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Central Depository might also turn into bankUpdated: 20-07-2010 | Financial and Banking
The Central Depository might also turn into a bank, said managing director of the Central Depository Adriana Tanasoiu on Monday, when they signed the protocol on inaugurating the user group for applying the TARGET 2 Securities system in Romania.
"They talk about drawing up a European directive that might make it possible for central depositories to be banks too and the intention of the European bodies is to approve this directive as soon as possible," said the managing director of the Central Depository.
Actually it would be "a bank with a limited purpose," which would not grant loans for buying consumer goods, but would deliver banking settlement services. According to Adriana Tanasoiu, a bank of a central depository would give short-term loans for settlement, with guarantees in financial instruments to be found with the Central Depository.
Such a bank would not accept deposits, but might give interests if a client does not withdraw the money from a transaction and leaves it with the bank.
Agerpres
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