Banks will resume lending to customers in the real economybecause they have sufficient liquidity, anticipates NBR (NationalBank of Romania) governor Mugur Isărescu, although bankers arestill reluctant to lend, even to each other, more than two yearsafter the shock of the outbreak of the financial crisis.
"The situation on the money market will improve. The bank'srelative excess liquidity will be used. Not all banks have excessliquidity and this reflects another dysfunctionality, that banksare reluctant to lend even to each other. This excess liquidity isconcentrated in the hands of 4 or 5 banks. They probably werereluctant to lend their excess liquidity to the banks that had arelative deficit. We believe this will be resolved over time," saidIsărescu at the conference organised to present the quarterlyreport on inflation. Short-term interest rates at which banks lendto each other have hit lows lately because of the excessliquidity.
Isărescu believes monetary market interests will reach the levelthat they should, close to the monetary policy interest, set at6.25%, or, perhaps slightly lower.
"We will improve banks' access to liquidity, including through NBRrefinancing operations. We are currently in the position of debtor,with small amounts, but as banks resume lending, this position willchange."
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