After more than a year of keeping an eye on the exposures of themain nine foreign banks in Romania, looking for ways to persuadethem to preserve their exposure, the IMF, the European Commissionand the National Bank have agreed to a 5% cut to the end of March2009 level.
Concerned that the financing lines for local subsidiaries of Erste,Raiffeisen, Eurobank, National Bank of Greece, UniCredit, SociétéGénérale, Alpha Bank, Volksbank, and Piraeus could be cut as aresult of the international crisis, the NBR (National Bank ofRomania) has constantly monitored the level of exposure, whichbecame a very sensitive issue.
Last Thursday in Brussels, the IMF, the EU, the NBR, and theFinance Ministry have agreed to a reduction of their exposure to95% of the March 2009 level, with the Romanian authoritiesvirtually admitting they have not been able to spur economicrevival and loan demand. However, the IMF says some of the 9 bankseven voiced their intention to increase financing in Romania,having picked up signs of an economic recovery.
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