EXCLUSIVE: Romanian Public Cos' Mandatory Donations Required At Least Until 2014 – Draft Budget

The system of donations aimed at reducing the effects of the crisis, imposed by the Romanian Government on public bodies and state-owned companies, will carry on at least until 2014, earning the state up to an estimated 1.6 billion lei (EUR1=RON4.2779) per year.

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The draft budget for 2011, obtained by MEDIAFAX, states these mandatory donations will be required up until and including 2014. The Government expects to earn RON1.14 billion in 2010. The document does not indicate the gains projected for 2011, but forecasts the income from such donations in the 2012-2014 interval: RON1.25 billion in 2012, RON1.59 billion in 2013 and RON1.62 billion in 2014.

Earlier this year, the Government set a maximum wage ceiling of RON8,000 for employees of state-run companies and public institutions, with 90% of the sum exceeding this cap going to a "solidarity fund." Also, officials representing the government on the boards of shareholders of companies partly owned by the state must donate their indemnity to the solidarity fund, or be replaced.

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