The Banking Assets Resolution Authority (AVAB) collected 1,514.8bn ROL (some $46 million) from banking receivables in the first five months, 133% more than scheduled in its spending and revenue budget. Expenses were 25.6% lower than anticipated in the same period, accounting for 4.5% of the total revenues. Since establishment until May 31, 2003, AVAB had collected 10,296.4bn ROL ($370.2 million). This is more than 10% of the consolidated amount (calculated in dollars) of receivables the Authority undertook to collect, those transferred from the Finance Ministry included. The law says AVAB is due to cease operations in late 2008. The institution's chairman, Ionel Blanculescu, says it will have managed to collect over 30% of the total banking receivables portfolio by then. This would compensate for the expenses incurred by the budget for the government securities issued to cover the losses of the state-run banks. ZF
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