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Govt Is About To Complete CEC Bank’s Capitalization – Romanian Pres

Romanian Government is about to complete the final stage of approving the capital increase of state-owned lender CEC Bank, the country’s President Traian Basescu said Tuesday, during a meeting with the representatives of Romania’s Chambers of Commerce.
Bogdan Neagu
31 mart. 2009, 18:14, Economic

Basescu did not offer any details on the issue.

The Government announced as anti-crisis measures included in the 2009 budget the proposal to hike CEC Bank’s share capital by 900 million lei (EUR1=RON4.2348), and a RON170 million increase in the capital of another state-owned lender, Eximbank.

CEC Bank and Eximbank’s funds will be used mainly to co-finance and guarantee the projects developed with European funds and to finance the small- and medium-sized enterprises.

The capitalization of CEC Bank and Eximbank might need the European Commission’s approval, discussions between the Government and the E.U. Executive being planned for the next period.