Romania Grants RON759.8M In Damages To Former Depositors In CEC

Romania will grant total damages of 759.8 million lei (EUR1-RON3.6579) to some 37,460 people who deposited money in bank Casa de Economii si Consemnatiuni, or CEC, in view of purchasing cars during the communist regime, minister of Economy and Finance Varujan Vosganian said Wednesday.

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The money is to be paid by the end of the year, Varujan said.

In December last year, the Romanian authorities expanded the list of eligible persons to receive damages for their deposits in CEC in view of purchasing cars, regardless of the make.

Authorities also decided to extend the time limit for the deposits to be compensated, from November 1, 1990 to February 15, 1992.

The damages are to be granted under the form of state bonds with one-year maturity.

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