The Senate adopted an amended bill approving Government Emergency Ordinance 83/2011 concerning Romanian export-import bank EximBank SA.
One adopted amendment eliminated a provision whereby “dividends corresponding to the state’s stock in Eximbank will be paid to the state budget within five days of being distributed.”
The senators decided the bank’s undistributed profit for 2008-2010 would be distributed in accordance with the law, eliminating the provision that said it would be distributed “as dividends.”
The bill was adopted with 64 votes for, 29 votes against and three abstentions. It will now pass to the Chamber of Deputies.
The emergency ordinance was approved on September 29. The Government argued it is “imperative” to increase state revenue, because of the extended economic-financial crisis. The Executive also said the measure is needed to continue investments and meet its job creation objectives, in line with the strategy for economic growth for the next years.
EximBank’s gross profit in the first six months was about 45 million lei (over EUR10 million), 80% up on the year. In 2010, EximBank’s net profit increased by around 60%, to RON75 million, ranking the bank among the top ten lenders in Romania by profit, while assets grew by almost 5%, to RON3.5 billion.
The state owns 95.37% of the bank’s stock.
(EUR1=RON4.3534)