Mother banks will keep financing Romanian subsidiaries, President Basescu says

Publish date: 02-03-2009
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Subsidiaries which run operations in the newcomers of the European bloc and whose mother banks are in the Eurozone should be propped up by their parents,President Traian Basescu said at the end an informal reunion of heads of states and governments over issues related to the current economic crisis.

The banking system in Romania, a solid one, as the president described it, still needs financing from the mother banks, considering the current economic downturn.
 "This is an important aspect for Romania as it guarantees the financing lines will not be broken," the president said.

The informal meeting of state leaders of the European Union drew to an end the conclusion that solidarity is needed to fight the effects of the economic crisis. Germany and other big providers of resources took a positive stance regarding the support granted to Central and Eastern European countries of the union.

EU members which are not a part of the Eurozone should be helped by procedures meant to guarantee the financial comfort required at the time being, Basescu said.
"It is essential that the Cabinet and the state's institutions access rapidly the financing resources of banks and financial institutions," the president said, also urging Romanian banks to go ahead and borrow money.

The European Investment Bank, the European Bank for Reconstruction and Development, the World Bank and the International Monetary Fund are among the institutions willing to grant money to Romania, Basescu said.

The president also referred to the recent downgrading of several countries in Eastern Europe by the big rating agencies, but pointed that such countries members of the European bloc should not be included in the same league with non-EU states in the region.


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