Foreign banks providing direct services on the domestic market, which are benefiting from the European financial passport, are starting to make their presence felt, particularly in tenders for financing projects for local authorities. "We have faced stiff competition, especially regarding tenders for municipality funding, where rivals offer hard to beat prices. Domestic banks are restricted by the high costs of the mandatory minimum reserves imposed by the NBR (National Bank of Romania)," states Misu Negritoiu, general manager of ING Bank. Since the beginning of the year, 53 financial institutions have notified the NBR of their intention of providing services directly on the domestic market. In June, three new institutions submitted notifications and there was even a first: a Hungarian NBFI (non-bank financial institution), specialising in leasing services, will begin providing services on the domestic market. Among the institutions to notify the NBR of their intentions are big names on the market of international financial services, including banks that specialise in the management of private wealth and banks specialising in financing public administration.
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