EnglishIzabela Sîrbu
In its ten years of operation, the Authority for State Assets Recovery (AVAS) took over a portfolio of receivables and interests worth 12,145 million lei (5,064 million dollars), for a number of 73.057 debtors, according to a press release.
"We are past our teenage years, we are now an institution that is mature, efficient, with a vast financial expertise, unique and also extremely useful to the state in these circumstances of crisis", said Mircea Ursache, the chairman of AVAS.
AVAB, later renamed to AVAS, was created at the request of the World Bank, according to the Sunset plan approved as part of the conditions of the Structural Adjustment Program of the Private Sector (PSAL), which was intended to wind-up Bancorex through partial absorption by BCR and the transfer of the nonperforming assets for their subsequent sale, to a newly created institution, partially solving the crisis of the banking sector of that time.
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