Four SIFs (financial investment companies) granted cumulatedbonuses of 25.6 million RON (6 million euros) to their employeesfor profits made in 2009, despite complaining at the beginning ofthe year that they did not have the money to increase the dividendsdue to shareholders.
The SIFs significantly boosted salary spending this year becauseof the bonuses granted to employees corresponding to last year'srecord profits. SIF profits fell significantly in the first ninemonths of this year, which the heads of the SIFs blame on thedifficult market conditions.
Actually, last year's profits, however, largely had to do with therecord-high dividends distributed by BCR and BRD from the profitsfor 2008 (the best year for the banking system) and with the saleof Bancpost stakes to the Greek at EFG. This year, the firstwithout dividends from the BCR, the SIFs had to look for othersources of profit, which only SIF Moldova and SIF Oltenia managedto do because they were more active on the Stock Exchange.
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