Raiffeisen initiates talks to unblock lendingPublish date: 12-12-2008
Raiffeisen International, which controls one of the five largest lenders in terms of assets in Romania, launched the idea of a package of measures to unblock liquidities in the local banking system, worth €5 billion. This plan is a first on the Romanian market since it was hit by the international financial crisis, and is supposed to help smooth the lending process, which has slowed sharply lately.
Herbert Stepic, Chief Executive Officer (CEO) of Raiffeisen International, said that the Romanian banking system would require some €10 billion to reestablish trust and liquidity.
"Politicians in Central and Eastern European countries must attempt to rapidly develop packages of measures to unblock liquidities. It is absolutely necessary to prepare measures to keep liquidities in the system, because otherwise we cannot continue lending to the Real economy. In Romania, €5 billion would be more than enough for the banking system, and the remainder for the real economy," Stepic added.
Similar measures to support economies have been adopted by many developed countries, as the lack of trust among banks, generated by the liquidity crisis, is considered to be the main loan blocking "culprit."
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