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Financial & Banking

Financial-banking Loans granted to SMEs by Garanti Bank increased in average by 20% in the last four years

Monday, July 28, 2014

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*Women entrepreneurs also have an increased appetite for financing   The appetite for financing of the local small and medium enterprises has been constantly developing for the past years, Garanti Bank registering an annual average growth of 20% in the SME segment from 2010 and up to the ...

End-June overdue loans down 4.84 pct in lei, 5.5 pct less in foreign currency

Monday, July 28, 2014

Overdue bank loans - both corporate and individual - in domestic lei totaled 12.68 billion lei in June 2014, 4.84 percent below the figure reported in May, while past due loans in foreign currency amounted to the equivalent of 18.6 billion lei, down 5.5 percent from May, informs a report by the National Bank of Romania (BNR) published on Friday. Loans in lei amounted to a total of 90.5 billion lei this June (0.67 pct more compared to the previous month), of which ...

BNR: the banks lower the interest rates for deposits, but increase the ones for loans

Monday, July 28, 2014

‘The average rates of interest rates practised by the creditation institutions in relation to the non-banking clients had divergent evolutions in the analysed period. Thus, the average yield of the deposits was inferior to the one of the previous month both in the case of the population as well as in the case of ...

Household and corporate loans go down 0.7 per cent in June (BNR)

Monday, July 28, 2014

At end-June 2014, corporate and retail loans granted by credit institutions contracted 0.7 percent from May 2014 to RON 215,387.4 million and 3.9 percent year-on-year, due to the deep decline of the forex funding, according to data the National Bank of Romania (BNR) released on Wednesday.In real terms, the non-government loan decline stood at 0.4 per cent in June 2014 compared with the previous month and ...

Ponta: In first semester we collected 3 billion lei extra revenues compared with last year

Monday, July 28, 2014

Prime Minister Victor Ponta on Tuesday said that in the first semester of this year additional 3 billion lei revenues were collected to the state budget compared with the same period of last year.'An important thing on which I want everyone to have the correct data - in the first semester of 2014 we collected as state budget revenues 3 billion lei more than last year, therefore, if we keep this trend, ...

Ponta: Romania managed to go from a 9 per cent deficit in 2009 to under 3 per cent in 2012-2013

Monday, July 28, 2014

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Romania managed to exit from the excessive budget deficit procedure, reaching, from 9 per cent in 2009 up to less than 3 per cent in 2012-2013, with the same prospects for 2014, Prime Minister Victor Ponta said at the Victoria Palace on Tuesday.'In terms of deficit, we have seen there is a great interest on behalf of those who have criticised us for the manner in which we can manage the budget deficit. I ...

Ponta: the foreing direct investments continued to grow in first months of 2014

Monday, July 28, 2014

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Prime Minister Victor Ponta at the Victoria Palace on Tuesday said that the foreing direct  investments continue to grow in the first months of this year, which allows a sustainable and stable growth, after which in 2011 they registered the lowest level over the past 15 years.'After hitting their lowest level over the past 15 years in 2011, the direct foreign investments have continued to grow, ...

Romanian state collects 88.275 bln lei in mid-year budget revenues

Monday, July 28, 2014

The National Tax Management Agency collected 88.275 billion lei in budget revenues by this mid-year, 3 billion lei more than in last Jan.-June, when collections totalled 85.086 billion lei, show figures communicated by the Agency on Wednesday (1 euro= 4.4 lei).The tax authorities collected 84.315 billion lei in taxes and duties in the first half of 2014, while the customs authority reported 3.96 billion ...

We support CAS reduction, which should be a long term measure, businessmen say

Monday, July 28, 2014

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Members of the Coalition for Romania’s Development, made of businessmen, told premier Ponta that they support the reduction of CAS, but it should be a long term measure and the improvement of collecting budget contributions could be the solution to the problem.   They showed that the reduction of social security contributions is a very ...

Central bank: Payments refused by banks up 9 percent this June from May

Monday, July 28, 2014

The amount of payments refused by commercial banks was by 42 million lei (9 percent) higher this June compared to May, standing at about 511 million lei from 469 million lei, according to data reported to the Payment Incidents Central Office of the National Bank of Romania. The bulk of payments refused this June, specifically 490 million lei, was on account of promissory notes, compared to 453 million ...

