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Dan Pascariu (UniCredit): 4.4 lei/euro would create problems for banks

Banks in Romania would have serious problems for an exchange rate of over 4.4 lei/euro as they will have to re-capitalize and will be affected by the difficulty of paying several debtors said Dan Pascariu, the chairman of the Supervision Council UniCredit Tiriac Bank.

He did not say the exact figure of the re-capitalization, but it can be calculated based on the financial reports of the banks and the exchange rate. Asked whether BNR was afraid of the new wave of re-capitalizations, Pascariu answered: 'I think that such a risk has been taken into account by the central bank, but probably they do not see the risk of an exchange rate higher than 4.3 lei/euro.''Traders love volatility. Bank presidents don't,' Dan Pascariu added.

Referring to the exchange rate, the banker remarked that CDS had exploded of late by 500 basic points and one of the causes could be the market perception that BNR kept the exchange rate at a certain artificial level when the Polish and Hungarian currencies suffered depreciations. On the other hand, Pascariu mentioned that the Romanian banking system is very well capitalized at present, all bank indicators being over BNR targets.

The national currency depreciated in the first part of Thursday's session and BNR announced a reference rate of 4.3210 lei/euro, the maximum in the last 15 months.

A higher exchange rate was announced on 1 July 2010 at 4.3537 lei/euro.

Sursa: http://www.actmedia.eu

Tags: exchange pascariu banks euro bnr

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