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Financial & Banking

IMF highlights VAT refund issue in Romania: Too many audit resources wasted in nonproductive way

Monday, September 5, 2016

Specialists from the International Monetary Fund (IMF) mention in a technical assistance report on reducing the tax gap in Romania that authorities are spending valuable resources on refunding VAT with limited success, business-review.eu reports quoting the IMF Report on http://www.imf.org/external/pubs/cat/longres.aspx?sk=44215.0. Romania currently has the highest VAT collection gap of 44 percent out of all European Union member states. In addition, ...

Minister Dragu: Romania to adopt the Euro in April 2017

Monday, September 5, 2016

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The Romanian Government is to submit to the European Commission a roadmap to adopt the Euro in April 2017, Finance Minister Anca Dragu said on Tuesday during a talk-show at Realitatea TV. All European Union member states have an obligation to state their position on adopting the single currency, the minister explained. "Romania's Government is to submit in April 2017 to the European Commission a roadmap to adopt the Euro legal tender, as part of the ...

Grawe Romania Asigurare received authorisation to provide RCA insurance

Monday, September 5, 2016

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The Council of Romania's Financial Oversight Authority (ASF) has approved an application from Grawe Romania Asigurare for authorisation to provide RCA mandatory motor vehicle liability insurance as well as CASCO insurance of land transportation means, other than railway means of transportation, ASF announced on Wednesday. 'Grawe has thus become a new insurer ...

Fitch downgrades Garanti Bank Romania's outlook to negative from stable

Monday, September 5, 2016

International rating agency Fitch Ratings revised the outlook of Garanti Bank Romania to negative from stable and affirmed its long-term issuer default rating (IDR) to ‘BBB-’, seenews.com informs. The outlook revision follows the similar rating action on Garanti's ultimate parent, Turkiye Garanti Bankasi S.A.to BBB with a negative outlook on August 25, Fitch said on Friday. In August 2015, Fitch Ratings upgraded the ...

The state lent from banks 4.86 billion lei in August with approximately 10% over the programmed sum

Monday, September 5, 2016

The loans contracted by the ministry of public finances (MFP) from banks in August were worth 4.864 billion lei with 429 million lei (9.67%) over the initially planned sum. The ministry planned for August loans of 4.435 billion lei from commercial banks out of which 4 billion lei through eight bids of treasury bills and bons and 435 million lei through supplementary sessions of non-competitive offers, belonging to the bonds bids. But in the case of ...

The top of banks according to interests and commissions. Which are the five biggest banks in the system

Monday, September 5, 2016

The five biggest banks in the system BCR, BRD, Banca Transilvania, Raiffeisen and UniCredit got in Q1 income from interests of approximately 3.5 billion lei, up by 10% against the same period of last year. The gain from commissions went slowlier by almost 7% surpassing 1.5 billion lei. As a whole last year, the biggest five banks in the system got total income out of interest of 7.2 billion lei, taking a slice of almost 70% of the total of gain from ...

CEC Bank and Transylvania Bank selected by Ministry of Economy to implement START and SRLD programs

Monday, September 5, 2016

The Ministry of Economy, Trade and Relations with Business Environment (MECTMA) selected CEC Bank and Transylvania Bank as partners to implement the program for setting up and developing small enterprises by new entrepreneurs (SRLD) and START 2016 program, the institution informed on Tuesday. “Considering the fact that the two credit institutions have fulfilled the demands requested and credit offers presented are similar, we decided to offer ...

Moody's improves rating outlook on Romania's top lender BCR to positive

Monday, September 5, 2016

Moody's said it has changed the outlook to positive from stable on the ratings of Romania's top lender Banca Comerciala Romana (BCR), part of Austria's Erste Group, seenews.com informs. At the same time, the agency affirmed BCR's Ba1 long-term local and foreign-currency deposit ratings and its Baa3(cr) Counterparty Risk Assessment (CRA), it said in a statement late on Thursday. The rating agency noted that BCR's ...

Share traded on BVB declined in the first eight months of 2016

Monday, September 5, 2016

Transactions of share traded on the Bucharest Stock Exchange (BVB) main segment, declined in the first eight months of this year compared to the same period of last year by 11.1 percent to about 1.13 billion euro, reveal the capital market operator's data. In August this year, the total value of transactions exceeded 110.2 million euro, an amount 40.5 percent lower than in the same month of 2015. On the alternative trading system, the value of transactions ...

