Romania Should Have Used BCR Deal To Build Motorways – Fin Min

Romanian Finance Minister Sebastian Vladescu Thursday said the government should have stuck to its plan to use the money from the sale of lender Banca Comerciala Romana (BCR) to build motorways.

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"Unfortunately, the project was abandoned," Vladescu told a business roundtable.

In 2006, Austria's Erste Bank paid EUR3.75 billion for a 61.88% stake in BCR from the state, the European Bank for Reconstruction and Development and International Finance Corporation.

Romania received approximately EUR2.2 billion for its 36.8% stake in BCR.

Vladescu said the state made the right move when it decided to sell BCR, because having control over two large banks might have been dangerous during the crisis.

The government might have been tempted to use its control to help the less-performing economic areas, he added.

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