaluation within Romania's external financing agreement, that the nine mother-banks promised to keep exposure on Romania.

Sursa: http://www.newsin.ro

Tags: romania banks exposure vienna agreement bnr

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