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Financial & Banking
European Semester Autumn Package: Communication on the fiscal situation in Romania
Monday, November 23, 2020
BUDGETARY DEVELOPMENTS AND OUTLOOK According to the notification of 14 October 20208 , validated by Eurostat, the general government deficit in Romania was 4.4% of GDP in 2019, while debt stood at 35.3% of GDP. The Commission 2020 autumn forecast projects a general government deficit of around 10¼% in 2020, 11¼% in 2021 and 12½% in 2022 under a no-policy change ...
25 years of history at Bucharest Stock Exchange
Monday, November 23, 2020
Bucharest Stock Exchange (BVB) celebrates 25 years since its reopening: on November 20th, 1995, the first trades were made at BVB. From 9 companies listed at the end of 1995, over 350 companies are now present on the BVB markets, with a cumulative capitalization of RON 104bn (over EUR 21bn). Radu Hanga, BVB Chairman of the ...
Transactions on BVB in first ten months, higher than in whole 2019
Monday, November 23, 2020
The value of share trading on the Bucharest Stock Exchange (BVB) reached RON 10.3 bln (EUR 2.12 bln) in the first ten months of this year, up 6.4% compared to the level for the whole of 2019 (RON 9.68 bln), the operator announced in a press release. However, the evolution of the main market index – BET was negative in October, after a solid recovery from March until September following the plunge ...
Valentina Lazea (BNR) suggests public sector wages should be cut by 20%
Monday, November 23, 2020
The budgetary sector employees should work only four days a week and have their wages cut by 20%, Romania's National Bank (BNR) chief economist Valentin Lazea suggested. The fiscal consolidation emerged as a hot topic on the public agenda, as the country's public deficit will exceed 9% of GDP this year."It is not normal at all for the average salary in the budget sector to be higher than in the private ...
Raiffeisen Bank and QUALITANCE are developing a 100% digital lending platform for SMEs
Monday, November 23, 2020
Raiffeisen Bank and tech and innovation company QUALITANCE have announced the development of a 100% digital lending platform for small and medium enterprises. The product, which is currently undergoing testing with a limited number of Raiffeisen Bank customers, will become available to all the bank’s SME customers in 2021, as a result of a continuous implementation of new functionalities. The development of the digital platform has started ...
Europeans insist EU funds be linked to respect for Rule of Law
Monday, November 23, 2020
In the third round of the European Parliament’s special survey delving into European citizens’ attitudes and opinions over the course of the Covid-19 pandemic, results show that citizens across the EU fully support a clear conditionality of EU funds to the respect of the rule of law and democratic values. They survey confirms citizens’ call for EU to have more powers to tackle pandemic. In addition to ...
Garanti BBVA Leasing receives EBRD loan of €5 million
Monday, November 23, 2020
New EBRD credit line of €5 million to Garanti BBVA Leasing Access to finance for companies to overcome economic slowdown Support for businesses facing impact of coronavirus pandemic The European Bank for ...
Study: Regulations proposed by the OECD may lead to an increase of their tax burden
Monday, November 23, 2020
More than 60% of multinationals worldwide estimate a possible increase in their corporate tax burden as a result of the implementation of the reform announced by Organization for Economic Co-operation and Development (OECD) at the beginning of this year, based on two pillars, taxation of the digital economy (Pillar I) and minimum corporate taxation (Pillar II). According to ...
Patria Bank scores over 1.22 M euro in profit January through September
Monday, November 23, 2020
Patria Bank reported a net profit of over 1.22 million euro (5.98 million lei) at nine months, an increase of 2 pct compared to the same period in 2019, according to its financial results on September 30, published on the website of the Bucharest Stock Exchange (BVB)."This financial performance occurred in an unanticipated pandemic environment where predictability was very low and the volatility of macroeconomic conditions was high. Compared to the previous ...
FONDUL PROPRIETATEA FINANCIAL RESULTS FOR THE QUARTER ENDED 30 SEPTEMBER 2020
Monday, November 23, 2020
Fondul Proprietatea (hereinafter “The Fund”) has published today its financial results for the third quarter of 2020 and would like to share the most important highlights: The share price continued to recover after the significant drop recorded by all capital markets following the COVID-19 outbreak at the beginning of the year and, as at the end of September 2020, was 16.7% ...
