Lenders have allegedly reported lower provision in exchange of better financial results

NBR opened probe into the banking system in February, suspecting lenders’ failures to meet the regulatory framework, through which the 2008 loan provisions were transferred to 2009 financial statements, only to post positive financial results, said the director of the supervisory commission of the National Bank of Romania.

“In February, we opened an inquiry, suspecting a behavior not compliant to regulatory requirements in force, through which the loan provisions set up in 2008 were reduced to minimum. I suspect lenders for having transferred the 2008 provisions to 2009 accounting statements, only to post positive earnings for last year”, said Nicolae Cinteza, director of the Supervisory division of NBR.

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