Press release on withdrawal of the license of Banca Turco - Română
13.05.2002
The Supervision Department of the National Bank of Romania has submitted to the Board of Directors a memorandum concerning the deterioration of the financial and prudential position of Banca Turco-Română. Special emphasis was laid on the record of negative own funds. Prudential parameters (foreign exchange exposure, solvency) still record negative levels, and the expected rebound through involvement of Turkish banks has not occured.
Consequently, pursuant to Art. 69 para. 2 letter e of Law No. 58/1998 - The Banking Act, with the subsequent amendments and supplements, Art. 34 para. 1 letter b of Law No. 101/1998 - The National Bank of Romania Act, with the subsequent amendments and supplements, and Art. 12 and 17 corroborated with Art. 2 letters a and b of Law No. 83/1998 - Bank Insolvency Act, with the subsequent amendments and supplements, the Board of Directors of the National Bank of Romania has decided to: 1) withdraw the license of Banca Turco - Română, with its headquarters in Bucharest, 16 Ion Câmpineanu Street and 2) to notify the relevant court with the view to commence the bankruptcy procedure. The decision comes into force as of publication in Monitorul Oficial al României.
According to law, the decision may be disputed with the Board of Directors of the National Bank of Romania within 15 days from notification.