BT offering letters of guarantee for companies taking part in auction

“Letters for auctions,” the twelfth Banca Transilvania product for small and medium-sized enterprises (SME), represents a new stage in the development of the bank’s business line in this area, as concerns supply,” said BT’s General Manager, Robert C. Rekkers.

The product is available for a period of 12 months, and the maximum amount available is RON 50,000 or its equivalent in euro. In order to benefit from this product, a company must be financially stable and active, to be proven by a quarterly or annual balance sheet.

Furthermore, a company requesting this product must not have been recorded for more than three major incidents within the past six months by the Payment Incident Bureau (CIP) and not have any interdiction to issue checks. The company may also not be registered by the Banking Risk Bureau (CRB) in its A Debt Department, for loans contracted in the past 12 months. Until now, the obtaining of guarantee letters to participate in an auction meant guaranteeing with actual account deposited funds or a building mortgage guarantee, whose value often was far greater, added the BT’s communique.