New Financial Services market report from Business Monitor International: "Romania Insurance Report Q3 2014"

Monday, July 28, 2014

As of mid-2014, there are signs that profitability is improving for at least some of the leading players in Romania's insurance sector, where conditions have been challenging since before 2013. In essence, the majors are adapting to irrational competition in the motor vehicle insurance sub-sector (and in particular, in relation to voluntary motor hull insurance, or CASCO) and low organic growth across most lines (including life insurance). The major s ...

Isarescu: I back accession to euro as a national program

Monday, July 21, 2014

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BNR governor Mugur Isarescu announced again his stand towards the political decision to join the euro zone in 2019, declaring that he supports the initiative in order to have a national program which politicians should take into account, but does not back the deadline which is hard to achieve. I back joining euro, not the 2019 target, which is hard to achieve. That is why I say it is an ambitious ...

Raiffeisen Bank President: Businessmen agree to CAS reduction

Monday, July 21, 2014

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Steven van Groningen, the president of Raiffeisen Bank declared on Thursday after meeting the head of state, that businessmen generally agree to the CAS reduction, but there is a risk and they are worried about what would happen if there was a relatively high budget deficit.   Steven van Groningen, the representative of the Foreign ...

Budget rectification on 30 July followed by Government holiday

Monday, July 21, 2014

The first budget rectification will be on July 30 this year. After that the members of the Executive will be on vacation for two weeks, according to official sources.Premier Victor Ponta recently said that Liviu Voinea, the future deputy governor of the National Bank, would be a member of the government as delegate minister for Budget, at least until the end of July, to prepare the budget ...

Budget problems: EU programmes in jeopardy again

Monday, July 21, 2014

The EU must stop rolling over its growing portfolio of unpaid bills from one year to the next, said MEPs in Wednesday’s debate on the alarming shortage of funds for payments due in 2014. Unless a satisfactory solution is found, programmes such as Erasmus+, research projects and humanitarian aid to Syrian refugees will get stuck, new ones will be grounded and beneficiaries will have to wait for money they worked for, warned the ...

New CEO of Romanian International Bank Stephen James Orlesky approved by BNR

Monday, July 21, 2014

Stephen James Orlesky became the new Chief Executive Officer of the Romanian International Bank (RIB) following his approval by the National Bank of Romania (BNR, the central bank), RIB representatives announced on Wednesday. On the same occasion, Ana Elena Cernat, Mioara Popescu and Radu Vasilescu were appointed as vice chairs of the RIB.Stephen James Orlesky has over 20 years of banking experience since his career start at the Royal Bank of Canada. Previously to ...

Romania’s life insurance market accounts for 0.3 percent of GDP

Monday, July 21, 2014

Marius Popescu, general manager of ING Asigurari de Viata, reckons that the penetration of the life insurance market in Romania stands at 0.3 percent of GDP, while in other CEE-based countries such as Hungary and Poland it reaches 1.6 percent-1.8 percent of GDP. He said that ING Asigurari de Viata should maintain the “growth trend” registered in the first quarter and close this year in the black. “ING Asigurari ...

World Bank Group Provided $11.9 Billion to Europe and Central Asia in Fiscal Year 2014

Monday, July 21, 2014

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The World Bank Group* provided $11.9 billion to Europe and Central Asia (ECA) during fiscal year 2014, aimed at reducing poverty and boosting shared prosperity in the region. Of this, IBRD/IDA provided $5.6 billion of support to the region, IFC delivered $4.7 billion in commitments, and MIGA provided $1.6 billion in political risk insurance and credit enhancement ...

Administrator of Romania's largest private pension fund to close 2014 on profit

Monday, July 21, 2014

ING Pensii, the administrator of the largest private pension fund in Romania, will close 2014 on a profit, for the first time since the launch of the mandatory private pension schemes (Pillar II) in Romania in 2008, says ING Asigurari de Viata CEO Marius Popescu.In previous years, the company posted losses, while estimates indicate that a full recouping of ING's investment in Romania's private pension sector will happen 11 years after the system was ...

Imbalance between pension system payers, beneficiaries is 14 years old, nothing has changed, says Isarescu

Monday, July 21, 2014

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Romania has for at least 14 years been caught in a vicious circle resulting from the high number of beneficiaries of the pension system and the low number of this system's payers and no improvement can be seen in this respect, the National Bank of Romania governor Mugur Isarescu said on Tuesday.'We clearly have a vicious circle: five million pension beneficiaries and only four million and something contributors. This is not new! I raised this issue for the first ...

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