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Financial & Banking

The level of excises will be expressed in lei starting next year and increased with the rate of inflation

Monday, December 15, 2014

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The level of excises will be expressed in lei, starting with next year and starting 2016 it will be updated annually with the inflation rate, according to a draft for amendments of the Fiscal Code. ‘Starting with January 2015 the level of excises will be expressed in lei per measure unit by using the level in lei practised in 2014. Starting with 2016, the level thus obtained will be updated annually with the growth of consumption prices over the last 12 months, calculated in ...

The market for corporate bonds listed on BVB is worth two billion lei

Monday, December 15, 2014

The market for corporate bonds listed on the Bucharest Stock Exchange is worth two billion lei, which represents a substantial amount, Lucian Anghel, the Bucharest Stock Exchange /BVB/ President, told a Thursday's specialist conference. (1 euro=4.4 lei) 'We hope the market for municipal market will improve. We are trying to plant seeds on the capital market, so that in 10 to 15 years, this will be an engine for economic growth in Romania. In ...

Statement at the Conclusion of the IMF and EC Staff Visit to Romania

Monday, December 15, 2014

Brussels, 09 December 2014   Teams from the International Monetary Fund (IMF) and the European Commission (EC) visited Bucharest during December 2-9, 2014 for technical discussions on the 2015 budget. The teams reached broad understanding with the authorities on the 2015 budget in line with the targets of the program that is being supported by an IMF Stand-By Arrangement and EC Balance of Payments ...

Bloomberg: Volksbanken Works on ECB Hole With Romanian Unit Sale

Monday, December 15, 2014

Oesterreichische Volksbanken AG (VBPS) agreed to sell its unprofitable Romanian business to the country’s third-biggest lender, Banca Transilvania SA, as the Austrian bank works to fill its capital ...

Tax Council: Romania's major trump card is the size of the domestic market

Monday, December 15, 2014

  Romania has a number of competitive edges over the countries in the region, such as the size of the domestic market, the reduced number of days needed to start a business, the degree of protection for the investor, but there are some downsides as well, such as the motivation to work and invest, which are sapped by the high levels of taxation, Tax Council president Ionut Dumitru says. "In my opinion, Romania's major trump card is ...

ING Asigurari de Viata sees underwritings go up 9 pct in 2014, above expectations

Monday, December 15, 2014

Insurer ING Asigurari de Viata estimates its under writings will reach EUR 138 million this year, up 9 percent compared 2013, above estimations, the company general manager Marius Popescu said. “The budget we released at the end of the year entailed an underwriting growth of 5 percent and the results after 9 months show us an end-of-the-year increase of 10 percent. For the entire year we estimate that we will have obtained underwriting revenues ...

Financial Supervisory Authority is at constant war with the Financial Investment Companies (SIF)

Monday, December 15, 2014

The Financial Supervisory Authority is at constant war with the Financial Investment Companies (SIFs) and for 2015 it plans to regulate the regime of the closed investment funds by a law that should also include the five SIFs and Proprietatea Fund, as part of a strategic direction for the capital market, the Authority chairman Misu Negritoiu told a ...

Intesa Sanpaolo Bank : Intercultura Scholarship

Monday, December 15, 2014

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The Intercultura Scholarship is a traditional project of social responsibility and promotion of education,  fully supported in Romania by Intesa Sanpaolo Bank and its main shareholder - Intesa Sanpaolo Group. Intercultura Scholarship is part of the AFS program,  international foundation based in New York, a leader in intercultural education programs conducted in over 50 countries worldwide. Now in its 7th edition ...

Moody's: Mostly negative European banking system outlooks in 2015 owing to new bail-in regimes, despite improving financial stability

Monday, December 15, 2014

 In most European banking systems, financial stability is improving, but rising bail-in risks and weak profits pose challenges, says Moody's Investors Service. New EU-wide regulation has enforced higher capital levels, which, through de-risking and better asset-liability matching will improve bank performance, longer term. However, weak macroeconomic conditions weigh on Europe's banking sector, and low overall bottom lines implies that the European banking industry ...

