The amount, significant in the current economic context, is less than half of the $9 bln that banks withdrew from Romania in the October 2008-March 2009 period. Data indicates that the exposures were increased over a short period of time, of less than one year, which proves that banks remain cautious regarding Romania.
On 19 May, nine large foreign banks with businesses in Romania – Erste Bank, Raiffeisen International, Eurobank EFG, National Bank of Greece, UniCredit, Société Générale, Alpha Bank, Volksbank, and Piraeus Bank – committed in Brussels to maintain their exposure in Romania at the level registered in late March 2009. The Brussels commitment was intended to strengthen the gentleman’s agreement signed in Vienna at the end of March 2009. However, the nine banks received approval from the International Monetary Fund (IMF), the European Union, and the National Bank of Romania (BNR) to reduce exposure in Romania, a possibility included in the initial agreement in the event of low investment opportunities, sources on the financial market told the NewsIn agency.
In the first three months of this year, financial institutions reduced their exposure in countries in emerging Europe by $188 bln, but raised it by $82 bln in the second quarter.
