“We will check to see the extent to which legislation allows it and costs justify it,” Radu said.
Covered bonds are bonds based on assets to which investors who purchased the bond can lay claim in case the issuer goes bankrupt.
UniCredit Tiriac Bank posted a net profit of 103.1 million lei (EUR24.3 million) for 2011, up 80% on the year, calculated under Romanian accounting standards. However, under international financial reporting standards, net profit dropped 7%, to RON159.4 million (some EUR38 million).
The bank assets reached RON22.9 billion (EUR5.3 billion) at the end of 2011, up 9.9% on the year. (EUR1=RON4.3737)