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Financial & Banking

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 ...

Mandatory private pension funds had stockpiled assets worth about 32.173 billion lei in January

Monday, March 13, 2017

The mandatory private pension funds had stockpiled assets worth about 32.173 billion lei, on January 31, 2017, rising by almost 30% as compared to the level of January 31, 2016, according to data from the Financial Supervisory Authority ...

Merger between Patria Bank and Carpatica, rejected by Appeal Court of Bucharest

Monday, March 13, 2017

The merger between Patria Bank and Carpatica has remained in limbo after the move has been rejected by Appeal Court of Bucharest, according to an announcement submitted to the Bucharest Stock Exchange (BVB), business-review.eu. The banks had previously announced that the merger will be finished at the end of 2017, according to News.ro. „The implementation of the merger process of the Commercial Banks Carpatica SA (BCC) ...

UNIQA Romania pre-tax loss doubles in 2016

Monday, March 13, 2017

Austrian insurance group UNIQA said on Thursday its pre-tax loss from operations in Romania widened to 5.7 million euro ($6.01 million) in 2016 from 2.4 million euro a year earlier, seenews.com informs. Total gross written premiums from operations in Romania increased 27% to 117 million euro in 2016, UNIQA said in its annual financial report. Gross written premiums in the non-life insurance segment amounted to 106.2 million ...

MFP committed to the European Commission to take measures for the budgetary adjustment in case there deficit target is missed

Monday, March 6, 2017

The ministry of finances (MFP)said that they will communicate permanently with the representatives of the European Commission regarding the stage of the target of budgetary deficit, established at little under 3% of the GDP for 2017 and in case of deviation from the target there will be measures taken to adjust the budgetary deficit. ‘When referring to the deficit target, we say that for 2017 a budgetary deficit of 2.96% is estimated. According ...

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 ...

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