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Financial & Banking
Romania to issue Samurai bonds, green bonds
Monday, April 24, 2023
On Thursday, the Romanian government approved the amending of the methodology for implementing an emergency ordinance regarding the public debt, introducing the possibility for the Ministry of Finance to issue Samurai bonds as well as green bonds,."The government decision amends and supplements the methodology for the application of Emergency Government Ordinance 64/2007 on public debt, as approved under Government Decision 1470/2007. The legislation on ...
Financial assets of public administration sector decrease to 24.1% of GDP, in Q4 2022
Monday, April 24, 2023
The financial assets of the public administration sector decreased in the last quarter of 2022 by 1.8 percentage points, compared to the similar period of the previous year, reaching 24.1% of GDP, according to data published by the National Bank of Romania (BNR).This dynamic was mainly determined by the evolution of the financial instruments "Participants and shares/units of investment funds" and "Loans". Compared to the fourth quarter ...
Euroins Bankruptcy: The Bulgarian Group appeals the ASF decision in Court
Monday, April 24, 2023
Euroins Insurance Group (EIG) announced on Tuesday that it has started the legal procedure to suspend and cancel ...
XTB extends fractional share trading to Romania
Monday, April 24, 2023
Romanians will be able to invest in fractional shares, which are parts of shares in a company floated on international markets, with the minimum size of an order starting at 10 euros, according to XTB."This way, any Romanian, regardless of financial strength, will get access to investments on international stock exchanges. In addition, fractional shares offer investors an opportunity to diversify their portfolios, obtaining an optimal account balance. ...
The number of BVB transactions has increased by 9% in 2022
Monday, April 24, 2023
The total traded value on the regulated market and SMT (the multilateral system of trading) has surpassed the level of 24 billion lei in 2022, up by 11% as compared to 2021, while the number of transactions at the BVB has increased by 9%.According to a report of the Authority for Financial Supervision (ASF) approximately 97% of the total value of transactions took place on the regulated market of BVB, the rest being on ...
Catalin Vasile is the new Chief Sales Officer of NN Romania
Monday, April 24, 2023
NN Romania announces the appointment of Catalin Vasile as Chief Sales Officer starting May 2023. He takes over from Juan Canellas Balanza, who accepted the position of Head of Distribution International within NN Group, after five years in NN Romania’s management team. Catalin has valuable knowledge in the financial services industry in Romania and extensive expertise ...
BNR Board decisions on monetary policy
Monday, April 10, 2023
In its meeting of 4 April 2023, the Board of the National Bank of Romania (BNR) decided: to keep the monetary policy rate at 7.00 percent per annum; to leave unchanged the lending (Lombard) facility rate at 8.00 percent per annum and the deposit facility rate at 6.00 percent per ...
EBRD proposes resolution to Romanian insurance crisis
Monday, April 10, 2023
The European Bank for Reconstruction and Development (EBRD) is concerned by the unfolding crisis on Romania’s insurance market. After due diligence, in October 2021, the EBRD invested a minority equity position in Euroins Insurance Group in Bulgaria (EIG), the parent of Euroins Romania Asigurare-Reasigurare SA (EIRO). As a shareholder, the EBRD has engaged with the Board of EIG to further ...
Fourth quarter of 2022 : EU current account surplus €10.5 bn - €64.2 bn surplus for trade in services
Monday, April 10, 2023
In the fourth quarter of 2022, the EU seasonally adjusted current account of the balance of payments recorded a surplus of €10.5 billion (0.3% of GDP), compared with a deficit of €80.4 billion (-2.0% of GDP) in the third quarter of 2022 and a surplus of €67.2 billion (+1.8% of GDP) in the fourth quarter of 2021, according to estimates released by Eurostat, the statistical office of the European ...
Gov’t Caps RCA Rates For Six Months
Monday, April 10, 2023
The Romanian Government adopted, on Wednesday, the Government Decision that provides for the capping of the price of RCA car insurances for six months. Prime Minister Nicolae Ciuca announced at the beginning of the Government session that he will condition this ceiling on the elaboration in six months of ...
