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Financial & Banking

Isarescu: I back accession to euro as a national program

Monday, July 21, 2014

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BNR governor Mugur Isarescu announced again his stand towards the political decision to join the euro zone in 2019, declaring that he supports the initiative in order to have a national program which politicians should take into account, but does not back the deadline which is hard to achieve. I back joining euro, not the 2019 target, which is hard to achieve. That is why I say it is an ambitious ...

Raiffeisen Bank President: Businessmen agree to CAS reduction

Monday, July 21, 2014

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Steven van Groningen, the president of Raiffeisen Bank declared on Thursday after meeting the head of state, that businessmen generally agree to the CAS reduction, but there is a risk and they are worried about what would happen if there was a relatively high budget deficit.   Steven van Groningen, the representative of the Foreign ...

Budget rectification on 30 July followed by Government holiday

Monday, July 21, 2014

The first budget rectification will be on July 30 this year. After that the members of the Executive will be on vacation for two weeks, according to official sources.Premier Victor Ponta recently said that Liviu Voinea, the future deputy governor of the National Bank, would be a member of the government as delegate minister for Budget, at least until the end of July, to prepare the budget ...

Budget problems: EU programmes in jeopardy again

Monday, July 21, 2014

The EU must stop rolling over its growing portfolio of unpaid bills from one year to the next, said MEPs in Wednesday’s debate on the alarming shortage of funds for payments due in 2014. Unless a satisfactory solution is found, programmes such as Erasmus+, research projects and humanitarian aid to Syrian refugees will get stuck, new ones will be grounded and beneficiaries will have to wait for money they worked for, warned the ...

New CEO of Romanian International Bank Stephen James Orlesky approved by BNR

Monday, July 21, 2014

Stephen James Orlesky became the new Chief Executive Officer of the Romanian International Bank (RIB) following his approval by the National Bank of Romania (BNR, the central bank), RIB representatives announced on Wednesday. On the same occasion, Ana Elena Cernat, Mioara Popescu and Radu Vasilescu were appointed as vice chairs of the RIB.Stephen James Orlesky has over 20 years of banking experience since his career start at the Royal Bank of Canada. Previously to ...

Romania’s life insurance market accounts for 0.3 percent of GDP

Monday, July 21, 2014

Marius Popescu, general manager of ING Asigurari de Viata, reckons that the penetration of the life insurance market in Romania stands at 0.3 percent of GDP, while in other CEE-based countries such as Hungary and Poland it reaches 1.6 percent-1.8 percent of GDP. He said that ING Asigurari de Viata should maintain the “growth trend” registered in the first quarter and close this year in the black. “ING Asigurari ...

World Bank Group Provided $11.9 Billion to Europe and Central Asia in Fiscal Year 2014

Monday, July 21, 2014

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The World Bank Group* provided $11.9 billion to Europe and Central Asia (ECA) during fiscal year 2014, aimed at reducing poverty and boosting shared prosperity in the region. Of this, IBRD/IDA provided $5.6 billion of support to the region, IFC delivered $4.7 billion in commitments, and MIGA provided $1.6 billion in political risk insurance and credit enhancement ...

Administrator of Romania's largest private pension fund to close 2014 on profit

Monday, July 21, 2014

ING Pensii, the administrator of the largest private pension fund in Romania, will close 2014 on a profit, for the first time since the launch of the mandatory private pension schemes (Pillar II) in Romania in 2008, says ING Asigurari de Viata CEO Marius Popescu.In previous years, the company posted losses, while estimates indicate that a full recouping of ING's investment in Romania's private pension sector will happen 11 years after the system was ...

Imbalance between pension system payers, beneficiaries is 14 years old, nothing has changed, says Isarescu

Monday, July 21, 2014

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Romania has for at least 14 years been caught in a vicious circle resulting from the high number of beneficiaries of the pension system and the low number of this system's payers and no improvement can be seen in this respect, the National Bank of Romania governor Mugur Isarescu said on Tuesday.'We clearly have a vicious circle: five million pension beneficiaries and only four million and something contributors. This is not new! I raised this issue for the first ...

