Banks on the Romanian market paid 307 million euros for medium and long-term deposits attracted from abroad - usually from shareholders - three times as much as in the similar period of 2009. This compares with a 63 million-euro profit on the overall banking market in the first two months of the year.
The funds registered in statistics of the NBR (National Bank of Romania) as medium and long-term deposits of non-residents stabilised as of September last year, with little fluctuation, between 7.1 and 7.3 billion euros. February came with a decline of 108 million euros, to 7.23 billion euros. However, the volume was almost two billion euros higher than in February of last year.
Analysts say these amounts in fact reflect funding received by local banks from parent banks abroad, via complex financial transactions.
"At present due to preserving their exposure on the Romanian market (which nine foreign financial groups with a major local presence have committed to in the arrangement with the IMF) there are excess euros compared with loan demand and there are also a lot of RON on the market. So, at present, it no longer makes sense to resort to the mechanisms that fuelled the rise of these deposits in the past," says Nicolaie Alexandru-Chidesciuc, chief economist of ING Bank.
Banks on the Romanian market paid 307 million euros for medium and long-term deposits attracted from abroad - usually from shareholders - three times as much as in the similar period of 2009. This compares with a 63 million-euro profit on the overall banking market in the first two months of the year.
The funds registered in statistics of the NBR (National Bank of Romania) as medium and long-term deposits of non-residents stabilised as of September last year, with little fluctuation, between 7.1 and 7.3 billion euros. February came with a decline of 108 million euros, to 7
