Iohannis has endorsed the seizing of bank deposits -
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News » December, 2015 » 4 December 2015

Iohannis has endorsed the seizing of bank deposits
04.12.2015, 00:00 | Finance-Banks | 763 views

Klaus Iohannis has signed the law which allows the confiscation of unguaranteed deposits (bail-in) to save distressed banks, by promulgating yesterday the law on the resolution and recover of banks and investment firms. Romania's president has no reason to worry about his money potentially vanishing from his bank accounts, because, according to his wealth statement, he keeps his money in properties, while his savings are less than 50,000 Euros, meaning half of the amount guaranteed by the state for a bank deposit, in the event of a default of the financial institution.

Deputies have recently validated, as a matter of urgency, this law, as Romania was being forced by the European Commission to pay penalties daily for each day of delay until the full transposing of the European legislation in the sector.


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