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Financial & Banking

Five new Authorized Consultants for AeRO market

Monday, January 26, 2015

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 Four brokerage houses active on the markets managed by the Bucharest Stock Exchange (BVB) and Greek consulting company Capital Markets Experts have joined the Authorized Consultants for the AeRO market, with their number thus having reached 27, the BVB informed on Wednesday. The four brokerages houses are Romintrade, NBG ...

Total net assets of five SIF in late December 2014, by 0.5% higher compared to that in the previous month

Monday, January 26, 2015

The net assets of the five financial investment companies /SIFs/ put together stood, in late December 2014, at 6.58 billion lei, by 0.5% higher compared to that in the previous month and by 0.4% lower than in 2013, according to the data released on Wednesday by the Association of Asset Managers in Romania /AAF/. In euros, the net ...

Does Supply or Demand Drive the Credit Cycle? Evidence from Central, Eastern, and Southeastern Europe

Monday, January 26, 2015

  Countries in Central, Eastern, and Southeastern Europe (CESEE) experienced a credit boom-bust cycle in the last decade, an analysis sent by IMF reads.   According to the source, this Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) ...

ASF revenues amounted to 78.328 million lei in 2014

Monday, January 26, 2015

 The revenues of the Financial Supervisory Authority (ASF) in the sector of financial instruments amounted to 78.328 million lei in 2014, almost equivalent to those of the insurance and private pensions sectors put together, the ASF Vice President Mircea Ursache told a Tuesday's press ...

ASF will control the insurance companies with respect to RCA for the young people

Monday, January 26, 2015

The Financial Supervisory Authority (ASF) will control the insurance companies with respect to the civil auto liability insurance (RCA) for the young people, ASF vice president Mircea Ursache announced at a news conference on ...

Reuters: Romanian private pension assets to rise 30 pct in 2015 -industry body

Monday, January 26, 2015

Assets held by Romania's private pension funds will grow by 30 percent this year to 25 billion lei ($6.45 billion) as more workers join the scheme and the mandatory level of contributions rises, a private pension association said on Monday. The European Union member overhauled its indebted communist-era pension system in 2008, making it mandatory for all working ...

Romanian second-pillar pension funds set for rapid expansion

Monday, January 26, 2015

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Romania’s second and third-pillar pension funds are forecast to expand dramatically in 2015, according to the Romanian Pension Funds’ Association (APAPR). The association forecasts that ...

Reuters: Raiffeisen Romania cuts rates for Swiss franc borrowers

Monday, January 26, 2015

Raiffeisen Bank Romania is cutting interest rates for clients with Swiss franc loans effective from Jan 23, the lender announced on Wednesday, responding to the franc's sharp surge last week. "It is yet another way to support clients during this difficult time," the lender's Retail Banking ...

Doubts loom over Draghi's 'political' bond-buying scheme

Monday, January 26, 2015

European Central Bank president Mario Draghi grabbed the spotlight on Thursday, as he announced Europe's latest hope to revive its weak economy: the so-called quantitative easing, or a bond-buying scheme of 60 billion euros a month.   Aiming at fighting off deflation and stimulating economic growth, the ECB will potentially invest more than 1 trillion euros into the eurozone's economy by September 2016.“In March 2015, ...

EU private and public banks unite against FTT

Monday, January 26, 2015

 Four European banking federations are launching a counter-offensive on the financial transaction tax, after France and Austria tried to table a compromise for rolling out the tax in 2016.In a letter sent to all 28 EU finance ministers on Friday (23 January), the groups, including the European Association of Cooperative Banks (EACB), the European Association of Public Banks (EAPB), the European Banking Federation (EBF) and the European Savings and Retail ...

Inflation will continue to drop in Romania if oil price does not recover (analysis)

Monday, January 19, 2015

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The annual inflation rate was lower than analysts’ expectations in December 2014, who estimated a 0.9% increase of consumer prices, according to an analysis made by Raiffeisen Bank.Bank representatives had foreseen an inflation of 1.1% at the end of 2014.   According to the source, the inflation rate will continue to drop, even below zero, in case there is no return of the price of oil at international ...