EurActiv:EU negotiators strike deal on 2015 budget

Monday, December 15, 2014

European Union lawmakers and the EU’s 28 member states have reached a preliminary deal on next year's budget, on condition that the bloc’s executive Commission finds a way to pay off unpaid bills totalling more than €20 billion.   "Parliament's negotiators agreed to the 2015 budget on condition that the Commission presents a plan to reduce the amount of the unpaid bills to a sustainable level by 2016," the ...

Minister Valcov: IMF requested for a budget deficit to not exceed 0.9 per cent of GDP in 2015

Monday, December 8, 2014

The International Monetary Fund (IMF) requested for a budget deficit to not exceed 0.9 per cent of the Gross Domestic Product (GDP) in 2015, while the Romanian authorities consider that any value below 1.4 per cent of the GDP would be ...

Participants at the privately-managed pension system (Pillar II) numbered 6.2 million at end-Sept.

Monday, December 8, 2014

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  The participants registered in the privately-managed pension system (Pillar II) numbered 6.2 million at end-Sept., up by 4.19 percent from the same period a year ago, reveal figures made public by the Financial Supervisory Authority on ...

Contributors to optional pensions funds up 7.37 percent

Monday, December 8, 2014

As many as 336,456 people were paying into the ten optional private pension funds (Pillar III) as of end-Sept. 2014, up 7.37 percent compared to Dec. 31, 2013, according to data released on Thursday by the Financial Supervisory Authority ...

PM Ponta: For real fight against tax evasion, taxpayers' mentality should change

Monday, December 8, 2014

Prime Minister Victor Ponta said Wednesday that the actions to combat tax evasion were visible in the revenue collected, arguing that as well as an increasingly surer system to fight against tax evasion, work should be done on the idea that all citizens have to pay their taxes. 'When asked ...

Big tax payers will have the obligation to only use as from January 1 2016 cash registers with electronic scoreboard

Monday, December 8, 2014

Some 1,311 companies, to whom the Tax Authority has granted the quality of big tax payers will have the obligation to only use as from January 1 2016 cash registers with electronic scoreboard, which will replace the cash registers with paper log, according to an Emergency Ordinance project published on Wednesday by the Public Finances Ministry ...

BVB decided to keep the composition of the seven indexes

Monday, December 8, 2014

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The Bucharest Stock Exchange (BVB) has decided to keep the composition of the seven indexes and their periodic adjustment, but the shares of the symbols in the composition of the indexes will be determined based on the number of shares and the closing prices recorded at the end of the trading session on December 12, ...

BVB totalled 1.014 billion lei last week

Monday, December 8, 2014

Trade in stocks on the Bucharest Stock Exchange (BVB) totalled 1.014 billion lei in the week to Sunday, chiefly thanks to recording the public offering for share redemption by Proprietatea Fund (FP) totalling 832.5 million lei, according to a report issued by Intercapital Invest ...

MFP to loan 3.57 billion lei from commercial banks, in December

Monday, December 8, 2014

The Finance Ministry /MFP/ has scheduled loans of 3.57 billion lei from commercial banks, in December, of which 3.3 billion lei through six tenders of treasury bills and government bonds, and 270 million lei through additional sessions of non-competitive bids, related to the bond tenders. The sums will be used to refinance the ...

The Law 151 concerning the closure of the Rasdaq OTC stock market will be amended and supplemented as often as necessary

Monday, December 8, 2014

The regulation to implement Law 151 concerning the closure of the Rasdaq OTC stock market will be amended and supplemented as often as necessary, Deputy Chairman of the Financial Oversight Authority (ASF) Mircea Ursache told AGERPRES on ...

BNR: International reserves – November 2014

Monday, December 8, 2014

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On November 30th 2014, National Bank of Romania’s foreign exchange reserves stood at EUR 31,467 million, compared to EUR 32,214 million on October 31st 2014.   During the month, the following flows have taken place: EUR 1,142 million inflows, representing changes in the foreign exchange reserve requirements of the credit institutions, inflows into the Ministry of Public ...

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