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Financial & Banking

Budget surplus, at 1.06 percent of GDP at end-July

Monday, August 31, 2015

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The execution of the general consolidated budget over the first seven months of 2015 ended with a surplus of 7.4 billion lei, specifically 1.06 percent of GDP, as to the deficit of 1.01 billion lei accounting for 0.15 percent of GDP registered at the same date of 2014, shows data published by the Ministry of Public Finance on ...

Vienna Insurance Group (VIG) generated in H1 2015 a gross profit of 3.5 million euros

Monday, August 31, 2015

The operations in Romania of Austria's Vienna Insurance Group (VIG) generated in H1 2015 a gross profit of 3.5 million euros, up from one million euros in H1 last year, according to the data released on Tuesday by ...

Non-government loans declined by 1.3 percent at end-July

Monday, August 31, 2015

At end-July, non-government loans granted by credit institutions declined by 1.3 percent (1.1pct in real terms) from June to 212.371 billion lei, and by 0.7pct year-on-year, as forex loans (especially the household ones) went down, according to data released on Tuesday by the National Bank of Romania (BNR, the central ...

Mortgage loans brokered by Kiwi Finance totaled 100 million lei in H1 of 2015

Monday, August 31, 2015

 In the first half of 2015, the volume of standard mortgage loans brokered by Kiwi Finance totaled 100 million lei, according to a company's ...

4finance Opens Successfully in Romania

Monday, August 31, 2015

* 2,500 Loans in Just Two Months of Operations, Now Active in 13 countries 4finance Holding S.A. (“4finance” or the “Group”), one of Europe’s largest online and mobile consumer lending groups, is pleased to announce a strong start to its new operations in Romania, with over 2,500 loans made within just two months of beginning operations there in ...

ASF asks the Astra Asigurari insurance company to file for bankruptcy

Monday, August 31, 2015

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The board of the Financial Oversight Authority (ASF) on Wednesday asked the Astra Asigurari insurance company, under receivership, to file for bankruptcy, and decided to withdraw the company's licence to trade, ASF Chairman Misu Negritoiu reported on ...

The value of outstanding repayments to leu-denominated retail and business loans stood at 9.644 billion lei in July

Monday, August 31, 2015

The total value of outstanding repayments to leu-denominated retail and business loans stood at 9.644 billion lei in July, up by 0.8pct from June, whilst the overdue repayments to forex loans amounted to 13.528 billion lei (equivalent), down by 1.65pct, shows a National Bank of Romania /BNR/ report released on ...

Isarescu: 4% economic growth reaches potential limit, investments should be stimulated

Monday, August 24, 2015

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The 4% economic growth is going towards the limit of the present economic potential and the stimulation of consumption at a large scale, by the massive tax cuts, jeopardizes macroeconomic balances, says BNR governor Mugur Isarescu, who lays accent on investments. “We must stimulate consumption in proportions which jeopardize all macroeconomic balances obtained with difficulty. In our interpretation, at the National Bank the 4% increase is towards ...

KPMG: there were no subscriptions of capital at Astra

Monday, August 24, 2015

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No investor was interested in participating in the increase of capital at Astra, so that the special administrator of the insurer, KPMG analyses together with ASF the possible variants for the recovery of the company, appreciating that it will not be able to adopt another plan without the addition of capital. The second stage of increase of the social capital included in the recovery plan of Astra, addressed both to the existing shareholders and to ...

The ASF council named Carmen Radu as chairman of Board of the Guarantee Fund of Insured

Monday, August 24, 2015

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The Council of the Authority for Financial Supervision (ASF) named, in the meeting on Wednesday as chairman of the Board of the Fund for Guarantee of the Insured (FGA) Carmen Daniela Radu, former general manager and deputy general manager of EurekoAsigurari SA, according to a press release. Carmen Radu has professional experience of over 20 years at managerial level in the domain of finances, insurancs, among the positions she had were those of general manager and deputy ...

ASF: Euroins rebuilds measure plan following stress tests. Carpatica comes with additional measures

Monday, August 24, 2015

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Carpatica company suggested to the Authority for Financial Supervision (ASF) a set of additional measures which was approved by the institution and completes the initial recovery plan, while Euroins company must rebuild its measure plan because it did not fully answer to adjustment needs resulted from the Balance Sheet Review, an ASF press release issued on Thursday shows. According to an evaluation of the insurance sector in Romania, in which 13 ...

Bank payment incidents, down by 6.2 percent in July

Monday, August 24, 2015

The amount of payments by debit instruments declined by banks in July decreased by 6.2 percent from the previous month, to 448.334 million lei, according to data collected by the Payment Incidents Register of the National Bank of Romania (BNR, the central bank); the number of payment incidents decreased by 3pct to 7,677, from 7,919 a month ...

OMV Petrom to be listed on the London Stock Exchange

Monday, August 24, 2015

OMV Petrom 's Shareholders' Extraordinary General Assembly approved the secondary listing on the London Stock Exchange, according to a report for the Bucharest Stock Exchange ...

Number of mandatory home insurance policies decreased at end-July

Monday, August 24, 2015

The number of active mandatory home insurance policies decreased, at end-July, to 1,493,727 compared to 1,506,117 policies registered at end-June, according to statistics of the Natural Disaster Insurance Pool (PAID), the company issuing this kind of ...

Government has approved financing facilities from EIB

Monday, August 24, 2015

The Romanian Government has approved through a Memorandum an Agreement in principle regarding the contracting of some financing facilities from the European Investments Bank (EIB), worth up to 700 million euro, the Government Press Office informed on ...

CEC Bank and EIB have signed a funding agreements totalling 145 million euros

Monday, August 24, 2015

CEC Bank and the European Investment Bank (EIB) have signed so far funding agreements totalling 145 million euros for co-financing the projects of SMEs and local public administrations, reads a CEC Bank release issued on Tuesday.Under the funding conventions concluded with EIB, CEC has extended over 200 loans for funding working capital, as well as for building or ...

Raiffeisen Bank Romania recorded a net profit of 48 million euros in H1 of 2015

Monday, August 24, 2015

Raiffeisen Bank Romania has recorded a net profit of 48 million euros in the first half of 2015, up by 6pct year-on-year, a press release sent by the bank ...

Reuters:Romania will struggle to absorb growth above 4 pct (central bank)

Monday, August 24, 2015

Romania will struggle to absorb growth above 4 percent and a government tax cutting plan will fuel consumption and threaten the country's economic stability, Central Bank Governor Mugur Isarescu said in a magazine interview published on Tuesday. Parliament meets next week to vote on a plan to cut taxes in 2016, championed by the government in a bid to boost economic growth but opposed by the International Monetary Fund, ...

UniCredit Tiriac Bank is known as UniCredit Bank

Monday, August 24, 2015

Starting with August 18, 2015 UniCredit Tiriac Bank will be known as UniCredit Bank. According to a statement released by the bank, as part of the ongoing rebranding process, in the upcoming months the bank will further receive a new visual identity, namely a name and ...

EurActiv: Eurozone okays Greek bailout, wooing IMF on debt

Monday, August 17, 2015

Eurozone finance ministers agreed on Friday to lend Greece up to €86 billion in return for an unprecedented package of reforms that Athens had previously rejected and which has divided Prime Minister Alexis Tsipras and his party. Assuming approval by the German and other parliaments, €13 billion should be in Athens next Thursday to pay pressing bills and a further 10 billion will be set aside at the European Stability Mechanism, ...

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