Romanian policy makers increase the amounts covered by the deposit insurance schemes to 50,000 euros

Prime Minister Calin Popescu Tariceanu announced on Wednesday in a media briefing that the Ministry of Economy and Finances is preparing a law draft to increase the deposits insurance scheme up to 50,000 euros.
“We will adopt a measure to meet Romanian legislation with yesterday’s decision (Tuesday, e.n) of European Union on insurance deposits’ coverage”, stated the Prime Minister. Over 95% of the deposits are already covered by the current ceiling of 20,000 euros, the Prime Minister added.

European finance ministers have reached an agreement last week on increasing the minimum coverage limit for population’s bank deposits, from 20,000 euros to 50,000 euros.

Director of Supervisory Direction within NBR, Nicolae Cinteza, mentioned on Wednesday that “bank deposits are secured, as no bank in Romanian system is facing liquidity shortage”.

Guaranteeing bank deposits over the current ceiling of 20,000 euros for each person might lead to a rout, and in the present conditions, a decision of this kind is not justified, Misu Negritoiu, managing director of ING Bank said.
“I don’t think that securing all bank deposits is required. If we look abroad, central banks intervene when needed through tacit deposits insurance. A similar measure in Romania will lead more to a rout,” said Negritoiu.

However, the coverage of deposit at ING Bank Romania rose from 38,000 euros, to 100,000 euros, after the parent company from Holland made this decision.

ING Bank Romania, that works as a branch of ING Group is directly supervised by Holland’s central bank and observes regulations implemented by it.

European ministers of finances have reached an agreement last week on increasing the coverage limit for bank deposits from 20,000 euros to 50,000 euros in the event of a failure of banks.

Therefore, all countries agreed on extending guarantee of population deposits up to a minimum ceiling of 50,000 euros, as many EU state members agreed on lifting the ceiling up to at least 100,000 euros.

Bulgarian Deposit Insurance Fund insures depositors for amounts up to 100,000 levs from 40,000, or 50,000 euros, Bulgaria’s prime minister announced today.

Bulgarian Prime Minister Serghei Stanisev stated local banks are safe; however, the government and central bank will adopt bailout measures in the event of any problems.

Greece rose the guarantee limit for bank deposits to 100,000 euros, double from the minimum ceiling set by European minister of finances.

Translated and adapted by Camelia Oancea.

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