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Financial & Banking

BNR’s Georgescu: EUR 11 bln needed for recapitalization of Romanian companies

Monday, September 26, 2016

The recapitalization needs of Romanian companies stand atEUR 11 billion, First Deputy Governor of the National Bank of Romania (BNR) Florin Georgescu says quoted by business-review.eu. Out of the total EUR 11 billion, EUR 6 billion would be be needed to recapitalize private companies with foreign capital, EUR 4.5 billion to recapitalize private companies with Romanian capital and 0.5 billion would be ...

BNR: Monetary indicators - August 2016

Monday, September 26, 2016

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According to Central bank (BNR) data, at end-August 2016, broad money (M3) amounted to RON 295,711.4 million, up 0.5 percent (0.5 percent in real terms) month on month. In year-on-year comparison, broad money rose 12.7 percent (13.0 percent in real terms). At end-August 2016, non-government loans granted by credit institutions inched down 0.3 percent (-0.4 percent in real terms) from July 2016 to RON 215,384.7 million. RON-denominated loans expanded ...

Reuters: Romanian Fondul says to sell part of its Petrom shares in Q4

Monday, September 26, 2016

Romanian investment fund Fondul Proprietatea said on Friday it aimed to sell a part of its 19 percent stake in oil and gas group OMV Petrom in the fourth quarter, to enhance its trading liquidity, Reuters correspodent reports. The $2.2 billion fund, managed by global investment manager Franklin Templeton, holds minority stakes in a slew of state-owned and private firms, including a 19 percent stake in Petrom, which is ...

ANAF will stop accepting, starting with 1 January 2017, paper filings of digital statements

Monday, September 26, 2016

The National Tax Administration Agency (ANAF) will stop accepting, starting with 1 January 2017, paper filings of digital statements, ANAF Chairman Dragos Doros told an accounting conference on ...

7.1 billion lei aggregated net assets of the five financial investment companies (SIF) at the end of August

Monday, September 26, 2016

The aggregated net assets of the five financial investment companies (SIF) was 7.1 billion lei, at the end of August, up by 3 percent compared to the level recorded at the end of July, points out a press release of the Asset Managers Association (AAF) sent on ...

Romania borrows RON 500 mln until February 2020 at lower average interest rate

Monday, September 26, 2016

The Ministry of Finance sold state bonds on Monday valued at RON 500 million (EUR 112.5 million) with maturity in February 26 2020, aligned with the programmed level, for which banks receive an average annual yield of 1.80 percent. This offering registered a slight drop in yields compared with the last tender with the same maturity, says the BNR data, according to news.ro quoted by business-review.eu. At the past tender within the same bonds issue from ...

Euroins Romania's Jan-Aug premium income rises 17.1% y/y

Monday, September 26, 2016

The premium income of Euroins Romania rose by 17.1% year-on-year, reaching 120.5 million euro ($134.5 million) for the first eight months of 2016, the insurer’s Bulgaria-based parent Eurohold [BUL:4EH] has said, quoted by seenews.com. In August alone, Euroins Romania’s premium income rose 48.1% on the year to 17.1 million euro, Eurohold said in a filing with the Sofia bourse on Saturday. Euroins Romania's premium ...

ROBOR index for 3 months reaches historic low on 0.70% per year. Cheaper credits

Monday, September 26, 2016

Romanians with credits in lei may pay smaller instalments in October, after the historic low value of 0.70% per year recorded on Tuesday. At the beginning of 2015, ROBOR for three months was 1.68% the historic high reached on February 9, 1999 was 125.54%, according to data published by the National Bank of Romania. ROBOR for three months is one of the main components of credit costs, which is usually added to commercial interest rates offered by ...

Banks expect ease of lending for IT, Health and SMEs in Romania

Monday, September 26, 2016

EY Romania and the Romanian Banking Association (ARB) have releasedfor the third year the Banking Barometer ARB&EY. The index of the banking industry in Romania is calculated following a process involving a questionnaire filled in by the management of banks, members of the ARB, business-review.eu ...

Bloomberg:Romania to Name New Deputy Central Bank Governor After Elections

Monday, September 26, 2016

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Social Democratic Party leader says lawmakers need time Parliament must act after corruption probe sank Olteanu Romania will probably pick a new deputy head of the central bank after Dec. 11 elections as parliament needs time to make the best decision, the leader of the Social Democrats said quoted by Bloomberg correspondent. The main ...

