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Fitch: time will tell whether foreign banks will respect their commitment to keep their capital in Romania

de A.C.     HotNews.ro
Luni, 30 martie 2009, 19:44 English | Business

Fitch Ratings forecasts a 4.5% GDP decrease for Romania in 2009, warning that only time will tell whether foreign banks will respect their commitment and keep their capital in the country. The financial crisis exposed Romania's banks to high risks, a Fitch special report reveals. Romania's banking system is 88% controlled by foreign banks, and  Fitch estimates that there will be certain difficulties for the Romanian branches to obtain financing from abroad.

Regarding the IMF loan, Fitch experts distrust the commitment foreign banks agreed to take, namely to maintain the capital of Romanian branches in Romania. Nine foreign banks took this agreement:

Erste Bank
Raiffeisen International
Eurobank EFG
National Bank of Greece
Unicredit
Société Générale
Alpha Bank
Volksbank
Piraeus Bank 


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