Romanian banks post EUR 1.59 billion losses

Romanian banks recorded EUR 1.59 billion losses in the first 11 months of 2014. This happened as they removed bad loans off their balance sheets, said Mugur Isarescu, Governor of the Romanian National Bank (BNR), cited by local Mediafax. Banks posted such big losses because they made provisions to cover the non-performing loans, explained Nicolae Cinteza, director of the Supervision Department within the BNR. Some banks did not align to BNR’s request to clean their portfolios by the end of September 2014. However, they promised they would do so by the end of December last year. editor@romania-insider.com