The Ministry of Finance will transfer to the CEC Bank an amount of 900 million lei for the capitalization of the institution as soon as it receives the approval of the European Commission, Minister of Public Finance Eugen Teodorovici announced at Victoria Palace on Tuesday, according to Agerpres.
"We had some 900 million lei in the 2019 budget to capitalize this Romanian bank [CEC] and the Ministry of Finance has already sent the European Commission a request for this capitalization. As soon as this acceptance comes from the Commission, the Ministry Finance transfers this amount to the CEC to increase its activity on the market," Eugen Teodorovici said at the end of the Government meeting.
Asked why Radu Ghetea's mandate at the helm of CEC was not extended, Teodorovici replied that it was a decision of the Ministry of Finance and there are many reasons.
"It was the decision of the Finance Ministry. We are shareholders, we are the owners of these two state banks: CEC and Eximbank. Changes are made throughout life or over time for many reasons. There is a renewal for some of the colleagues in the Board for a certain period and also for a certain period the chairman is appointed. I expect from the CEC a lot. The economic environment especially expects from the two banks of the state a real support. There is the state's money in the two banks and they must function based on market rules. There are many things to change for the better in both banking institutions," said the Finance minister.
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