The weak demand and low consumer confidence in Romania threaten to hinder the recovery of the economy that is in recession for more than a year, said the chief executive of BCR, Dominic Bruynseels.

“Fund shortages have always plagued the economy. What the country needs is foreign direct investments and to become a productive economy. What puts the economic recovery at risk? Low demand. I think that we must help customers cope with the recession, by providing support and more efficient products”, said Dominic Bruynseels, chief executive of the largest bank in Romania, Banca Comerciala Romana.

The head of BCR added that the crisis serves as a valuable lesson for everybody, and that banks should expect tighter post-crisis regulations.

“Regulators will have to impose stricter rules for both banks and rating agencies”, said Dominic Bruynseels.

Romanian banks remain well capitalized, although asset quality has deteriorated significantly over the past 12 months, the banking system capital adequacy ratio standing above 14%.