At the end of June, the cash and bank deposits of the 51 issuers exceeded RON 1.3 billion (€315 million), 60 percent more than their combined profits in the first six months.
“A 20-30 percent decline in bank deposits is not spectacular, but we can observe a downward trend in liquidities, considering that access to lending is more difficult for companies [now]. At the moment, there is no more access to financing and companies are using their own resources, before giving in to the crisis,” the General Manager of the EFG Eurobank Securities brokerage firm, Ioana Tanase, said.
“Overcoming the crisis does not lie in the resumption of lending alone. There is liquidity in banks, but they are reluctant. They do not know to which sectors to direct [the money]. Of course, they must finance viable companies, which have development plans, and from this point of view, large companies are the ones that have easier access to the money in banks,” Tanase said.
Turbomecanica registered the steepest drop in cash in the first six months, with RON 0.2 mln in bank deposits from RON 4.63 mln in H1 2008. One exception is Amonil, which posted the highest increase in liquidities, with four times more money.
