Guarantee funds should also be included in the Financial Oversight Authority (ASF), which, if created, would bring together the Insurance Oversight Commission (CSA), the Commission for the Oversight of the Private Pension System (CSSPP) and the National Securities Commission (CNVM), considers Ionel Blănculescu, the executive secretary of the Consulting Council for the Business Sector (CCMA).

According to him, the Romanian guarantee funds need to be carefully watched by a competent authority, to prevent bank frauds like the ones currently investigated by the Department for the Investigation of Crimes, Organized Crime and Terrorism (DIICOT).

Ionel Blănculescu said: "In Romania, we have two types of corruption: public corruption and private corruption. The signs of the private corruption are already visible, and what is happening now in the banking system is a component of this type of corruption, where we find precisely the same ingredients as in public sector corruption. Yesterday's event (ed. note: the bank fraud of 85 million Euros), which comes as a follow up to the one which happened nine months ago, are a reflection of greed and profit seeking regardless of the costs. Under normal circumstances, in the absence of a guarantee fund, our bank architecture could not afford such a slip-up of 85 million Euros.

This is impossible, because the foreign shareholders of the banks have introduced in Romania a risk analysis system which is used on a European level, which basically makes it impossible to defraud such a large bank (ed. note: such as BRD) with that kind of amounts. The only logical possibility for anything like that to happen is for the amount of the loan to be guaranteed by the state, in which case we can accept the idea that the bank «may turn a blind eye ». There is some information, I hope that it doesn't get confirmed, that the Guarantee F