Romania’s CEC Needs Another RON900M Funds

Romanian state-owned lender CEC Bank needs another financing of 900 million lei (EUR1=RON3.8580), additionally to the similar amount already approved by the Government, CEC’s president Radu Gratian Ghetea said Thursday.

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"We still need a similar amount of money," Ghetea said.

The Government decided last week to hike CEC’s share capital by RON900 million, so that the bank might sustain the farmers and the small and medium-sized enterprises, out of which RON450 million in the first quarter of 2009 and another RON450 million by the end of next year.

"In May 2007, when I was appointed CEC’s president I know exactly how much money we need and I asked the Government funds of RON1.973 billion," Ghetea said.

He did not specify the destination of the future funds received from the state.

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