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Financial & Banking

President Iohannis: a 2019 deadline for Romania adopting the single European currency is out of the question

Monday, September 19, 2016

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 Romanian President Klaus Iohannis said on Thursday that a 2019 deadline for Romania adopting the single European currency is out of the question, adding that adopting it too quickly could damage the Romanian ...

ASF head Negritoiu, on the reference prices for RCA insurance

Monday, September 19, 2016

The head of the Financial Supervision Authority (ASF), MisuNegritoiu, promises to finalize the reference prices for RCA on categories and vehicles classes insured in a shorter interval than the 30 days requested in the emergency ordinance, as well as the debates with the the transport firms regarding the ...

BVB launched "Fluent in Finance" platform

Monday, September 19, 2016

Bucharest Stock Exchange (BVB) has launched on Wednesday the financial education platform "Fluent in Finance," through which the interested persons can acquire financial knowledge, mainly in the capital market area. "The platform will certainly be the most important point for those who want to understand the mechanisms of the capital market. This is a unique ...

Romania’s factoring market up by 15.5 pct in H1

Monday, September 19, 2016

The factoring market grew by 15.5 percent in the first six months of the year compared with the similar period of the last year, reaching a level of EUR 1.75 billion, according to the data of the Romanian Factoring Association (ARF) quoted by business-review.eu. „From the volumes point of view, the biggest growth was registered by the internal factoring, with a growth of 20 percent compared with the last year, reaching the level of EUR 1.35 ...

Raiffeisen Bank Romania's H1 lending to medium-sized firms grows 7% y/y

Monday, September 19, 2016

Raiffeisen Bank Romania said on Friday that its first-half credit portfolio for medium-sized companies expanded by 7% on the year, reaching 550 million euro ($617 million), seenews.com informs. The sectors that recorded the largest increases in borrowing from Raiffeisen Bank Romania were the distribution of consumer goods (especially food), transport, agriculture, food industry, machinery production, metal construction and building materials industry, ...

Supreme court suspends dissolution of Carpatica Asig

Monday, September 19, 2016

Judges from the High Court of Justice admitted on Tuesday the DNA request to forbid the dissolution and liquidation of Carpatica Asig for 30 days. Anti-corruption prosecutors asked the supreme court to impose preventive measures and forbid the dissolution and liquidation of Carpatica Asig when ASF decided on the company’s insolvency. “Penal sentence 44F of March 8, 2016 of Bucharest Court of Appeal decided to condemn ...

EY Survey: Bank relevance index in Romania is the second lowest among the European countries

Monday, September 19, 2016

Commercial banks are losing they customer relevance each year to other providers of financial products that are easily accessible and customisable. The Earnest & Young (EY) Bank Relevance Index reveals a 75.1 percent global relevance and 73.4-percent relevance in Romania, expected to further ...

Garanti Leasing Romania gets 10 mln euro EBRD loan

Monday, September 19, 2016

The European Bank for Reconstruction and Development (EBRD) said on Tuesday it is lending 10 million euro ($11.2 million) to Garanti Leasing, part of financial group Garanti Romania. Garanti Leasing will use the loan to finance new leases for local small and medium sized enterprises (SMEs), in particular for equipment, trucks and trailers and other vehicles, the EBRD said in a press release. Garanti Leasing has a strong focus on ...

EurActiv: Romania and Bulgaria were not ready for accession, EU auditors confess

Monday, September 19, 2016

The European Court of Auditors (ECA) lifted the veil on a little-known page of European history Monday (12 September) when it revealed the Court had initially opposed the accession of Romania and Bulgaria to the EU, EurActiv.com reads. Bulgaria and Romania joined the EU in January 2007 despite the auditors’ opinion that they were not ready for accession, ECA said in a report published on Monday. The auditors ...

BNR: balance-of-payments current account posted a deficit of EUR 2,157 million in January - July 2016

Monday, September 19, 2016

In January - July 2016, the balance-of-payments current account posted a deficit of EUR 2,157 million, almost 14 percent lower that the one registered in the first half of this year, but 2.8 times higher than in the same period of 2015, when it stood at EUR 756 million, reads a Tuesday release of the National Bank of Romania (BNR). In the assessed period, the goods balance and primary income balance recorded higher deficits, by EUR 1,226 million and EUR 211 ...

