LUCIAN CROITORU: "The European Commission did not ask the Greek banks to withdraw from South-Eastern Europe"

The message which the European Commission sent to the Greek banks did not concern their departure from South-Eastern Europe, but rather, the capping of potential future development in the region, said Lucian Croitoru, advisor on monetary policy issues to the governor of the National Romanian Bank (NBR) and president of the Fund for the Guarantee of Deposits in the Banking System (FGDB). "Banks with a controlling Greek interest present in Romania are Romanian banks, with Romanian customers, overseen by the NBR and with deposits of a maximum of 100,000 Euros guaranteed by the FGDB. Because of that, the absence of future funds coming from the parent banks will not affect their activity, considering that they are well capitalized", he said.

The FGDB pays the same level of attention to the 31 banks participating in the Romanian bank deposit guarantee scheme, says Lucian Croitoru. When it comes to the challenges that the Fund must deal with, the new Chairman of the Board of Directors said that they are the ones set through the law, namely, the guarantee of deposits opened with banks with Romanian legal personality, and the application of measures for restructuring and banking stabilization in line with the European Legislation, if the NBR were to decide so.

On Sunday, the European Commission has asked the Greek banks not to transfer funds to their subsidiaries in the region, as Greek lenders are being required to restrict their operations in South-Eastern Europe. Brussels considers that lenders that are receiving state aids may not use it to develop their operations in other countries.

Lucian Croitoru took over the leadership of the Board of Directors of the Fund for the Guarantee of Deposits in the Banking System (FGDB) in the beginning of last month, replacing Lia Rodica Tase, whose term expired. Lia Rodica Tase has led the Market Operations Division of the NBR for over a decade. She was in charge of managing the international reserves of the Central Bank, the daily operations on the currency and monetary market and the operations with the Treasury of the State, and she retired in 2010.

The FGDB was set up in 1996 and is the only bank deposit guarantee scheme in Romania. Since November 10th, 2011, the Fund is a member of the National Committee for Financial Stability (CNSF). Also in the beginning of 2011, the duties of the FGDB were expanded, meaning it can now intervene in applying bank restructuring measures, if the NBR decided to apply that kind of measures.

Since April this year, within the FGDB began its operations the bank Restructuring and Stabilization Department, led by Magdalena Manea, deputy director of the Fund and former member on the Supervisory Board of Banca Comerciala Carpatica (BCC).

Magdalena Manea has been working in the banking system since 1990. She spent her first ten years at the NBR, where she worked first as an officer, then head of the Investment Department, member of the Currency Auction Committee and chief-dealer. Over the next 12 years, she worked at Banca Agricolă, as deputy head of the treasury, at Raiffeisen Bank România, as manager of the Supranationals and Financing Department, at Raiffeisen Bank International, as manager of Financing, Assets and Capital, at MKB Romexterra Bank, as vice-president in charge of coordinating the Corporations and Treasury Department, and at RBS România, where she held the position of vice-president for Corporations and Regulatory Institutions.

She was nominated on the Supervisory Board of Banca Carpatica in December 2012, replacing Ilie Carabulea, the main shareholder of the bank, who had resigned. At the end of April 2013, she declined the nomination, after having been appointed one week before as deputy director of the FGDB.

In the month of August, the Fund announced that it wanted to hire two experts as part of the Department for Bank Restructuring and Stabilization, which would have among their responsibilities the representation of the FGDB on the supervisory Board of a bridge-bank, if its creation were decided. "For compliance with the mission of the FGDB, the Department for Bank Restructuring and Stabilization must be prepared to meet its responsibilities arising from the legislation", the representatives of the Fund told us.

The executive management of the FGDB is provided by Eugen Dijmărescu, former deputy governor of the NBR, who holds the position of director, Magdalena Manea, deputy director in charge of the Department for Bank Restructuring and Stabilization, Alexandru Matei, deputy director in charge of the Department for Relations with Lenders, and Vasile Bleotu, Financial Manager.