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Financial & Banking

Information from the European Commission on the latest draft proposals in the context of negotiations with Greece

Monday, June 29, 2015

Brussels, 28 June 2015 - In the interest of transparency and for the information of the Greek people, the European Commission is publishing the latest proposals agreed among the three institutions (European Commission, European Central Bank and International Monetary Fund), which take into account the proposals of the Greek authorities of 8, 14, 22 and 25 June 2015 as well as the talks at political and technical level throughout the week. Discussions ...

The ASF council approved the set up of the Institute for Financial Studies

Monday, June 29, 2015

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The council of the Authority for Financial Supervision (ASF) approved the set up of the Institution for financial Studies, through the merging of the Institute for Management in Insurances and the Institute for Insurances, as well as the statute of the institute. The new entity has as main objectives the make studies and research in the financial domain, the drawing up of legislative drafts, technical norms and professional principles for the financial ...

Romania's non-gov loans granted by credit institutions up by 1.3%

Monday, June 29, 2015

Romania's non-government loans granted by credit institutions amounted to RON 212.8 billion at the end of May, up by 1.3 percent (0.8 percent in real terms) from April 2015, according to data released on Thursday by the National Bank of Romania (BNR). RON-denominated loans increased by 3.1 percent (2.6 percent in real terms), whereas foreign currency-denominated loans fell by 0.2 percent when expressed in RON and by 0.6 percent when expressed in ...

BNR expects the public debt share of GDP to drop

Monday, June 29, 2015

The National Bank of Romania (BNR) expects the public debt share of gross domestic product (GDP) to drop on the medium-term, provided robust growth of the economy maintains and the orientation of the economic policies ensures the preservation of the fiscal consolidation gains, shows the annual activity report published on the Central Bank website on ...

Retail and corporate deposits reduced in May 2015 by 0.2pct compared to April 2015

Monday, June 29, 2015

Retail and corporate deposits reduced in May 2015 by 0.2pct compared to April 2015, to the level of 227.989 billion lei, the National Bank of Romania (BNR) announced on Thursday. The retail deposits in lei decreased in May by 0.1pct to 87.726 billion lei. ...

The foreign banks dominate the Romanian banking sector

Monday, June 29, 2015

Credit institutions with majority foreign capital own more than 90 percent of the total assets at end-December 2014, according to the 2014 annual report of the National Bank of Romania (BNR, the central bank). The Romanian banking sector is still relatively small compared to other EU member countries. The financial intermediation as weight of total bank assets ...

JTI Romania : Higher excise tax on cigarettes could damage budget

Monday, June 29, 2015

Higher excise taxes on cigarettes would impact the legal producers, indirectly supporting the smugglers, while resulting in substantial losses for the state budget, says Gilda Lazar, JTI Romania, Moldova & Bulgaria Corporate Affairs & Communications Director. "In the draft of the new Tax Code, the only taxes to increase are again the excises on ...

Reuters:S&P warns of south east Europe rating risks from Greece

Monday, June 29, 2015

Standard and Poor's warned on Wednesday it might downgrade the credit ratings of Bulgaria, Macedonia, Albania, Romania and Serbia if the troubles of Greece spill over into their banking systems, Reuters reports. Greek banks own 'systemically important' banks in these south-east European countries and the worry is that if Athens were forced out the euro zone, its lenders would become bankrupt, with a domino effect on their ...

FinMin: Romania is determined to maintain the deficit below 3pct

Monday, June 29, 2015

The budget deficit will exceed the 1.2 percent of GDP target assumed by Romania with the international financial institutions, following the application of the new Tax Code; nevertheless, it will stay below the 3pct of GDP target set by the Maastricht Treaty, Minister of Public Finance Eugen Teodorovici told the Chamber of Deputies during the discussions on Wednesday for the final ...

Romania must pay back this year 53.9 million euros to WB and EU

Monday, June 29, 2015

 Romania must still pay back this year 53.9 million euros to the Wold Bank (WB) and the European Union, under the stand-by agreement concluded in 2009, informs the Ministry of Public Finances (MFP), in a ...

