Romanian Privatization Auth Asks For Declassification Of Bancorex Documents

Romania's privatization authority AVAS asks for the declassification of the documents of former state-owned lender Banca Romana de Comert Exterior, or Bancorex, between 1968 and 1989, including, among others, the country’s import-export plans or the population’s revenues and expenses.

"AVAS considers as necessary the declassification of all documents administered by former Bancorex between 1968-1989. (…) Of course, it would be a special thing for historians and those who prepare their dissertations, and I think the public opinion needs to know about them," AVAS head Mircea Ursache told MEDIAFAX.

Thus, AVAS is drafting a normative act bill that will be sent to the government for approval.

Ursache added that this initiative would be “very interesting" for economic analysts as well, and the access to this type of documents should be free.

The documents were classified in accordance with a decision of the Ministers Council dated back in 1972.

"The declassification triggers no juridical effect on any person and will have no influence, from informational point of view, over the current economic reports," AVAS head said.

In 1999, BCR absorbed state lender Bancorex, after the state took over its non-performing loans.

BCR is Romania’s largest lender by assets and is majority owned by Austria's Erste, which paid EUR3.75 billion for 61.88% of its shares in 2006. The Austrian group hiked afterwards its stake in BCR to 69.17%, by taking over the shares owned by the lender’s employees.