Romania's private debt due in 2009 reaches 24 billion euros, 17.5 billion of which will be renewed, according to a study of NBR. The remaining 6.5 billion will be paid. The Romanian government also takes into account a financing package from the European institutions and from the IMF.

90% of the external debt due in 2009 will be renewed by the parent banks, Isarescu says.

The private non-banking sector, companies, leasing companies and non-banking financial institutions, could face no funding this year, given that only 60% of the private non-bank debt due this year will be refinanced, the Governor of the National Bank of Romania (NBR), Mugur Isărescu, announced. He explained that, from the total debt of 24 billion euros due this year, 12 billions are from NBFIs, corporations and leasing companies. In exchange, from the 10 billion euros debt in the banking sector, 90% will be refinanced. Isarescu showed that there is great focus on the debts of the banks, with the first ten banks having about 90% of the amount in their portfolio. "If you ask Cinteza (Head of the NBR Surveillance Directorate) he would probably be sure that more than 90% would be renewed, if one takes into account the effort of the capitalization of the banks", the NBR governor said. However, the level of concentration is much lower on the private foreign non-bank debt. The first ten big companies have no more than 20% of the external debt in 2009, while the first five-six leasing companies have loans worth about two billion euros. "If we take the first nine big corporations, such as Renault Romania or Petrom, and place the five or six leasing companies on the tenth place, we reach a maximum of 30%", the NBR Governor pointed out.

FINANCING PACKAGE

"We have a financing deficit in the public sector and we can think of compensation as in the case of commu