AVAB grosses $15m in three months

The Banking Assets Resolution Authority (AVAB) grossed 500bn ROL ($15 million) in the first three months of this year. The Authority has therefore made 9,300bn ROL ($340 million) in total revenues thus far. AVAB estimates to make 2,350bn ROL in this year’s revenues, 1,850bn ROL of which from banking debt collection and 500bn ROL from selling the debts taken over from the Finance Ministry. AVAB chairman Ionel Blanculescu has recently said 2003 will be one of the Authority’s most efficient years in terms of banking debt collection and primarily state-pledged loan recovery. Its S&R budget shows the bulk of revenues is estimated to be obtained in the last quarter of 2003: 665bn ROL from selling banking assets and 230bn ROL from selling the receivables taken over from the Finance Ministry. ZF