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Financial & Banking

More than 5,000 applications have been registered for AXI card în just one month

Monday, March 20, 2017

In just one month since the rollout of AXI card - the credit card that can be available also to holders with negative payment records - more than 5,000 applications have been registered for this instrument, announced AXI Finance IFN S.A. in a release, adding that more than 1,600 requests have already been approved and some 1,000 plus cards have already reached customers. AXI is a ...

Romanians made over million tax payments by card last year, worth RON 360 million

Monday, March 20, 2017

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The number of taxes paid online doubled compared to 2015 and accounted for one third of the total tax payments by card Visa currently runs the 8th edition of its annual national campaign aimed at promoting tax payments by card Romanians made more than one million tax payments by card, both at POS and online, in 2016. The total value of taxes paid by card increased by ...

ASF on capping of the RCA mandatory liability insurance fees

Monday, March 20, 2017

 Everyone stands to lose from the capping of the RCA mandatory liability insurance fees and we need to proceed to a hands-on analysis on the economic arguments for this and meet somewhere mid-way, Paul Mitroi, Director with the Authorization Regulation Directorate - Insurance Reinsurance Division of the Financial Supervisory Authority (ASF) told a specialist conference on Thursday. "In the fall of 2015 we were accused of failing to transpose the article ...

Ionut Dumitru ( Fiscal Council) the governmental debt does not drop, and the leu does not go up

Monday, March 13, 2017

The last data made public by the finances show a drop of the governmental public debt this year, and the average exchange rate leu-euro will be 4.42 lei. Ionut Dumitru, the chairman of the Fiscal Council stated that both prognoses are non-realistic. The service of governmental public debt will drop this year at 8.1 billion euro from 13.7 billion in 2016.This will go up to 9.344 billion euro in 2018 and will go down at 8.319 billion lei in 2019.These ...

EBRD joins forces with Mid Europe Partners in order to support the expansion of Profi Rom Food LLC supermarkets in Romania

Monday, March 13, 2017

The European Bank for Reconstruction and Development (EBRD) joins forces with Mid Europe Partners in order to support the expansion of the network of Profi Rom Food LLC supermarkets in Romania, with a capital investment of 25 million euro, reads a press release of the European Bank sent on Thursday. Profi owns 523 stores in over 272 localities in Romania. EBRD financing will support the expansion of the retail network, especially in the country's smaller ...

Romania’s government might seek IMF advice for sovereign fund

Monday, March 13, 2017

The government will work with experts of the International Monetary Fund (IMF) on designing Romania’s first Sovereign Fund for Development and Investment (FDSI), according to the minister of economy, Mihai Tudose quoted by business-review.eu. Tudose met ...

Kruk Group: nominal value of debt assignments was 2.06 billion euros în 2016

Monday, March 13, 2017

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 Receivables sold or outsourced for collection by banks and other entities on the Romanian market totaled 3.1 billion euro in 2016, compared to 2.01 billion euro in 2015, show estimates by Kruk Group, the largest receivables management company in Central and Eastern ...

Insurance policies for dwellings (PAD) rose by 6.13 pct in January

Monday, March 13, 2017

The number of active compulsory insurance policies for dwellings (PAD) rose by 6.13 pct, reaching 1.691 million on January 31, 2017 as compared to 1.593 million PAD polices on January 31, 2016 according to the statistics of the Pool of Insurance Against Natural Disasters (PAID), the company that issues this type of ...

Number of indebted Romanians goes up in January

Monday, March 13, 2017

The number of individuals with back payments longer than 30 days, at banks and non financial institutions, went up by 13,029 to 648,873 in January compared with December, the third month in row of increase, shows the data of the National Bank of Romania (BNR), quoted by business-review.eu. The value of the back payments amounted to RON 8.08 billion in January, a growth by 1 percent compared with the previous month, out of which RON 3 billion in RON and ...

Fitch upgrades Banca Comerciala Romana to 'BBB+'; outlook stable

Monday, March 13, 2017

Fitch Ratings said on Thursday it has revised the long-term issuer default ratings (IDR) on Romania-based Banca Comerciala Romana's (BCR) to 'BBB+' from 'BBB', with stable outlook, seenews.com reports. BCR's Viability Rating (VR) was not affected by the rating actions, Fitch said in a statement. In October 2016, Fitch affirmed BCR at 'BBB' and upgraded its viability rating to 'bb' from 'bb-' Fitch ...

