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Financial & Banking

The state should allow pension funds to invest in real estate

Monday, June 26, 2017

The state should modify the law to allow pension funds to invest a few percentage points of their assets in real estate, Silvana Badea, head of the Investment Department of property consultant JLL Romania, told a press conference. "If something ...

Raiffeisen Bank CEO: Romania is a core market for us

Monday, June 26, 2017

Romania is a core market for the Austrian banking group Raiffeisen and has a tremendous potential for growth, being one of the three countries where Raiffeisen wants to grow more than the rest of the group, together with Czech Republic and Slovakia, said Johann Strobl, the new CEO of Raiffeisen Bank International (RBI) quoted by romania-insider.com. “Our bank in Romania has been successful over the years, and even in the very difficult period of ...

Cumulative level of the net assets of the five SIFs was 8.15 billion lei in May

Monday, June 26, 2017

 The cumulative level of the net assets of the five SIFs (Financial Investments Society) was 8.15 billion lei in May, up 5.8 pct from the level recorded at the end of April, reads a press release of the Association of Fund Managers in Romania (AAF) ...

CNSM recommends BNR and ASF to collect information about the leading commercial real estate players

Monday, June 26, 2017

 The National Committee on Macroprudential Oversight (CNSM) is recommending the National Bank of Romania (BNR) and the Financial Oversight Authority (ASF) to collect information about the leading commercial real estate ...

Angela Cristea: Romania risks not to fulfil criterion for euro zone accession

Monday, June 19, 2017

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Romania must establish a target of accession to the euro zone, but for the moment it risks not to fulfil one of the important criteria, that of consolidated budget deficit under 3%, Angela Cristea, the head of the EC representative office in Romania declared on Tuesday. “In order to accede the euro zone, Romania must fulfil criteria of nominal convergence, which have been fulfilled since 2015. But, at present, the European Commission worries ...

Daianu (BNR): country's eurozone accession is not a decision for the central bank to take

Monday, June 19, 2017

There are rumors around that the National Bank of Romania (BNR) would allegedly oppose the country's eurozone accession in order to keep certain prerogatives, but this is nonsense because the decision is not for the central bank to take, Daniel Daianu, member in the BNR Board of Directors, said on ...

Finance Ministry allocates RON 500 mln for Prima Casa program

Monday, June 19, 2017

The Public Finance Ministry allocates another RON 500 million for guarantees under the state-backed for Prima Casa program, at the request of the National Guarantee Fund of Loans for SMEs, business-review.eu reports. The fresh guarantees were allotted to Piraeus Bank, OTP Bank, BCR, ING, Bancpost, Raiffeisen Bank, BRD, CEC Bank and Leumi Bank, taking into account the usage level of allocated ceilings until June 7. „Through ...

EBRD lends 20 mln euro to Romania's BT Leasing

Monday, June 19, 2017

The European Bank for Reconstruction and Development (EBRD) said on Tuesday it is providing a 20 million euro ($22.4 million) loan to Romania's BT Leasing to finance small businesses outside the capital Bucharest, seenews.com informs.. The loan aims to help BT Leasing broaden access to finance for Romanian micro, small and medium-sized enterprises (MSMEs), especially those outside large metropolitan areas, EBRD said in a press ...

ASF starts controls in emergency mode at Asirom, Generali, Groupama and Uniqa

Monday, June 19, 2017

Financial Surveillance Authority (ASF) starts emergency controls at the sites of Asirom, Generali, Groupama and Uniqa, after it emerged that not all insurance companies offer quotes for RCA policies for a month, said last Monday ASF, business-review.eu reports.ASF also announced that the results will be published after the finalization of control actions. RCS market was involved in scandals after the bankruptcy start in Astra and Carpatica cases. ...

Balance of payments and external debt – April 2017

Monday, June 19, 2017

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According to Central bank's data, in January - April 2017p, the balance-of-payments current account posted a deficit of EUR 1,416 million, compared with EUR 906 million in January – April 2016; ...

Profits close to EUR 250 mln for closed-end funds on BVB in five months

Monday, June 19, 2017

The six companies within the financial index BET-FI from Bucharest Stock Exchange (BVB) accumulated profits close to EUR 250 million for BVB closed-end funds in the first five months of the year, business-review.eu informs. The biggest contribution belonged to Fondul Proprietatea, with a net profit of RON 968.5 million. The dividends season brought consistent amounts in the closed funds of BVB, so that they exceeded the level of combined gains of ...

