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Financial & Banking

Proprietatea Fund diminished its social capital with over 605 million lei

Monday, February 6, 2017

The Proprietatea Fund diminished its social capital with 605.345 milion lei, from 9.168 billion lei to 8.562 billion lei, according to a report made on Friday to the BVB. The social capital of FP diminishes with a number of 712,171.156 shares of nominal value of 0.85 lei. The diminishing of the social capital was made through the annulment of the shares of the ...

Transilvania Bank, The Proprietatea Fund and Transgaz, the biggest dividends on the stock market this year

Monday, February 6, 2017

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Transilvania Bank, the Proprietatea Fund and Transgaz could offer the biggest dividends in 2017, out of the big companies on the BVB, a press release of Tradeville shows. According to the report, the first place in the ranking of the big companies which offers attractive dividens is occupied by the Transilvania Bank. Acknowledged for its dividends in the previous years. The second place is occupied by the Proprietatea Fund, from ...

Nanu (MFP): We still continue with retail bonds, last year’s success

Monday, February 6, 2017

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The state wants to continue the issue of Fidelis bonds for the people, said Stefan Nanu, Treasury Director in the Ministry of Public Finance (MFP) on Thursday, at the conference “Stock market in Romania - the next capital developments.” “We will continue last year’s big success, retail bonds in the stock exchange. It was a successful issue and we still receive questions about the next issue. So we intend to continue this Fidelis ...

The Fiscal Council: the planned public budget for 2017 is based on an optimistic economic growth rate

Monday, February 6, 2017

“The budget project for 2017 deviates deliberately and substantially from the fiscal rules set up both by the national law and the European treaties signed by Romania. The Fiscal Code maintains its objections on the indulgence of the approach of the persistent placement of the budgetary deficit to the level of 3 percent of GDP,” said the Fiscal Council on Friday quoted by business-review.eu.. The Council also ...

BNR's Neagu: About 6,000 debt discharge notifications at 2016-end, 2pct of maximum admissible level

Monday, February 6, 2017

The number of debt discharge notifications reached 6,400 at the end of 2016 and the volume of notified loans stands at 1.8 - 1.9 billion lei, taking into account that the pace has dropped from over 1,000 files per month, in the first month since the Law was enforced, to 100 - 150 files per month, over the last months of 2016, Deputy Director of the Financial Stability Directorate within the National Bank of Romania (BNR) Florian Neagu stated on ...

BNR: International reserves – January 2017

Monday, February 6, 2017

On January 31st, 2017, the National Bank of Romania’s foreign exchange reserves stood at EUR 34,518 million, compared to 34,242 million on December 31st, 2016. During the month, the following flows have taken place: EUR 775 million inflows, representing inflows into the European Commission’s account, changes in the foreign exchange reserve requirements of the credit institutions, inflows into the Ministry ...

BCR inks EUR 25 mln financing deal with TMK-ARTROM Slatina

Monday, February 6, 2017

BCR has inked a EUR 25 million financing deal with TMK-ARTROM Slatina, the steel pipes maker, business-review.eu reads. The loan, which has a 7-year maturty, will be used for the acquisition of a thermal treatment line, scheduled to start the operation in the third quarter of this year, increasing the output of the Slatina plant. „As a result of the investment, the annual capacity of the thermal treatment line will be of 160,000 tones. Once this ...

BSTDB cooperates with Transkapitalbank

Monday, February 6, 2017

The Black Sea Trade and Development Bank (BSTDB) is providing EUR 20 million to Transkapitalbank in Russia (TKB), business-review.eu reads. The five-year loan will facilitate access to finance for Russian small and medium sized enterprises (SMEs). In line with the economic policy priorities of the Russian Government, the proceeds of the loan will support SME sector development, which forms the core of the Russian market economy and will ...

Gerald Grull appointed head of Asset Management Retail Europe at IMMOFINANZ

Monday, February 6, 2017

Gerald Grull (46) has been appointed head of Asset Management Retail Europe at IMMOFINANZ, business-review.eu reports. In this function, he will be responsible for IMMOFINANZ’s retail portfolio in Europe. “We are pleased to welcome Gerald Grüll, an experienced real estate and retail expert, to IMMOFINANZ. He and his team will continue the expansion of our STOP SHOP retail parks and VIVO! shopping centers and further optimise the ...

