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Financial & Banking

The results of the EU-wide stress test by the European Banking Authority : Safer banks serving the economy

Monday, October 27, 2014

Since the onset of the financial crisis, major improvements in the EU regulatory framework, the level and quality of banks' capital and supervision have considerably strengthened the resilience of European banks. Today’s results of the EU-wide stress test and the comprehensive assessment, which represent the most intense scrutiny that banks have ever undergone in Europe, confirm overall this positive trend. It is also an important step towards an operational Single ...

Isarescu: Economic growth slowed down by capital withdrawal

Monday, October 27, 2014

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Fiscal adjustment measures taking place at the same time with the withdrawal of foreign capital by banks would slow down sustained economic growth, said BNR governor Mugur Isarescu. He added that exits of 9 billion euro in 5 years slowed down the GDP advance. “If fiscal adjustment is overridden by an uncontrolled deleveraging process, the withdrawal of foreign capital, economic growth would be hard to reach. Withdrawals of 9 billion euro have been made in 5 years, a ...

Romania’s economy could grow by 5%-6% provided fiscal discipline maintains

Monday, October 27, 2014

The government’s target is to reach a medium term economic growth of 5%-6% per year, by maintaining fiscal discipline, so that Romania could recover differences to other European state, said finance minister Ioana Petrescu on Tuesday.   Our target is to have a 5%-6% economic growth per year . We need this growth to catch up with the rest of Europe and I think that if we continue with this type of measures that ...

Ponta: It is better to have 2% deficit instead of 1.4% but to absorb 7-8 billion euro

Monday, October 27, 2014

Premier Victor Ponta declared he had no idea how he could allocate in next year’s budget money to co-finance 50% of cohesion funds and said it would be better for Romania to have a 2% deficit instead of 1.4% but to attract 7-8 billion euro from European funds.   He showed, in the speech held at the EU-South East Europe Summit from Bucharest that Romania is close to a 50% absorption rate for European funds but has to ...

Ponta: Financial markets trust Romania more than we do

Monday, October 27, 2014

Private financial markets trust Romania more than we do, Prime Minister Victor Ponta declared on Wednesday at the government offices of Victoria Palace; he was referring to the country's bonds issue at an interest rate below 3 percent, the press office of the Executive informed in a release.   'It's a ...

EIB extends credit line to Banka Transilvania S.A. for SMEs, midcaps and municipalities in Romania

Monday, October 27, 2014

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The European Investment Bank (EIB) has authorised a EUR 150 million loan to Banca Transilvania S.A. in support of projects to be promoted by small and medium-sized enterprises (SMEs), midcap companies and public entities in the sectors of industry, services, agriculture and infrastructure in Romania.   Banca Transilvania is a new partner of the EIB in Romania, through which the “EU bank” will improve ...

Erste Group Savings Barometer : How much is left to feed the piggy bank?

Monday, October 27, 2014

Austrians (EUR 188/month) and Slovaks (EUR 96/month) remain savings champions and even increase their monthly ...

Reuters: Romania's Fondul to launch buyback tender

Monday, October 27, 2014

Romanian investment fund Fondul Proprietatea plans to buy back 750 million of its shares, or roughly 6 percent at a tender, it said on Monday. The 3.4 billion euros ($4.35 billion) fund, created to compensate Romanians whose assets were seized under communism, holds minority stakes in a slew of state-owned companies, some of which are ...

Balance of payments and external debt - August 2014

Monday, October 27, 2014

In January - August ...

Second quarter of 2014 : Seasonally adjusted government deficit down slightly to 2.5% of GDP in the euro area - Deficit also down slightly to 3.0% of GDP in the EU28

Monday, October 27, 2014

Eurostat publishes for the first time in this News Release quarterly government deficit figures based on the European System of Accounts 2010 (ESA 2010) methodology. The data in this Release include revisions due both to the implementation of ESA2010 and to the incorporation of other statistical adjustments.In the ...

