Finance Ministry to capitalize CEC Bank by RON 900m

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The Finance Ministry will transfer RON 900 million to the CEC Bank for capitalization, immediately after receiving the go-ahead from the European Commission, Finance Minister Eugen Teodorovici announced on Tuesday at Victoria Palace.

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“We’ve provided in the state budget for 2018 about RON 900 million to recapitalize this Romanian bank (CEC Bank – our note) and the Finance Ministry has already sent to the European Commission the request to accept the move. Right after receiving the go-ahead, the Finance Ministry will transfer the amount to CEC to stimulate its activity on the market,” Teodorovici said at the end of the Government sitting.

Asked about the reasons for which the term of Radu Gratian Ghetea as Chairman of the Board has not been extended, Teodorovici said the decision belongs to the Finance Ministry and there are lots of reasons.

“It was the Finance Ministry’s decision, We are shareholder, the owners of two state banks: CEC Bank and Eximbank. The changes are made for various reasons. The Board of Directors is thus refreshed for a certain period of time and the Chairman of the Board is appointed for a certain interval. I expect very much from CEC. The economic environment expects real support from the two state banks. It is about state money and the two banks should work based on market rules. In both banking institutions there are things that could change for the better,” Minister Teodorovici said.

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