BCR, the biggest bank on the Romanian market, started the fightover client resources with Greek banks and with lendinginstitutions with Romanian shareholders, paying 8% a year onthree-month RON deposits and 4% on euro deposits with a similarmaturity, set up by the end of the year.
The move comes at a time when interest rates on short-term depositson the interbank market are kept below the NBR's monetary policyinterest rate, which in turn was held at 6.25% a year over the pastsix months. For euro-denominated financing, the European CentralBank kept its key interest rate at 1% a year, although a slightincrease in the cost of financing was felt on the European monetarymarket.
The promotional offer was launched ahead of BCR's December 1stcelebration of 20 years since its establishment, with the bankseeking to attract new clients this way. Nine months into the year,the volume of deposits attracted from clients fell by 2.63%, to34.8 billion RON.
Greek banks pay similar interest rates, such as is the case ofAlpha Bank and ATE Bank, which had to diversify their resources offinancing amid Greek problems. So do Romanian-held banksTransilvania and Carpatica, which do not have a foreign groupbehind, able to supply them with funds.
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