Popa : BNR became net creditor and injected the market with the average sum of 3.5 billion lei in Oc

He stated that the money given to the banks in Romania by the foreign shareholders cannot be withdrawn under the conditions where the contracts do not include anticipated withdrawal clauses, nor in the case of credit lines and nor for medium-term and long -term credits. Moreover, he repeated that over 50% of the credit lines offered to commercial banks and over 80% of the deposits granted by foreign banks to the Romanian banks have maturity higher than two years. Over the last two-three weeks, the interests for interbanking deposits went up at 40 - 50%/year, much over the monetary policy interest of the BNR of 10.25%/year and over the one taken by the central bank for the Lombard credit of 14.25%/year through which the banks could finance by guaranteeing with bonds. Some analysts consider that high interest rates on the interbanking market could show a lack of liquidity on the interbanking market, but the BNR governor, Mugur Isarescu criticized these opinions, by saying that, although there is sufficient money, it is unequally spread among local banks which, in the present context, have doubts about getting loans from one another. As regards the banks' need to have in their portfolio an adequate percentage of bonds, Popa said that BNR could not indicate to the commercial banks how to use their liquidity, especially as the banks have much liquidity, under the conditions where the BNR decided to lower the compulsory minimum reserves from 20% to 18% starting with 24 November - 23 December. The decision to lower the reserves for the assets in lei aimed, according to BNR, to the improvement of the liquidity management on the interbanking market, under the conditions where turmoil on the international financial market was amplified, in order to insure sustainable financing for the economy. On Sunday, the minister of economy and finance Varujan Vosganian, suggested that together with BNR they could creat mechanisms through which commercial banks could transfer into bonds a part of the money they have in compulsory minimum reserves.