Romanian construction companies to set up a bank within three years

Romanian construction companies plan to create a financial institution for financing the construction sector, following to attract the required capital from inside sources.

The General Federation of Trade Unions “FAMILIA” and Romanian Association of Entrepreneurs in Construction (ARACO), expect to establish the bank by 2012, said the president of FGS Familia, Dan Cristescu (photo).

“The project for a bank of construction companies was conceived in two phases. This year, we will focus on the promotion of the project, following to get it off the ground within three years”, said Cristescu.

As he commented, the required capital to funding the bank activity will derive from inside resources, from Romanian construction companies. Romanian constructors received from the Government only 65% of the payments due for last-year works, said Laurentiu Plosceanu, president of ARACO.

“Even though the Government said it paid 90% of the amount due, we can confirm we have received only 65% of these funds. The remaining 25% are blocked at secondary credit accountants and at Romanian authorities,” said Laurentiu Plosceanu.

The Government pledged the payment of all account receivables by March 15, but it failed to meet the deadline, president of ARACO said in March. Furthermore, most of the requests were urgent, which can be translated into a maximum month and a half – two months for construction companies, and this is why the constructors can proceed with a legal action.

Furthermore, the vicepresident of National Council of Private Small and Medium Sized Enterprises in Romania, Ioan Mintas said recently that if the Government didn’t meet the March 30 deadline, for paying the outstanding debts, the construction companies would proceed with the legal action.

The construction volume in Romania climbed 26% in 2008, up to 14.3 bln euro, ARACO informs.

Laurentiu Plosceanu said nearly 280,000 construction workers would be laid off if the financing problem was not solved. Currently there are 380,000 workers in construction field.

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