Romania: Ruling Coalition MPs Ask for Extraordinary Session to Adopt BCR’s Privatisation Act

30. Juni 2006, 00:00

Representatives of the ruling coalition in the Romanian Senate asked on Thursday, June 29 for an extraordinary session...

Representatives of the ruling coalition in the Romanian Senate asked on Thursday, June 29 for an extraordinary session of the two Houses in order to pass the privatisation of Romanian Commercial Bank (BCR), local media informs.

The Bill entered the debates of the Senate plenum on Thursday after the juridical Commission within the Senate did the same thing on Tuesday night, at the last moment.

On Thursday, the debates over the Bill stirred protests by the opposition MPs of the Social Democratic Party (PSD) and of Greater Romania Party (PRM), who left the works of the Senate.

BCR was sold last December to Erste Bank in a deal which is considered the largest transaction for a bank in CEE in 2005. The opposition claims it is not against the privatisation but complains over the fact that the amendments they brought to the Bill were rejected.

The President of the Senate, Social Democrat Nicolae Vacaroiu had to suspend the meeting due to lack of quorum.

The Delegate Minister for the Relationship with Parliament, Liberal Mihai Voicu announced on Thursday as well that he would demand an extraordinary session of the Senate for the adoption of an "extremely transparent" privatisation project.

The minister insisted that what the Senate had to endorse was the law project and not the privatisation contract.

Following consultations with Erste Bank, the Romanian cabinet extended the deadline for the approval of BCR’s sale by three months, following a request by Competition Council for more information with respect to the State-funded aid to Bancorex.

According to the privatisation contract, the document was supposed to be endorsed  by the cabinet in Bucharest on Wednesday, June 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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