The five financial investment companies (SIFs) have announced that they would record the share capital increase performed by BCR differently, taking advantage of the fact that the current legislation allows them to set their own accounting policies.

Simply recording the share capital increase will increase the first semester revenues of SIF "Banat-Crişana" and SIF "Oltenia" by approximately 14 million lei, whereas SIF "Muntenia", SIF "Moldova" and SIF "Transilvania" announced that they would record the share capital increase under "reserves".

The consequences of such decisions can not be ignored, as it becomes difficult for investors to get a clear picture of the profitability of the SIFs and to make informed investment decisions.

Contacted by BURSA, the heads of the SIFs defend their points of view, saying that the responsibility to solve this situation rests with the Ministry of Finance and the Romanian National Securities Commission (CNVM).

"If we were to record the share capital increase of BCR as revenue, this would inaccurately increase our profit and present a misleading image", said for BURSA, Mihai Fercală, the president of SIF "Transilvania", who added: "It all depends on the individual interests of each SIF. Normally, the Romanian National Securities Commission, the Ministry of Public Finance, and the FICs should adopt a common position. If no one wants to clarify this situation, that"s it ... there"s nothing we can do about it".

Tudor Ciurezu, the vice-president of SIF "Oltenia" admits that the different ways of recording the share capital increase of BCR distort the financial results of the five FICs.

The vice-president of SIF5 says that he himself warned that the apparent increase in revenue creates the danger of shareholders in the FICs demanding big dividends next year, and that it would be difficult to explain to