Banks paid 329m euros in Q1 for deposits attracted from shareholders
Local banks paid 393 million euros in the first quarter of the
year for deposits attracted from foreigners, mainly from
shareholders, reveal data from the NBR (National Bank of
Romania).
During the same period of last year, banks paid 388 million euros,
but the volume of deposits was 2.24 billion euros lower back then.
In the meantime, however, interest rates offered by local banks
have fallen significantly.
The volume of deposits attracted in the medium and long term by
non-residents climbed to a record high of 7.44 billion euros in
March, while amounts attracted in March 2009 stood at 5.2 billion
RON.
"This does not necessarily indicate an overall increase in amounts
deposited, but merely a migration from short terms to long terms,
in the context where the NBR eliminated minimum reserve
requirements for two-year foreign currency denominated
liabilities," comments Ionut Dumitru, chief economist of Raiffeisen
Bank.
Nonetheless, he adds that one should not rule out the possibility
that this increase may come as a result of banks resorting to
capital increases through subordinated loans.