Government, NBR and Banks' Association unveil joint policy response against financial crisis

Representatives of Romanian Association of Banks have met yesterday with Prime Minister Tariceanu for talks on the impact of international financial crisis over the banking system.

Yesterday night, the Prime Minister unveiled a set of measures drew by the Executive that sets forth, among other, the allocation of minimum 10 billion euros in the next four years for investments in economy and allocation of 220 million euros for the construction of social housing units. Tariceanu said the program on economic growth and employment, shaped by the government provides three priorities: people, Romanian companies and financial system.

As for the financial-banking system Tariceanu announced it will raise CEC’s common capital by 250 million euros in the purpose of funding SME and agriculture and he pledged actions to back up small and medium sized companies by Eximbank.

Head of the Executive held talks with NBR representatives and with economists on financial crisis.
The financial aid that the Government will grant within the rescue plan will lead to setup of 80,000 – 100,000 jobs, said yesterday Prime Minister Calin Popescu Tariceanu, after unveiling program on economic growth and employment drew by the Executive.

The Government will cover “a major part” of the joint funding of Romanian companies, which will be the recipients of a share from the 30 billion euros allotted by European Union through the special lending Fund. The government will add 100 million euros annually the ceiling on the guarantees of interests at FNG for SME and at FNG for rural credit, NewsIn informs.

Other three billion euros will be allocated as state aid for investments that lead to setting up new jobs and that provide innovations and technological progress. The amount allocated for 2009 will be supplemented with one billion euros more from the amount stipulated in the budget blueprint, and the money will mainly be directed towards small and medium sized companies.

The difference will be distributed as joint funding aid within the two rescue plans to help large investors: for investments of over 100 million euros that generate over 500 new jobs will receive a state aid of up to 50 million euros, and for those under 100 million that generate over 300 new jobs will receive 28 million euros at the most.

The Premier pledges a cut of premiums paid for social insurances by 10 %. “Therefore, we will reach a 30% CAS, after four years ago, we had no less than 49.75% of premiums paid for social insurances”.

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