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March 3, 2021
BUSINESS

Geoana: Cyprus crisis will make Romanian banks repossess the properties of bad payers

Mircea Geoana warned Sunday, in the show ‘Dupa 20 de ani’ (’20 Years After’) aired by ProTV, that the effect of the Cyprus crisis will be that the banks which operate in Romania will repossess the properties of millions of bad payers, as banks must cleanse their portfolios. “(…) I fear that, at the level of the Romanian political corps, if we do not rapidly turn towards the truly difficult and dangerous problems related to the economy, to jobs, rising poverty and the huge volume of people that will be subject to pitiless repossession by banks in 2013,” Geoana said.The moderator intervened and, appreciating that the statement made by Geoana is serious enough, asked him why the banks will repossess the properties of the population. “Simply because they must cleanse their portfolios, because they have bad loans and because everything related to European regulations now, including the impact of Cyprus, will make parent banks opt for a form of clarifying their portfolios, also in Romania,” Geoana answered. Asked if he means that the debts of bad payers will no longer be rescheduled, or those who were granted such incentives until now will lose their homes, Geoana explained: “I am convinced that the impact of the Cyprus crisis upon the European banking system will make European banks, including those which have branches and subsidiaries in Romania, be more careful with how they manage their assets and portfolios and, inevitably, they will be called upon to cleanse these portfolios.”

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