Isarescu urges for drastic measures against rumor-spreaders

“We met ARB and we are determined to shore up the measures to flush dangerous rumor-spreaders. We say this attitude cannot be justified. As for Banca Transilvania, this attack is very much like what happened in 2000 with BCR, however the situation tempered down faster, the press was more mature, and little were those who actually took the information for granted”, Isarescu stated at a media briefing.

“I will start with bankers. These moments will reveal the qualification of a banker. If it is proven that someone in the banking system spread this kind of rumors, he/she should no longer work in a bank institution,” Isarescu pointed out.

He also referred to the competition in the banking system, confirming that NBR does not encourage institutions to take advantage of this moments for possible acquisitions.

“I believe it was overplayed in terms of competition. It is a proper moment to consider acquisition deals, but we don’t recommend it, we discourage this attitude”, NBR governor added.

Romanian banking system, controlled mostly by foreign players, may be reeling from pressures geared by parent companies. NBR has the right to intervene in the local currency market anytime.

National Bank of Romania has the right to intervene in the currency market in order to regulate it and has the financial strings to do it, NBR governor, Mugur Isarescu said on Monday, reminding on the Friday’s direct intervention of the institution.

“We can pump more than 40 million euros, even 400-500 million euros. We can engage in conducting these operations to regulate the market. There are operations we are entitled to do, we can and maybe we will actually do”, NBR governor stressed on to the false rumors about shrinkage of currency reserves.

Central bank intervened three times in the currency market but only once he announced it sold 40 million euros.
Isarescu stated on Wednesday that NBR’s currency reserve is 26 billion euros, large enough to support market interventions.

Romania does not necessarily need to raise the amounts covered by the deposit insurance

Romania does not necessarily need to raise the amounts covered by the deposit insurance, as 99.2% of the deposits are below 20,000 euros, NBR governor said.

“We are ready to raise the ceiling as well, to not create unfair competition. NBR’s position is to do exactly what European Union does,” Isarescu stressed.

Translated and adapted by Camelia Oancea.

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