Foreign banks' overall exposure to Romania in late June stood at81.4bn euros, down almost 1bn euros compared with the end of March,with the steepest declines being reported in the case of Dutch andGreek banks.
According to the data centralised by the Bank for InternationalSettlements, at US dollar denominated values the total exposuretook a more dramatic plunge, by 10.9bn dollars, with the gap beinggenerated by the dollar's fluctuations against the euro.
"There are several factors that can account for the fallingexposures. One must not imagine these declines as cash exiting thecountry. Banks with exposures to Romania are rebalancing loans,including bad ones, to keep their solvency within normal limits.(...)," said Radu Crăciun, chief investment officer with EurekoPensii.
Against the autumn of 2008, when the international financial crisisviolently hurt Eastern Europe as well, foreign banks' exposure hasdwindled by 5bn euros.
European banks in late June had an exposure of almost 79bn euros(96.3bn dollars) to Romania, namely 96.3% of foreign exposure toRomania, according to the BIS report.
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