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Mugur Isarescu: I can amend legislation and sack bankers who increase interests unreasonably

The BNR governor, Mugur Isarescu threatened on Wednesday, that he could modify the legislation so that he could dismiss bankers who endanger the safety of the bank.

On Wednesday, the banks did not grant any loans, and on the market financing was made for interest rates of 600% as speculators prefer to force an increase of the exchange rate, Mugur Isarescu says quoted by Antena 3.

The governor says that the whole blockage of the market of credits was provoked by three banks who keep interests up as they have speculators at their backs with big losses in the attack on the leu. Mugur Isarescu is determined to sanction the banks with such a game as, he says, they endanger their own customers, by increasing the interests for credits so much. " It is outrageous to keep interest so high", Isarescu said.

On the other hand, the BNR governor stated on Wednesday in a meeting at the BNR headquarters with the head of the supervision department of BNR Nicolae Cinteza and economic analysts that " It is a lie that there would be lack of liquidity on the market" and announced that the National Bank injected 4 billion lei/day on the market when it was necessary according to the Money Channel.

This liquidity was injected for the banks who needed it and could guarantee with bonds or other assets on the basis of bilateral agreements signed between commercial banks and BNR, the BNR governor explained. Mugur Isarescu added that last week there had been a failed attack on the leu and not a speculative one and the situation on the interbanking market is a consequence of those who bet on the leu depreciation.

As a result, to limit the losses and to get money, some investors needed to lend at higher interest rates. The biggest losses were registered by those who bet on the leu depreciation and tried to hide their loss through a liquidity crisis which does not exist, Mugur Isarescu said.

Sursa: http://www.actmedia.ro

Tags: isarescu market banks bnr mugur interests bet

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