President Iohannis: a 2019 deadline for Romania adopting the single European currency is out of the question

Monday, September 19, 2016

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 Romanian President Klaus Iohannis said on Thursday that a 2019 deadline for Romania adopting the single European currency is out of the question, adding that adopting it too quickly could damage the Romanian ...

ASF head Negritoiu, on the reference prices for RCA insurance

Monday, September 19, 2016

The head of the Financial Supervision Authority (ASF), MisuNegritoiu, promises to finalize the reference prices for RCA on categories and vehicles classes insured in a shorter interval than the 30 days requested in the emergency ordinance, as well as the debates with the the transport firms regarding the ...

BVB launched "Fluent in Finance" platform

Monday, September 19, 2016

Bucharest Stock Exchange (BVB) has launched on Wednesday the financial education platform "Fluent in Finance," through which the interested persons can acquire financial knowledge, mainly in the capital market area. "The platform will certainly be the most important point for those who want to understand the mechanisms of the capital market. This is a unique ...

Romania’s factoring market up by 15.5 pct in H1

Monday, September 19, 2016

The factoring market grew by 15.5 percent in the first six months of the year compared with the similar period of the last year, reaching a level of EUR 1.75 billion, according to the data of the Romanian Factoring Association (ARF) quoted by business-review.eu. „From the volumes point of view, the biggest growth was registered by the internal factoring, with a growth of 20 percent compared with the last year, reaching the level of EUR 1.35 ...

Raiffeisen Bank Romania's H1 lending to medium-sized firms grows 7% y/y

Monday, September 19, 2016

Raiffeisen Bank Romania said on Friday that its first-half credit portfolio for medium-sized companies expanded by 7% on the year, reaching 550 million euro ($617 million), seenews.com informs. The sectors that recorded the largest increases in borrowing from Raiffeisen Bank Romania were the distribution of consumer goods (especially food), transport, agriculture, food industry, machinery production, metal construction and building materials industry, ...

Supreme court suspends dissolution of Carpatica Asig

Monday, September 19, 2016

Judges from the High Court of Justice admitted on Tuesday the DNA request to forbid the dissolution and liquidation of Carpatica Asig for 30 days. Anti-corruption prosecutors asked the supreme court to impose preventive measures and forbid the dissolution and liquidation of Carpatica Asig when ASF decided on the company’s insolvency. “Penal sentence 44F of March 8, 2016 of Bucharest Court of Appeal decided to condemn ...

EY Survey: Bank relevance index in Romania is the second lowest among the European countries

Monday, September 19, 2016

Commercial banks are losing they customer relevance each year to other providers of financial products that are easily accessible and customisable. The Earnest & Young (EY) Bank Relevance Index reveals a 75.1 percent global relevance and 73.4-percent relevance in Romania, expected to further ...

Garanti Leasing Romania gets 10 mln euro EBRD loan

Monday, September 19, 2016

The European Bank for Reconstruction and Development (EBRD) said on Tuesday it is lending 10 million euro ($11.2 million) to Garanti Leasing, part of financial group Garanti Romania. Garanti Leasing will use the loan to finance new leases for local small and medium sized enterprises (SMEs), in particular for equipment, trucks and trailers and other vehicles, the EBRD said in a press release. Garanti Leasing has a strong focus on ...

EurActiv: Romania and Bulgaria were not ready for accession, EU auditors confess

Monday, September 19, 2016

The European Court of Auditors (ECA) lifted the veil on a little-known page of European history Monday (12 September) when it revealed the Court had initially opposed the accession of Romania and Bulgaria to the EU, EurActiv.com reads. Bulgaria and Romania joined the EU in January 2007 despite the auditors’ opinion that they were not ready for accession, ECA said in a report published on Monday. The auditors ...

BNR: balance-of-payments current account posted a deficit of EUR 2,157 million in January - July 2016

Monday, September 19, 2016

In January - July 2016, the balance-of-payments current account posted a deficit of EUR 2,157 million, almost 14 percent lower that the one registered in the first half of this year, but 2.8 times higher than in the same period of 2015, when it stood at EUR 756 million, reads a Tuesday release of the National Bank of Romania (BNR). In the assessed period, the goods balance and primary income balance recorded higher deficits, by EUR 1,226 million and EUR 211 ...

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