Banks in Romania will be subject to an asset quality review (AQR) most likely in October 2015, before entering the mechanism of cooperation with the European Central Bank (ECB), said Nicolae Cinteza, the director of the Supervision Department of the National Bank of Romania (BNR), reports local Wall-street.ro.

Several banks operating in Romania, including Greek groups Eurobank, Piraeus Bank and National Bank of Greece, and Austrian groups Erste, Raiffeisen and Volksbank ranked poorly on tests conducted by the ECB, including due to difficulties in Eastern Europe.

Eurobank, Piraeus Bank and National Bank of Greece have failed the tests run by the European Central Bank, as the evaluation indicated that they lacked sufficient capital at the end of last year.

editor@romania-insider.com