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Financial & Banking

Olteanu (BNR) - New companies are not financed by banks. Start-up leaves toward investment funds

Monday, April 25, 2016

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New firms are not financed by banks and when a start-up appears they leave towards investment funds, said Bogdan Olteanu, the deputy governor of the National Bank of Romania(BNR) at a conference on Tuesday. The third edition of “Emerging Funding for the Real Economy” brought together in Bucharest numerous financial banking system officials and analysts from our country but also from ...

ARB asks President Iohannis to challenge a recent debt discharge law with the Constitutional Court

Monday, April 25, 2016

The Romanian Association of Banks (ARB) has sent President Klaus Iohannis a letter asking him to challenge a recent debt discharge law with the Constitutional Court of Romania (CCR), having also submitted the document to the Standing Bureau of the Chamber of Deputies for ...

Finances Ministry to negotiate with EIB a 300 million euros loan

Monday, April 25, 2016

The Public Finances Ministry (PFM)will negotiate with the European Investment Bank (EIB) a 300 million euros loan to partly cover the state budget contribution to the environment investments comprised in Axes 3,4 and 5 of the Large Infrastructure Operational Programme, according to a Memorandum approved on Wednesday by the Romanian Government in its weekly ...

Payments declined by banks decreased in March 2016 by 33.3 per cent

Monday, April 25, 2016

The payments with debit instruments declined by banks decreased in March 2016 by 33.3 per cent from February, to 218.36 million lei, from almost 327.57 million lei, according to the data collected at the National Bank of Romania's Payment Incidents ...

Romania Investors Days, for the 2nd consecutive time in New York

Monday, April 25, 2016

The Bucharest Stock Exchange (BVB) has partnered with the brokerage industry to promote Romania as investment destination among global investors gathered in New York for the yearly investors' ...

ARB: The banks in Romania benefit from the trust of 10 million clients, although the perception is negative

Monday, April 25, 2016

The Romanian society records a difference between perception and reality as regards banks, and the negative perception may affect the financing of the economy, taking into consideration that it is ensured in proportion of over 90% by banks, says the executive chairman of ARB ( the Romanian Association of Banks) Florin Danescu. The Romanian Banking Institute (IBR) together with its founders the National Bank of Romania(BNR) and the Romanian Association ...

ANAF collected, in Q1, up by 7 pc than estimated

Monday, April 25, 2016

Romania collected in the first quarter of this year revenues of RON 49.78 billion to the state budget, up by 7 percent that expected, the National Agency for Fiscal Administration (ANAF) announced in a press release. At the same time, VAT revenues were 10 percent above the schedule provided by annual budget laws – RON 14.3 million. Compared to the same period last year, the budget revenues in the first quarter of 2016 are ...

EurActiv: Restore citizen confidence by tackling Europe’s underlying crisis

Monday, April 25, 2016

Europe currently faces an overwhelming number of crises, but one feature unites them all: the EU is unable to make member states comply with its own rules, writes Ramon Tremosa for EurActiv.com. Ramon Tremosa is an economist and a CDC (Democratic Convergence of Catalonia) MEP in the ALDE group. Aleix Sarri is MEP advisor in the European Parliament. Take the euro crisis as an example, the ...

Deloitte: Romania is the most active in Central and Eastern Europe for non-performing credit portfolios

Monday, April 18, 2016

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Romania is the most active market in Central and Eastern Europe (CEE) for non-performing credit portfolios. It is estimated that they will remain the same in 2016, but Slovenia and Croatia are expected to record substantial increases in transaction activities in 2016, according to the Deloitte study Deleveraging Europe 2015-2016. When sales of credit portfolios represent a frequent deleveraging method, they continue to be a strategic element for banks. In this context, the ...

Competition Council authorised takeover of Credit Europe Insurance by Ergo Austria

Monday, April 18, 2016

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The Competition Council authorised the economic concentration resulting after the takeover of Credit Europe Insurance by Ergo Austria AG, according to a press release of the competition authority. “The Competition Council evaluated the operation in point of its compatibility with a normal competition environment and found out it did not raise significant obstacle in front of competition in the market of insurance services, say Council ...

