“Yesterday (e.n Monday) we have signed an agreement with the European Investment Bank of 80 million euros, designed to finance projects promoted by SMEs. Currently we are in talks with the European Bank for Reconstruction and Development for a 50-mn euro loan. We will move forward with the negotiations depending on the real prospects for this worst crisis-hit sector. If we see a pickup in the bankable demand in SME segment, we will proceed”, said Bogza.

He added the bank was aiming at cutting resources costs, including by swapping expensive deposits with cheaper resources, such as those from international financial institutions.

“Under normal conditions, an 80-mn euro loan from EIB may be fully used over one or two month, but the current economic context requires prudence. We will keep our conservative approach in granting new loans for two reasons: firstly, the credit risk can no longer be measures due to the uncertainty that reigns the market and secondly due to the high costs of resources compared to the period prior to crisis.