PM Ciuca: We need financial-banking instruments to complement EU funds for investments
Monday, April 10, 2023
Prime Minister Nicolae Ciuca met on Tuesday at the Victoria Governmental Palace with representatives of the Romanian Association of Banks (ARB) and stressed, in this context, that there is a need for financial-banking instruments capable of complementing European funds for those who want to invest.According to a Government press release, the participants highlighted the good evolution of the banking system, which enjoys stability and liquidity above the ...
FinMin Caciu: Installment of excise duties no longer accepted
Monday, April 10, 2023
Finance Minister Adrian Caciu announces that the Government has approved, on Wednesday, an emergency ordinance amending the Tax Procedure Code regarding the granting of simplified and classic installments."Installment of excise duties is no longer accepted. Neither the classic nor the simplified one. On the simplified installment side, excise duties, withholding tax and gambling taxes are no longer accepted for installments. Obviously, the so-called ...
Mogo Romania streamlines the credit granting process and launches a module for car dealers
Monday, April 10, 2023
Mogo Romania, the 100% digital financial institution that finances used car acquisitions, marks the next steps in implementing its digitalization strategy and launches a new interface for car dealers. Thus, the ...
The NN Health Insurance covered medical costs of over RON 36 million for treatments and surgeries Romanians needed
Monday, April 10, 2023
An accident or a health problem in the family can lead to unplanned expenses that many families in Romania cannot easily sustain. In such a situation, a family would need, on average, 90,000 lei in addition to the available financial resources, according to calculations based on UNSAR data on the Romanians’ protection deficit. Launched on World Health Day, the NN Health Insurance helps customers get the treatment ...
KPMG Private Enterprise Global Family Tax Monitor: Large differences in tax paid for generational transfers across jurisdictions
Monday, April 10, 2023
There are multi-million-euro tax variations for generational transfers of a family business across 57 jurisdictions, including Romania, which means that for many family businesses, maintaining prosperity in the long run depends on how well they plan for transfers of business assets and family wealth from one generation to the next. This is the conclusion of the latest KPMG Private Enterprise Global ...
Green Loan to Romania Unicredit Consumer Financing Project Description
Monday, April 10, 2023
A senior unsecured loan of up to RON 100 million (approximately EUR 20 million equivalent) to UniCredit Consumer Financing IFN SA ("UCFin" or the "Company"), a non-banking financial institution based in Romania, to support green consumer financing solutions. Project Objectives The transaction will allow UCFin to ...
EBRD Vice President visits Moldova
Monday, April 3, 2023
EBRD Vice President Mark Bowman visits Moldova to discuss new Country Strategy for Moldova Bank’s support for Moldova focusses on energy security, private sector investment EBRD is Moldova’s biggest institutional ...
BNR: Quarterly benchmark index for loans granted to consumers, increased to 5.98pct per year
Monday, April 3, 2023
The benchmark index for loans granted to consumers (IRCC) regulated by Government's Emergency Ordinance (OUG) No.19/2019 stands at 5.98pct per year, increasing compared to the one published three months ago, of 5.71pct per year, according to the data published by the National Bank of Romania (BNR) on Friday.The index is calculated as the arithmetic average of the daily interest rates of interbank transactions from the fourth quarter of 2022.According ...
Fitch revises outlook on Romania's BCR, BRD to stable
Monday, April 3, 2023
On Thursday, Fitch Ratings revised its Outlooks on Banca Comerciala Romana S.A.'s (BCR) and BRD-Groupe Societe Generale S.A.'s (BRD) Long-Term Issuer Default Ratings (IDRs) to Stable from Negative and affirmed the IDRs at 'BBB+' according to a Fitch Ratings press release.The rating actions follow the revision of the Outlook on the Romanian sovereign rating to Stable.The affirmation of BCR's and BRD's IDRs and Shareholder Support Ratings (SSRs) ...
Fitch downgrades Euroins Romania to 'CC'
Monday, April 3, 2023
Fitch Ratings has downgraded Euroins Romania Asigurare-Reasigurare S.A.'s (Euroins Romania) Insurer Financial Strength Rating (IFS) to 'CC' from 'B+' and placed it on Rating Watch Evolving (RWE).At the same time, the agency has placed the remaining IFS ratings of the Euroins Insurance Group (EIG), Insurance Company Euroins AD (Euroins Bulgaria) and Insurance Company EIG Re AD (EIG Re), on Rating Watch Negative (RWN)The rating actions follow the ...