The Banking Assets Resolution Authority (AVAS) is to replace the Romanian Commercial Bank (BCR), in all its rights and obligations in respect of Bancorex activities until removal of the defunct bank from the Trade Registry and will represent the state in all legal proceedings pertaining to the former foreign trade bank. The decision was ruled on in an emergency ordinance endorsed during last week's government session. The normative act specifies that the payments required of BCR or AVAS will be met from the Authority's spending and revenue budget and recovered by enforcing the sovereign guarantees for Bancorex, according to Mediafax news agency. Emergency ordinance 18/2004, which deals with a number of legal issues pertaining to the merger by absorption of BCR with the former Banca Romana de Comert Exterior (Bancorex), stipulated that the state continue to secure all the liabilities, including direct and indirect damages, resulting from or related to the legal proceedings started as a result of the bank's activities. AVAS chairman Mircea Ursache told Ziarul Financiar that the new normative act was for BCR's protection and was largely brought about by the Dac Air case. Dac Air received a $20m loan from Bancorex, of which it drew only $6 million. After part of Bancorex' loans were transferred to BCR, Dac Air sued BCR and the court awarded it the remaining $14 million. These cases are likely to damage BCR's image in view of privatisation, Ursache explained. ZF
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