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Financial & Banking

The banking rates grow: the ROBOR indicator for 3 months came back to 1% after 20 months under this threshold

Monday, September 25, 2017

The ROBOR indicator for three months which decides the way in which the interests are calculated for most of the consumption loans in lei, which went up on Monday 18 September up to 1% per year, maximum level not known from 5 January  2016, from 0.95 – 0.98% in the previous meetings, show the data of the National Bank of Romania (BNR). ROBOR 3 for three months is the main indicator which decides the variable interests for the loans in ...

BRD and BCR in top 10 of the safest banks of Central and Eastern Europe

Monday, September 25, 2017

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BRD Groupe Societe Generale and Banca Comerciala Romana (BCR) are the safest banks in Romania, according to the ranking regarding the banking institutions in Central and Eastern Europe, made by the American Global Finance magazine. According to this ranking, BRD Groupe Societe Generale is the safest bank in Romania and the seventh in the top of the safest banks in Central and Eastern Europe. Together with the two banks in our ...

Dan Suciu, BNR: Eleven banks that did not pay tax on profit no longer operate in the market

Monday, September 25, 2017

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Dan Suciu, the spokesman for the National Bank of Romania, says in a press release, that eleven banks from the list of those that did not pay taxes on profit no longer operate in the market. “The list of banks which did not pay tax on profit, presented by the media lately, includes banks which no longer operate in the market,”said the BNR official. Columna Bank, Carpatica Commercial Bank, Investment and Development ...

ASF: the number of complaints  reduced with approximately 50% down to 4,800 in Q1

Monday, September 25, 2017

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The number of complaints received by the Authority for Financial Supervision (ASF) reduced with approximately 50% in Q1 to 4,800 stated on Friday Calin Rangu, manager at the Department for the Protection of the Consumer from the Authority for Financial Supervision (ASF). ‘The number of complaints has reduced by approximately 50% in Q1 against the same period of last year. It is a reduction of the number of complaints with approximately 5,000. We ...

Bucharest stock indices end week in red, turnover falls

Monday, September 25, 2017

Bucharest stock indices fell on Friday in lower turnover, Bucharest Stock Exchange (BVB) data showed, seenews.com informs. The total equity turnover of the BVB fell to 53.1 million lei ($13.8 million/11.5 million euro) from 430 million lei on Thusrday. On Thursday, turnover was boosted by one block deal with oil and gas group OMV Petrom [BSE:SNP] shares worth 399.85 million lei. Blue-chip lender ...

MFP to launch a new programme to purchase government bonds directly through the State Treasury

Monday, September 25, 2017

The Ministry of Public Finance (MFP) is launching a new programme that will enable all interested individuals to purchase government bonds directly through the State Treasury, without commissions, reads a MFP press release issued on Friday.At the ...

Romania's Fondul Proprietatea sells 2.5% stake in OMV Petrom

Monday, September 25, 2017

Romanian investment fund Fondul Proprietatea [BSE: FP] has sold a 2.5% shareholding interest in oil and gas group OMV Petrom [BSE:SNP] for 399.85 million lei ($105 million/87 million), Bucharest Stock Exchange (BVB) data shows quoted by seenews.com. Before Wednesday's transaction Fondul Proprietatea owned 12.6% of OMV Petrom's share capital. Fondul Proprietatea sold 1.454 billion existing shares in OMV Petrom at an agreed ...

Official: ANAF is prepared for a split Value Added Tax collection system

Monday, September 25, 2017

The National Agency for Fiscal Administration (ANAF) is prepared for a split Value Added Tax (VAT) collection system and we can deal with problems that may arise, ANAF Deputy Chairman Daniel Florin Anghel told a specialist conference on Thursday. "ANAF has been very well prepared and there will be no problems with implementing Ordinance 23. Any problem that might arise are analysed and we will certainly deal with it. Since the ordinance came out, all our ...

Aggregate level of the net assets of the five Financial Investment Companies (SIF) reached in August RON 8.16 billion

Monday, September 25, 2017

 The aggregated level of the net assets of the five Financial Investment Companies (SIF) reached in August RON 8.16 billion, at the same level with July, a release by the Funds Administrators' Association (AAF) sent on ...

Bank Transilvania and the European Investment Fund offer the SMEs financing with European guarantee

Monday, September 25, 2017

Banca Transilvania and the European Investment Fund (FEI) – the initiative for SMEs (POIMM) signed an agreement to guarantee following which the bank will offer loans to the SMEs worth 100 million euro, according to a press release of the bank. ‘Starting with 20 September this year BT offers financing with European guarantee  destined to the growth of the business and the support of the working capital. This is a new programme through ...