Mandatory private pension funds had stockpiled assets worth about 32.173 billion lei in January

Monday, March 13, 2017

The mandatory private pension funds had stockpiled assets worth about 32.173 billion lei, on January 31, 2017, rising by almost 30% as compared to the level of January 31, 2016, according to data from the Financial Supervisory Authority ...

Merger between Patria Bank and Carpatica, rejected by Appeal Court of Bucharest

Monday, March 13, 2017

The merger between Patria Bank and Carpatica has remained in limbo after the move has been rejected by Appeal Court of Bucharest, according to an announcement submitted to the Bucharest Stock Exchange (BVB), business-review.eu. The banks had previously announced that the merger will be finished at the end of 2017, according to News.ro. „The implementation of the merger process of the Commercial Banks Carpatica SA (BCC) ...

UNIQA Romania pre-tax loss doubles in 2016

Monday, March 13, 2017

Austrian insurance group UNIQA said on Thursday its pre-tax loss from operations in Romania widened to 5.7 million euro ($6.01 million) in 2016 from 2.4 million euro a year earlier, seenews.com informs. Total gross written premiums from operations in Romania increased 27% to 117 million euro in 2016, UNIQA said in its annual financial report. Gross written premiums in the non-life insurance segment amounted to 106.2 million ...

MFP committed to the European Commission to take measures for the budgetary adjustment in case there deficit target is missed

Monday, March 6, 2017

The ministry of finances (MFP)said that they will communicate permanently with the representatives of the European Commission regarding the stage of the target of budgetary deficit, established at little under 3% of the GDP for 2017 and in case of deviation from the target there will be measures taken to adjust the budgetary deficit. ‘When referring to the deficit target, we say that for 2017 a budgetary deficit of 2.96% is estimated. According ...

Deloitte: Regional NPL markets in the focus

Monday, March 6, 2017

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This is the fourth time that Deloitte has prepared an annual benchmark study on non-performing bank loans (NPL), which examines the share and volume of non-performing loans in nine Central and Eastern European countries, as well as the development trends on the market of NPL portfolios. The study finds that international and local NPL investors have a growing interest in CEE with bank activity also intensifying, resulting in several closed and ongoing transactions last year. ...

Romania has already the smallest budget in EU, BCR official warns

Monday, March 6, 2017

 There is no room for tax cuts in Romania, given that the country already has the smallest budget of the European Union, Radu Craciun, general manager BCR Pensii stated on Thursday in a press conference, romaniajournal.ro reads. According to him, although 2017 looks good from a macroeconomic perspective, history demonstrates that we have record numbers growth and record numbers of recession, says. “We are in an unstoppable process for ...

Romania plans to borrow RON 4 bln from banks in March

Monday, March 6, 2017

The Public Finance Ministry aims to take out loans of RON 4.075 billion from commercial banks in March, out of which RON 3.7 billion through seven tenders certified by treasury and state bonds and RON 375 million through additional sessions of non-competitive offers, affiliated to the bonds tenders, business-review.eu informs. The amounts will be used to refinance the public debt and to cover the state budget deficit. According ...

Market for mandatory car insurance advanced in the fourth quarter of 2016

Monday, March 6, 2017

Romania's market for mandatory car insurance advanced in the fourth quarter of 2016 as well, continuing a rising trend that had been going on for five years, with gross written premiums on the segment of RCA compulsory civil liability insurance for motor vehicles of 4.03 billion lei, up from 3.11 billion lei in 2015, according to data released on Tuesday by the ...

FP decided to reduce the share capital by approximately 503.7 million lei to 5.239 billion lei

Monday, March 6, 2017

 The Extraordinary General Meeting of Shareholders (AGEA) of the Fondul Proprietatea (FP) decided on Tuesday to reduce the share capital by approximately 503.7 million lei to 5.239 billion lei, according to a release published on the website of the Bucharest Stock Exchange ...

Bulgarian insurer DallBogg can operate on Romania's insurance market as of February 22

Monday, March 6, 2017

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Under the EU's Freedom of Services (FoS) provisions, insurer DallBogg can operate on Romania's insurance market as of February 22, the Financial Supervisory Authority (ASF) announced on Monday. "The Financial Supervisory Authority replied in ...

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