The nine major foreign banks that control 70% of the domesticmarket, Erste Group, Societe Generale, Raiffeisen Group, UniCreditGroup, Eurobank EFG, National Bank of Greece, Alpha Bank, VolksbankInternational and Piraeus, no longer have the obligation ofmaintaining a certain level of exposure on the domestic market,once the agreement reached in Vienna two years ago in parallel withthe stand-by agreement signed by Romania with the IMFexpires.
This was the outcome of discussions held on Wednesday in Brusselsbetween the representatives of the nine banks and of the IMF,European Commission, NBR and Finance Ministry, according to bankingsources.
Initially, the banks had pledged to maintain their exposures at thelevel of March 2009 in exchange for some placement opportunitiesoffered by the state and bring additional funds so that thesolvency of domestic subsidiaries should not fall below the 10%threshold. Which they have largely done.
However, now that crisis pressures have weakened, foreign groupswanted to escape the constraint related to a certain level ofexposures, even though a flexible one, as well as the obligationregarding the minimum 10% solvency, succeeding in imposing theirpoint of view.
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