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Financial & Banking

Press Release of the Board of the National Bank of Romania

Monday, February 8, 2016

In its meeting of 5 February 2016, the Board of the National Bank of Romania decided the following: to keep unchanged the monetary policy rate at 1.75 percent per annum; to pursue adequate liquidity management in the banking system; and to maintain the existing levels of minimum reserve requirement ratios on both leu- and foreign currency-denominated liabilities of credit ...

Isarescu: Debt-to-equity swap law would not hurt if approved as per motivation

Monday, February 8, 2016

The debt-to-equity swap law would do no harm if approved in line with the explanatory memorandum; nevertheless the same law says nothing about the state guarantee the First Home loan programme, Mugur Isarescu, Governor of the National Bank of Romania (BNR, the central), said on Friday in a press briefing. "We are discussing with banks as supervisor, but there is no understanding between banks, to my knowledge. We believe that what some banks have announced, if the law is approved in ...

Number of debtors to banks, non-banking financial institutions, down to 704,246 people in December

Monday, February 8, 2016

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  The number of retail debtors with outstanding loan repayments of more than 30 days to banks and non-banking financial institutions decreased to 704,246 people at end-2015, show data with the National Bank of Romania (BNR).From December 2014, the debtors' number is lower by 0.72pct, and compared to November 2015 by 1.07pct. As to the arrears, these amounted to 11.3 billion lei. Depending on the ...

Reverse taxation, the best way to eliminate the VAT frauds

Monday, February 8, 2016

Reverse taxation is the best way to eliminate the VAT frauds; a pilot-project to this effect will be implemented in the Czech Republic and might bring changes in the entire European Union in terms of application of the value-added tax, says Gabriel Biris, secretary of state in the Public Finances Ministry ...

EBRD increases its stake in Bucharest Stock Exchange to 5.12 percent

Monday, February 8, 2016

The European Bank for Reconstruction and Development (EBRD) has increased its stake in Bucharest Stock Exchange (BVB) to 5.12pct, trough the purchase of 10,000 BVB shares on 1 February 2016, according to the BVB website. The EBRD already held a stake of 4.99pct (382,942 shares) in BVB; now it has 392,942 shares, which give it as many votes in the means a similar number of votes in the ...

BNR survey: Banks anticipate they will tighten mortgage lending in Q1 2016

Monday, February 8, 2016

Banks in Romania slightly eased the conditions for granting housing loans in the last quarter of 2015, on grounds of rising demand, however they anticipate, for the first time in the past year, that they will tighten the requirements for these loans in the coming period, reveal the findings of a quarterly lending survey by the National Bank of Romania (BNR)."Lending standards recorded a moderate relaxation in the case of loans for buying houses and remained relatively constant for personal ...

Bucharest Stock Exchange reports over 179-million-euro worth of transactions in January

Monday, February 8, 2016

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The Bucharest Stock Exchange (BVB) recorded a number of 100,513 transactions worth over 812.6 million lei (179.3 million euros) in January, according to data posted on the BVB website. The daily average value of trade stood at about 40.6 million lei for 20 trading sessions that took place. A number of 66,645 transactions in excess of 631.8 million lei were conducted in shares on the main tier, with 84 issuing companies and 40 intermediaries. Moreover, there were 42 transactions in ...

BNR's International reserves – January 2016

Monday, February 8, 2016

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* On January 31st 2016, the National Bank of Romania’s foreign exchange reserves stood at EUR 31,679 million, compared to EUR 32,238 million on December 31st 2015. During the month, the following flows have taken place: EUR 1,053 million inflows, representing changes in the foreign exchange reserve requirements of the credit institutions, inflows into the Ministry of Public Finances’ accounts, inflows into the ...

Romania’s national bank reports increase in lending

Monday, February 1, 2016

The National Bank of Romania has released data that shows lending activity increased in the Eastern European country last year, as far as loans paid in lei were concerned. However, lending in foreign currency decreased by 10%. EurActiv Romania ...

Bank in Hungary to lend $403M to Transylvania firms

Monday, February 1, 2016

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 A bank in Hungary will lend 370 million euros ($403 million) to Hungarian and Romanian companies to develop business ties between the two countries, AP informs, quoted by dailymail.co.uk. Hungarian Foreign Minister Peter Szijjarto said Friday that Eximbank would lend the money while the Hungarian government would open six offices in Transylvania in northwestern Romania to promote business. Some 1.4 million Hungarians live ...

