Page 153 - Carte Falimentul BIR

On December 21st 1999, Mugur Isarescu, the governor of the BNR, is appointed
by the Parliament as Prime Minister of the Romanian Government. According to
the provisions of art. 34 par. 3 and art. 36 par. 5 of the Law no. 101/1998 on the
Statute of the National Bank of Romania, at the BNR management, was appointed
by the Parliament of Romania as acting governor, Mr. Emil Iota Ghizari, who
was first deputy governor. We mention/ repeat that Mr. Emil Iota Ghizari was not
appointed as governor of the National Bank of Romania, but as a substitute acting
governor.

* * *

We emphasize that the fraudulent bankruptcy case of the International Bank of
Religions was the subject of study and analysis of the Committees for the Survey
of Abuses and Fighting against Corruption in the two Chambers of Parliament for
over three and a half years. They carried out research, thorough scrutiny,
hearings, experts reports etc., and elaborated on this topic under the direct
coordination of the venerable Prof. Dr. Radu Ciuceanu, a former anti-Communist
political prisoner, the document - "The Complete War Against Corruption in
Romania (three volumes) and concluded, in their Joint Report, that the
bankruptcy of the International Bank of Religions is in fact an "Organized crime
and high-level institutional corruption action".

The expert reports on the case reveal that on January 1st 2000, the IMF's
immediate liquidity (minimum required reserve, deposits with other banks,
investments in securities etc.) amounted to ROL 1,046 billion and the bank's net
assets were positive, amounting to ROL 186.2 billion.

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Due to the "Ovidiu Grecea" episode of May 17 1999, the BIR financial year for
1999 was to end with the lowest profit in the bank's activity, though the 1999
financial year ended on a positive scale, not on the red.

Otherwise, speaking about the International Bank of Religions indicators, the
question arises - how inappropriate could they have been, given the fact that, since
the creation of the bank until 1999, the BIR censors were Mr. Nicolae Cinteza,
the director of the Supervision Division of the National Bank of Romania, Mr.
Titus Popescu, Deputy Governor Advisor of the National Bank of Romania who
even coordinated the supervision activity and Mr. Nicolae Smărăndescu, General
Manager of the Ministry of Finance, all three of them being famous bank
specialists?

Also on January 1 2000, at a total of ROL 1,400 billion in loans, the loans in
st
litigation accounted 9.7% - ROL 149.5 billion. Current loans had a share between
71% and 79%. (All data is provided by the expertise carried out at the request of

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