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ING CEO  Szczurek, more worried about EO 114 impact on economy than direct impact on bank


EO 114 may affect future investments, and in the context of a slowing down of economic growth the main invigoration comes from its impact on economy, said Michal  Szczurek, CEO at ING Bank Romania, at a press conference.

“EO 114 is not only about banks, it is about pension funds, energy, telecommunications, and I think the way in which it was introduced affects future investments in other sectors because it is not comfortable in an environment where such things happen and the drop of investments affects other sectors, such as small and medium companies. From GDP increase of 7%  in 2016, some economists foresee a 2% increase in 2020. It is positive but 5% smaller than two years ago. Economic slowdown will affect all banks. Our main concern is economy, economic prospects and potential economy slowdown at a more rapid rate,” Szczurek said.

“We are upset because of the way in which the order was adopted. It was a surprise at the end of 2018 and I think this way of action deteriorates confidence. To introduce something without impact study , without understanding long term implications is not the best way,” he added.

He said he hoped the final form of the order would change and mentioned that “we welcome any initiative of reaching a reasonable level.”

Emergency order 114/2018, approved by the government sets up new taxes on business figure for the energy and telecommunication sector, as well as taxes on active stock in the banking system.