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Financial & Banking

Greece's Eurobank in talks for sale of Romanian units to Banca Transilvania

Monday, September 18, 2017

Greece's Eurobank Ergasias [EUROB:ATH] said on Friday it has entered into negotiations on the potential sale of its subsidiaries in Romania to Cluj-based Banca Transilvania, seenews.com informs. "Eurobank and Banca Transilvania are in negotiations as regard to the potential sale of Bancpost S.A., ERB Retail Services IFN S.A. and ERB Leasing IFN S.A. in Romania," the Greek bank said in a statement. Details about the negotiations ...

Euroins Romania cuts stake in Bulgaria’s Delta Credit

Monday, September 18, 2017

Sofia-based financial and insurance services provider Delta Credit [BUL:6AC] said that insurer Euroins Romania has decreased its stake in the company to 22.92% from 29.31%, seenews.com reports. The transaction went through on September 12, Delta Credit said in a bourse filing on Friday. Further details were not disclosed. On Wednesday, Delta Credit said that Euroins Romania has decreased its stake to ...

More regulations for non-banking financial institutions in Romania

Monday, September 18, 2017

Romania’s National Bank (BNR) has approved a regulation that caps the interest rates that non-banking financial companies can charge from their clients, romania-insider.com reads. Several non-bank institutions will come under BNR’s supervision following the approval of this new regulation. Some companies, such as Provident Financial, active in the low-value credit market, ...

Romania’s National Bank wants to restrict consumer loans

Monday, September 18, 2017

Romania’s National Bank (BNR) is discussing with local banks the possibility to limit the population’s debts based on a model that BNR had applied until 2007, Florian Neagu, director of BNR’s Financial Stability Directorate, said quoted by romania-insider.com. The central bank targets a maximum level of indebtedness of 35-40% for consumer loans, according ...

Radu Ghetea, replaced from CEC Bank’s helm after 10 years, sources say

Monday, September 18, 2017

CEC Bank’s General Meeting of the Shareholders has decided on Friday to replace Radu Ghetea from the helm of the state bank, sources close to the situation say, quoted by hotnews.ro and profit.ro, romaniajournal.ro informs. The new CEO will be Dan Sandu, former Vice-president of Volksbank, according to the same sources. Radu Ghetea was president of CEC (Bank) since 2007, having previously been chairman of Alpha ...

Garanti Leasing signs loan agreement for EUR 10 mln with the Black Sea Trade and Development Bank

Monday, September 18, 2017

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Garanti Leasing, part of Garanti Romania, has signed a loan agreement of EUR 10 million with the Black Sea Trade and Development Bank (BSTDB), business-review.eu reports. The facility will be used to support Garanti Leasing’s activities and provide financial leases to small and medium-sized enterprises (SMEs) in particular for equipment, machinery, and commercial vehicles. This is the second agreement between Garanti Leasing and the ...

CNP: outstanding loans in the industrial sector could record a 0.3 pct increase in Q3

Monday, September 18, 2017

 The volume of outstanding loans in the industrial sector could record a 0.3 pct increase in Q3, as compared to the previous one, according to a National Prognosis Commission (CNP) ...

RBL: Pension funds finance significant part of budget deficit

Monday, September 11, 2017

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Pension funds finance a significant part of the budget deficit, by purchasing state bonds next to other major local institutional investors, and any public declaration about the change of the pension system must be made with responsibility, in a balanced way, because they risk depriving local entrepreneurs of a source with which they can finance their growth and may make Romania vulnerable, a press release of Romanian Business Leaders (RBL) ...

PM Tudose: pillar II might become optional

Monday, September 11, 2017

Prime Minister Mihai Tudose has made an announcement that pillar II will not be eliminated, but it might become optional, in exchange, with a comparative analysis to be made public, so that Romanians be able to take the best decision for their ...

Revenues to this year's state budget will be by 1.326 billion lei lower (draft)

Monday, September 11, 2017

According to the draft Ordinance adjusting the 2017 state budget released on the website of the Ministry of Public Finance, revenues to this year's state budget will be by 1.326 billion lei lower, expenditures will diminish by 347.7 million lei, while the deficit will grow by 978.8 million ...

