Foreign banks to meet IMF, BNR and EC to review exposures on Romania

The first nine foreign banks in Romania will meet the International Monetary Fund (IMF), the Romanian Central Bank (BNR) and the European Commission on July 22nd in Brussels to evaluate the agreement they have signed last year in Vienna, according to Mediafax newswire. After the IMF and the EC have signed the loan agreement with Romania, they have also signed a written agreement with the nine main foreign banks in Romania to keep their market exposure in Romania at the same level as in March 2009. Representatives of the nine banks have also met this spring in Athens to approve the continuation of the Vienna agreement. Erste Bank, Raiffeisen International, Eurobank EFG, National Bank of Greece, Societe Generale, Alpha Bank, Volksbank, Piraeus Bank and UniCredit, which together own 70 percent of the local banking market, have signed this agreement.