Balance of payments and external debt - August 2014

Monday, October 20, 2014

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The balance of payments (BOP) and external debt data are compiled and disseminated according to the new methodological standards, the Central Bank (BNR) informs.   In January - August 2014p, the balance-of-payments current account posted a deficit of EUR 945 million compared with EUR 489 million in the same year-ago period, amid the widening of primary income deficit (by EUR 1,037 million) and the narrowing of the ...

S&T Romania takes minor stake in Quality Business Solutions

Monday, October 20, 2014

S&T Romania, the local branch of Austrian S&T Group, has notified the Competition Council of the takeover of activities related to software solutions and applications of Romanian company Quality Business Solutions (QBS), via an asset transfer contract.S&T Romania currently celebrates 20 years of presence on the market.   If the Competition Council approves the contract, QBS will transfer to S&T its IT ...

Romania wants to sell eurobonds of 1 billion euro in international market before elections

Monday, October 20, 2014

Romania intends to sell denominated euro bonds of at least 1 billion euro in international markets at a tender to be organized in the following weeks, according to delegate minister for budget, Darius Valcov, quoted by Bloomberg. The Finance Ministry wants to return to international markets before presidential elections of November 2, the minister said.The investors’ feelings might change after elections. The euro bond sale was initially scheduled to the end of the ...

Law transferring Constanta Port shares to Local Council free of charge runs counter constitution

Monday, October 20, 2014

The Constitutional Court of Romania (CCR) ruled on Thursday that the instructions of the Law on the free-of-charge transfer of more than 1.3 million share package held by the state in the National Company of the Administration of Maritime Ports S.A. Constanta accounting for 20 percent of the share capital to the Local Council of the Black Sea port of Constanta run counter the Romanian ...

Combating tax evasion: Council agrees to extend automatic exchange of information

Monday, October 20, 2014

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The Council agreed last tuesday, at a meeting of the Economic and Financial Affairs Council , on a draft directive extending the scope for the mandatory automatic exchange of information between tax administrations, enabling them to better combat tax evasion and to improve the efficiency of tax collection.   The proposal brings interest, dividends and other income, as well as account balances and ...

EcoMin Nita: Taxes could be reanalysed when Gov't tax revenue collection is 37-38pct of the GDP

Monday, October 20, 2014

Tax on special structures as well as other rates and taxes could be reanalysed when the Romanian Government's tax revenue collection reaches between 37 -38 per cent of the Gross Domestic Product (GDP), up from a current 32-33 per cent, Economy Minister Constantin Nita told a taxation conference on Wednesday.   'When the tax revenue collection rate of the Romanian Government reaches 37—38 per ...

Private pension funds are managing 4.25 billion euros

Monday, October 20, 2014

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The Romanian-based private pension funds are managing 4.25 billion euros worth of assets, with 94 percent of the investments being made in Romania, according to end-Sept. figures unveiled by Raluca Tintoiu, CEO of the Association for the Privately Managed Pensions in Romania at a specialised conference on ...

Pensions will rise by 5 percent as of January 2015

Monday, October 20, 2014

Pensions will rise by 5 percent as of January 2015 and disability benefits will also grow by 16 percent, Labor Minister Rovana Plumb told a conference on private pensions this Monday. The pension growth will exceed the percentage increase set forth by the law, which corresponds to inflation pegging plus 50 percent of ...

Amendments to the Stock Exchange's Code took effect on Monday, October 6

Monday, October 13, 2014

The Romanian stock market and capital market have witnessed historic and unprecedented transformations in the past two and a half years, and reforms must be continued to obtain the status of emerging market (investment grade), the Bucharest Stock Exchange /BVB/ President Lucian Anghel said on Monday. The amendments to ...

The government continues the listing of the companies with Hidroelectrica, the Bucharest airport, the Constanta Harbour

Monday, October 13, 2014

 The government will continue the programme of listing on the stock exchange of share packages for state-run companies such as Hidroelectrica, the Bucharest Airport, the Electrical Company Oltenia and the Constanta Harbour, stated premier Victor Ponta showing that he hoped that 2015 be the right year for such listings. ‘If 2013 and 2014 were years of development for the BVB I wish 2015 and 2016 continued, and the involvement of the government either on ...

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