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Financial & Banking

Non-government corporate and household loans, up 1.5 percent in March

Monday, May 1, 2017

The total amount of non-government corporate and household loans granted by credit institutions was up 1.5 percent in March from the month before, to 223.1 billion lei; RON-denominated loans advanced 2.4 percent (2.3 percent in real terms), whereas foreign currency-denominated loans inched up 0.2 percent when expressed in RON (expressed in euro, the figure was 0.5 percent down), ...

Banca Transilvania posted a net profit of 246 million lei in Q1 2017

Monday, May 1, 2017

 Banca Transilvania posted a net profit of 246 million lei in Q1 2017, slightly up from the 228.5 ml lei reported in same period of the year before, Banca Transilvania Financial Group announced in a ...

EIB mulls lending UniCredit Romania 50 mln euro to back SMEs

Monday, May 1, 2017

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The European Investment Bank (EIB) said on Friday it is considering a 50 million euro ($55 million) loan to Romania's UniCredit Bank to support small and medium-sized enterprises (SMEs) in the country, seenews.com informs. If granted, the loan will finance small and medium-sized eligible investments promoted by riskier SMEs or mid-caps, including start-ups, innovative companies and other SMEs and mid-caps creating training and/or employment ...

CertAsig largest insurance policies for Romanian companies at EUR 77.8 mln in Q1 2017

Monday, May 1, 2017

Insurance company CertAsig registered the top insurance policies in a civil liability for a Romanian utility aviation company, for a technical insurance of a logistics company from Romania and an insurance policy for a infrastructure construction company from Romania, all of them amounting to EUR 77.8 million in the first quarter of 2017, business-review.eu reads. Also the top included insurances of a known industrial components producer from Bulgaria ...

TransferGo handled transactions worth over EUR 22 mln for Romanian immigrants in 2016

Monday, May 1, 2017

TransferGo, the low-cost money transfer services provider, said that Romanian immigrants wired over EUR 22 million through its platform in 2016, business-review.eu informs. The company said that Romanians working abroad make each month over 8,000 transfers through TransferGo towards relatives that are living in Romania. The service has been present in Romania since 2015. At international level, the TransferGo is used by over ...

Bogdan Neacsu, viccechairman of Garanti Bank was named head of the risk division of Carpatica Bank

Monday, April 24, 2017

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The board of the Carpatica Bank ( BCC stock exchange symbole) approved the nomination of Bogdan Neacsu,vicechairman of Garanti Bank as executive manager of RiskDivision, member of the board, for Carpatica Bank with a tenure of four years. The decision depends on the previous agreement from BNR, a press release of the bank sent on Friday to the Bucharest Stock Exchange. Neacsu has had experience of over 12 months in the banking ...

Romanian households set to pay 10 percent tax of global income, says draft bill

Monday, April 24, 2017

The income flat rate of individuals could be replaced with a 10 percent tax on the global income of households, business-review.eu reads. The taxable income will be set after from the total income received by the members of a household a number of expenses will be deduced, according to the Economic Code project, which is currently being drafted. According to the project, each household will receive a score, provided according to the number of family ...

Adrian Vasilescu (BNR) about the households tax:it could be a winning card

Monday, April 24, 2017

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The introduction of the household tax could be a winning card, only if there is a modern infrastructure and a strong discipline in collecting the taxes. The statement was made at RFI by the BNR governor adviser Adrian Vasilescu.He speaks about the intention of the government to change the fiscal system completely. When asked if the introduction of the household tax could be a winning card, Adrian Vasilescu saidl’ It could be a winning card ...

Non-life insurance market increased by 10.92 percent last year

Monday, April 24, 2017

Romania's non-life insurance market increased by 10.92 percent last year to 7.717 billion lei, according to the data presented in a press conference by Director General of Asirom VIG Juraj ...

Share capital of BVB will grow to 80.7 million lei after the merger by absorption with SIBEX

Monday, April 24, 2017

The share capital of the Bucharest Stock Exchange (BVB) will grow to 80.7 million lei after the decision by the Extraordinary General Shareholders Meeting on the merger by absorption with SIBEX, a release on the BVB website reads. "By majority of votes of ...