Bucharest Stock Exchange index up eightfold in 20 years

Monday, September 25, 2017

BET, the main index of the Bucharest Stock Exchange, reached its 20th anniversary on Tuesday, September 19, romania-insider.com informs. The market capitalization of the BET index companies increased eightfold during this period to RON 35 billion (EUR 7.6 billion). The index was launched in September 1997, with ten companies and a capitalization of RON 443 million. It had an initial level of 1,000 points. ...

BNR's Daianu: Some wrongly claiming BNR does not want Romania to enter Eurozone

Monday, September 25, 2017

The claim that some do not want Romania to enter the Eurozone or that they have a "conservative" attitude towards the Banking Union is wrong Daniel Daianu, a member on the National Bank of Romania's Administration Board, told a specialist conference on Tuesday. "BNR was and is deeply involved in Romania's economic and institutional integration with the ...

Lazea (BNR): Romania meets the criteria starting with 2015 to join the eurozone

Monday, September 25, 2017

 One of the five criteria of nominal convergence to join the eurozone might be exceeded, the budget deficit respectively, on Tuesday said the National Bank of Romania (BNR)'s Chief Economist Valentin Lazea, at the "EU imminent reform: Romania and the 'tough core'. Adequacy, policies, necessary measures" ...

FinMin Misa: "fiscal secret" protects financial data of the banks that allegedly did not pay profit tax

Monday, September 25, 2017

Finance Minister Ionut Misa said on Tuesday that the financial data of the banks that allegedly did not pay profit tax fall within "fiscal secret" and that these will be provided to the members of the specialized parliamentary committees under the mention of "keeping fiscal ...

Juncker: ‘I don't intend to force countries to join the euro if they are not willing or not able to do so'

Monday, September 18, 2017

Jean-Claude Juncker, the President of the European Commission, defended his proposal to expand the eurozone. All EU Member States should have the possibility – as required by the EU Treaties – to introduce the euro, but no one would be forced to do so, Juncker said on Thursday in a YouTube interview. The strict euro-accession criteria would continue to apply, he explained. President Juncker's statement in the State of the Union Address ...

Reuters: Euro zone enlargement call sparks backlash in Germany

Monday, September 18, 2017

After years of bailing out Greece, the idea of letting more poorer states into the euro zone has sparked controversy, particularly in Germany, where Chancellor Angela Merkel is seeking re-election in two weeks time. The backlash came after European Commission President Jean-Claude Juncker called on Wednesday for non-euro zone countries to quickly adopt the single currency so that the European Union can find new unity in the euro after Britain leaves in ...

BNR: Balance of payments and external debt – July 2017

Monday, September 18, 2017

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According to Central Bank, BNR, înJanuary - July 2017 , the balance-of-payments current account posted a deficit of EUR 3,631 million, compared with EUR 2,226 ...

Greece's Eurobank in talks for sale of Romanian units to Banca Transilvania

Monday, September 18, 2017

Greece's Eurobank Ergasias [EUROB:ATH] said on Friday it has entered into negotiations on the potential sale of its subsidiaries in Romania to Cluj-based Banca Transilvania, seenews.com informs. "Eurobank and Banca Transilvania are in negotiations as regard to the potential sale of Bancpost S.A., ERB Retail Services IFN S.A. and ERB Leasing IFN S.A. in Romania," the Greek bank said in a statement. Details about the negotiations ...

Euroins Romania cuts stake in Bulgaria’s Delta Credit

Monday, September 18, 2017

Sofia-based financial and insurance services provider Delta Credit [BUL:6AC] said that insurer Euroins Romania has decreased its stake in the company to 22.92% from 29.31%, seenews.com reports. The transaction went through on September 12, Delta Credit said in a bourse filing on Friday. Further details were not disclosed. On Wednesday, Delta Credit said that Euroins Romania has decreased its stake to ...

More regulations for non-banking financial institutions in Romania

Monday, September 18, 2017

Romania’s National Bank (BNR) has approved a regulation that caps the interest rates that non-banking financial companies can charge from their clients, romania-insider.com reads. Several non-bank institutions will come under BNR’s supervision following the approval of this new regulation. Some companies, such as Provident Financial, active in the low-value credit market, ...

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