The listing of BCR on the Bucharest Stock Exchange was stipulated in the contract for the privatization of the bank, which was signed in December 2005, but Erste and the five SIFs have decided to postpone the listing of BCR. According to an agreement signed on August 21st, 2009, the listing of BCR will depend on the signing of a written protocol by Erste and by at least three of the SIFs or on Erste receiving a written notification from all the SIFs, requesting the initiation of the listing.

Sebastian Vlădescu, former Finance Minister and Chairman of the Commission for the Privatization of BCR, gave us an interview in which he explains certain aspects of the postponement of the bank"s listing.

Reporter: Does the State have any responsibility towards the listing of BCR? Can the listing of the bank on the Stock Exchange, which was stipulated in the contract by which it was sold, be considered a post-privatization condition?

Sebastian Vlădescu: Technically speaking, from the moment the Romanian state sold its last share in BCR, it no longer had any role in its decision making process, and the listing is a matter that needs to be resolved between the minority shareholders and the majority shareholder.

If the minority shareholders have agreed to the postponement of the listing there is no reason for the Romanian state to go to them and tell them that it disagrees with their decision.

The clause concerning the listing of BCR was discussed, together with the SIFs, during the negotiation for the sale of the bank, and was intended to protect minority shareholders. If, at a certain time, the minority shareholders and the majority shareholder came to the conclusion that not taking the bank public would better protect their interests, then it is their right not to have it listed. The state has no reason to force them to take BCR public; in