ECONOMY - June 24 2004The banking deposits of the people and companies will be guaranteed in the limit of 6,000 euros starting from next month. Until January 2007 this limit will reach the level of 20,000 euros.
IncreasesThe good news for the depositors is that this limit will continue to increase until Romania will adhere to the EU. So, starting from the 1st of January 2005, this limit will increase up to 10,000 euros. From the 1st of January 2006 its value is set to be 15,000 euros and, this way, starting from the 1st of January 2007 it will be valued at 20,000 euros. The equivalent in lei of these sums will be computed at the time the bankruptcy procedure will begin according to the currency rates of the National Bank of Romania. The warranties will be awarded only when the conditions mentioned above are met. For the banks in which the bankruptcy procedure has started before the 1st of July 2004, the warranties will be awarded according to the value of the limit in the period the procedure started.
MoneyThe sums awarded to indemnify the depositors will be taken from the banksâ contribution to the Warranty Fund, from the recovery of the money from the banks which are already bankrupt and from the incomes made available due to the investments of the Fund. Though the people will receive more money they wonât have to pay larger errands for their deposits. "Due to the fact that the companiesâ deposits will be included in the guarantee scheme the sum from which the money are coming to the Fund will be increased", says Marin Predescu, the director of the Warranty Fund. Due to the increase of this basis the applied percentage share will decrease by 0.8% at present, by 0.5% in 2005, by 0.4% in 2006 and by 0.3% in 2007.
The warranty wonât be awarded in case thatThe Warranty Fund doesnât have to give back the money in the case:
Translation: SORIN BALAN