President Basescu: European Council adopts statement on banks re-capitalisation

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Romanian President Traian Basescu said that a Statement on the re-capitalisation of the banks was adopted by the European Council and all states were guaranteed that the parent banks’ subsidiaries based in other states will maintain their capital levels in the coming years.

„I can tell you the Statement on the re-capitalisation of the banks has been adopted. This document targets the medium-term financing of the banks so as to ensure the medium-term crediting flows for the real economy. Also, the statement aims at ensuring the capital quantity and quality, given that, in fact, it targets the introduction of a first-class capital into the banking system: money liquidity, not capital in any other terms. Therefore, top-rate capital is injected in the European banking system and this capital can support not only the economy, but also the states’ need of credit”, Basescu said in Bruxelles late on Wednesday after the extraordinary European Council.

„‘We had our concerns and they got an answer from the member states. Romania and the other states have the guarantee that the subsidiaries having the parent banks in other states will have the capital levels maintained. Our proposal materialised in a text aimed at all the member states. This goal, that was a particular interest of ours, has been generalised for all the member states – i.e. to finance their subsidiaries in the years to come too. This will enable Romania to both have credit for its economy and to acquire financial resources to cover the state budget needs”, he stressed.

The Romanian leader explained that the European Banking Authority, in the European Union, and the National Bank of Romania, on a national level will supervise the Romanian market-based subsidiaries of parent banks from other states and any attempt to cut the capital flows will be immediately spotted and the proper measures taken.

He voiced hope that the Euro Zone Summit, that begun Wednesday night immediately after the European Council, will reach concrete conclusions relating the two fundamental issues in question – establishing the needs and ways to finance Greece’s economy (where the most important issue is to decide the level of the private sector’s involvement) and the financing levels for the Financial European Stability Fund (FESF) respectively.

„I’m convinced that all those leaders (in the Euro Zone – editor’s note) want a credible solution and, as I could see from the one-and-a-half hour meeting (of the European Council – editor’s note), they are determined to find a credible solution during the night. The atmosphere is good o and I sincerely think they want a credible solution”, Basescu said.

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