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Financial & Banking

EBRD launches energy efficiency framework for Romanian homes

Monday, July 3, 2017

Supporting Romanian households to save energy and money, the EBRD is launching the €100 million Green Economy Financing Facility (GEFF) for the country, finchannel.com reads. The framework is designed to help Romanian households invest in energy efficiency, renewable energy and water-saving solutions. It is the first time that the EBRD is financing energy efficiency in Romania’s residential sector. Loans will be provided via local partner ...

Romania's Jan-May cons budget deficit widens to 0.27%/GDP

Monday, July 3, 2017

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Romania's consolidated budget deficit widened to 0.27% of the projected 2017 gross domestic product (GDP) in the first five months of 2017, up from 0.10% of GDP a year earlier, the finance ministry said on Tuesday, seenews.com informs. Romania's consolidated budget showed a surplus of 2.2 billion lei ($537 million/481 million euro) in the first five months of the year, the ministry said in a report published on its ...

Business Lease expects EUR 8 mln turnover in 2017

Monday, July 3, 2017

Business Lease, the operational leasing firm, registered a turnover of EUR 4 million in the first quarter of the year, a growth by approximately 20 percent moren than in 2016 and estimates to reach a turnover of EUR 8 million by the end of this year , business-review.eu informs. The growth is due to the increase in the number of clients and the opening of regional center at Cluj, following an investment of EUR ...

Active insurance against natural disasters policies (PAD) dropped by 2.29 percent

Monday, July 3, 2017

The number of active insurance against natural disasters policies (PAD) dropped by 2.29 percent, reaching on 31 May 2017, the number of 1,667,445, compared to 1,706,628 active PAD policies on 31 May 2016, according to the Insurance Pool against Natural Disasters (PAID) statistics, the company which issues this type of policies. At the end of 2017, a number of 1,703,047 PAD policies were active, while on 31 December 2015 a number of 1,590,954 policies were ...

Tackling money laundering: Crucial to tax evasion and terrorist financing prevention

Monday, July 3, 2017

European Commissioner for Justice V?ra Jourová has prioritised stepping up the fight against money laundering. In this opinion piece, she explains what steps have been taken and what more is to come, euractiv.com reads. Not only is it necessary to ensure that everyone pays their fair share because money laundering directly facilitates tax evasion, it is also an important step in the fight against criminal and terrorist ...

CFA Romania estimates a depreciation of the national currency, RON, in the following 12 months

Monday, June 26, 2017

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Most of the Chartered Financial Analyst (CFA) Romania members estimate a depreciation of the national currency, RON, in the following 12 months, and an increase of the interest rate of the national currency loans, a survey by this association released and sent to AGERPRES on Sunday ...

BNR includes on the list of foreign currency the rate of the leu to the Thai Baht

Monday, June 26, 2017

The National Bank of Romania  (BNR) announced on last Monday that they will include on the list of foreign currencies the quotation of the leu by comparison to the Thai Baht (THB) this being the 30th foreigcurrency on the list. ‘Starting with 19th 2017 the BNR will operate changes in the list of foreign currencies by the inclusion of the quotation of the Romanian leu/ THB’ the press release shows. At present, ...

Romania's Fribourg Capital launches 20 mln euro startups investment fund

Monday, June 26, 2017

Romanian investment firm Fribourg Capital said it has launched Fribourg Digital, a 20 million euro ($22.3 million) investment fund which targets startups in the IT sector, seenews.com informs. Depending on a startup's developed stage, Fribourg Digital will invest from 20,000 euro to 250,000 euro in an initial financing stage, it said in a press release. If a project proves successful, Fribourg Digital is willing to further support the ...

Romania implements SME Initiative: EUR 540 million available for SMEs

Monday, June 26, 2017

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Five Romanian banks have signed up to the SME Initiative in Romania, to provide new financing for Small and Medium enterprises (SMEs) across the country. The SME Initiative is managed by the EIB Group (European Investment Bank and European Investment Fund), the Government of Romania and the European Commission. The agreements with the five banks aim to facilitate access to finance for Romanian SMEs by providing a 60% guarantee on each loan and by ...

