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Financial & Banking

Balance of payments and external debt - August 2014

Monday, October 20, 2014

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The balance of payments (BOP) and external debt data are compiled and disseminated according to the new methodological standards, the Central Bank (BNR) informs.   In January - August 2014p, the balance-of-payments current account posted a deficit of EUR 945 million compared with EUR 489 million in the same year-ago period, amid the widening of primary income deficit (by EUR 1,037 million) and the narrowing of the ...

S&T Romania takes minor stake in Quality Business Solutions

Monday, October 20, 2014

S&T Romania, the local branch of Austrian S&T Group, has notified the Competition Council of the takeover of activities related to software solutions and applications of Romanian company Quality Business Solutions (QBS), via an asset transfer contract.S&T Romania currently celebrates 20 years of presence on the market.   If the Competition Council approves the contract, QBS will transfer to S&T its IT ...

Romania wants to sell eurobonds of 1 billion euro in international market before elections

Monday, October 20, 2014

Romania intends to sell denominated euro bonds of at least 1 billion euro in international markets at a tender to be organized in the following weeks, according to delegate minister for budget, Darius Valcov, quoted by Bloomberg. The Finance Ministry wants to return to international markets before presidential elections of November 2, the minister said.The investors’ feelings might change after elections. The euro bond sale was initially scheduled to the end of the ...

Law transferring Constanta Port shares to Local Council free of charge runs counter constitution

Monday, October 20, 2014

The Constitutional Court of Romania (CCR) ruled on Thursday that the instructions of the Law on the free-of-charge transfer of more than 1.3 million share package held by the state in the National Company of the Administration of Maritime Ports S.A. Constanta accounting for 20 percent of the share capital to the Local Council of the Black Sea port of Constanta run counter the Romanian ...

Combating tax evasion: Council agrees to extend automatic exchange of information

Monday, October 20, 2014

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The Council agreed last tuesday, at a meeting of the Economic and Financial Affairs Council , on a draft directive extending the scope for the mandatory automatic exchange of information between tax administrations, enabling them to better combat tax evasion and to improve the efficiency of tax collection.   The proposal brings interest, dividends and other income, as well as account balances and ...

EcoMin Nita: Taxes could be reanalysed when Gov't tax revenue collection is 37-38pct of the GDP

Monday, October 20, 2014

Tax on special structures as well as other rates and taxes could be reanalysed when the Romanian Government's tax revenue collection reaches between 37 -38 per cent of the Gross Domestic Product (GDP), up from a current 32-33 per cent, Economy Minister Constantin Nita told a taxation conference on Wednesday.   'When the tax revenue collection rate of the Romanian Government reaches 37—38 per ...

Private pension funds are managing 4.25 billion euros

Monday, October 20, 2014

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The Romanian-based private pension funds are managing 4.25 billion euros worth of assets, with 94 percent of the investments being made in Romania, according to end-Sept. figures unveiled by Raluca Tintoiu, CEO of the Association for the Privately Managed Pensions in Romania at a specialised conference on ...

Pensions will rise by 5 percent as of January 2015

Monday, October 20, 2014

Pensions will rise by 5 percent as of January 2015 and disability benefits will also grow by 16 percent, Labor Minister Rovana Plumb told a conference on private pensions this Monday. The pension growth will exceed the percentage increase set forth by the law, which corresponds to inflation pegging plus 50 percent of ...

Amendments to the Stock Exchange's Code took effect on Monday, October 6

Monday, October 13, 2014

The Romanian stock market and capital market have witnessed historic and unprecedented transformations in the past two and a half years, and reforms must be continued to obtain the status of emerging market (investment grade), the Bucharest Stock Exchange /BVB/ President Lucian Anghel said on Monday. The amendments to ...

The government continues the listing of the companies with Hidroelectrica, the Bucharest airport, the Constanta Harbour

Monday, October 13, 2014

 The government will continue the programme of listing on the stock exchange of share packages for state-run companies such as Hidroelectrica, the Bucharest Airport, the Electrical Company Oltenia and the Constanta Harbour, stated premier Victor Ponta showing that he hoped that 2015 be the right year for such listings. ‘If 2013 and 2014 were years of development for the BVB I wish 2015 and 2016 continued, and the involvement of the government either on ...

