Romanian Banks Posted Total $127 Million Loss in 2011, ZF Says
Romania’s banks posted a total loss of 430 million lei ($127 million) at the end of 2011 because of bad-loan provisions, Ziarul Financiar reported today, without saying where it got the information.
The loss narrowed from 2010, when the Romanian banking industry posted a combined loss of 516 million lei, after the banks reduced provisions and cut costs firing people in December, saving around 400 million lei, the Bucharest-based newspaper said today.
To contact the reporter on this story: Irina Savu in Bucharest at email@example.com.
To contact the editor responsible for this story: James M. Gomez at firstname.lastname@example.org