Inflation at historic low creates room for BNR to cut key interest rate (analyst)

Monday, July 14, 2014

The inflation currently at an historic low creates room for an additional cut in the key interest rate by the National Bank of Romania (BNR), and such a measure of monetary easing can have clear positive effects on shares and bonds, Georgiana Androne, analyst at Tradeville brokerage house, told Agerpres on Thursday. 'Such a ...

Banker: Inflation close to zero or negative possible in July, August

Monday, July 14, 2014

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  Inflation might be close to zero or even negative in July and August, Romanian Commercial Bank (BCR) chief economist Radu Craciun told Agerpres on Thursday, after the National Institute of Statistics (INS) showed a historical minimum of 0.66 of inflation in June.'We ...

IMF: Commodity Market Report- Commodity prices rose by 0.5 percent in June

Monday, July 14, 2014

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* Commodity prices rose by 0.5 percent in June, with gains in energy prices that were partly offset by declines in agriculture and metals. During the first six months (Dec 13 – Jun 14), commodity prices rose 0.4 percent with moderate increases in energy and agriculture nearly offset by a 10 percent drop in metals—the latter due to weak demand and rising production capacity. A few commodities recorded large gains on supply issues, namely Arabica coffee, swine ...

Reuters:Romania cbank official says lenders making big extra loan provisions didn't follow rules

Monday, July 14, 2014

Banks in Romania that are now making large additional provisions are doing so because they did not follow the rules earlier as they should have, a senior central bank official was quoted on Tuesday as saying. Austrian bank Erste, emerging Europe's third-biggest lender, said on Thursday it could post a record net loss of up to 1.6 billion euros this year due to higher provisions for soured loans in Romania and a law cutting ...

Central Bank: Legislative proposals

Monday, July 14, 2014

Order amending and supplementing the Semi-annually accounting reporting system, applicable to the entities under the National Bank of Romania accounting regulation scope, approved by NBR Order no.10/2012, as amended and ...

Hungary OTP to buy a bank in Romania?

Monday, July 14, 2014

Talks between Hungary's OTP Bank and Portugal-based Millennium Bank regading the buyout of the latter's Romanian branches have drawing to a successful close, Romanian business daily Ziarul Financiar reported on Friday.   The move would launch OTP from 17th to 13th place on the ...

Germany pushes early adoption of EU banking union rules

Monday, July 14, 2014

After years of resistance to plans for a European banking union, Germany has switched gear and has now decided to implement the EU rules one year in advance of schedule, sending alarm bells ringing among the country’s top banks and the Monopolies Commission. EurActiv Germany reports. After a meeting of Merkel’s cabinet, German Finance Minister Wolfgang ...

Electrica stock exchange trading passes 2.6 M euros, investors making 6-7pct in profits

Monday, July 7, 2014

The small investors in the initial public offering of Romanian power producer Electrica stocks were rushing into selling the shares on Friday, the very first day these have been traded on the Bucharest Stock Exchange, and they have managed gaining profits at 6-7 percent as compared to the price for which they had purchased Electrica shares in the IPO a few days ago.Forty-five minutes into the Stock Exchange session on Friday, more than 960 transactions in ...

The National Bank of Romania decided to keep unchanged the monetary policy rate at 3.5 percent per annum

Monday, July 7, 2014

According to the press release sent on last Tuesday, in its meeting of July 1, 2014, the Board of the National Bank of Romania decided the following: to keep unchanged the monetary policy rate at 3.5 percent per annum; to pursue an adequate liquidity management in the banking ...

NBR's International Reserves, June 2014

Monday, July 7, 2014

On June 30th 2014, the National Bank of Romania’s foreign exchange reserves stood at EUR 31,236 million, compared to EUR 30,681 million on May 31st 2014. During the month, the following flows have taken place: EUR 1,372 million inflows, representing changes in the foreign exchange reserve requirements of the credit institutions, inflows into the European ...

Austrians, French, biggest insurance investors in Romania

Monday, July 7, 2014

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Austrians and French are the biggest investors in Romania's insurance market, with a cumulated share at end-2013 of over 45 per cent of the total paid up share capital of the insurance companies operating in Romania, according to a 2013 annual report by the Financial Oversight Authority (ASF).A breakdown by provenance shows Austria first, with 30.1 per cent, followed by France - 14.97 per cent; the Netherlands - 12.89 per cent; Ireland - 9.71 per cent; Bulgaria - ...

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