EC requests Romania, Belgium to apply EU rules on payment accounts

Monday, June 19, 2017

The European Commission is urging Belgium and Romania to send details about how the Payment Accounts Directive (Directive 2014/92/EU) is being enacted in their domestic law, an obligation they had to fulfil by 18 September 2016. The Directive gives all legal EU residents the right to a basic payment account for a reasonable fee, regardless of place of residence. It also improves the transparency of payment account fees and makes it easier to compare and switch. The ...

World Bank lifts Romania's economic growth forecast to 4.4 pct

Monday, June 12, 2017

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The World Bank on last Monday raised its projections for Romania's economic growth from 3.7 to 4.4 percent in 2017. In its report regarding Global Economic Prospects, the bank upgraded its formal forecast on January for the eastern European country for the current year. Moreover, it revised upwards by 0.3 percentage point the estimations for 2018 and 2019, when Romania's GDP is to increase by 3.7 percent and 3.5 percent ...

Lazea (BNR): Many firms have negative capitals; financial indiscipline tolerated

Monday, June 12, 2017

A large number of companies have negative capitals, have come non-bankable, financial indiscipline being tolerated in Romania, Valentin Lazea, senior economist at the National Bank of Romania (BNR), declared on Thursday at a conference. “Shortcomings in legislation step in here, making the owner of a company more interested in lending the company rather than bring in more capital. By means of loans the owner can make fiscal deductions and starts ...

BVB leads top of increases in Europe, with 23.77% advance for main index

Monday, June 12, 2017

BVB (Bucharest Stock Exchange) continued to grow this year for the fifth month on a row and leads the top of increases in Europe, with 23.77% advance for the main index, according to a BVB press release. Austria ranks second with 19.29%, followed by Poland, with 17.11%, Bulgaria with 12.76%, Germany with 9.88%, France 8.67% and Hungary with 7.96%. BVB recorded in May the month with most transactions of the last 10 years in all ...

Tax authority collects 2.2 pct more tax to state budget in May

Monday, June 12, 2017

The National Agency of Fiscal Administration (ANAF)collected in May RON 16.137 billion, RON 350.3 million more, representing a 2.2 percent year-on-year tax increase, business-review.eu informs. Last May, the income stood at RON 15.786 billion. This increase, ANAF representatives argue, comes on the back of the elimination of the tax on special constructions and of the cut of the standard ...

Insolvency law for individuals enforced in Romania starting September

Monday, June 12, 2017

The Government adopted this Friday a decision on for the application norms of the law for the insolvency of individuals, said the spokesperson of the executive, Alina Petrescu, business-review.eu informs „It’s about establishing the manner in which this insolvency procedure will be started and how the claims recovery will be made. Starting September 1 this new procedure for the Romanian society of entering ...

Gov't: multinationals will file their business reports in the countries of their tax residence

Monday, June 12, 2017

The Government adopted on Friday an emergency ordinance amending the Tax Procedure Code, which stipulates the fact that multinationals will file their business reports in the countries of their tax residence, Spokesperson for the Gov't Alina Petrescu announced on ...

Lazea (BNR) : poorest 10 percent of the citizens encounter difficulty in repaying loans about 80 percent of the time

Monday, June 12, 2017

The poorest 10 percent of the citizens encounter difficulty in repaying loans about 80 percent of the time, while the richest 10 percent face similar difficulties only face 40 percent of the time, stated Thursday Valentin Lazea, chief-economist of the National Bank of Romania (BNR), during a speciality ...

IFC Helps Alpha Bank Romania to Increase Mortgage Lending

Monday, June 12, 2017

IFC, a member of the World Bank Group, is providing a €50 million loan to Alpha Bank Romania to support mortgage lending and help expand access to finance for prospective home owners in Romania, a press release sent to ACTmedia informs. Alpha Bank Romania, an existing IFC client and a Company of the Alpha Bank Group, one of the leading Groups of the financial sector in Greece, became the first bank to introduce mortgages in Romania in 2001 and is now one of ...

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