BUSINESS

Exposures of nine main foreign banks under Brussels scrutiny

The nine main foreign banks in Romania are set to meet with IMF, Romanian National Bank and European Commission representatives for a forth review of the 2009 Vienna agreement in Brussels, on July 22. The banks are most likely to request a further reduction of exposures on the local market, Mediafax learnt from official sources. ‘Banks have regularly asked to be allowed to lower exposures every time they met for a review of the Vienna agreement, but neither the IMF nor the BNR have agreed to such thing so far. I expect the same scenario to repeat itself this time’, the quoted sources explained. After the conclusion of the international financing agreement with Romania, the IMF and the European Commission obtained the written agreement from the nine main foreign banks operating in Romania in terms of assets that they would keep March 2009 exposures. This year, financial groups with exposures to Central and Eastern European region have requested greater discretion in moving equity from state to state in the region and co-operation with local regulating authorities for a consolidated supervision. The nine banks have already met in Athens this year to approve the further pursuit of the Vienna initiative. Agreements were signed by Erste Bank, Raiffeisen International, Eurobank EFG, National Bank of Greece, Societe Generale, Alpha Bank, Volksbank, Piraeus Bank and UniCredit, banks holding together 70 per cent of the relevant local market.

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