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Dominic Bruynseels, BCR: Romania's economic situation, one of the most difficultUpdated: 06-08-2010 | Financial and Banking

BCR CEO Dominic Bruynseels considers that it is fairly likely for the Romanian banking sector to finish the year in the red according to Romanian Accounting Standards (RAS), Mediafax informs. On the other hand, he pointed out that Romania's economic situation is one of the most difficult among the countries in which Austria's Erste group is active. Nicolae Cinteza, director of BNR's supervisory department, has a similar opinion, stating for that the high provisions and the problems stemming from the application of Ordnance 50/2010 have hiked the losses of the Romanian banking system to more than EUR 54 M.

According to the BNR data, at the end of March the banks operating in Romania were still reporting profits (approximately EUR 100 M) but in May the cumulated overall losses stood at approximately EUR 50 M. In what concerns foreign investments, Romania is "competing" with Poland, Bulgaria, Czech Republic and Hungary and its situation is currently not that good compared to those states, Bruynseels considers. He pointed out that Romania has to rapidly improve this situation.

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