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Financial & Banking

Bloomberg: Romania Plans to Cut Taxes From 2016 to Boost Economic Growth

Monday, February 23, 2015

Romania plans to start cutting taxes from next year to boost economic growth and increase living standards after four years of austerity, Prime Minister Victor Ponta said.The cabinet intends to cut value-added tax to 20 percent from 24 percent and reduce the levy for meat, fish, vegetables and fruit to 9 percent, the rate which already applies to bread, Finance Minister Darius Valcov said. The changes will reduce budget revenue by 5.2 billion lei ($1.3 billion) next year, ...

FinMin Valcov: Reducing taxes means freezing expenses in 2016

Monday, February 23, 2015

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Tax reductions could be applied by freezing budget expenses in 2016 at the level of 2015, but as of 2017 about 40% of GDP increase will go to fiscal relaxation and 60% to budget expenses, said Darius Valcov, the finance minister.The minister showed that cost standards would be introduced by mid 2015 for the central administration and did not exclude other administrative reforms.   According to the finance minister, the ...

IMF no asked for agreement on the new Tax Code

Monday, February 23, 2015

The Romanian Government has not asked the International Monetary Fund (IMF) for agreement on the tax relaxation measures included in Romania's draft new Tax Code, Finance Minister Darius Valcov told Realitatea TV private broadcaster on Wednesday. "The agreement with the IMF and the European Commission expires in September 2015. All the measures, which I whole-heartedly believe will pass before half-year, will come into force as from January 1, 2016," Valcov ...

Bank's capital increased total 1.8 billion euros from 2009 to 2014

Monday, February 23, 2015

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The capital injections made by the shareholders of some banks from 2009 to 2014 totaled 1.8 billion euros to cover the losses generated by the "exuberance" in loan lending in the period before the downturn, but now there is optimism regarding the resumption of lending healthier bases, with more wisdom, says First Deputy Governor of Romania's Central Bank, Florin Georgescu. "The capitalization of banks, measured through the solvency indicator, is on the rise ...

National Bank of Romania Fulfills Basel III and EBA Requirements with BearingPoint Solution

Monday, February 23, 2015

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*Management and technology consultancy BearingPoint implements ABACUS/Regulator at the National Bank of Romania as standard-platform for regulatory data collection   The National Bank of Romania (NBR) has implemented BearingPoint's standard software solution ABACUS/Regulator to comply with the new data collection and remittance requirements of the European Banking Authority (EBA). With ...

ARB does not endorse any project of foreign exchange loans conversion in lei

Monday, February 23, 2015

The Romanian Banking Association (ARB) does not endorse any project of foreign exchange loans conversion in lei, ARB President Radu Gratian Ghetea told a conference at the Romanian Banking Institute on Thursday. "We encourage clients to go to banks and try to find individual solutions, according to each particular case," Ghetea said. He pointed out that ARB does not oppose the adoption of individual bankruptcy law, but that it joined those ...

Romanian insurance market shrank 4.1 percent in the nine months of 2014

Monday, February 23, 2015

 The Romanian insurance market shrank 4.1 percent in the nine months of 2014 as compared to the same period in 2013, with the gross underwritten premiums totalling 5.92 billion lei as compared to 6.17 billion lei over Jan.-Sept. 2013, show figures released by the Financial Supervisory Authority on Tuesday. (1 euro=4.4 lei) The general insurance saw gross underwritten premiums worth 4.72 billion lei (some 80 percent of the total), while gross ...

INTESA SANPAOLO: “LIVE INSPIRE” THE GLOBAL FACEBOOK FAN PAGE WHICH FOSTERS THE GROUP DEBIT CARD ACTIVE IN 12 COUNTRIES, GETS OVER 600.000 “LIKES”

Monday, February 23, 2015

“That’s eat”, the international contest on live inspire fan page, brings the lucky ones to Expo 2015   Up for grabs 20 trips to Italy and visits to the event held in Milan from May to October     Intesa Sanpaolo keeps on ...

ASF creates an advisory group to protect consumers of financial services

Monday, February 23, 2015

The Financial Supervisory Authority (ASF) will set up an advisory group to protect consumers of financial services, whose main purpose is facilitating communication between the most important relevant associations and organizations, with the purpose to consolidate the protection of financial service consumer, reads an ASF release.The advisory group, established at the initiative of the ASF's Consumer Protection Department, will have as objectives consolidating the ...