Non-performing loans in Romanian banking system will drop to 16% in 2016 (study)

Monday, October 13, 2014

Non performing loans (NPL)from the Romanian banking system will drop to 16% in 2016 from 18% this year, according to a Deloitte Romania study.“Banks in Romania have accelerated the process of reducing old NPL following the recommendations made by the central bank, which had as effect the biggest NPL reduction in Central Europe from 21% in 2013 to 18% this year and to 16% in 2016”the study shows.   According to ...

Transfers approved: Millennium goes to OTP Bank and RBS to UniCredit Tiriac

Monday, October 13, 2014

The Competition Council approved the takeover of the local branch of Millennium bcp by OTP Bank Romania and the portfolio of corporate clients of RBS Romania by UniCredit Tiriac Bank without having any objections about the economic concentration made in each case.   “There will be no objection about the economic concentration achieved after the single direct control of OTP Bank Romania on Millennium Bank and on the ...

OTP Bank won’t sell Millennium bcp Romania license; waits for BNR approval for takeover

Monday, October 13, 2014

OTP Bank Romania will start the integration process with the local subsidiary of Portugal’s Millennium bcp as soon as the Romanian central bank approves the takeover and doesn’t plan to sell Millennium’s license.   “We will begin the integration process for the two banks after we get approval from the central bank, probably in the next two months. (…) We don’t intend to sell the ...

BNR Report: Romanian banking has a high shock resistance in case of negative evolutions of the conflict in Ukraine

Monday, October 13, 2014

Romanian banking has a high shock resistance, with medium to high resilience in the event of a withdrawal of finances on a possible worsening of the conflict in Ukraine, the National Bank of Romania (BNR, the central bank) shows in a report on financial stability published on its website on ...

The majority Romanian-owned banks have doubled their market share to 19.8 percent in this June

Monday, October 13, 2014

The majority Romanian-owned banks have doubled their market share to 19.8 percent in this June, up from 9.4 percent in June 2013, passing the market share of the French- and Greek-owned banks of 13.3 percent and 12.5 percent respectively, shows the 2014 Report on Financial Stability made public by the National Bank of Romania late on ...

Joint IFI initiative delivers vital support for central and south-eastern Europe

Monday, October 13, 2014

*EIB, World Bank Group, and EBRD beat funding targets, set template for future cooperation   The European Investment ...

CEC Bank to launch, this October, domestic factoring facilities in lei

Monday, October 13, 2014

CEC Bank will launch, in October, domestic factoring facilities in lei, for SMEs and large customers, reads a bank release issued on Tuesday. "Entering the market of ...

European Parliament clears two-headed ‘Mr Euro’ for Juncker team

Monday, October 13, 2014

 The European Parliament endorsed former Latvian prime minister Valdis Dombrovskis on Wednesday (8 October) in the new role of Vice-President of the European Commission, in charge of the euro. He will be seconded by Pierre Moscovici in the economics portfolio, in a novel two-headed configuration for the single currency in the EU executive.   Lawmakers said Dombrovskis, seen as an austerity hawk who will keep an eye on ...

BCR names new coordinator of cash management department

Monday, October 13, 2014

Mircea Spinei has been appointed as coordinator of the cash management department of Banca Comerciala Romana (BCR).He is a graduate of the Polytechnic Faculty in Bucharest, specializing in IT and has recently graduated from the ASEBUSS Executive MBA program. Spinei has previously worked in the department of operations, client service, implementation, product management and cash management sales at ABN AMRO Bank (Romania) and ...

Budgetary collections at nine months are higher by 7.36 billion lei against last year

Monday, October 6, 2014

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The budgetary income collected in the first nine months of 2014 are 135.988 billion lei, up by 7.36 billion lei (5.7%) as compared to the similar period of 2013, said the minister of public finances Ioana Maria Petrescu, in an interview for Agerpres. The programme for collections for the first three quarters of 2014 was 135.381 billion lei, and this programme was surpassed by ...

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