Gheorghe Piperea, the lawyer who represents SIF "Moldova" in the lawsuit against BCR, speaks in an interview granted to BURSA about the Romanian state"s position on the issue of the listing of BCR, as well as the "deadlock" that the SIFs would find themselves in in their negotiations with "Erste", if, in September, their shareholders were to vote in favor of taking the first steps towards the listing of the bank.

Reporter: We have asked the AVAS about the means it has available to force the listing of BCR. The Authority has told us that "it has informed Erste of its finding that, on the grounds of the Agreement to postpone the listing of BCR, signed by the representatives of Erste and of the SIFs, the obligation towards the AVAS undertaken in art. 13.2 of the privatization contract (ed. note: to list the bank on the Bucharest Stock Exchange") is now without object. Furthermore, the officials of the AVAS have said that "it can be inferred that the AVAS can not cause the listing of BCR and bears no legal responsibility for the Agreement to postpone the listing concluded between Erste and the five SIFs". Is it right in its claims?

Gheorghe Piperea: The AVAS is washing its hands. This is not the correct thing to do. The clause which stipulates the listing concerns a third party. In the privatization contract, the state, through the AVAS, has made sure that when it will no longer be a shareholder of BCR, the listing of the bank will still take place. We are talking about a right of the AVAS to require the listing, under the terms of the contract concluded with "Erste".

If the Romanian state, through the AVAS, washes its hands and doesn"t want to get involved anymore, then it is a matter of political will and I think we should check who handles the economic policies in Romania.

Reporter: Still, in the response it sent, the AVAS cites the Agre