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BNR does not like increase of guaranteed deposits to EUR 100,000

As of January 1 2011, the bank guarantee limit will grow from 50,000 euro at present to 100,000 euro, according to an emergency order.

In March 2009 the guarantee limit grew from 20,000 to 50,000 euro. The present suggestion of the Commission – which came following a transition impact study – confirms the level of 100,000 euro was the new lowest level. BNR does not like this increase of the deposit guaranteed level.

'In BNR analyses, the best value for the guarantee level in Romania which could offer confidence to depositors, without favoring moral hazard, the assumption of disproportionate risks is 50,000 euro. This ensures the guarantee of most natural persons' deposits (99.64% of depositors and 61.92% of deposit value). A new and probable level increase up to 100,000 euro will not bring significant changes for the number of depositors guaranteed by law and also determines an increase of the coverage degree for the volume of guaranteed deposits (about 6%)' BNR officials say.

Doubling the value of the guarantee level will increase pressure on credit institutions which will have to benefit from a bigger contribution. 'At national level, preoccupations for a better SGD have strengthened the idea that these drawings should become part of a financial security device, together with prudential settlement and supervision, the lender of last resort and early intervention mechanisms', BNR officials say.

In the 2009 Stability Report BNR showed that a possible increase of the deposit guarantee level from 50,000 to 100,000 euro could have 'a reduced efficiency compared to associate costs.

In the period when confidence in the banking sector dropped the main deposits withdrawn were those over 100,000 euro. Considering the behaviour pointed out previously, the development of the secondary market of state bonds may have a better cost/benefit ratio than the solution of increasing the guarantee level.'

In the first quarter of 2010 there were over 16.6 million depositors natural persons as against 17 million in the same period of 2009, according to data of the Deposit Guarantee Fund in the Banking System. For a present maximum deposit level of 50,000 euro or the equivalent, only 15.88 million depositors of the 16.6 million guaranteed the full amounts, statistics show. The average value of a guaranteed deposit is higher than the overall average for natural persons, that is 7,500 lei.

Sursa: http://www.actmedia.eu

Tags: level deposit depositors euro guarantee increase guaranteed deposits bnr

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