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IMF: Foreign banks with branches in Romania commit not to export cash

de Radu Rizea
Vineri, 27 martie 2009, 10:49 English | Business

The International Monetary Fund (IMF) announced that it obtained written commitments from all 9 foreign banking groups that have branches in Romania, so that anti-crisis measures to be adopted would not lead to a massive withdrawal of cash from the Romanian market. Even more, all nine banks participating in the meeting in Vienna promised to participate with supplementary capital, in order to support their local branches.

"We are aware that it is in our common interest and in Romania’s interest to subscribe to coordinated commitments to fully maintain our exposure on the Romanian market", a common statements of all nine financial groups reads.

The commitments was signed by Erste Bank, Raiffeisen International, Eurobank EFG, National Bank of Greece, Unicredit, Societé Generale, Alpha Bank, Volksbank and Piraeus Bank.

Officials of the mother-banks in all four home-states (Austria, Italy, France and Greece) promised to involve in Romania's economic re-launching program.

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