EY Eurozone Forecast: The growth outlook of Romania's GDP is 3.1pct in 2015 and 3.2pct in 2016

Monday, June 29, 2015

The growth outlook of Romania's GDP is 3.1pct in 2015 and 3.2pct in 2016, if the Eurozone's recovery keeps the same coordinates, according to the June 2015 edition of the EY Eurozone Forecast (EEF) barometer sent on ...

Payments by debt instruments rejected by banks in May increased

Monday, June 29, 2015

Payments by debt instruments rejected by banks in May increased more than eightfold as compared to April and more than five times year-on-year, getting close 2.6 billion lei for the first time since January 1, 2008, shows data collected by the Payments Incidents Bureau with the National Bank of Romania (BNR, the central ...

EurActiv: Tusk calls emergency summit after Greek talks collapse

Monday, June 22, 2015

The EU called an emergency eurozone summit this week after Greek debt talks ended Thursday without a deal, sparking warnings of an "accident" that could push Athens out of the euro if there is no breakthrough by the end of the month. Finance ministers meeting in Luxembourg failed to break the five-month-old standoff between the anti-austerity government in Athens and its EU-IMF creditors, who have demanded tough reforms. Greece has until the end of June to agree a reform deal ...

ECOFIN focuses on banking structural reform and capital markets union

Monday, June 22, 2015

On Friday, June 19, the Minister for Finance, J?nis Reirs chaired the meeting of the EU Economic and Financial Affairs Council (ECOFIN) in Brussels. During the meeting, the EU Member States expressed their views on the Banking structural reform, Capital markets union and other issues. Banking structural reform The Council agreed its negotiating stance on structural measures to improve the resilience of EU credit ...

Romania’s GDP to increase by 3.1 pct in 2015, says Oxford Economics

Monday, June 22, 2015

After a Q1 when GDP grew by 4.3 percent, the positive trend is expected to continue in 2015 when, according to Oxford Economics reports, GDP will increase by 3.1 percent, with all sectors of the economy having a positive contribution. The National Bank of Romania decreased the monetary policy rate in Q1 to the lowest level in history at 2 percent. The exchange rate remained very stable over the quarter, oscillating between RON 4.40 and 4.51 for 1 EUR. ...

Parent banks injected 525.5 million euros January- April 2015 in their Romanian branches

Monday, June 22, 2015

Parent banks injected 525.5 million euros January through April this year in their Romanian branches, compared to 12.94 million in the same period last year, shows the National Trade Register Office ...

FDI in the first four months increased by 48 percent

Monday, June 22, 2015

Romania's Foreign direct investment (FDI) in the first four months increased by 48 percent to EUR 1.16 billion, given that in April they stood at EUR 279 million, down 41 percent compared to March, according to data of the National Bank of Romania (BNR). “Direct investments of non-residents in Romania totaled EUR 1.164 million, of which equity holdings (including estimated net profit) registered EUR 199 million and intra-group loans EUR 965 million ...

Matteo Patrone appointed EBRD director for Romania

Monday, June 22, 2015

The European Bank for Reconstruction and Development (EBRD) has announced on Tuesday the appointment of Matteo Patrone as its new director for Romania. Patrone will take on July 1 the position of James Hyslop, who has been appointed as EBRD's London-based director for municipal infrastructure and ...

Isarescu about the constraints affecting still the loaning area

Monday, June 22, 2015

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The National Bank of Romania (BNR) must find the suitable moment, but also the appropriate share for the reduction in the reserve requirement, so this doesn't affect the good functioning of the markets and doesn't determine the deterioration of the key-indicators in the perception of investors, BNR Governor Mugur Isarescu told a conference organised by the Bucharest Stock Exchange (BVB) on ...

Transgaz will launch a bond issue on 5 years

Monday, June 22, 2015

The National Gas Transmission Company will launch a bond issue on 5 years, worth maximum 500 million lei, at maximum 4.5pct fixed interest rate, according to a report submitted on Tuesday to the Bucharest Stock Exchange ...

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