Ctrl Bker: 99.2% Of Romanian Bank Deposits Below EUR20,000 Guarantee Threshold

Central bank governor Mugur Isarescu said Monday that 99.2% of Romanian bank deposits are below EUR20,000, adding that an increase in minimum deposit guarantee was not necessary, but the authorities are obliged to comply with the European Union norms.

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The minimum deposit guarantee in Romanian banks will be increased to EUR50,000 from EUR20,000 over the next few days, the central bank said Sunday in a statement.

The Romanian authorities drew up a draft emergency Ordinance to increase population deposits in banks, Niculae Vulpescu, director with the Guaranteeing Fund of Deposits in the Banking System (FGDSB) also said Sunday.

Vulpescu said the act might be approved in the next government meeting on October 14.

On Wednesday, Premier Calin Popescu Tariceanu announced the minimum deposit guarantee will be increased to EUR50,000, following a decision of the EU finance ministers.

"We will soon adopt the increase of the minimum deposit guarantee, in order to be in line with the European regulations," Tariceanu said.

On Tuesday, the EU finance ministers agreed to increase the minimum deposit guarantee to 50,000 euros, from 20,000 euros in order to increase depositors trust in banks.

Romanian Finance Ministry representatives told Mediafax that European ministers’ decision would become mandatory only after it gets the European Council approval.

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