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Financial & Banking

Romania: Staff Concluding Statement of the 2017 Article IV Mission

Monday, March 20, 2017

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF's ...

BNR's Lazea: IMF proved that EU funds absorption could lead to 4.5pct potential GDP growth

Monday, March 20, 2017

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The International Monetary Fund (IMF) told the National Bank of Romania (BNR) officials that a 95 percent absorption of EU funds could lead to the potential GDP growth to 4.5 percent, BNR Chief Economist Valentin Lazea said on Wednesday, on the occasion of the launching of the 2017 economic outlook for Romania. "The International Monetary Fund ...

European Commissioner Cretu: EU funds absorption rate in Romania will exceed 90pct on 2007-2013 period

Monday, March 20, 2017

European Commissioner for Regional Policy Corina Cretu on Wednesday said that in Romania the absorption rate for the funds allotted for the 2007-2013 period will exceed 90 percent and that invoices corresponding to this period are still received until the end of this month. "I have made all possible efforts to increase the absorption rate. When ...

Anghel: listing Hidroelectrica is needed for the Romanian capital market to upgrade to the status of emerging market

Monday, March 20, 2017

 The listing of water power corporation Hidroelectrica is needed for the Romanian capital market to upgrade to the status of emerging market, and the Romanian state will be the main beneficiary of this promotion, Chairman of the Bucharest Stock Exchange (BVB) Administration Board Lucian Anghel told the 6th edition of the Individual ...

Presidential adviser: record volume of commitment loans represents this year's budget problem

Monday, March 20, 2017

Presidential adviser Cosmin Marinescu claims that the record volume of commitment loans represents this year's budget problem, pointing out that this 'parallel budget' will keep in place or will deflate the current spending in the future. "Consequently, the higher the commitment loans provided at present, the greater the pressure on the future budgets, through the payments to be made on account of expenditures incurred in the past. That is precisely the ...

Voinea: 7,000 notifications for debt discharge bill until February 2017 for RON 2 bln loans

Monday, March 20, 2017

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The number of notifications for debt discharge bill reached 7,000 at the end of February 2017 and the value of loans was RON 2 billion, said on Wednesday Liviu Voinea, the vice-governor of National Bank of Romania (BNR), business-review.eu reports. „Out of these notifications, 99 percent come from individuals. The trend was decreasing starting July. There are 6,000 debtors. In practice, 755 persons notified for more than one credit, „ said ...

Raiffeisen Bank registered a profit of 104 million euro în 2016

Monday, March 20, 2017

 The Austrian banking group Raiffeisen Bank International AG (RBI) announced on Wednesday in a press release that in 2016, the bank in Romania registered a profit after tax payment of 104 million euro, up 4.5 pct as compared to the result of 100 million euro recorded in 2015, while the number of branch offices decreased by 6.3 pct., to 480 ...

ARB: the importance of crediting at a macro-level in Romania's economy is small

Monday, March 20, 2017

Any country plan could not be achieved without a financing plan, but the importance of crediting, at a macro-level in Romania's economy is small, although the crediting indicators have reasonably grown in 2016, with one digit, Executive President of the Romanian Banks Association (ARB) Florin Danescu said on ...

Fondul Proprietatea representatives, disappointed at decision-making rhythm

Monday, March 20, 2017

The representatives of Proprietatea Fund are disappointed by the decision-making rhythm, declared on Tuesday, in a press conference Marius Dan, Investor Relations Director at FP. "We are disappointed by the decision-making pace. It has to do with very simple decisions related to Hidroelectrica that could speed up the company flotation at the end of the year. Linked to the other companies, there is no government decision, apart from that memorandum that ...

ASSAI sent the Romanian Parliament its proposal for the calculation formula of the RCA

Monday, March 20, 2017

 The Association of Independent Automotive Service Companies (ASSAI) sent the Romanian Parliament its proposal for the calculation formula of the RCA mandatory liability insurance price which includes the risk premium (damage claims), administrative expenses representing a maximum 25 percent of the risk premium, and the expenditures with the sale of the RCA policy (broker) of 50 pct at the most of administrative expenses. "This formula is intended to ...

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 ...

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