Adrian Vasilescu, BNR: Greek Shareholders Interference On Local Banks Severely Restricted By Central Bank Rules

06.28.2015 By Gabriela Stan

The four local banks controlled by Greek financial groups are under the regulations of the Romanian central bank, which can take action in case of interference from shareholders, while their deposits are guaranteed by the state, which removes the risk of panic among depositors, Adrian Vasilescu, adviser to the central bank governor, stated.

 “Besides the reality in Greece, I would stress that the local banks are Romanian banks and they only have Greek capital. The holders of this capital are severely limited by our internal regulations. There is a clear protocol, with clear rules in case of shareholders interference,” Vasilescu told ZF.

Greeks control four local banks – Alpha Bank, Bancpost, Piraeus and Banca Romaneasca – which jointly own 12% of the RON360 billion assets of the Romanian banking system. They also hold RON24 billion in consumer and corporate deposits, or nearly 10% of the overall local deposits.

Euro zone readies for Greek default after they refused to extend a credit lifeline to Athens, which asked for an extension of its bailout program beyond Tuesday, the day it must pay EUR1.6 billion to the International Monetary Fund.

Greek government called a referendum on the bailout next Sunday.

 

Keywords:
BNR
, GREECE
, SHAREHOLDERS

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