Mother banks to renew financing for most Romanian subsidiaries, central bank governor deems

Publish date: 04-03-2009
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Renewing financing lines from mother banks to Romanian subsidiaries will exceed 90 percent and could stand close to 100 percent, according to the central bank (BNR) governor, Mugur Isarescu.

He said the banking system is unlikely to witness a negative flow of capital.
However, a few weeks ago Isarescu mentioned financing from mother banks could tumble at least 80 percent. This message comes after the country's president said three days ago after the informal economic summit in Brussels that large financial groups headquartered in the Eurozone will continue to support subsidiaries in Romania, as part of a bloc-spread solidarity to fight the effects of the economic downturn.
Recently, Prime Minister Emil Boc admitted the government is in talks with the European Commission about a potential financial aid. If it takes a similar step with the IMF, the government will officially speak about it, Boc said.

Romania could borrow money from the European Commission or from other international financial organization but should pay it back around 2014, when large inflows of European funds should enter the country, Isarescu also said.

Romania can receive more than 30 billion euros from the European Union budget for the period 2007-2013.


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