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BNR: Resources from parent banks exceeds 20 billion euros

External resources drawn in by Romanian banks stood at 22.8 billion euros in July 2008, 90 percent of which, or more than 20 billion euros, were funding lines opened by parent banks, according to recent data with the National Bank of Romania (BNR).

Out of the total amounts received by Romanian banks from foreign shareholders in the form of subordinated loans, attracted deposits and loans more than half are due back in two years' time, almost 3 billion euros are due back in between one and two years, and 2.5 billion euros becomes due between six months and one year.

As of end-July, the external assets of banks totaled some RON 85 billion, which is more than 28 percent of the balance sheet assets, daily Ziarul financiar reports.

At the same time, data with the BNR indicate that the weight of the funding lines from parent banks was 22 percent of the balance sheet total.

Out of 40 credit institutions authorised to operate in Romania, 35 are running on mainly foreign capital (26 Romanian banks with foreign shareholders and 9 subsidiaries of foreign banks), three banks are running mainly on Romanian private capital and two banks are state owned.

As of mid-2008, the banks owned by foreigners held almost 80 percent of the share capital of the system and 88 percent of the total balance sheet assets.

Last week, both BNR Governor Mugur Isarescu and other BNR officials gave public assurances that the local banking system does not face liquidity problems, because the credit institutions are still supported by their parent banks.

The BNR governor also said that BNR is permanently cooperating with other oversight institutions and can come up with common solutions should problems emerge at parent banks of the credit institutions operating in Romania or the subsidiaries of the banks from other European Union member states.

At the same time, head of the BNR Oversight Directorate Nicolae Cinteza said the parent banks of the credit institutions operating in Romania do not withdraw their funds, but support their subsidiaries.

He added that when the market was seized by mistrust and banks mutually restricted exposures, the small credit institutions immediately asked their parent banks for resources, with the highest amount of funds from a parent bank standing at 50 million euros.

Romanian banking officials and analysts unanimously believe that although the global financial systems is affected by serious turmoil, the Romanian market will only felt indirect effects of the crisis, without the current context affecting the stability of the Romanian banking and finance system, according to a press release of the Romanian Banking Institute.

 

Sursa: http://www.rompress.ro

Tags: banks bnr parent credit institutions percent billion resources euros romanian

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