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Law No. 702 Of 3 December 2001

Original Language Title:  LEGE nr. 702 din 3 decembrie 2001

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LEGE no. 702 702 of 3 December 2001 for approval Government Ordinance no. 39/1999 on the completion of the restructuring process of the Romanian Foreign Trade Bank-Bancorex-S.A. and the merger by absorption of this bank with Banca Comerciala Romana-S.A.
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR no. 54 54 of 25 January 2002



The Romanian Parliament adopts this law + Article UNIC Approval Government Ordinance no. 39 39 of 29 July 1999 on the completion of the restructuring process of the Romanian Foreign Trade Bank-Bancorex-S.A. and the merger by absorption of this bank with Banca Comerciala Romana-S.A., issued pursuant to art. 1 lit. D. 29 29 of Law no. 140/1999 on the empowerment of the Government to issue ordinances and published in the Official Gazette of Romania, Part I, no. 363 of 30 July 1999, with the following amendments and additions: 1. Article 14 shall read as follows: "" Art. 14. -Until the date of the merger accounting balance sheet, financial restructuring measures will be taken of the patrimony of the Romanian Foreign Trade Bank-Bancorex-S.A. highlighted in the merger balance sheet, according to the provisions of art. 15 15 and 16. " 2. Paragraph 1 of Article 15 shall read as follows: "" Art. 15. -(1) The obligation to pay the amount of US $95 million, representing deposits of the National Bank of Romania at the Romanian Foreign Trade Bank-Bancorex-S.A., shall be cancelled. The National Bank of Romania will receive in counterparty government securities in U.S. dollars, of equal value, with maturity at 12 months. The government securities will be negotiable and will carry an interest whose rate is equal to 5% per year. The interest payment on government securities will be made at maturity. The National Bank of Romania will register on income interest related to government securities on the date of its collection. The issuance of government securities will be made with the date of the operation The Romanian Foreign Trade Bank-Bancorex-S.A. will highlight the cancellation of the payment obligation at the exchange rate in force at the time of the operation. " 3. Article 16 shall read as follows: "" Art. 16. -(1) The loss from the bookkeeping of the Romanian Foreign Trade Bank-Bancorex-S.A., remaining after the operations provided in art. 10 and 15, will be taken on the balance sheet of merger prepared by Banca Comerciala Romana-S.A. in the account Other claims on the state budget and will be covered with government securities, up to 3,000 billion lei, issued in favour of the Bank Romanian Commercial-S.A. with September 10, 1999. The government securities will be negotiable, they will carry an interest rate whose rate will be equal to the average monthly interest rate of active interest rates charged by banks in relations with non-bank customers, with a maturity of 2 years. (2) The Romanian Foreign Trade Bank-Bancorex-S.A., through the special administrator appointed by the National Bank of Romania, has the full responsibility for the correctness and reality of the amounts taken on domestic public debt according to art. 15 15 para. ((1) and art. 16 16 para. ((1). ' 4. Articles 21 ^ 1 and 21 ^ 2 shall read as follows: "" Art. 21 21 ^ 1. -The amounts that will be taken on domestic public debt according to the provisions of art. 17, 20 and 21 will be communicated to the Ministry of Public Finance by Banca Comerciala Romana-S.A. on the basis of the accounting records of the Romanian Foreign Trade Bank-Bancorex-S.A. at the date of the merger accounting balance. Art. 21 ^ 2. -Within 60 days from the date of the merger, Banca Comerciala Romana-S.A. will renegotiate, and where necessary, it will be able to unilaterally denounce the rental contracts, service supplies and any other contractual commitments of the Romanian Bank of Foreign Trade-Bancorex-S.A., in force at the date of the merger, other than those arising from the banking operations provided by Banking Law no. 58/1998 .. " 5. Article 22 shall read as follows: "" Art. 22. -(1) State securities issued according to the provisions of art. 17, 20 and 21 are negotiable and have a maturity of 2 years. The Ministry of Public Finance will issue the state securities on the date of receipt of the communication provided 21 21 ^ 1. Government securities in lei carry an interest rate whose rate is equal to the average monthly rate of active interest rates charged by banks in relations with non-bank customers. The average monthly interest rate is calculated by the National Bank of Romania on the basis of data transmitted by banks. Government securities in foreign currency will be expressed in U.S. dollars and will carry an interest whose rate will be equal to 5% per year. (2) Interest related to government securities issued according to the provisions of art. 16, 17, 20 and 21 are calculated quarterly, starting with the quarter following the issuance of the issue, and shall be paid by the 27th of the month following the quarter for which the calculation is made. The Romanian Commercial Bank-S.A. will record on revenues the interest rates related to government securities in lei and in foreign currency on the date of their collection. " This law was adopted by the Chamber of Deputies at the meeting of September 4, 2001, in compliance with the provisions of 74 74 para. (2) of the Romanian Constitution. CHAMBER OF DEPUTIES PRESIDENT VALER DORNEANU This law was adopted by the Senate at the meeting of November 1, 2001, in compliance with the provisions of art 74 74 para. (2) of the Romanian Constitution. SENATE PRESIDENT NICOLAE VACAROIU --------