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BCR’s Manea about law on debt to equity swap: Tightening loan market becomes inevitable

By Anca Bernovici
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Tightening credit market becomes unavoidable because of the risks for depositors and shareholders, following the amendments to the draft law on debt to equity swap, BCR’s CEO Sergiu Manea commented in a press release on Tuesday.

“I’m alarmed by the current changes to the draft law, of this version even more radicalized, which will generate undoubtedly a general tightening of the credit market and of the financial intermediation at a time when Romania has a fundamental need to import capital (and it’s not about goods) to finance the needs of housing stock, infrastructure or productive sector,” the head of the biggest bank in Romania and member of Erste Group.

He said the punitive legislation and the lack of constructive dialogue on financial sector have become an indicator of society’s distrust.

According to him, the commitment of the banking sector to cooperate and work together to responsibly regulate the loans to consumers remains solid under a legislative process that encourages investor’s confidence, economic growth, legal stability or the access to financing for clients (especially young families) who do not have substantial savings for purchases of durable goods or houses.

“I hope at the last moment to understand the opportunity offered by President Klaus Iohannis for consultation and collaboration,” Manea concluded.

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Anca Bernovici

Anca Bernovici

I started my way in life with the intention to pursue a teaching career. But, after graduating from the Faculty of Letters – the University of Bucharest in 2004, my first job as a reporter at one of the leading newspapers in Romania changed my perspective. I have specialized in communication and communication campaigns, following the Master's courses at the Faculty of Journalism and Communication Studies (FJSC), attending a BBC Communications scholarship.
I’ve represented several important publications in Romania as business journalist, being accredited in the finance and banking field. In 2015, I had the opportunity to interview the International Monetary Fund (IMF) Mission Chief for Romania, Andrea Schaechter. As business journalist, I also had the opportunity to interview ministers for Economics and Commercial
Affairs offices within different embassies in Romania or officials of large companies investing on the domestic market.
After almost 15 years of journalism, I still want to explore new ways, to inform and stay updated. That’s why The Romania Journal project fits me so well.
Today I describe myself as a passionate about the history of world culture, having a PhD in Hebrew Culture and Civilization, after a scholarship at the University of Haifa International School, as a language addict, an environmental activist, pet lover and traveler.

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