The National Bank and the Government identified a wise solution to the problem of the depositors of the bankrupt Investprivatbank, thinks Grigore Gacikevici, the president of the Banca de Economii (BEM). He suggests that any other solution than let BEM acquire the failed bank would have taken too long, to the detriment of the depositors. “Had they decided to sell the assets separately, they would have needed to summon the shareholder’s assembly, to wait for the court’s decision, to find a buyer for every asset. This procedure could last for years. Placing Investprivatbank on sale so that Banca de Economii, in which the government owns the control stake, can buy it as a single lot is a solution that allows the depositors to take their savings back in several days”, Gacikevici told a news conference on Friday evening. Grigore Gacikevici has assured Banca de Economii has enough money to pay the depositors back. “BEM’s liquidities are more than twice the banking requirements. There is also the National Bank which expressed availability to provide us with short-term loans if the number of depositors who will ask for repayment is too big”, he added. When asked about the price to be paid for Investprivatbank, Gacikevici said a two-month inventory would be made to appraise the bank’s value and after that a price would be announced. The National Bank’s board at its meeting on Friday approved just an intention agreement on Investprivatbank’s takeover by BEM and the mechanism for the restitution of the savings, he explained. “The price will depend on multiple factors, like the value of the loans offered by Investprivatbank, the chances for repayment, the assets left as security for the loans. There are other aspects which require thorough analysis”, the BEM president said. He also expressed his hope that the deal would be profitable for BEM and enable it to increase its market share. However, Gacikevici admitted that some of the bank’s indicators could worsen as a result of the takeover. “There is a risk in every enterprise. But we think that even if a temporary worsening of some indicators is registered it will be within standard limits”. BEM’s assets are valued at 4 billion lei, and liquid assets at over 1.6 billion lei. The share capital is 856 million lei.