BVB to pay 7.06 million lei (rd EUR 1.56 M) in dividends

Monday, April 24, 2017

 The Bucharest Stock Exchange (BVB) will pay 7.06 million lei (rd EUR 1.56 M) in dividends, as the Shareholders Ordinary General Meeting approving a gross dividend of 0.92 lei per share, the institution announced on its ...

FinMin Stefan: Uniform pay law needed to stabilize chaotic payroll system

Monday, April 24, 2017

The uniform pay law for the public sector is necessary to stabilize the currently chaotic payroll system, the more so as one can never know what effects a court ruling could produce, which renders the budget's staff expense part unmanageable, Minister of Public Finance Viorel Stefan said recently. He explained that this is the reason why the Uniform Pay Bill ...

Romania's RCS&RDS parent co to list on Bucharest bourse

Monday, April 24, 2017

Netherlands-based telecoms company Cable Communications Systems, the majority owner of Romanian company RCS&RDS, said on Tuesday it intends to list up to 25% of its shares on the Bucharest Stock Exchange through an initial public offering (IPO) in May, seenews.com informs. Shareholders of Cable Communications Systems have also decided to change the name of the company to Digi Communications N.V, the company said in a press release. "The company ...

PM Grindeanu: Switchover to euro only after Romanians' pay close to other EU states

Monday, April 24, 2017

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Premier Sorin Grindeanu said on Monday that the switchover to the euro will be possible only after the Romanians' incomes get close to earnings in other European Union member states. "Let's make sure that this monetary convergence is done in parallel with the convergence of incomes. We believe that the switchover to the euro can be done only after the ...

Isarescu: BNR will slash the forex minimum reserve requirement whenever it has the chance

Monday, April 10, 2017

The National Bank of Romania (BNR) will slash the forex minimum reserve requirement whenever it has the chance, the central bank's Governor, Mugur Isarescu told a press conference on Wednesday. "The diminishing of the forex minimum reserve requirement is connected to a calendar announced many years ago, with a fair target to reach a normality, the place where the reserves in the European Union stay, and with the specification that huge steps were made in this ...

S&P affirms Romania at BBB-/A-3 with stable outlook, warns on excessive fiscal loosening

Monday, April 10, 2017

Standard & Poor's maintained on Friday Romania's rating at BBB-/A-3, with a stable outlook, and said that the country's deficit will widen due to the government's loose fiscal polic, seenews.com informs. "Romania's fiscal and external deficits are increasing on the back of a procyclical fiscal stance, although strong nominal GDP growth is keeping government and external debt ratios contained for now. We are therefore affirming our 'BBB-/A-3' ...

Isarescu: accession to  the euro which is not an abandoned  project

Monday, April 10, 2017

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Mugur Isarescu, the governor of the National Bank of Romania (BNR) spoke  during the scientific session ‘ Romania in the European Union’ organised by the Romanian Academy about the accession to the euro, which is not an abandoned project, but one which needs a more responsible approach.’ After  the outbreak of the crisis there is a need for the meeting of criteria for convergence in a natural way not a forced one. The level of convergence is an ...

Daniel Daianu: Romania can access the euro in a minimum of nine years if the economy grows by 5%

Monday, April 10, 2017

If the Romanian economy grew at the same rhythm as now  we would access the euro zone in 13 years. If we had a growth of 5% we would need nine years, stated on Friday Daniel Daianu, member of the National Bank of Romania (BNR) Board. He said that we have the lowest fiscal income in the EU. ‘There is long way to structural convergence which should justify our wish to access the euro, so this step could be taken. We propose a minimum  of ...

Lazea, BNR: we don’t have another alternative but accession to the euro zone, although there are some problems

Monday, April 10, 2017

Romania has no alternative from the economic point of view but accession to the euro zone, although it does not function well, stated on Friday Valentin Lazea, the head economist of the National Bank of Romania (BNR) . ‘Although the euro zone does not function well, Romania has no other alternative from the economic point of view. We can stay on the outskirts of the EU as some think, but it is not a solution. Accession to the euro zone means four ...

Romania's gov't-run companies post aggregate 1994-2015 net losses of 66.5 billion lei

Monday, April 10, 2017

Romania's government-run companies have posted an aggregate net loss of 66.5 billion lei, 1994-2015, with 65.5 billion lei amassed in the first ten years of the analysis. "Despite sounder balance sheets, the financial reports of the government-run companies are negative overall (added net results of the years 1994-2015 reveal an aggregate net loss of 66.5 ...

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