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Financial & Banking

Balance of payments and external debt, June 2014

Monday, August 18, 2014


In January - June 2014p, the balance-of-payments current account posted a deficit of EUR 878 million compared with a surplus of EUR 123 million in the same year-ago period, mainly amid the EUR 1,279 million increase in the income deficit, the Romanian central bank, BNR, ...

Fitch reduces BCR ratings from stable to negative

Monday, August 18, 2014


Fitch Ratings confirmed on Tuesday that the ratings of the Romanian Commercial Bank (BCR) but reviewed the ratings for long term debts in foreign and local currencies from stable to negative following the amendment of the rating granted to Erste Group from A- to BBB+.   Ratings for long term debts in foreign and local currencies were ...

Only 10.6 million cards are active out of 44 millions issued

Monday, August 18, 2014


The number of cards issued in Romania grew by 3 millions to 44 millions at the end of quarter two 2014, but of them only 10.6 millions are active, according to data published by the National Bank of Romania on Thursday.   Moreover, cash withdrawals continue to dominate card transactions in Romania in the second quarter, both as number of ...

Proprietatea Fund profit doubles in H1 2014

Monday, August 18, 2014

Proprietatea Fund posted a net (unaudited) profit of 1.05 billion lei in H1 2014, twofold the 514.6 million lei registered in the first half of last year, shows the half-yearly report of the Bucharest branch of PF administrator Franklin Templeton Investment Management Limited. The main factor behind the increase of profit in the first six month of 2014 was the gain on disposal of financial assets. The Fund reported a Net Asset Value ...

FNGCIMM signs conventions with six banks for guaranteeing loans granted to APIA beneficiaries

Monday, August 18, 2014

The National Fund for Loan Guarantee for SMEs (FNGCIMM) signed conventions with six financiers for guaranteeing the loans accessed by the Agency for Payments and Interventions in Agriculture (APIA) beneficiaries, the Single Area Payment Scheme (SAPS) 2014, shows a Fund release remitted on Wednesday.'Starting today [on Wednesday], farmers will be able to access loans, ...

Curency and deposits of non-residents in Romania go up by 880 million euros in H2 from H1

Monday, August 18, 2014


The currency and deposits of non-residents in Romania went up by 880 million euro (23.7 per cent) the second half of this year, to 4.596 billion euros, according to the statistic data on Romania's international investment position, drawn up by the National Bank of Romania.In the same period, the direct investments of Romanian abroad residents totalled 1.056 billion euros, ...

Banks' short-term external debt from loans plunges 73.7 percent over past year

Monday, August 18, 2014

The Romanian banks' short-term external debt arising from loans decreased steeply in the past year by 73.7 percent from 1.85 billion euros in July 2013 to 486 million euros in June 2014, while the decrease from the previous month was of 69 million euros (minus 12.43 percent), shows data released on Thursday by the National Bank of Romania. The banks' gross external debt ...

More than 80pct of insurance market assets to be evaluated until May 2015

Monday, August 18, 2014

More than 80 percent of the assets on the insurance market will be evaluated until May 2015 within a project called Asset Quality Review (AQR); the evaluation will include a stress test for the sizing of the impact of market shocks on the financial stability of the Romanian insurance business.A release of the Financial Supervisory Authority (ASF) informs that the council of ...

Generali Romania director of damages switches to Omniasig for same position

Monday, August 18, 2014

Madalin Rosu, current director of damages for Generali Romania, will take over the same position for Omniasig VIG starting with September 1st and he will also be appointed a member on the Directors Board for Vienna Insurance Grup, writes ...

OTP Bank Romania returned to profit in 1H, with EUR 5.4 mln

Monday, August 18, 2014

OTP Bank Romania posted a net profit pf HUF1.6 billion (EUR 5.4 million) in the first half of the year, from a EUR7.7 million loss in the same period of 2013, as lending increased 6 percent and interest and commission revenues grew by more than 22 percent, writes Mediafax. The bank posted an operational profit of HUF 4.9 billion (EUR 15.9 million), ...

Banks to trim assets, especially abroad, to boost capital bases

Monday, August 18, 2014

The European Commission’s restructuring plans for Greek banks provide for a drastic scaling back of their activities abroad as well as reductions in the number of branches and staff at home.   The plans for banks National (NBG) and Piraeus were given the green light late last month, following those for Alpha in early July and Eurobank ...

