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Financial & Banking

Professor Mitroi: the adoption of euros is the best country project Romania

Monday, December 5, 2016

Switching over to the single European currency, the euro, is the best country project Romania can have, given the inability of the country's politician to make enough peace to last one political cycle, professor Adrian Mitroi of the Bucharest School of Economics (ASE) Adrian Mitroi told Agerpres in a recent interview. He says the adoption of euros is an opportunity, and no counterarguments like "we are not ready, we do not have the wages, there is no convergence" ...

Local public debt: annual limit 1.2 billion lei for each of the following years 2017, 2018 and 2019

Monday, December 5, 2016

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The annual limit will be 1.2 billion lei for each of the following years 2017, 2018 and 2019 in respect to the refundable funding, such as loans form commercial banks or other credit institutions, securities issuing, financial leasing, which can be contracted by administrative - territorial units/subdivisions, representing local public debt, the Government decided on Tuesday through a resolution. According to a release of the Executive, the same annual limit ...

BNR and ASF will supervise the enforcement of the EU Regulation on OTC derivatives

Monday, December 5, 2016

The government adopted on Tuesday a bill according to which the National Bank of Romania (BNR) and the Financial Supervisory Authority (ASF) will supervise the enforcement of the EU Regulation on OTC derivatives, central counterparties and trade ...

ROMANIA FINMIN PLANS TO SELL 3.87BN LEI OF DEBT IN DECEMBER

Monday, December 5, 2016

Romania aims to sell 3.6 billion lei ($848.46 million) worth of leu currency bills and bonds in December, and an additional 270 million lei at non-competitive rounds of auctions, the finance ministry said on Monday quoted by Reuters. Debt managers sold an overall 1.95 billion lei worth of domestic leu debt in November. They sold less than planned and even scrapped two tenders altogether as the US election's unexpected win and expectations for a rise in ...

Romania's Vrancart to replace Albalact in BVB stock indices

Monday, December 5, 2016

The Bucharest Stock Exchange (BVB) will add cardboard maker Vrancart [BSE:VNC] to its BET-XT, BET-XT-TR and BET-BK indices, after removing dairy producer Albalact [BSE:ALBZ], the bourse said quoted by seenews.com. Albalact will also be excluded from the BET Plus index. "The Bucharest Stock Exchange (BVB) informs that on November 25, 2016, the extraordinary meeting of the BVB Index Committee  took place, considering ...

CCR postponed for 18 January the discussions regarding the conversion of the loans in Swiss Francs

Monday, November 28, 2016

The Constitutional Court of Romania (CCR) postponed on Wednesday for 18 January the discussions regarding the constitutionality of the draft law regarding the conversion of the loans in Swiss francs. The CCR chairman Valer Dorneanu stated when going out of the meeting room that it was necessary to postpone to study the solution and correlate it with that which was given in the case of the payment law. The government contested a ...

Romania's BCR, BRD, Raiffeisen Bank to cut NPLs further, costs likely to rise – Moody's

Monday, November 28, 2016

Non-performing loans of Romania's three rated banks - Banca Comerciala Romana, BRD-Groupe Societe Generale and Raiffeisen Bank - are expected to decrease by two to three percentage points over the next 12 to 18 months, Moody's Investors Service said, quoted by seenews.com. "Romania's growing economy will gradually improve borrowers' debt ...

BNR: Overdue individual and corporate loans were down 40.8 percent as of end-October, 2016

Monday, November 28, 2016

Overdue individual and corporate loans were standing at over 13,5 billion lei as of end-October, 2016, down 40.8 percent from the end of the same month one year before, according to centralised data with the National Bank of Romania (BNR). More than 5.8 billion lei of the total were overdue installments stated in the local currency, the leu, down 41.2 percent, while ...

BVB: Government has to request structural funds to offer stock-exchange listed companies money

Monday, November 28, 2016

The Government has to request structural funds to offer stock-exchange listed companies money, as it happens in other countries, the president of the Bucharest Stock Exchange (BVB), Lucian Anghel declared on Thursday, in a debate regarding capital market development strategies for the Country Project initiated by the Presidential Administration. "I think it's a good idea to have a single element within the government with whom to discuss Initial public ...

Balance of the non-government loans granted by credit institutions increased by 0.9 percent in October

Monday, November 28, 2016

In October 2016 the balance of the non-government loans granted by credit institutions increased by 0.9 percent (0.4 percent in real terms) compared to September 2016, to the 218.75 billion lei level, due to credits in lei, in general, and especially to those granted to households, according to the National Bank of Romania (BNR) data sent on Thursday. The loans in lei expanded by 1.2 percent (0.8 percent in real terms), while the foreign currency-denominated ...

