Bank bankruptcy will be declared with BNR agreement only

The government approved an emergency ordnance according to which the bankruptcy procedures in the case of banks could be started only with the agreement of the National Bank of Romania ( BNR), the spokesperson of the government Ioana Muntean stated. The central bank cannot give the approval if they consider the institution is not in insolvency.

"The new regulations will contribute to the increase of trust in the banking system. Thus, the debts the credit institutions which are in insolvency have to their clients, on the margin of legal guarantee, could be paid first. The debts will have a degree of superior priority. At the same time, the norm will offer the business environment an increased degree of judicial certainty, by the fact that bankruptcy is only approved by the BNR" the government spokesperson Ioana Muntean said.

The norm approved by the government altered and completed the government ordnance 10/2004 regarding bankruptcy of credit institutions.