Greg Konieczny: Romania, the most attractive border market in Eastern Europe

Monday, September 5, 2016

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Romania is the most attractive border market in Eastern Europe, because it offers assessment "bargains", high-yield shares and good perspectives for IPOs of state-owned, but also private companies, Greg Konieczny, manager of Fondul Proprietatea investment fund, said. He made the statements in an interview published on Executive Chairman of Templeton Emerging Markets Group Mark ...

Romania, among the main CEE destinations for private equity financing in 2015

Monday, September 5, 2016

Private equity and venture capital investment in Central and Eastern Europe last year reached its highest amount since 2009, according to new data from Invest Europe quoted by business-review.eu. Among the main destination of private equity financing in the CEE region in 2015 was Romania, with 9 percent of the total financing. The other main destinations of private equity were Poland (54 percent of total value), Serbia (14 percent of total) and ...

Alpha Bank registers profit of EUR 6.3 mln in Romania in H1

Monday, September 5, 2016

Greek lender Alpha Bank registered on the local market a gross profit of EUR 6.3 million in the first six months of the year, as a result of the increase in the operational revenues and the decrease in the previsions level, according to the data published by the mother-group from Athens quoted by business-review.eu. The operational revenues reached EUR 75.9 million, an increase of 24 percentage compared with the January-June interval this year. ...

Romania plans 4.3 bln lei (897 mln euro) domestic debt issuance in Sept

Monday, September 5, 2016

Romania's finance ministry said on Wednesday it plans to auction 4.3 billion lei ($1.07 billion/965 million euro) in government securities in September, as well as to sell an additional 420 million lei in non-competitive offers, seenews.com informs. The finance ministry plans to hold one tender for 1 bllion lei in one-year T-bills, 500 million lei in six-month notes and six auctions for T-bonds worth a combined 2.8 billion lei, with outstanding ...

Isarescu: Romania was not ready to join the European Union in 2007

Monday, August 29, 2016

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Romania was not ready to join the European Union in 2007, said the National Bank of Romania (BNR) governor, Mugur Isarescu, on August 26, in Alba Iulia, County of Alba. And yet, added he, if we didn't, nobody knows whether this thing would have ...

UNIQA Romania cuts pre-tax loss sharply in H1

Monday, August 29, 2016

Austrian insurance group UNIQA said on Thursday its pre-tax loss from operations in Romania narrowed sharply to 0.4 million euro ($0.45 million) in the first half of the year from 2.4 million euro a year earlier, seenews.com reports. Total gross written premiums from operations in Romania rose 29% to 52.5 million euro in the six months through June, UNIQA said in its annual financial report. Gross written premiums in the ...

Steven van Groningen’s comments impacted „impartiality of the judiciary”, says CSM

Monday, August 29, 2016

The Superior Council of Magistrates (CSM) said that Steven van Groningen, the president of the Council of Banking Employers in Romania (CPBR) and the CEO for Raiffeisen Bank, has made comments that have impacted the image of courts following rulings given by judges in trials involving foreign exchange loans, business-review.eu informs. The comments made by Van Groningen were included in a letter that the CPBR had sumbitted to key institutions in the ...

Romania wants to become member of the Asian Infrastructure Investment Bank

Monday, August 29, 2016

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The Ministry of Public Finance (MFP) got the Government’s approval to send a letter to the Asian Infrastructure Investment Bank (AIIB) expressing Romania’s official interest to become its member, a press release informs quoted by romaniajournal.ro. The China-led development bank is seen as a rival to the World Bank, led by the United States. The AIIB was legally established on end-December 2015 as a way of financing ...

Romania’s receivables recovery market might climb to EUR 2.7 mln this year, says Top Factoring

Monday, August 29, 2016

The volume of Romania’s receivables management and recovery market will go up by at least 8 percent, up to EUR 2.7 million, Top Factoring estimates, quoted by business-review.eu. The growth will be fueled by the overall evolution of the market and the value of portfolios that will be put up for sale, company representatives argue.  “Given he evolution in the first semester, we are expecting the market to grow with EUR 200 million in ...

Denominated household deposits declined in July 2016

Monday, August 29, 2016

 RON-denominated household deposits declined in July 2016 from June 2016, the first monthly drop in 11 months, but they were up 10.5 percent y-o-y, according to data released on Wednesday by the National Bank of Romania ...

Non-government corporate and household loans dropped by 0.7 percent this July

Monday, August 29, 2016

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The total amount of non-government corporate and household loans granted by credit institutions dropped by 0.7 percent this July from the month before, to 216.138 billion lei; in a year-on-year comparison, the figures were however 1.8 percent higher, the National Bank of Romania (BNR) said in a press statement released on ...

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