* BRD had the first losing year in the last decade

The costs of the frauds which were uncovered last year at BRD amount to 180 million Euros, said Philippe Lhotte, the President and CEO of the bank. Provisions for the bulk of the amount - 109 million Euros were set up in 2011, and the rest in 2012, of which 25 million Euros in the last quarter, he said. These costs represent a marginal part of the cost of risk, which has increased over 60 percent, compared to 2011, according to Philippe Lhotte. The banker went on to say: "Last year's frauds are among the unpleasant memories, especially since the bank was unfairly placed in the spotlight. BRD was the victim of these frauds, which were uncovered by the internal audit department and by an inspection team which came in from Societe Generale. We have cooperated with the DIICOT, we have filed complaints in these cases, but I am quite disappointed by the exposure in the media, because we are the ones who suffered a loss".

Last year, BRD was at the center of two investigations conducted by the Department for the Investigation of Organized Crime and Terrorism Actions (DIICOT). In the first investigation, which was started in November, approximately 100 people were investigated, for a fraud of 22 million Euros. Among those who were heard was Claudiu Cercel, the deputy general manager of BRD, who coordinated the financial markets department. The second investigation began in December and concerns a fraud of 85 million Euros. According to the DIICOT, the main defendants in this case are Adrian Martiş, executive director of BRD Unirea, and Andrei Nanu, sales manager of BRD Dorobanţi.

Losses of over 300 million lei

Last year, BRD recorded losses of 322 million lei, due to the 61.6% increase in provisions, to 1.938 billion lei, the bank announced.

The increase in the cost of risk was caused by the det