Some 30% of Romanians distrust banks

Publish date: 11-12-2009
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Over 83 percent of Romania doe not wish to take out a bank loan in the coming 12 months, while 69 percent of these will not even be able to put money aside, according to a study by the Deposit Guarantee Fund in the Banking System (FGDB).

"The population's situation has worsened, and the level of dissatisfaction continues to grow. Over 28 percent of the population has no faith in banks, said Eugen Dijmarescu, President of FGDB.

The FGDB study further shows that Romania have faith in investments in real estate goods and precious metals, but consider investments in private pensions, simple life insurance, shares and art objects to be unsafe. Bank deposits are believed by Romanians to be relatively safe.
"Faith in the financial and banking system is powerfully correlated with the savings trend. Those who are certain that they will manage to save in the coming 12 months are also those who have stronger faith in lending institutions, while Romanians who are unsure if they will save have more moderate faith. Persons who declared that they will not save have little faith in banks," said the FGDB study.

Romanians save an average RON 328 per month, while 5 percent of these declared that they managed to save more money in the past year. The study further indicates that 37 percent of Romanians save less in 2009 than the year before.

According to FGDB data, the total value of deposits at the end of September was RON 262.8 billion (€62 bln), of which 48 percent are deposits guaranteed by the Fund, or RON 126.13 bln (€29.76 bln). At the end of the first three quarters, there were over 17.3 million depositors, individuals and corporate, with FGDB guaranteed loans.

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