Finance Ministry hires lawyers for 7bn-euro foreign funding programme

The state’s three-year foreign market funding programme worth around 7 billion euros is on the finishing straight after the Finance Ministry hired law firm consortium formed of local firm Radu Tărăcilă Pădurari Retevoescu and British group Allen&Overy to provide legal assistance.
The mandate was won following a second tender, after the first was challenged by one of the participating consortia. So, as the saying goes “when two fall out, the third wins”, the initial winner had been announced in October as Bulboacă & Asociații in consortium with Slaughter and May, with the result being challenged by DLA Piper – the Romanian office in consortium with the London one, and now the three-year legal assistance contract has been secured by Radu Tărăcilă Pădurari Retevoescu and Allen&Overy. The Finance Ministry could seek to borrow from the foreign market in the first quarter of next year, especially if the tranches from the IMF and the EU expected in January are postponed.