4 Martie 2009

Negritoiu, ING: The loan from EU and IMF is vital to fill in the financial gaps in Romania

An agreement with IMF and EU is crucial for Romania, both to restore credibility and predictability in the local economic environment, to soften lending and fillcertain financing gaps, said the managing director of ING Bank Romania, Misu Negritoiu.

He said the Romanian legislators should make more efforts to limit both macroeconomic and microeconomic risks, stressing that the loan package is “absolutely necessary” in this purpose.

The effect stemming from restructurings ran by ING on its Romanian subsidiary will be ‘marginal’ as the bank had a solid and sustainable activity, said the managing director of ING Bank Romania.

“The group announced a 10% spending cut, namely 1 bln euros and layoff of 7,000. It is more about the geographic orientation and focus on certain markets. For Romania, the effect will be marginal, due to its solid and sustainable activity”, said Negritoiu. He added that the bank had no plan to shut down units or layoff staff.

ING Bank Romania reported a 66% increase in pre-tax profit in 2008, up to 106 million lei, as the bank’s asset reached 11.09 bln lei at the end of last year, up 36% from a year earlier.

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