The Property Fund established at the end of last year has already made a profit of approximately 200 million euros, at least on paper, for those that will get shares as compensation for the buildings nationalised by the communist regime. This gain is the result of the transaction for the privatisation of BCR, agreed upon last year, that will be completed in 2006. The fund is to get from the state the equivalent of 4% in BCR, from the 36.88% the state will be selling to the Austrians at Erste, as part of the privatisation process by which EBRD and IFC sold another 25%. The privatisation deal amounts to a total of 3.75bn euros. BCR''s shares were registered in the initial capital of the fund at their accounting value of approximately 40 million euros, but the fund will get approximately 240 million euros, with the rest accounting for the profit of the future shareholders, on top of the amounts they are to recover from the state. "We are already getting more from the privatisation of BCR than the portion of the share capital corresponding to these shares. These shares were registered in the initial capital of the fund," Nicolae Ivan, the chairman of the fund''s Supervisory Board told ZIARUL FINANCIAR. In other words, the assets of the fund are worth 4.2bn euros on paper compared with the initial figure of 3.99bn euros. ZF
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