Banking community warns about the consequences of the ‘second fiscal revolution’, send open letter

The Romanian Association of Banks (ARB) and the Banking Employers Council in Romania (CPBR) have sent an ‘open letter’ regarding the negative consequences generated by the second fiscal revolution, by implementing new taxes on the banking assets and by approving a package of laws, so that the ‘bomb’ will affect everybody.

The financial system believes that these legislative initiatives on new taxes and the approval of restrictive bills on financing will have profound negative consequences which will hasten the recession in Romania, the letter reads, according to capital.ro.

“The outcome of these initiatives will not be to stability and development, but will hasten the economic recession. This recession means the depreciation of the exchange rate, the fall of the real estate market, loss of jobs, more expensive funding, in the end a blow against the welfare of all Romanians,” the letter reads.

The banking community also underlines that the financial-banking system has responsibly ensured the financial stability during the previous economic crisis.

“The financial system strongly rejects the approval of measures without previous consultations in order to assess their effectiveness and impact; the mystification of the way banks conduct business in Romania; the condemning of the entire banking system for the structural problems of the economy,” the document also reads.

Official statements that placed the financial-banking system as state’s enemy – a fake point of view, with no usefulness.

“This strategy politicizes the relationship with a key partner for economic development – in fact the main financier of the Romanian state – and undermines the institutional confidence. In the current economic and geopolitical context, this decision will have high costs in terms of confidence for the Romanian state. The financial-banking system in Romania will meet its fiscal and legislative obligations, as it did until now. The sector’s mission is to offer a better life for the clients, stability for the economy and a more certain future. The financial sector has made mistakes, which it has assumed and paid for. From its own money, not from public money! But this sector does not accept to be treated as an enemy of the state and to pay for reasons based on untruths and by misleading the public opinion.,” the letter signed by ARB and CPBR reads. They stress that Romania does not need a new economic-financial crisis.