According to Business Standard Daily the SIFs profits increased in 1H’09 as a result of receiving the dividends distributed by BRD. The highest increase in profit was registered by SIF Banat Crisana with a net profit of RON 92 m higher by 65.6% followed by SIF Transilvania with a net profit of RON 110m higher by 36.6% y.y and SIF Muntenia with a pre-tax profit of RON 73 m higher by 4.8% y/y. SIF Moldova reported slightly poorer results with net profit of RON 68.9m down by 2.4% y/y/. The total amount of dividends received by the SIFs from BRD amounts to approximately RON 130m. Our view:We expect the news will have a neutral impact on the market as the value of dividends to be received by the SIFs from their major holdings in the banking sector were known by the market.