Press release on Credit co-operative organisations
29.01.2001
The National Bank of Romania reminds the interested parties and the general public that credit co-operative organisations may apply for a licence by 13 February 2001 at the latest, according to Romania's Government Emergency Ordinance No. 97/2000 on credit co-operative organisations, altered and supplemented by Romania's Government Emergency Ordinance No. 272/2000.
Credit co-operative organisations which shall not submit the adequate documentation by the said date shall be dissolved by law and shall go into liquidation.
We hereby remind the public that licensing is a long-lasting process implying a careful assessment of the credit co-operative organisations, including their creditworthiness.
As of the date of their licensing and conditional on it, credit co-operative organisations and the banks resulted from the reorganisation of the present credit co-operatives - popular banks shall be supervised by the National Bank of Romania and shall become part of the deposit guarantee system, provided they observe the legal provisions on the payment of the contributions to the Bank Deposit Guarantee Fund.
At present, households' deposits with the credit co-operatives - popular banks are not guaranteed and their recovery, in the case of payment refusal, shall be made solely by taking legal proceedings in court. Under the circumstances, we specify that legal provisions may not be referred to for justifying the payment refusal or the rescheduling of the deposits made with credit co-operative organisations, for binding the depositors to convert their deposits into shares, nor for imposing any other abusive practices that some credit co-operatives - popular banks adopted.