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Deposit certificates: The grains in silos stand for bank credit guaranty

Miercuri, 8 iulie 2009, 19:51 English | Business

Farmers will be able to get bank credits through deposit certificates. The guarantee will be the deposit certificates, according to a Governmental ordinance approved on Wednesday, a system resembling the First Home scheme.

The details of crediting the farmers will be settled on Thursday July 9, between representatives of the Ministry of Finance, producers and banks. Say a producer owns this much grain in a silo approved by the Ministry of Agriculture. For his storage, the producer receives a deposit certificate, guaranteed by the Agricultural Credit Guarantee Fund. By presenting the deposit certificate to the bank, the farmer can get the necessary credit.

To back deposit certificates, the Finance Ministry will capitalise the Agricultural Credit Guarantee Fund with approximately 10 million euros. "We introduce the agricultural production into the circuit, we account for it, we translate it into money it, get the finance farmers need. The farmers will take their certificates to the banks and receive the money", Finance minister Gheorghe Pogea said one week ago.

Regarding interests, their values will be set by each bank individually. The Agricultural Ministry needs to list all the silos in the country and license them.

Agriculture minister Ilie Sarbu says that Romania's maximum storage capacity is 14.4 million tones, out of which 6.6 million tones could be licensed and made available for the scheme.























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