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Chiritoiu: the discussions with the European Commission regarding the capitalization of  CEC bank are almost final

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The discussions with the European Commission regarding the capitalization of the CEC Bank are almost closed and I think that  this time we are going to succeed, stated on Saturday the chairman of the Competition Council, Bogdan Chiritoiu said at the debate on the domain. ‘ It is the third time when the State wants to capitalize CEC. The first time there was the crisis and the Commission did not agree.We tried again in 2016,it was Anca Paliu minister (of finances, n.r) and my opinion was that we discourage very quickly. Now we started in the spring the discussion with the Commission. We are close to finalise the discussions. I trust that we will be approved’ Chiritoiu said.

Chiritoiu added that this need for financing comes from the fact  that CEC Bank does not give loans anymore,  although there is demand. As regards the  acquisition of the Romanian Bank by Eximbank, according to Chiritoiu, the authority he leads is in dialogue with BNR as regards this trading.’Eximbank is at the approval of BNR and with us. We are în dialogue with others, we are trying to coordinate what we have to do with this trading. With us, in principle,  we do not look for the market share. Which is our problem? There should not be a big bank which would distort the market.Our analysis is simpler.We are not interested in the retail market. Eximbank? That Romania needs to have a bank for development which gets involved in the Juncker Plan. They would like that this development bank which should get involved in the Juncker Plan to be Eximbank,and should be separated from the commercial part. And then Eximbank buys that commercial bank, sends all the  commercial activities to it and stays clean and can become a development bank’.

The minister of finances, Eugen Teodorovici announced in May that the institution he was leading will transfer to CEC a sum of 900 milion lei for the capitalization of the institution immediately as they get the  approval of the European Commision.

‘We got in the budget on 2019 somewhat 900 million lei for the capitalization of this Romanian bank and the ministry of finances sent to the European Commision the request for the agreement with this capitalization. Immediately as the agreement comes, the minister transfers the sum to CEC to increase the activity of CEC on the market’ said Eugen Teodorovici on 14 May

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