IMF responds to Romanian PM allegation of 'wrong' growth forecasts

Monday, September 11, 2017

The International Monetary Fund (IMF) on Wednesday responded to an allegation of making 'wrong' economic forecasts about Romania by saying its projections reflect data available at the time of making them, while the final results are often influenced by subsequent decisions, Romanian media reported, seenews.com informs. Romania's prime minister Mihai Tudose said on Tuesday he held a meeting with IMF representatives in an attempt to prevent another ...

Ionut Dumitru, Fiscal Council: We might reach the highest inflation in Europe next year

Monday, September 11, 2017

The over-excise duty on fuels will lead to chain reactions of price hikes, the Chairman of the Fiscal Council, Ionut Dumitru, warned, digi24.ro informs quoted by romaniajournal.ro. Dumitru contradicted the government’s optimism that the price of fuel will not increase, adding that inflation might get out of control following the price increases for electricity, saying inflation might reach 3.5% next year, the highest level in ...

PM Tudose: out of the 36 active banks of Romania, 18 of them operate without any profit

Monday, September 11, 2017

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 Prime Minister Mihai Tudose stated on Tuesday that out of the 36 active banks of Romania, 18 of them operate without any profit. "Out of the 36 active banks, a half of them are more than alright, a half of them insist they are not able to make a profit, which I don't believe. We have 18 non-profit banks that say they closed [the annual financial exercise] on losses. The ANAF [National Agency for Fiscal Administration] went to them in order to find out ...

Number of people with debts to banks and IFN dropped by 19,000 in July

Monday, September 11, 2017

The number of people with unpaid debts to banks and non banking financial institutions dropped by 2.7% in July, compared to the previous month, to 668,279, according to the latest BNR data. Those people had debts of over 7.28 billion lei. The sum as in lei and euro - 2.7 billion lei and 3.04 billion lei in euro. According to the delay category, the highest value corresponds to the deadline of over 90 days with 4.29 billion ...

FP reviews the strategic options on its stake in Hidroelectrica

Monday, September 11, 2017

 In the context of the current report issued September 7 by Fondul Proprietatea on reviewing its strategic options for its holding in Hidroelectrica, Johan Meyer, Co-CEO and Portfolio Manager of Fondul Proprietatea, stated the following: “We decided to evaluate strategic options for our stake in Hidroelectrica given the lack of progress on the proposed listing despite conducive market conditions and significant ...

Shares’ transactions value on the main BVB market up by 85.3 pct in August

Monday, September 11, 2017

The shares transactions value on the main Bucharest Stock Exchange market (BVB) went up by 85.3 percent in August, compared with August 2016, to over RON 828.9 million, according to BVB data quoted by business-review.eu. Compared with the previous month, it increased by 27.3 percent. On the alternative transaction system, the total value of shares transaction decreased by 29.8 percent in August, compared with August ...

The government decided that the split VAT payment be compulsory starting with1 January 2018

Monday, September 4, 2017

The government adopted on Wednesday an ordnance through which they introduce the obligation to pay  the split  VAT starting with 1 January 2018; the taxable people recorded for VAT with the obligation to own and manage a VAT account for the collection and payment of VAT for taxable operations ( acquisition of goods/services, goods delivery/services). Similarly, the public institutions recorded for VAT  purposes will have the obligation starting with the same ...

FIC: VAT split payment will not combat tax evasion

Monday, September 4, 2017

The administrative and bureaucratic burden placed on honest taxpayers via measures such as the VAT split payment is not, in the long run, a good strategy to combat tax evasion, representatives of the Foreign Investors Council (FIC) said in a statement quoted by ...

Romania to issue 3.9 bln lei (849 mln euro) of domestic debt in Sept

Monday, September 4, 2017

Romania's finance ministry said on Wednesday it plans to auction 3.9 billion lei ($1.01 billion/849 million euro) worth of government securities and to sell an additional 405 million lei in non-competitive offers in September, seenews.com informs. The finance ministry plans six auctions of government securities with maturity of two to ten years and one auction of six-months T-bills next month, it said in a debt issuance ...

BNR: International reserves – August 2017

Monday, September 4, 2017

On August 31st, 2017 the National Bank of Romania’s foreign exchange reserves stood at EUR 34,955 million, compared to EUR 34,636 million on July 31st, 2017, BNR informs în a press release.. During the month, the following flows have taken place: EUR 1,569 million inflows, representing changes in the foreign exchange reserve requirements of the credit institutions, inflows into the Ministry of Public ...

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