BNR plans to create anticrisis division

Cristian Bichi, the current deputy director of the Financial Stability Division of BNR, is said to take the helm of the anticrisis panel.

Contacted by Mediafax, BNR representatives did not deny or confirm the information. However, they said that many central banks, including the members of the European System of Central Banks have already established a special anticrisis committee.

Earlier this month, Mugur Isarescu (photo) said he had identified five contagion channels of indirect effects of financial crisis over Romania: trade, financial, confidence, forex, and effects over wealth and balances. The head of the central bank added that the banking system in Romania was not exposed to the toxic assets and that it could make up an anchor to mitigate the effects of the global financial crisis.

Valentin Lazea, senior economist of BNR, said earlier this week that banks should focus on financing in infrastructure, telecommunication, IT, pharmaceutical and food markets, in order to compensate for the flagging car industry and real estate.

“The world doesn’t just revolve around cars or real estates. The banks see these markets as doomed, because they were too broadly exposed to them”, Lazea said. He added that banks should reset their portfolios, in order to establish equilibrium between loans and deposits.

“Expressed in euro, the loan-deposit ratio is now 2 to 1, and in lei it is 0.95. The banks should seek a solution to reduce the volume of loans in euro or to increase deposits”, said the representative of the central bank.

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