Law No. 19 Of 26 February 1991

Original Language Title:  LEGE nr. 19 din 26 februarie 1991

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LAW No. 19 of 26 February 1991 concerning the covering of losses of State-owned enterprises in the years 1982-1988 and partially those in 1989, and the financial settlement of the remaining costs not covered as at 31 December 1989 was published in PARLIAMENT ISSUING the OFFICIAL GAZETTE NR. 41 of 1 March 1991, the Romanian Parliament adopts this law.

Article 1 shall cancel refund obligation of State loans granted on the basis of decrees no. 449/1984 and no. 252/1985, for losses incurred by some State enterprises in the years 1982-1984, amounting to 36.7 billion lei, according to the annex. 1. Article 2 shall approve financial coverage of losses of State-owned enterprises, amounting to 182.5 billion lei, of which: 140.3 billion lei from the years 1985 to 1988 and 42.2 billion part of the losses incurred in the year 1989, according to the annex. 1. Article 3 is approved for financial settlement of remaining unregulated expenses at 31 December 1989 in the amount of EUR 19.6 billion lei, according to the annex. 2. In article 4 the resources to cover the losses and expenses referred to in art. 1-3 in total amount of 238.8 billion, made up of budgetary surpluses from previous years, the amounts set aside in the budget for the financial settlement and other financial resources of the State are set out in the annex. 3. Article 5 shall be approved using the reserve fund amounts available for working capital and other funds established at the level of ministries, to cover the losses of State-owned economic units in 1989.

Article 6 until the reclamation of losses of State-owned enterprises from the year 1989 and remaining uncharged, banks are authorized to credit the units concerned with the interest of 0.5 per cent. The same level of interest apply in the relations between the National Bank refinancing of Romania and other banks for the loans in question.
This law was adopted by the Assembly of deputies at its meeting on 12 February 1991.
The PRESIDENT of the ASSEMBLY of DEPUTIES this MARTIAN D was adopted by the Senate at its meeting of 19 February 1991.
Academic SENATE PRESIDENT ALEXANDRU BÂRLĂDEANU pursuant to art. 82 lit. m) of Decree-Law No. 92/1990 to elect the Parliament and President, promulgăm law concerning coverage of losses of State-owned enterprises in the years 1982-1988 and partially those in 1989, and the financial settlement of the remaining costs not covered by 31 December 1989, and we have its publication in the Official Gazette of Romania.
ROMANIAN PRESIDENT ION ILIESCU Annex 1 financial losses cover SITUATION of State enterprises from 1982-1988 and partially those in 1989-million loss on-1982-1984 Losses from 1985-1988 Losses since 1989 Total losses covered 36,668.7 42,251.3 TOTAL 140,269.3 219,189.3 of it: the Ministry of Industry and Resources of which:-Department of heat and power 3,036.6 10,921.0 7,478.3 21,435.9-5,344.8 12,783.6 Department 17,045.0 35,173.4 Mines-Department of oil 5,338.0 2,205.0 7,619.4 76.4-Department of chemical industry and 4,426.1 25,076.3 20,650.2-petrochemical-Department of metallurgical industry 791.5 6,900.0 7,863.3-Industry Department 171.8 construction machinery 890.6 2,703.0-3,593.6-878.0 892.0 Department of wood industry-1,770.0-Department of textile and leather 389.5 258.0-131.5-Department of geology-6.7-6.7-Department of electrical, electronic industry, precision mechanics and machine tool 105.8 27.0 132.8-Ministry of public works, transport and spatial planning of which:-Department of construction and public works 629.4 594.0-1,223.4-682.0 Department of transportation Ministry 56.7 30.3 Med 769.0 area-14.3 14.3 the Ministry of agriculture and food of which:-the State Department of agriculture 10,132.9 41,621.4 2,400.2 54,154.5-Directorate-General for agriculture mechanization 6,344.3 economic 17,587.1 7,698.0 31,609.4-Directorate General of economic improvements in agricultural land and construction 2,214.3 3,625.0 5,936.5-97.2 General Directorate of horticulture 535.6 3,011.6 2,309.7 5,856.9-1,000.2 Units directly under 3,366.5 1,938.4 6,305.1-1,958.9 5,516.1 Department of food industry-7,475.0-Academy of agricultural and forestry Sciences-7.1-7.1 other units-187.0-768.0 187.0 232.2 1,590.0 the local economy
2,590.2 Annex 2 financial SITUATION of some expenses to cover the remaining non-31 December 1989-million-TOTAL COVERED 19,570.7 of which: 1. Expenditure on capital repairs carried out during the period 1987-1989 from bank loans by the units of the electric power industry 11,519.2 2. Repayment of credits received for investment by the former Ministry of industrial construction (heavy equipment enterprise and transport construction abroad) which were used for the purchase of machinery used on construction sites abroad, returned to the country and have been transferred without charge to other units or scrapped without recovery of depreciation relating, in accordance with the law 1,110.5 3. Amounts remaining unsettled transactions of our country with the International Monetary Fund, related to the payments for quota 1,246.1 4. The equivalent in lei of currency used by Romanian Foreign Trade Bank to compensate Special Drawing Rights necessary for their recovery at the level of the appropriations made by the International Monetary Fund for the country 1,500.0 5. Unfavourable rate differences from the Investment Bank and the Bank for agriculture and food industry resulting from the revaluation of credits received from the International Bank for reconstruction and development 4,068.4 6. Unpaid debts of theatrical, musical institutions, establishments and museums 126.5 Annex 3 SITUATION of resources to cover the losses of State-owned enterprises and the financial settlement of the remaining costs not covered as at 31 December 1989-million-TOTAL RESOURCES 238,760.0 of which: 1. republican budget Surpluses since 1989 and older) 136,664.6 2. Reserved amounts of the revenue of the State budget of which loans were granted by the State to cover working capital losses from years 1982-1984, according to decrees nr. 449/1984 and no. 252/1985, as well as for making financial settlement 64,028.3 3. Local budget surpluses at the end of 1989, including Revolving Fund in previous years 1,716.5 4. Monetary deposits resulting from the capitalization of the stocks of the State reserve 10,985.9 5. Favorable revaluation differences of precious metals, according to Decree No. 154/88 9,746.1 6. Representing the equivalent in lei, deposits of foreign currency received from the Ministry of Internal Affairs 6,348.1 7. The financial resources of the State identified as available (favourable differences revaluation of assets and liabilities in foreign currency at B.R.C.E., available in the Reserve Fund for working capital and other funds established at the level of ministries, etc.)