Piraeus Bank Romania CEO: The passing to pay law might impact 20 pct of the bank’s portfolio

Monday, April 18, 2016

Catalin Parvu, the CEO of Piraeus Bank Romania, says thepassing to pay draft bill will have an impact of the lender’s portfolio, if it gets enacted into law, business-review.eu says. Although he refused to say if this draft bill could be turned down at the Constitutional Court, he ...

IMF Survey: Global Economy Faltering from Too Slow Growth for Too Long

Monday, April 18, 2016

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*Global growth forecast at 3.2 percent this year, picking up to 3.5 percent in 2017 *Financial risks prominent, together with geopolitical shocks, political discord *Need for three-pronged approach spanning structural, fiscal, monetary measures   Global growth continues, but at a sluggish pace that leaves the world economy more exposed ...

Fitch Ratings: Euro zone accession remains a ‘remote prospect’ in Romania and CEE

Monday, April 18, 2016

Fitch Ratings, the credit rating agency, says in a new report that Romania’s adoption of the euro would have an intermediate effect, business-review.eu reports. However, the analysts reckon that any discussion regarding the accession into the Euro zone has lost its importance in all CEE countries. According to Fitch, the biggest beneficiaries of euro membership would be Croatia and Bulgaria, while the Czech Republic and ...

Reuters: Romania's parliament approves mortgage walk-away bill

Monday, April 18, 2016

Romania's parliament overwhelmingly approved a law on Wednesday that enables property buyers to walk away from their mortgage debts, which domestic and foreign critics say poses serious risks to the economy, Reuters reporter says. The law caps the value of the loan to be ditched at 250,000 euros and would apply retroactively, which contravenes European Union rules. A state-guaranteed programme that subsidises first-time home ...

BNR: balance-of-payments current account posted a deficit of 337 million euros, January - February, 2016

Monday, April 18, 2016

 Romania's balance-of-payments current account posted a deficit of 337 million euros, January - February, 2016, compared with 42 million euros in January - February 2015, after a surplus of 168 million euros in the first month of 2016, the National Bank of Romania (BNR) reported in a press statement on ...

EIB lend OTP Bank Romania some 25 million euro to support the SMEs

Monday, April 18, 2016

The European Investment Bank (EIB) lend OTP Bank Romania some 25 million euro to support the small and medium sized enterprise and the public entities, and to facilitate hiring young people youth in all sectors, the two banks informed in a joint release on ...

ANAF to refund more than 1.3 billion lei in VAT in April

Monday, April 18, 2016

The National Agency for Fiscal Administration (ANAF) is going to refund more than 1.3 billion lei in value-added tax in April, it announced on ...

Lazea (BNR) : The central banks should remind politicians that crises are solved not with stimulations but with reforms

Monday, April 11, 2016

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The policies of monetary stimulation adopted by the big central banks of the world did not reach their purpose as the money given through these policies were not absorbed in the economy, due to the fact that both the population and the companies have too many debts, says the head –economist of the National Bank of Romania (BNR) Valentin Lazea. ‘Non-conventional monetary policies appeared following a mistaken diagnosis put by the economists ...

ASF approved the taking over of the company Credit Europe Asigurari – Reasigurari by Ergo group

Monday, April 11, 2016

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The Council of the Authority for Financial Supervision (ASF) approved the taking over the company for general insurance Credit Europe Asigurari – Reasigurari by the German group ERGO. The taking over of the company for general insurance Credit Europe Asigurari –Reasigurari is the first step to the inclusion of ERGO on the local market of auto compulsory insurance RCA. According to the project of acquisition approved ...

The Bancpost leadership, taken over by Philippos Karamanolis

Monday, April 11, 2016

Philippos Karamanolis will takeover on 16 May the position of executive chairman of Bancpost, the local subsidiary of the Greek group Eurobank, to replace George Georgakopoulos who took the decision to take a new professional opportunity outside the group and Romania. The taking over of the position by Philippos Karamanolis is the topic of authorisation by the National Bank of Romania, the company press release ...

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