More than a third of Romanians would keep their savings in a hidden envelope in the closet!
Monday, November 23, 2020
* Study by Reveal Marketing Research on Romanians' attitudes towards savings and investments Reveal Marketing Research conducted a study on Romanians’ attitudes towards savings and investments to find out what are the main tools of managing their financial resources. Given the COVID-19 context challenging the economic situation at all levels and industries, people need to reassess their ...
ING Bank Romania net profit drops 26 pct January through September 2020
Monday, November 23, 2020
At the end of September 2020, ING Bank Romania recorded a net profit of 443 million lei, down 26 pct compared to the same period last year, according to a press release sent on Wednesday.The bank's total revenues increased by 2 pct to 1.57 billion lei, while operating costs increased by 8.6 pct.The loan portfolio reached a total of 27.8 billion lei in September, indicating an increase of 4 pct against last year, and the deposit portfolio ...
BNR Board decisions on monetary policy
Monday, November 16, 2020
In its meeting of 12 November 2020, the Board of the National Bank of Romania (BNR) decided the following: to keep the monetary policy rate at 1.50 percent per annum; to leave unchanged the deposit facility rate at 1.00 percent per annum and the lending facility rate at 2.00 percent per ...
FinMin Citu is confident in S&P’s decision, rules out IMF agreement
Monday, November 16, 2020
Romania's GDP will contract by only 4% this year (+/-0.2pp), S&P will maintain the sovereign debt rating in the investment-grade area, and the country will need no agreement with the International Monetary Fund, finance minister Florin Citu said in a press conference before the Parliament meeting on budgetary and economic matters. He argued that ...
BNR: Balance of payments and external debt – September 2020
Monday, November 16, 2020
In January - September 2020p, the balance-of-payments current account posted a deficit of EUR 7,737 million, compared with EUR 7,942 million in the same year-ago period, the Central Bank (BNR) stated. The deficit on trade in goods widened by EUR 1,165 million, the surplus on services increased by EUR 392 million, the primary income balance saw its deficit narrowing by EUR 401 million, and the surplus of the secondary income balance rose by EUR 577 ...
BT’s Financial Results as at September 30, 2020; Banca Transilvania, ready to Support the Recovery of the Economy
Monday, November 16, 2020
Banca Transilvania has had a significant contribution to the recovery of the economy in Q3, after the shock generated by the first pandemic wave. BT’s loan balance grew by RON 1.1 bn. during the third quarter, reaching RON 40.1 bln. The Bank has granted more than 7,000 financing facilities via the government program IMM Invest, counting ...
Getin Holding authorised the Rothschild bank to manage the sale of Idea Bank Romania
Monday, November 16, 2020
The board of the Polish financial holding Getin Holding took the decision to continue a possible sale of all shares owned with Idea Bank Romania and signed an agreement for financial counselling with the international bank of investments Rothschild, according to a press release of Getin. Idea Bank (the former Romanian International Bank) was taken over in 201 by Getin Holding, one of the biggest ...
Ghetea: digitisation in the banking system saved lives, contributed to the implementation of the measures of social distancing
Monday, November 16, 2020
Digitisation in the banking system has saved lives, contributing to the implementation of the measures of social distancing imposed by military ordnances, stated on Wednesday Radu Ghetea, honorary chairman of the Romanian Association of Banks and chairman of the board of Libra Internet Bank, at the conference ‘ Digital Financial-banking services and Cyber security’. According to him, through services such as mobile banking the clients ...
Alpha Bank Romania to become latest member of the Energy Efficient Mortgages Pilot Scheme
Monday, November 16, 2020
The Energy Efficient Mortgages Initiative (EEMI) is delighted to announce that Alpha Bank ...
Raiffeisen Bank Romania reports 9% stronger 9M profit
Monday, November 16, 2020
Raiffeisen Bank, the Romanian subsidiary of Raiffeisen Bank International, reported a RON 583 million (EUR 120 mln) net profit in January-September, 9% higher compared to the same period in 2019. "Given the conditions - the lockdown in the second quarter, the decrease in operating income and the increase in the bank's provisions - the fact that we report an increase in lending makes me very satisfied with what we have ...