Second estimate for the third quarter of 2014 : EU28 current account surplus €15.0 billion €37.9 bn surplus for trade in services

Monday, January 19, 2015

The EU28 seasonally adjusted external current account recorded a surplus of €15.0 billion (0.4% of GDP) in the third quarter of 2014, unchanged from a surplus of €15.0 bn (0.4% of GDP) in the second quarter of 2014 and down from a surplus of €16.7 bn (0.5% of GDP) in the third quarter of 2013, according to a second estimate released by Eurostat, the statistical office of the European Union.   In the third ...

Bloomberg: Romania Plans Eurobond Sale by July as Yields Decline to Record

Monday, January 19, 2015

Romania plans to tap global bond markets by July, following Slovakia in taking advantage of record-low yields, a Finance Ministry official said.The government is seeking to expand the average maturity of its debt by selling a Eurobond with a term of more than 10 years, Diana Popescu, deputy head of the ministry’s treasury department, said yesterday in a phone interview. She didn’t say how much Romania plans to raise at the sale, which would be the first since ...

OTP Bank offers relief for CHF loan holders in Romania

Monday, January 19, 2015

The Romanian subsidiary of OTP Bank, Hungary’s largest lender, has announced on Friday that in response to the unexpected removal of the EURCHF floor by the Swiss National Bank (SNB) on Thursday it is offering relief for the holders of CHF loans in a bid to mitigate the impact on their monthly instalments.  "[...] starting from January 16, 2015, clients will benefit from an up to 1.5 percentage points temporary decrease of the interest ...

EBRD Lends 132 Mln lei Loan to Raiffeisen Leasing to support MSMEs in Romania

Monday, January 19, 2015

The European Bank for Reconstruction and Development (EBRD) granted Raiffeisen Leasing 132 million RON, the first loan EBRD granted in the local currency on the Romanian leasing market, representatives of the European financial institution ...

FDI to Romania see 11 percent drop to EUR 2.12bln

Monday, January 19, 2015

Foreign direct investments (FDI) to Romania dropped by 11 percent in the first eleven months of the year, to a level of EUR 2.12 billion.During the same period in 2013, foreign investments stood at EUR 2.39 million.However, in November 2014, Romania attracted the highest level of foreign investments throughout the year, totaling EUR 531 million.   Another peak happened in May, when Romania ...

Global Economic Prospects: Europe and Central Asia Having Fiscal Space and Using It January 2015

Monday, January 19, 2015

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Overview: Growth in the developing Europe and Central Asia (ECA) region is estimated to have slowed to a lower-than-expected 2.4 percent in 2014, from 3.7 percent in 2013, the World Bank said in his Global Economic Prospects. This reflected a sharp contraction in Ukraine, spillovers from weakness in Russia and the Euro Area, and slowing capital inflows. Russia’s economy slowed to 0.7 percent in 2014. Tensions with Ukraine, sanctions, and falling crude oil prices ...

Balance of payments and external debt - November 2014

Monday, January 19, 2015

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According to the Central Bank (BNR) press release, in January - November 2014, the balance-of-payments current account posted a deficit of EUR 302 million, compared with EUR 801 million in the same year-ago period, amid the widening of the services surplus (by EUR 920 million) and the narrowing of the goods deficit (by EUR 143 million).   Non-residents' direct investment in Romania (estimates) totalled EUR ...

WB Report: Developing Countries Need To Rebuild Fiscal Space to Weather Growth Slowdowns

Monday, January 12, 2015

 Faced with weaker export prospects, an impending rise in global interest rates, and fragile financial market sentiment, developing countries need to rebuild fiscal buffers to support economic activity in case of a growth slowdown, says the new edition ofGlobal Economic Prospects, released last week by the World Bank Group. For many developing economies, lower oil prices have provided a timely opportunity for doing ...

Romania records 2pc GDP fiscal gap vs 2.2pc IMF target

Monday, January 12, 2015

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 Romania recorded a consolidated budget deficit of around 2.0 percent of gross domestic product in 2014, below an IMF-agreed target of 2.2 percent, Finance Minister Darius Valcov said on Thursday, quoted by Reuters. "We will know more on Jan. 25, but based on preliminary data the budget deficit was at 1.98 percent of GDP, so we have met the comitment that we agreed in December with the IMF," Valcov told reporters. He said ...

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