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September 23, 2021

Officials of foreign banks in Romania meet in Brussels

The representatives of the biggest nine foreign banks present on the Romanian market meet today in Brussels with IMF, BNR and EC officials to discuss the evolution of the commitments assumed by the banking institutions, IMF representative in Romania, Tonny Lybek, declared for Mediafax.

“The theme of discussion of the parties is both the running so far of the assumed commitments, and the improvements required to continue the agreement,” Lybek declared. The head of the mission of evaluation of the stand-by agreement, Jeffrey Franks, declared in early November that IMF would collaborate with the parent banks with subsidiaries in Romania in order to reduce the exposure of Romania at the level from March, the funding decreasing at that time by 2 per cent. The banks which signed the agreements – Erste Bank, Raiffeisen International, Eurobank EFG, National Bank of Greece, Societe Generale, Alpha Bank, Volksbank, Piraeus Bank and UniCredit – hold 70 per cent of the market from Romania. The parent-groups of the main nine banks with foreign capital signed in August bilateral engagement letters to maintain the level of the exposure on the Romanian market and the rate of solvency of the subsidiaries at over 10 per cent. Meanwhile, BNR sources quoted by Mediafax said two foreign banks recently pulled out EUR 2 bln from the Romanian market. The measure is temporary and was triggered by banks’ impossibility to invest in short-term foreign currency deposits, the sources said.

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