ALERT 98-41
Type: Suspicious Transactions
Subject: Banca Populara Ardealul
Date: November 20, 1998

TO:  Chief Executive Officers of all National Banks; all State
     Banking Authorities; Chairman, Board of Governors of the
     Federal Reserve System; Chairman, Federal Deposit Insurance
     Corporation; Conference of State Bank Supervisors; Deputy
     Comptrollers (Districts); Assistant Deputy Comptrollers;
     District Counsel and Examining Personnel.

RE:  This Alert supersedes Alert 98-15

Information recently has been received that the subject entity,
while not licensed by the National Bank of Romania (Central
Bank), is entered on the Register of Commerce as a "credit-
cooperative-popular bank" (Law No. 109/1996).  This entity
reportedly issued $650 million (U.S.) face value debt obligations
which were not funded as agreed.  These instruments subsequently
have been in effect cancelled.  However, it has been reported
that some of these instruments denominated at $25 million each
remain in circulation.  Banca Populara Ardealul states that any
such instruments are to be considered "fake and false".

Any information which you may have concerning this matter should
be reported to:

                    Banca Populara Ardealul
                    Piata Petru Rares nr.
                    7A, Bistrita BN, Romania
                    Tel/Fax 4063 323 135    and;

                    Office of the Comptroller of the Currency
                    Enforcement & Compliance Division
                    250 E Street SW
                    Washington, D.C.   20219
                    Fax (202) 874-5301


________________________
Daniel P. Stipano
Director
Enforcement & Compliance Division