CSAT to analyse budget: Finance Ministry posts new version of the draft, cuts and increases reported

Monday, January 30, 2017

President Klaus Iohannis has summoned the Supreme Defence Council (CSAT) on Tuesday in order to analyse the budget allotted to the institutions in the field of national security. “The draft state budget for the institutions in the field of national security, sent by the government, has arrived this afternoon (Friday – our note) at the CSAT secretariat. In this regard, Romania’s President Klaus Iohannis has decided the summoning with celerity of the Supreme Defence ...

Budget deficit at end-2016, below estimates

Monday, January 30, 2017

Consolidated state budget deficit climbed to RON 18.3 billion at end-2016, from RON 5.5 billion after the first 11 months, representing 2.41 percent of gross domestic product (GDP), Ministry of Public Finances (MFP) data reveal. The general consolidated budget includes both state budget (current expenses of the state) and social budget (public pensions and unemployment). For the whole year, the budget deficit was set at about RON 21 billion by the previous government, equivalent to ...

French presidential hopeful says EU’s ‘3% public deficit dogma must end’

Monday, January 30, 2017

During a TV debate, Wednesday, 25 January, both contenders for the Socialist ticket in the French Presidential election said they would loosen the country’s purse strings, with Benoît Hamon going a step further by promising to end the EU’s “3% deficit dogma”, EurActiv France reports. It was a tense Manuel Valls that faced up to ...

Loan debt of Romanian firms and individuals falls slightly in December

Monday, January 30, 2017

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The total back payments loans in the local currency of the population and firms registered in December 2016, amounted to RON 5.82 billion, which is a drop of 2.02 percent compared with the amount in November and the back payments loans in foreign curreny dropped by 4.12 percent to RON 7.45 billion, according to a report of the National Bank of Romania (BNR), business-review.eu informs. The total loans in the local currency reached RON 126.2 billion in December (by 0.4 percent over ...

APAPR calls on the government to rise the contribution to the mandatory second pillar private pensions for 2017

Monday, January 30, 2017

Romania's Privately Managed Pension Funds Association (APAPR) calls on the government to rise the contribution to the mandatory second pillar private pensions for 2017, according to the law providing for a gradual growth by 0.5 percentage points a ...

Romanian private pension funds' assets grow in 2016

Monday, January 30, 2017

Net assets under the management of Romanian mandatory private pension funds increased 27.5% on the year to 31.46 billion lei ($7.5 billion/6.9 billion euro) in 2016, the financial supervision authority, ASF, said on Friday, seenews.com reports. Government securities had the highest share in mandatory private pension funds' assets, of 64%. Shares came in second with 18.73% and bank deposits were third with a 7.17% share, ASF said in a statement. The number of contributors to the ...

Fondul Proprietatea plans to buy back 640 million share

Monday, January 30, 2017

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Fondul Proprietatea plans to buy back 640 million shares - in the form of both shares and global depositary receipts (GDRs) - under its 7th buyback program, reads an ad on the website of the Bucharest Stock Exchange (BVB). Franklin Templeton Investment ...

BNR: At end-December 2016, household deposits in domestic currency rose by 13.0 percent

Monday, January 30, 2017

RON-denominated household deposits increased by 3.6 percent to RON 103,643.6 million. At end-December 2016, household deposits in domestic currency rose by 13.0 percent (13.7 percent in real terms) against end-December 2015, reads a National Bank of Romanian (BNR) release sent on ...

Non-government loans went down 0.2 percent in December

Monday, January 30, 2017

 The non-government loans went down 0.2 percent in December from the previous month, to RON 220,091.3 million, reads a press release the National Bank of Romania (BNR) issued on Wednesday."At end-December 2016, ...

Bloomberg: Greek Eurobank seeks strategic partner for Romania's Bancpost -source

Monday, January 30, 2017

Eurobank has hired HSBC and Mediobanca to help it find a "strategic partner" for its Romanian subsidiary, a source at the Greek bank said on Monday, Bloomberg correspondent informs. Major Greek banks are looking to reduce their exposure abroad and strengthen their capital base under the terms of the country's latest multi-billion euro financial bailout Bancpost, with total assets of 2.8 billion euros, has a network of 147 ...

Fitch keeps constant the ratings for Bucharest, due to the high operational performances

Monday, January 23, 2017

The company for financial evaluation Fitch kept constant the ratings for Bucharest with stable perspective, due to the high operational performances,supported by a level of the debts and their service in accordance with the ratings and the solid taxing basis. Ratings for long term debts in foreign currency and in lei was kept at the level BBB-. In case of the long term debts in foreign currency, the rating was kept at F3, a ...

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