Romania plans to sell 7.5 bln euro eurobonds in 2018-2019

Monday, June 26, 2017

Romania's finance ministry said on Thursday it plans to sell 7.5 billion euro ($8.3 billion) worth of eurobonds on the international markets in the following two years, seenews.com informs. Romania plans to borrow 4 billion euro through the issuance of eurobonds in 2018 and a further 3.5 billion euro in 2019, the finance ministry said in its debt management strategy posted on its website. The ministry also estimates gross ...

The state should allow pension funds to invest in real estate

Monday, June 26, 2017

The state should modify the law to allow pension funds to invest a few percentage points of their assets in real estate, Silvana Badea, head of the Investment Department of property consultant JLL Romania, told a press conference. "If something ...

Raiffeisen Bank CEO: Romania is a core market for us

Monday, June 26, 2017

Romania is a core market for the Austrian banking group Raiffeisen and has a tremendous potential for growth, being one of the three countries where Raiffeisen wants to grow more than the rest of the group, together with Czech Republic and Slovakia, said Johann Strobl, the new CEO of Raiffeisen Bank International (RBI) quoted by romania-insider.com. “Our bank in Romania has been successful over the years, and even in the very difficult period of ...

Cumulative level of the net assets of the five SIFs was 8.15 billion lei in May

Monday, June 26, 2017

 The cumulative level of the net assets of the five SIFs (Financial Investments Society) was 8.15 billion lei in May, up 5.8 pct from the level recorded at the end of April, reads a press release of the Association of Fund Managers in Romania (AAF) ...

CNSM recommends BNR and ASF to collect information about the leading commercial real estate players

Monday, June 26, 2017

 The National Committee on Macroprudential Oversight (CNSM) is recommending the National Bank of Romania (BNR) and the Financial Oversight Authority (ASF) to collect information about the leading commercial real estate ...

Angela Cristea: Romania risks not to fulfil criterion for euro zone accession

Monday, June 19, 2017

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Romania must establish a target of accession to the euro zone, but for the moment it risks not to fulfil one of the important criteria, that of consolidated budget deficit under 3%, Angela Cristea, the head of the EC representative office in Romania declared on Tuesday. “In order to accede the euro zone, Romania must fulfil criteria of nominal convergence, which have been fulfilled since 2015. But, at present, the European Commission worries ...

Daianu (BNR): country's eurozone accession is not a decision for the central bank to take

Monday, June 19, 2017

There are rumors around that the National Bank of Romania (BNR) would allegedly oppose the country's eurozone accession in order to keep certain prerogatives, but this is nonsense because the decision is not for the central bank to take, Daniel Daianu, member in the BNR Board of Directors, said on ...

Finance Ministry allocates RON 500 mln for Prima Casa program

Monday, June 19, 2017

The Public Finance Ministry allocates another RON 500 million for guarantees under the state-backed for Prima Casa program, at the request of the National Guarantee Fund of Loans for SMEs, business-review.eu reports. The fresh guarantees were allotted to Piraeus Bank, OTP Bank, BCR, ING, Bancpost, Raiffeisen Bank, BRD, CEC Bank and Leumi Bank, taking into account the usage level of allocated ceilings until June 7. „Through ...

EBRD lends 20 mln euro to Romania's BT Leasing

Monday, June 19, 2017

The European Bank for Reconstruction and Development (EBRD) said on Tuesday it is providing a 20 million euro ($22.4 million) loan to Romania's BT Leasing to finance small businesses outside the capital Bucharest, seenews.com informs.. The loan aims to help BT Leasing broaden access to finance for Romanian micro, small and medium-sized enterprises (MSMEs), especially those outside large metropolitan areas, EBRD said in a press ...

ASF starts controls in emergency mode at Asirom, Generali, Groupama and Uniqa

Monday, June 19, 2017

Financial Surveillance Authority (ASF) starts emergency controls at the sites of Asirom, Generali, Groupama and Uniqa, after it emerged that not all insurance companies offer quotes for RCA policies for a month, said last Monday ASF, business-review.eu reports.ASF also announced that the results will be published after the finalization of control actions. RCS market was involved in scandals after the bankruptcy start in Astra and Carpatica cases. ...

Balance of payments and external debt – April 2017

Monday, June 19, 2017

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According to Central bank's data, in January - April 2017p, the balance-of-payments current account posted a deficit of EUR 1,416 million, compared with EUR 906 million in January – April 2016; ...

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