Ghetea: Romania to join SEPA in 2010

Banking system in Romania will initiate a project for adopting Single European Payments Area standards for the domestic currency payments before the adoption of euro, while the use of the new system or of the old one rests with banks, said the chairman of Romanian Banking Association, Radu Gratian Ghetea. "In Romania, there is a SEPA National Committee, made up of members of the Romanian Banking Association, Ministry of Finance and Transfond, that prepares a migration plan to SEPA products, even if the adoption of the euro currency is projected for 2014", said Ghetea.

He added that the Council was currently preparing the creation of a SEPA-compliant clearing and settlement infrastructure for euro payments, "in line with the recommendations from European Payments Council". "We have found solutions to avoid a blockage in the banking system. Transfond will be responsible for the transition period, and in 2010, banks will be able to adopt the SEPA instruments for euro payments or keeping the older credit transfer and direct debit", chairman of ARB stated. Ghetea added that other countries were considering joining SEPA. "Russia is in an advanced stage of implementing a similar payment system". However, certain modification in the conditions for the euro adoption may arise, he continued, given the "long-range global economic movements" that could delay or speed up Romania's accession to euro area.