The rise in interest rates is the highest risk posed to the Romanian banking industry, given that the turmoil on the financial markets has completely altered the risk scenario, according to a PricewaterhouseCoopers (PwC) study. The analysis regards banking risks, with a focus on concerns over the current market conditions, in particular the liquidity shortage and the critical state of credits and derivatives markets. The analysis also reflects a rather big concern that these tensions will lead to a global recession. "From the ranking of the 30 elements of risk facing the banking industry in 2008, Romania, Hungary and Russia have deemed rising interest rates as one of the major concerns," said Vasile Iuga, country managing partner of PriceWaterhouseCoopers Romania. The study reveals that the worldwide crisis on the financial markets has shed light on a series of banking control failures.
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