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Financial & Banking

Deloitte: Regional NPL markets in the focus

Monday, March 6, 2017

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This is the fourth time that Deloitte has prepared an annual benchmark study on non-performing bank loans (NPL), which examines the share and volume of non-performing loans in nine Central and Eastern European countries, as well as the development trends on the market of NPL portfolios. The study finds that international and local NPL investors have a growing interest in CEE with bank activity also intensifying, resulting in several closed and ongoing transactions last year. ...

Romania has already the smallest budget in EU, BCR official warns

Monday, March 6, 2017

 There is no room for tax cuts in Romania, given that the country already has the smallest budget of the European Union, Radu Craciun, general manager BCR Pensii stated on Thursday in a press conference, romaniajournal.ro reads. According to him, although 2017 looks good from a macroeconomic perspective, history demonstrates that we have record numbers growth and record numbers of recession, says. “We are in an unstoppable process for ...

Romania plans to borrow RON 4 bln from banks in March

Monday, March 6, 2017

The Public Finance Ministry aims to take out loans of RON 4.075 billion from commercial banks in March, out of which RON 3.7 billion through seven tenders certified by treasury and state bonds and RON 375 million through additional sessions of non-competitive offers, affiliated to the bonds tenders, business-review.eu informs. The amounts will be used to refinance the public debt and to cover the state budget deficit. According ...

Market for mandatory car insurance advanced in the fourth quarter of 2016

Monday, March 6, 2017

Romania's market for mandatory car insurance advanced in the fourth quarter of 2016 as well, continuing a rising trend that had been going on for five years, with gross written premiums on the segment of RCA compulsory civil liability insurance for motor vehicles of 4.03 billion lei, up from 3.11 billion lei in 2015, according to data released on Tuesday by the ...

FP decided to reduce the share capital by approximately 503.7 million lei to 5.239 billion lei

Monday, March 6, 2017

 The Extraordinary General Meeting of Shareholders (AGEA) of the Fondul Proprietatea (FP) decided on Tuesday to reduce the share capital by approximately 503.7 million lei to 5.239 billion lei, according to a release published on the website of the Bucharest Stock Exchange ...

Bulgarian insurer DallBogg can operate on Romania's insurance market as of February 22

Monday, March 6, 2017

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Under the EU's Freedom of Services (FoS) provisions, insurer DallBogg can operate on Romania's insurance market as of February 22, the Financial Supervisory Authority (ASF) announced on Monday. "The Financial Supervisory Authority replied in ...

Provident Financial Romania to launch online consumer loans, insurance

Monday, March 6, 2017

The British group International Personal Finance (IPF), which oiwns Provident Financial Romania, granted loans of over GBP 301 million in Romania, Hungary and Bulgaria last year, business-review.eu reads. This accounted for a growth of 17 percent compared with 2015, the highest growth being in Romania, of 27 percent. This year, Provident plans to sell online consumers loans and insurance products in ...

Finances: January incomes 5% lower than in January 2016

Monday, February 27, 2017

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Incomes of the general consolidated budget are 5% lower in January 2017 compared to January 2016, as VAT incomes were 20% lower, according to sources close to the Finance Ministry. VAT incomes represent a quarter of general consolidated budget incomes in January 2017 against January 2015, as VAT incomes were 20% lower, Ziarul Financial writes. The government provided in the budget law, a budget income increase of 14% in 2017 ...

Reuters: Bitcoin hits record high above $1,200 on talk of ETF approval

Monday, February 27, 2017

Digital currency bitcoin jumped to a record high above $1,200 on Friday, as investors speculated the first bitcoin exchange-traded fund (ETF) to be issued in the United States is set to receive regulatory approval, reuters.com reads. Traditional financial players have largely shunned the web-based "crytpocurrency", viewing it as too volatile, complicated and risky, and doubting its inherent ...

ARB: digital technologies will contribute to taxation of grey and black economy

Monday, February 27, 2017

Romania's banking system fully understands the part of digital technologies, and adopting them will contribute to taxation of grey and black economy, Chairman of the Romanian Banks Association (ARB), Sergiu Oprescu, told a specialist ...

