Finance Ministry mandated to receive decisions on CEC capitalisation

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The Public Finance Ministry has been mandated to receive all the approvals of the European Commission on the capitalisation of the CEC Bank, particularly in relation to co-financing small and medium-sized enterprises, Deputy Chairman of the Democratic Liberal Party (PD-L) Gheorghe Flutur announced on Monday at the end of a meeting of the ruling coalition.

‘This is about European projects in need of matching funds and our intention is to win all the approvals necessary from the European organisations, observing the European legislation for priority co-financing for small and medium-sized enterprises and their projects, as well as for necessary co- financing in the period immediately ahead,’ said Flutur.

Under an emergency ordinance, the Finance Ministry was mandated in November 2008 to increase the share capital of CEC Bank by issuing new shares with a nominal value equal to the existing shares, that is RON 100 apiece.

At the same time, the Finance Ministry will pay out RON 900 million in two equal tranches, to increase the share capital of CEC Bank, with the money being budgeted in the 2009 Budget, as mentioned in the ordinance.

The normative act was motivated in the context of the ongoing world crisis, which determined banks to emphasise deposits to the detriment of lending.

Amidst restricted cash resources on the world financial markets, more attention should be attached to secure the necessary financial resources for the Romanian credit institutions in order to support their lending business, says the ordinance.

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