BNR: Banks introduced harsher mortgage standards in quarter 2, 2016

Monday, September 12, 2016

Banks significantly harshened credit standards for people in quarter 2, 2016 for mortgage loans, because of the law on debt discharge. For the next three months they estimate a continuation of this tendency, at a lower intensity, as seen in the opinion poll on crediting non financial companies and people made by the National Bank of Romania. At the same time, the demand for mortgage loans dropped in the second quarter of the year, while for the next ...

EC: Romania performs worst in 2014 VAT collection, Slovenia, Croatia better than EU-average

Monday, September 12, 2016

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Romania had the highest VAT (value-added tax) gap in Europe in 2014, while Croatia and Slovenia performed particularly well, lower than the EU average, a a report by the European Commission (EC) showed. The report measures the difference between the amount of VAT collected and VAT total tax liability in all EU countries in 2014, the Commission said on Tuesday. In 2014, Romania hiked the VAT total liability in line with the ...

EurActiv: Eastern Europe and Brexit: Avoiding an ‘ever looser union’

Monday, September 12, 2016

In the wake of the Brexit vote, it remains unclear how aware Central and Eastern European countries are about the short and medium-term risks of the UK leaving the bloc and which strategies they should pursue to mitigate them, writes Ivaylo Iaydjiev. Ivaylo Iaydjiev is a senior researcher at the European Policy Institute in Sofia and a doctoral candidate at the Blavatnik School of Government in Oxford. As the Bratislava ...

Falling yields on Romanian bonds after Brexit vote

Monday, September 12, 2016

The yields of Romanian state bonds are decreasing since the beginning of this year, with slight fluctuations after the Brexit vote and have registered the biggest drop compared with Poland and Hungary bonds prior to Brexit, said Enache Jiru, state secretary at the Public Finance Ministry, quoted by ...

BNR: International reserves – August 2016

Monday, September 12, 2016

On August 31st 2016, the National Bank of Romania’s foreign exchange reserves stood at EUR 32,968 million, compared to EUR 32,659 million on July 31st 2016. During the month, the following flows have taken place: EUR 790 million inflows representing inflows into the European Commission’s account (EUR 621 million), changes in the foreign exchange reserve requirements of the credit institutions, ...

FinMon Dragu at ECOFIN: Fiscal predictability is key to stimulating investments

Monday, September 12, 2016

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Fiscal predictability is key to stimulating investments and implicitly the economy, Public Finance Minister Anca Dragu told the ECOFIN meeting in Bratislava, where the participants discussed, among others, the fight against tax evasion, a Public Finance Ministry release informs on ...

FP's assests decreased over the first semester by 2 percent

Monday, September 12, 2016

The total assets of Fondul Proprietatea (FP) decreased over the first semester by 2 percent compared to the end of December, standing at almost 11.9 billion lei, shows the Report on the capital market evolution in the first semester of 2016, approved by the Council of Financial Supervisory Authority (ASF) and sent on ...

Raiffeisen Bank International seeks last ditch negotiations before suing Romania over debt discharge law

Monday, September 12, 2016

Raiffeisen Bank International is seeking to negotiate with authorities on “neutral field” before starting legal procedures against Romania in court over the enforcement of the debt discharge law, business-review.eu reports. The bank has submitted a document on this topic to several decision makers including president Klaus Iohannis, PM Dacian Ciolos and representatives at the Austrian Embassy in ...

BNR: debts for loans higher than 20,000 lei, declined 1.2 percent, in July 2016

Monday, September 12, 2016

The debts for loans higher than 20,000 lei, granted by the banks to clients, declined 1.2 percent, in July 2016 compared with June, to the equivalent of 25,439 billion lei, according to the National Bank of Romania (BNR) Central Credit Register data, published on Monday. These overdue payments, that are centralized by Central Credit Register, amounted in July to 9.24 percent of the total amounts that clients owed to banks. From the total ...

Romania to develop the capital market for making it an alternative to financing through the banking system

Monday, September 12, 2016

 Romania will continue to develop the capital market for making it an alternative to financing through the banking system, so that it would help boost the economy and develop companies, said the Economy Minister, Vice Premier Costin Borc, according to a press release published on the Bucharest Stock Exchange (BVB) ...

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