Population deposits in lei decreased by 0.2 pct in January 2017

Monday, February 27, 2017

Population households' deposits in lei decreased by 0.2 pct to 103.46 billion lei in January 2017, compared to the previous month, but registered an increase of 11.2 pct compared to January 31, 2016, reads a press release of the National Bank of Romania (BNR) sent on ...

At end-January 2017, non-government loans decreased by 0.9 percent from December 2016

Monday, February 27, 2017

At end-January 2017, non-government loans granted by credit institutions decreased by 0.9 percent (down 0.8 percent in real terms) from December 2016, to RON 218,007.5 million, according to a press statement released by the National Bank of Romania (BNR) on ...

Currency in circulation in Romania increased by 14.9 percent in January 2017

Monday, February 27, 2017

 Currency in circulation in Romania increased by 14.9 percent in January 2017 y-o-y, to more than 54.32 billion lei, while current accounts and demand deposits advanced 21.8 percent, to 123.41 billion lei, according to data posted by the National Bank of Romania on its website on Thursday. On a monthly basis, currency in circulation was down 0.8 percent, while overnight deposits declined 1.5 percent. Thus, narrow money ...

BVB: Romanian capital market to exceed this year the level of January 2008

Monday, February 27, 2017

Chances are high for the main index of the Romanian capital market to exceed this year the level of January 2008, but one should stay down to earth and not get carried away, president of the Bucharest Stock Exchange (BVB) Lucian Anghel told ...

BVB's Anghel: BET index has increased on improved macroeconomics, 2016 corporate financials

Monday, February 27, 2017

The main index of the Bucharest Stock Exchange (BVB), the BET, has lately increased on improved macroeconomics, dividends and corporate financials, BVB Chairman Lucian Anghel told Agerpres on Wednesday. "We are talking about an increase in BET of over 10 percent since the beginning of the year. This can arguably be the best year start in many years. I believe there are several reasons for that. Firstly, the prospects for Romania's macroeconomics late ...

BT to buy back 10 million of its 25 million TLV shares

Monday, February 27, 2017

Banca Transilvania (BT) will buy back 10 million of its 25 million TLV shares and pay 3.5 lei per share, at most, according to a report submitted to the Bucharest Stock Exchange (BVB). "Banca Transilvania informs its investors that, through its decisions of February 21, 2017, the Board of Directors of Banca Transilvania S.A. has approved the following: the buyback of BT (TLV) shares, in accordance with the law and within the legal boundaries of the ...

Tax changes affecting the IT-business

Monday, February 27, 2017

In Romania, certain employees belonging to the IT sector, such as programmers, have been benefitting from certain tax incentives since 2004, lexology.com informs în an article. At the beginning of 2017, the Ministry of Finance has issued the ordinance 2903/2016 which redefines the income tax exemption for programmers. This new ordinance, which is effective since February 1st 2017, replaces the former ordinance 835/2015. It includes substantial ...

The main index of BVB has lately increased on improved macroeconomics, dividends and corporate financials

Monday, February 27, 2017

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The main index of the Bucharest Stock Exchange (BVB), the BET, has lately increased on improved macroeconomics, dividends and corporate financials, BVB Chairman Lucian Anghel told AGERPRES on Wednesday. "We are talking about an increase in BET of over 10 percent since the beginning of the year. This can arguably be the best year start in many years. I believe there are several reasons for that. Firstly, the prospects for Romania's macroeconomics late this ...

Less than 10 pct of the 140,000 IT Romanian companies have professional responsibility insurance, says CertAsig

Monday, February 27, 2017

The key micro-trend in corporate specialized insurance will be, in 2017, the professional indemnity insurance for developers and IT consultants, according to an analysis performed by an insurance company sent on Tuesday. In Romania there are ...

Life insurer NN Romania's gross underwritten premiums rise 5.2% in 2016

Monday, February 27, 2017

Romanian life insurer NN Asigurari de Viata said on Tuesday its gross underwritten premiums increased by 5.2% last year, reaching 661.7 million lei ($155 million/146 million euro). Health insurance policies, the latest product launched by NN on the Romanian market in April 2016, generated over 21% of total sales, the company said in a press release. "2016 was a great year for our business in the context of Romania's record ...

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