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Moody's: the perspective of the banking system in Romania is negativeUpdated: 09-03-2010 | Financial and Banking
The perspective of the banking system in Romania is negative due to the difficult economic conditions determined by the world financial crisis, but the banks were capable to absorb the shocks, according to a report of the Moody's financial evaluation agency. The agency says that the financial support on the part of the IMF and the EU and the reform measures applied by the government diminished the macro-economic pressures. The negative perspective of the system expresses the opinion of the agency regarding the fundamental conditions for creditation for the next 12-18 months and it is not a prognosis regarding the measures for the improvement of the banks' ratings. « The conditions in the Romanian economy are kept difficult due to the significant contraction of the activities and the increase of unemployment in 2009, as an effect of the world financial crisis. As a result, the local currency was under pressure, the number of non-performing credits went up significantly and the increase of creditation activities slowed down due to the dislike the banks had to assume risks and due to their limited resources of financing" Nondas Nicolaides, vice-chairman at Moody's said.
The majority of Romanian banks are part of European banking groups which assure the necessary financing to the branches in Romania, the report says. Moody's admits the fact that, in spite of the difficult conditions, the financing on the part of IMF and the European Union, started in 2009, and the obligations taken by the new government for economic reforms diminished the macroeconomic pressures as well as the significant worries regarding the level of liquidity and the solvency of the Romanian banking system.
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