Local banks paid 393 million euros in the first quarter of theyear for deposits attracted from foreigners, mainly fromshareholders, reveal data from the NBR (National Bank ofRomania).
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 bankshave fallen significantly.
The volume of deposits attracted in the medium and long term bynon-residents climbed to a record high of 7.44 billion euros inMarch, while amounts attracted in March 2009 stood at 5.2 billionRON.
"This does not necessarily indicate an overall increase in amountsdeposited, but merely a migration from short terms to long terms,in the context where the NBR eliminated minimum reserverequirements for two-year foreign currency denominatedliabilities," comments Ionut Dumitru, chief economist of RaiffeisenBank.
Nonetheless, he adds that one should not rule out the possibilitythat this increase may come as a result of banks resorting tocapital increases through subordinated loans.
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