Central bank decides: As of 2012 all banks publish results according to IFRS

As of January 1st 2012 all banks in Romania will report periodic financial results according to IFRS international standards, while the local accounting standards -RAS - are set to be scrapped, according to an order from the National Bank.

This will finally see an end to double interpretations for the financial statements of banks that publish figures conforming to international standards used by parent banks, as well as reporting results according to local accounting standards to the NBR (National Bank of Romania), which in the past year has made the difference between profit and loss.

Also, state-held CEC Bank and the three stock-exchange listed banks - BRD, Banca Transilvania, and Banca Carpatica - will no longer be put at a disadvantage by being required to report quarterly results according to much stricter local standards as far as provisions are concerned, resulting in smaller profits than in the case of IFRS.