CEC Bank, the only large bank controlled by the state, in thefirst quarter granted corporate loans worth 90m euros and generated3.7m-euro gross income. The largest part of financing was directedto the agricultural sector. Overall, 7,378 new loans were grantedin the first quarter, with the average individual value thusstanding at almost 51,000 RON (12,400 euros). However, sales of newloans barely covered repayments, so that the volume in March stoodat the same level as in December last year, at 9.4bn RON (2.3bneuros). This happened amid the weak sales of loans on the retailsegment, which lagged behind repayments. "We granted loans, butthey replaced repaid loans. Our ambition is not to boost the volumeendlessly, but to grant loans that can be subsequently paid back,"says Radu Ghetea, CEC Bank chairman. Deposits attracted fromclients registered sustained growth in the first quarter, with theamount climbing by almost 10%, to 15.1bn RON (3.7bn euros).
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