Romanian Senators Not Pleased With BCR Privatisation Procedures

27. Juni 2006, 00:00

The Romanian Senators in the Legal Committee on Tuesday, June 27, postponed by one week the report on the draft...

The Romanian Senators in the Legal Committee on Tuesday, June 27, postponed by one week the report on the draft law on the finalisation of the Romanian Commercial Bank (BCR) sale to Austrian group Erste Bank, local news agencies report.

Several Senators stated that they disagree with the way in which the privatisation was conducted.

The commission’s chairman Peter Eckstein (UDMR) proposed a one-week suspension of debates, during which Senators will be able to gather information on the BCR privatisation contract.

Last week the cabinet in Bucharest decided to extend the deadline for the approval of the sale of BCR to Erste Bank with three months, because the Competition Council has not issued an opinion on the operation yet. The new deadline is September 21.

Initially Erste Bank was due to transfer to Romania the value of the 61.88 per cent stake in BCR by June 26 but Romanian authorities and Erste Bank have agreed to extend the deadline by three months, given than an answer is waited for from the Competition Council with respect to the State-funded aid to Bancorex.

www.gov.ro

www.bcr.ro

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