According to the bank’s financial performance in 12 months to December 31 2008, the amount afferent to capital raise at BCR for 2009 is 230 million lei, while for next year, the lender would need a similar cash infusion, in order to keep its credit status above the 10% benchmark.
As the stress tests revealed, the solvency ratio for BCR would drop to 8.7% through the end of 2010.
The chief executive officer of the bank, Dominic Bruynseels said recently BCR’s credit status was above 14%in the International financial reporting standards, and exceeds 10% in the Romanian accounting system.
He added Banca Comerciala Romana would need to infuse additional capital if NBR lifted the solvency benchmark from 8% to 10% for commercial banks, in Romanian accounting system.
On the other hand, BCR’s CEO asserted “there was no doubt on the availability of the funds if needed”.
Stress tests are made on 2-year horizon and assess the capital needs taking into account the 2008 indicators. This year, several banks have already raised their common equity also by including last year’s profits.
The banks that carried the stress tests should bring the required capital in two installments, first by 30 September 2009 and the second one by March 31, 2010.
“Initially, we have agreed the entire amount for recapitalization to be infused by the end of September, but after the meeting at Brussels, we’ve unanimously set the deadline on September 30 for 2009 and March 31 for 2010”, said Jeffrey Franks, the head of IMF’s mission in Romania.
NBR will require 12 Romanian banks to raise an aggregated 4.15 bln lei as a result of the stress tests carried at IMF’s request.
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