President Basescu: Austrian banks with branches in Romania, solid

Publish date: 23-03-2009
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Austrian banks with branches in Romania are solid, President Traian Basescu said on Monday at the end of the meeting with his Austrian counterpart Heinz Fischer, who mentioned in his turn that Austrian banks announced that they would maintain their credit lines. 'Categorically, the economic crisis can also affect Austrian interests, not only Romanian interests in Romanian economy. Therefore, together we need to identify solutions carrying as low as possible difficulties to overcome this difficult period. The banking system, and implicitly the Austrian banks running branches in Romania, is solid. What we suggest our partners is leave aside worries about the banks' current situation, but look at the potential future risks, that could occur if the global economic situation keeps on deteriorating and this is actually the basic subject of our talks,' said President Basescu, who is on an official visit to Vienna. During the press conference held jointly with Austria's President Heinz Fischer, Basescu made a special 'mention of Austrian banks in Romania,' specifically that the credit institutions with branches in Romania fare within the safety and prudence parameters.

Traian Basescu added that the situation needs to be considered under a broader perspective, to avoid being driven into the ropes and that one should start from the premise that the situation can further deteriorate.

'What we see happening in Europe leaves no room for doubt. The economic situation has not yet hit the outlooks bottom, so we only have prudence and care to talk about. It is in the interest of both sides, Romania and Austria as well, to keep prudent,' explained President Basescu.

He underscored the importance Romania attaches to both economic and political relations with Austria and reminded that with more than 12 billion euros invested in Romania, Austria is the second major investor with a powerful presence in the local banks and insurance system.

The Austrian President pointed out that bilateral relations of the two states are excellent and voiced appreciation for the governors of the Romanian and Austrian central banks also attending talks.

Heinz Fischer added that in this difficult period prompted by the economic crisis, bilateral cooperation based on mutual trust would continue and the Austrian banks made it clear that they would keep their credit lines to Romania.


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