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UniCredit Tiriac Bk Treasury Head May Resign – Sources

UniCredit Tiriac Bank treasury manager Bogdan Mihoc might resign following the scandal on the operations of certain banks in the last two-three weeks, banking sources told MEDIAFAX.
UniCredit Tiriac Bk Treasury Head May Resign – Sources
03 nov. 2008, 12:00, English

The central bank has recently invited managers of seven commercial banks for talks over the recent imbalances on the Romanian money market.

The central bank requested they should return to normal inter-bank interest rates, and said it might temporarily suspend the publication of the inter-bank bid/offer indices ROBID/ROBOR, if ROBOR exceeds the Lombard rate by more than 25%.

Inter-bank interest rates rose to 70% in the last weeks, suggesting a liquidity crisis, but the central bank said it was the effect of speculations on the forex market, pushing the leu demand over the necessary volume under normal circumstances. Central bank’s officials even suspected market manipulation attempts.

Romania’s Competition Council started Friday an investigation on the market of banking and inter-banking services over alleged agreements between lenders.