Net assets of ING fund of mandatory private pensions up 43 percent

Monday, August 11, 2014

The private pensions fund managed by ING Bank (within the 2nd pillar of the pensions system) had 1.8 million contributors registered at the end of June, for net assets amounting to 6.2 billion lei, up 43 percent year-on-year, a release of the SAFAP pensions administration company of ING informed on Wednesday.The market share of ING Pensions after the first half of 2014 was 37.5 percent.Between May 2008 and end-June 2014, ...

Reserve requirements will drop when banks resume lending 'with eyes wide open'(BNR gov)

Monday, August 11, 2014

The National Bank of Romania (BNR) maintains its schedule for the reduction of the required reserve ratios to European levels before Romania joins the euro area, yet depending on the capital flows and the moment the banks start giving out loans, but with 'eyes wide open,' BNR governor Mugur Isarescu on Wednesday told the conference for the presentation of the central bank's quarterly Report on inflation. 'As concerns the reserve ...

Central bank wants stable exchange rate as it easily influences prices

Monday, August 11, 2014


The National Bank of Romania (BNR, the central bank) is concerned with the stability of the exchange rate of the national currency leu, as its volatility is easily translated to prices, with a particular feature of a lesser impact of appreciation, compared to a nearly double impact of depreciation, BNR Governor Mugur Isarescu declared on Wednesday, upon presenting the quarterly report on inflation.Isarescu mentioned that the current ...

UniCredit agrees to buy RBS Romania’s corporate business

Monday, August 11, 2014

UniCredit Tiriac Bank has signed an agreement with the Royal Bank of Scotland (RBS) to acquire its Romanian corporate business portfolio for undisclosed amount. Under the agreement, RBS Romania will transfer a total portfolio of aggregate assets of around €260m, and corporate deposits of nearly €315m to UniCredit. RBS Romania's client portfolio comprises more than 500 mid market and large ...

BVB net profit up 33 percent in H1

Monday, August 11, 2014

The Bucharest Stock Exchange (BVB) had net profits of 5.64 million lei (1 euro = 4.4 lei) in the first half of 2014, up 33 percent year-on-year, from 4.24 million lei, according to the half-year report released on Thursday.The H1 net turnover was nearly 13.1 million lei, up 47 percent year-on-year from 8.9 million lei.Net profits of 5.64 million lei are 57 percent of the forecast amount for the whole year.With 45.4 million lei, the daily ...

SIF Moldova H1 net profits 182.118 million lei

Monday, August 11, 2014

The Financial Investments Company Moldova (SIF2) posted profits of 182.118 million lei for the first half of 2014, 2.2 times the year-ago figure, according to financial data reported to the Bucharest Stock Exchange on Friday.The company's revenues doubled from 170.73 million lei in H1 2013 to 345.203 million lei in H1 2014. Expenditure increased from 80.313 million lei to 129.441 over the same respective ...

SIF Banat-Crisana H1 profit five-fold year-on-year

Monday, August 11, 2014

The Financial Investment Company Banat-Crisana (SIF1) posted net profits of 149.3 million lei for the first half of 2014, 5.2 times the year-ago figure, according to financial data reported to the Bucharest Stock Exchange on Friday.The company's profits were 235.85 million lei, four-fold year-on-year, while expenditure were 58,25 million lei, 2.5 times the figure of the similar period of 2013.SIF1's total assets at ...

Astra Asigurari and Gothaer Romania have submitted bids to insure the fleet

Monday, August 11, 2014

Romania's Astra Asigurari and Gothaer Romania have submitted bids to insure the fleet of Romanian state-owned airline Tarom between September 1, 2014 and August 30, 2015, sources with the airline told Mediafax.“The auction started in June. Negotiations regarding signing the insurance policy are currently in the advanced stage. In a short while we will establish the winner and ...

Romania's budget - a budget of stagnation (professor Cosea)

Monday, August 11, 2014

  Romania's budget is a budget of stagnation, on Monday said professor Dr. Mircea Cosea, at the 'Public money wasting and financial planning on projects and programmes' debate, organised by The People's Studies Institute and the 'Hanns Seidel' ...

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