Romanian CEC Bank Blasts Government Decision Blocking Share Capital

“I believe this amendment is an error. CEC Bank would still need capitalization,” Ghetea told MEDIAFAX.

The government issued an emergency ordinance in September, amending the statute of Eximbank. The document abolishes the legal provision whereby CEC Bank was allowed to boost its share capital from the profits of previous years.

Through the ordinance, the government decided that Eximbank, the other state-owned bank, will be transfered from privatization authority AVAS to the Finance Ministry, and the unused profit achieved over the past three years will be transferred, as dividend, to the state budget.