Nine banks undertake to not take money out of Romania

Publish date: 11-08-2009
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The parent banks of nine of the major banks with foreign capital from Romania (Erste Bank Group, Raiffeisen International, Eurobank EFG, National Bank of Greece, Societe Generale, Alpha Bank, Volksbank, Piraeus Bank, UniCredit Group) have signed letters through which they pledge to maintain the general exposure of the groups towards Romania, HotNews informs.

The nine banks have announced also the increase of the capital of the subsidiaries from Romania in order to maintain a rate of adequacy of the minimum capital of 10 per cent along the duration of the Economic Programme of Romania, the European Commission announced in a press release. The banks which have together a market share of around 70 per cent have finalized and signed the bilateral commitment letters based on a model agreed in May in Brussels in order to reach the objectives agreed on March 26 in Vienna.

The letters confirm two key commitments of the parent banks to support the Romanian economy: to maintain the total exposure of their groups towards Romania and to increase the capital of the subsidiaries in order to maintain a rate of adequacy of the minimum capital of 10 per cent during the whole period of the programme. In the context of the first evaluation of the Economic Programme of Romania supported by the international financial institutions and the European Union, a common team of the International Monetary Fund and of the European Commission has evaluated the situation of these engagements.

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