Total deposits of non-government resident customers in Romania advanced 0.1 percentage in October

Monday, November 28, 2016

Total deposits of non-government resident customers in Romania advanced 0.1 percentage in October 2016 on a monthly, to 258.9 billion lei (RON), according to data released on Thursday by the National Bank of Romania (BNR). RON-denominated household deposits increased by 0.6 percent to RON 97,654.9 million. At end-October 2016, household deposits in domestic currency rose by 10.8 percent (11.3 percent in real terms) against end-October ...

EBRD reduced its equity stake in Banca Transilvania

Monday, November 28, 2016

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The European Bank for Reconstruction and Development (EBRD) has reduced its equity stake in Banca Transilvania, one of the leading banks in Romania. On 22 November, the bank sold 104.5 million shares, representing 2.9 per cent of Banca Transilvania's share capital, through a private placement led by the investment firm Wood & Company, according to an EBRD press statement ...

Vienna Insurance Group profit in Romania up by 16.6 pct in first three quarters of 2016

Monday, November 28, 2016

Vienna Insurance Group companies have posted a 16.6 percent rise in profits and a 30.3 percent premium growth on the Romanian market in the first three quarters of 2016, business-review.eu reports. Overall, Vienna Insurance Group’s profit stood at EUR 301.3 million and the rise in premiums to around EUR 7.0 billion. VIG’s profit before taxes rose in the first three months of 2016, with the CEE markets contributing to around 65 percent of ...

BNR's Georgescu: Modern banking brokerage in Romania can be thought only in consonance with fiscal transparency

Monday, November 28, 2016

Modern banking brokerage in Romania can be thought only in consonance with fiscal transparency, and the banking secret is not vanishing, but is consolidating, First Deputy Governor of the National Bank of Romania (BNR) Florin Georgescu told a conference on fiscal topics. "Banking brokerage in Romania can be thought only in consonance with fiscal transparency. As we noticed in the latest developments on an international level, the banking secret is not ...

BVB is preparing to launch a portal for investors

Monday, November 28, 2016

 Bucharest Stock Exchange (BVB) is preparing to launch a portal for investors that gathers all the information regarding/about a company that an investor might need, all the mandatory briefings, other data from the company, press news about the respective company and a module dedicated to analysts' reports, declared Daniela Serban, director ...

BVB: Compliance with the corporate governance requirements is important

Monday, November 28, 2016

Compliance with the corporate governance requirements is important because it increases company value, but investors can accept compliance variations if company representatives provide well-grounded explanations, president of the Bucharest Stock Exchange (BVB) Lucian Anghel on Tuesday told an event devoted to enhancing investor confidence in listed companies. "We strongly believe that corporate governance helps increase the company's value so that it is ...

Banca Transilvania, BCR and Garanti Bank win contract with ANAF

Monday, November 28, 2016

The National Tax Administration Agency (ANAF) has assigned the 1.87-million lei contract (without VAT) on the acquisition of services for the online payment of taxes, fees, contributions and other sums to the state budget through the National Electronic Payment System to three banks - Banca Transilvania, Banca Comerciala Romana (BCR) and Garanti Bank. According to an announcement posted on the website of the Electronic Public Procurement System (SEAP), the ...

Payments by debit instruments refused by banks have increased by 30 percent in October

Monday, November 28, 2016

The amount of payments by debit instruments refused by banks have increased by 30 percent in October compared to September, from 248.49 million lei to 323.13 million lei, the data collected by the Payment Incidents Register (PIR) of the National Bank of Romania (BNR) reveals. In comparison to last year, the payments with debit instruments refused by banks dropped by approximately 40 percent, taking into account that in November 2015, they stood at 450.57 ...

ARB joined the European Banking Institute as a supporting member

Monday, November 28, 2016

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The Romanian Banking Association (ARB) joined the European Banking Institute as a supporting member with the mission to strengthen the Europe-wide partnership between academia and the financial industry; ARB nominated the Bucharest Academy of Economic Studies (ASE) for the position of academic member of the Institute, the Association said in a ...

Iohannis: It is not good for Romania to get fixated on a deadline for accession to Eurozone

Monday, November 21, 2016

 Romania is at a non-stage as far as its accession to the Eurozone is concerned, President Iohannis said Thursday in northwestern Cluj-Napoca, adding that it is not good for Romania to get fixated on a deadline for ...

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