INSCOP Survey: mixed opinions on the responsibility for the Swiss franc's crisis

Monday, February 23, 2015

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Romanians have mixed opinions when it comes to the responsibility for the Swiss franc's crisis and assuming solutions to fix the situation created, reveals the barometer conducted by INSCOP Research According to the survey, over 30 percent of Romanians (30.6 percent) believe that the responsibility for the difficult situation in which the people who have taken out loans in Swiss francs rests with that banks that extended the loans. Some 26.5 ...

Presentation on the Issue of CHF-denominated Loans delivered by the NBR Governor in front of the Budget and Finance Parliamentary Commission

Monday, February 23, 2015

10 February 2015 Ladies and gentlemen, Members of Parliament,    First of all, I would like to thank you for the invitation to present, together with my central bank colleagues, the stance and action steps adopted by the National Bank of Romania in relation to the issue of CHF-denominated loans in ...

IMF issues comprehensive assessment of Romanian economy after new agreement fails

Monday, February 16, 2015

The International Monetary Fund (IMF) and the authorities in Bucharest did not reach a new agreement on Monday. Following the talks, the IMF mission has issued a final declaration addressing major topics of the Romanian economy. Agerpres reported the content of this document in several separate news; below is a comprehensive compilation.   The Romanian ...

President Iohannis in Brussels: Romania wishes to adopt the European currency

Monday, February 16, 2015

President Klaus Iohannis said on Thursday night, in a press conference in Brussels that in the informal reunion of the European Council he underlined that Romania wishes to adopt the European ...

Ghetea (ARB) - Personal insolvency law has become necessary

Monday, February 16, 2015

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The insolvency law for persons has become a necessity following the changes taking place in Romania in past years, but it is important that is could be applicable and accessible to debtors. It should also impose restrictions against fraud found in case of company insolvencies, said the president of the Romanian Association of Banks (ARB), Radu Gratian Ghetea, at the colloquium about the insolvency of persons in Romania.   A ...

Georgescu: banking system registered loss of 1 billion euros last year and of 1.6 billion euros in 6 years

Monday, February 16, 2015

Banks had cumulated losses of 8 billion lei in four out of the last 6 years and gains of 0.9 billion lei in two years, a net loss of 7.1 billion lei, the first deputy governor of BNR, Florin Georgescu announced. “Four years with losses, two with profit. Losses in euro represent 1.6 billion euros. If it had not been doubled by the banks’ permanent efforts the loss would have led to the weakening of the system. The Supervision Department ...

Eurobarometre: only 36% of the Romanians are preoccupied by the security of online payments

Monday, February 16, 2015

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Almost 80% of the Romanians are worried by the increase of cyber crime but only 36% are preoccupied by the level of online payments, the level of information with regards to the cyber crime being much under the EU average, according to a Eurobarometre survey.   The survey with regards to the cyber security was made between 11-20 October 2014 on a ...

SIF3 Transilvania, net profits of 54.869 lei for 2014

Monday, February 16, 2015

The SIF3 Transilvania investment fund posted net profits of 54.869 lei for 2014, down from 189.6 million lei in 2013, according to data it submitted to the Bucharest Stock Exchange (BVB). The fund's total income also dropped last year from 369.91 million lei in 2013 to 137.6 million lei, while its total expenditure also decreased ...

BNR's Olteanu: Market shows time is ripe in Romania for a personal bankruptcy law

Monday, February 16, 2015

The need for a bankruptcy law in Romania regarding individuals has become obvious, but it should be a good law that will provide more benefits than losses and that is focused on negotiations between debtors and creditors outside the court because court trials are slow and costly, Vice-Governor of the National Bank of Romania (BNR) Bogdan Olteanu told a specialist conference on ...

AeRo for SMEs and start-up companies, "a star in the making"

Monday, February 16, 2015

AeRo, the trading platform of the Bucharest Stock Exchange (BVB) for SMEs and start-up companies, will be a new achievement in terms of quality on the Romanian capital market, BVB CEO Ludwik Sobolewski told a conference with Romanian and foreign entrepreneurs and investors participating, at the Stock Exchange ...

BVB, net profit worth 11.9 million lei in 2014

Monday, February 16, 2015

 Bucharest Stock Exchange (BVB) obtained a net profit worth 11.9 million lei in 2014 or 155 lei per share, increasing over 25 per cent, compared with 2013 and 20 per cent over the scheduled level, according to a BVB preliminary report, released on ...

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