EIF and ProCredit group signed an agreement to boost access to finance for innovative companies

Monday, February 1, 2016

The European Investment Fund (EIF) and ProCredit group have signed an agreement to boost access to finance for innovative companies, both SMEs as well as small-sized enterprises with average capitalization, within the programme InnovFin - EU funding for Innovators, an initiative supported by the European Commission, reads a press release issued  on ...

Overdue retail and corporate loan repayments in lei recorded in December,down 5.8pct

Monday, February 1, 2016

 The total value of overdue retail and corporate loan repayments in lei recorded in December amounts to 8.98 billion lei, down 5.8pct over the amount reported in November, while forex loan repayments in arrears foreign currency amounted to 11.98 billion lei (equivalent), down 6.2pct, according to a report by the National Bank of Romania ...

Nextebank became Banca Carpatica’s biggest shareholder

Monday, February 1, 2016

Local bank Nextebank, which is owned by the investment fund Emerging Europe Accession Fund managed by Axxess Capital, has agreed to bring close to RON 100 million (EUR 22 million) of fresh capital to local lender Banca Carpatica. The transaction, which turns Nextebank into Banca Carpatica’s biggest shareholder, with a 47% stake, has been approved by Romania’s National Bank. Nextebank will buy 986 million shares at a ...

Government approved the signing of a memorandum with EBRD

Monday, February 1, 2016

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The Romanian Government approved on Wednesday the completion of negotiations with the European Bank for Reconstruction and Development (EBRD) and the signing of a memorandum of understanding on assistance for which Romania will qualify to implement projects funded from EU structural ...

Non-government loans added 3.0 percent (4.0pct in real terms) YOY at end December 2015

Monday, February 1, 2016

At end-December 2015, non-government loans added 3.0 percent (4.0pct in real terms) year-on-year, according to data released on Wednesday by the National Bank of Romania (BNR, the central bank). On a November 2015 basis, the trend was 0.4pct down (-0.6pct in real ...

Bank deposits amounted to 253.5 billion lei at end-December 2015

Monday, February 1, 2016

Deposits of non-government resident customers in Romania's banks amounted to 253.5 billion lei at end-December 2015, according to data released on Wednesday by the National Bank of Romania (BNR, the central bank). The figure was up by 6.9 percent from November and by 8.6pct ...

U.S. AMBASSADOR HANS KLEMM’S REMARKS AT FONDUL PROPRIETATEA’S FIFTH ANNIVERSARY OF LISTING AT THE BUCHAREST STOCK EXCHANGE

Monday, February 1, 2016

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January 26, 2016 Minister Grigorescu, distinguished guests, ladies and gentlemen.  It is a great pleasure to be with you today as we celebrate the fifth anniversary of the listing of Fondul Proprietatea on the Bucharest Stock Exchange.  Greg, members of Fondul’s board, thank you for inviting me to mark this occasion with you. Fondul’s listing on the Bucharest Stock Exchange and secondary listing on ...

ASF: decision to take resolution actions against Carpatica Asig

Monday, February 1, 2016

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Resolution actions against the Carpatica Asig insurance company do not hamper the company's everyday operations, Financial Supervision Authority (ASF) President Misu Negritoiu said.The ASF had informed in an earlier release on its decision to take resolution actions against Carpatica Asig; the step involves the takeover by ASF to help recover and sell the company. "Implementing the resolution actions does not impact the basic operations of the ...

FinMin Dragu: Affirmation of Romania's rating by Fitch based on balanced evaluation

Monday, January 25, 2016

As Fitch Ratings has affirmed on Friday Romania's long-term foreign and local currency issuer default ratings at at 'BBB- and BBB, respectively, both with stable outlooks, Finance Minister Anca Dragu says the decision was based on a balanced evaluation of the country's progress and macroeconomic risks. "We are happy about the recognition of progress in the public finance and financial stability areas; Fitch's estimate on the economic growth is above ...

Eurostat: Romania's public debt after the third quarter of 2015 was 37.2 percent of GDP

Monday, January 25, 2016

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Romania's public debt after the third quarter of 2015 was 259.12 billion lei, or 37.2 percent of the gross domestic product, down by 0.8 percentage points from 38pct (259.48 billion lei) in the previous quarter, according to data released on Friday by Eurostat, the statistical office of the European ...

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