Special purpose accounts

1. Collateral accounts – for guaranteeing bank commitments

They are special purpose accounts designed as a guarantee, and used to contract various bank products: letters of credit, bank guarantee letters, cheque certification, credits etc.

- they may be established in RON and/or foreign currency depending on the company cash and the type of requested commitment;
- they shall be blocked for the duration of the commitment and the related contracts shall be recorded with la Electronic Archive for Security Interests in Movable Property – AEGRM.

2. Account managers securities record

To be opened upon the request of the company based on a special Convention (according to the provisions of Law 22/1969, as subsequently amended – Law 54/1994).

- the account holder shall be the company, and, for each manager, an account managers securities record shall be opened
- the funding for the accounts may be automatic or individual, one-time or monthly based, depending on the option.
- the amounts deposited as guarantee shall be released according to the legal regulations.

3. Guarantee accounts

They help you meet your contract obligations in relation to your business partners with the aim of keeping certain amounts of money as guarantee for a particular period of time.

-the accounts may have multiple purposes: performance bond, material guarantee, tender bond etc. – based on a work convention signed by the partners
- the amounts of money may be set up by way of successive deposits or with holdings from the amounts owed under the issued invoices according to the contract documentation
- the amounts from the guarantee account shall be released by the Bank in favor of one of the partners based on the original documents, under the contract
 

4. ESCROW accounts

They are special purpose accounts meant for depositing, as insurance, certain amounts of money to be used for a specific purpose, as specified in the contract documents concluded by the parties.

- to deposit, keep or block certain amounts of money until the conclusion of a contract
- to deliver goods and/or meet certain requirements in a written agreement signed by two parties (as a guarantee of using the amounts only for the intended purpose and/or as a measure ensuring the fulfillment of objectives stipulated in the said written agreement)