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The Politics of Banking in Romania: Soft Loans, Looting and Cardboard Billionaires

Abstract In this article attention is focused on the features of the emerging Romanian banking system, its failures, and their determinants. These failures were either politically driven or simply a result of the weak regulatory capacity of the state (as the owner of the banks) and lax monitoring from the central bank, as the central authority entrusted with the responsibility to maintain a well-functioning banking system. The reluctance of various governments, regardless of their political orientation, to apply sanctions against banks that are in trouble until the last possible moment encourage excessive risk-taking when banks first encounter financial difficultics, and asset-stripping when the insiders realize that a bank's continued viability is in jeopardy. Based on a number of case studies, the article argues that, in post-1989 Romania, insider trading, self-loans and blunt theft appeared more as systemic features rather than isolated incidents.