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Financial & Banking

Eurostat: Romania - above EU average by environmental tax share of total tax revenue

Monday, February 24, 2020

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The environmental taxes collected in 2018 by the Romanian state amounted to 4.239 billion euros, accounting for 7.95 percent of total revenue from taxes and social contributions; this marked an increase from 3.674 billion euros, or 7.85 percent of total revenue from taxes and contributions in 2017, shows data released Wednesday by the EU's office for statistics, Eurostat.Environmental tax revenues in the European Union totalled 324.6 billion euros in 2018, which ...

PM Orban: PNL won't give up flat tax

Monday, February 24, 2020

Prime Minister Ludovic Orban stated he is "the defender of the flat tax," adding that PNL (National Liberal Party – at rule) will never give up the flat tax."I am the defender of the flat tax, which for me is the foundation of a Liberal economy. PNL will never give up the flat tax," stated Ludovic Orban on Thursday, while leaving from the event AMCHAM CEO FORUM, when he was asked whether the Liberal government considered introducing a progressive tax or ...

Fitch confirmed the Garanti Bank Romania rating at ‘BB minus’ with stable perspective

Monday, February 24, 2020

Fitch Ratings confirmed the rating for long term debts of Garanti Bank Romania at ‘BB minus’with stable perspective,and the viability rating at ‘ bb minus’,shows a press releaseof the financial evaluation agency.‘ The long term ratings of Garanti Bank are supported by its individual profile,as it is reflected in its viability rating. The viability rating reflects the limited measure of the bank and the franchise of Romania, the ...

Credits for small companies with SME Initiative guaranty in UniCredit Bank offer

Monday, February 24, 2020

UniCredit Bank offers small and medium companies access to financing that benefits 60% of guaranty through SME Initiative for small companies, a guaranty instrument accessed by UniCredit Bank from the European Union, according to a bank press release. Transactions benefit from EU support through the program Initiative for small companies financed by EU through FEDR and Horizon 2020 and by the European Investment Fund and the European Investment ...

Govt.-backed home purchase program kicks off in Romania

Monday, February 24, 2020

Romania’s loan guarantee fund for small and medium sized enterprises (FNGCIMM), the body that manages the guarantees extended by the Government to individuals contracting mortgage loans under the Prima Casa (First Home) program, announced the launch of the program’s 2020 round. The Government approved on February 4 guarantees of nearly RON 2 billion (EUR 419 mln) for the program. The terms of the program have not changed from past years. ...

ASF to withdraw the operating license of Certasig company

Monday, February 24, 2020

The board of Romania’s financial market regulatory body - ASF decided to withdraw the functioning authorization of local insurer Certasig because the company hasn’t increased the level of own funds in line with the minimum capital requirements (MCR) within the deadline provided by law. At the same time, the ASF board ascertained the insolvency status of Certasig and decided to initiate legal steps to open the bankruptcy proceedings against ...

Over half of Romanians not having private health insurance, not wanting one in next half-year

Monday, February 24, 2020

Over half of Romanians (52%) do not have private health insurance and do not want to take out one in the coming half year, show the findings of an online survey conducted under the national information campaign "All about health insurance."According to the survey, 48% of the respondents said that they do not undergo a full set of medical examinations once a year, with 30% of them claiming the lack of time as a reason, 18% saying it is a very complicated process, ...

The insurance market has over 37,000 registered consultants

Monday, February 24, 2020

Following the completion of an important stage in the enforcement of Law 236/2018, which transposes the 2016/97 Directive of the European Parliament, the Romanian insurance market has 37,748 registered consultants, who became insurance specialists after completing the requirements of their professional training. “The Institute of Financial Studies was involved in the construction of a professional formation system at European standards, synched ...

ASF and EIOPA, joint assessment of the insurance market

Monday, February 24, 2020

The Financial Supervisory Authority (ASF) and the European Insurance and Occupational Pensions Authority (EIOPA) announced their intention to launch an independent assessment program of the Romanian insurance market through a balance sheet review (BSR) exercise. A similar application was carried out on the Romanian insurance market in the 2014-2015 period, obtaining pertinent results for both insurance companies and their customers. In the years that ...

Online transactions processed by Netopia Payments advance 41pct in 2019

Monday, February 24, 2020

Netopia Payments, the largest electronic payment processor in Romania, has reported a 41pct increase in the number of digital transactions processed in 2019 as against the previous year.The largest transaction processed by Netopia Payments in 2019 was worth about 24,500 euros and consisted of a payment for a package tour.According to a Netopia press statement, the company processed more than two million transactions online on card or text, as the ...

Minutes of the monetary policy meeting of the BNR Board on 7 February 2020

Monday, February 17, 2020

14 February 2020 The National Bank of Romania (BNR) Board members present at the meeting: Mugur Is?rescu, Chairman of the Board and Governor of the National Bank of Romania; Florin Georgescu, Vice Chairman of the Board and First Deputy Governor of the National Bank of Romania; Leonardo Badea, Board member and Deputy Governor of the National Bank of Romania; Eugen Nicol?escu, Board member and Deputy Governor of the National Bank of Romania; ...

Opening speech at the conference Investment and Investment Finance in Romania

Monday, February 17, 2020

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Mugur Isrescu, BNR Governor Vice President McDowell, State Secretary Gyorgy Attila, Distinguished audience, Ladies and gentlemen, It is a pleasure for me and the Board of Directors to welcome you at the National Bank of ...

BNR: Balance of payments and external debt – December 2019

Monday, February 17, 2020

In January - December 2019p, the balance-of-payments current account posted a deficit of EUR 10,478 million, compared with EUR 8,960 million in the same year-ago period. The deficit on trade in goods widened by EUR 2,554 million, the surplus on services income increased by EUR 194 million, the deficit of the primary income balance narrowed by EUR 533 million, and the surplus of the secondary income balance rose by EUR 309 ...

EIB Group support for projects in Romania amounted to EUR 865m in 2019

Monday, February 17, 2020

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EIB Group financing in Romania worth 0.4% of Romanian GDP In total 10,200 businesses supported by EIB Group operations in Romania sustaining some 107,000 jobs Today’s event: support to Bucharest Municipalities 4 and 6 for Energy Efficiency investments and signature of intermediated loan to ProCredit Romania to support SMEs, Midcaps and ...

Romania risks infringement for not enacting anti-money laundering legislation

Monday, February 17, 2020

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The European Commission (EC) on Wednesday, February 12, sent early warnings to Romania and seven other states (Cyprus, Hungary, the Netherlands, Portugal, Slovakia, Slovenia and Spain) that haven’t notified any measures to implement the 5th Directive on combating money laundering (5th AML Directive), informs a press release of the EC. All member states were required to transpose the rules contained in the 5th Anti-Money Laundering Directive by ...

Insurer Euroins fined with record sum for sluggish compensation payments

Monday, February 17, 2020

Romanian insurer Euroins received a record fine of RON 500,000 (EUR 105,000) for delays in the payment of compensations related to the insurance ...

BVB Group ends 2019 with net profit of 6.83 mln lei, down 33 pct

Monday, February 17, 2020

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The Bucharest Stock Exchange Group (BVB) ended 2019 with a net profit of 6.83 million lei (rd 18.7 million EUR), down 33 percent compared to 2018, according to the financial data published on Thursday.At the end of 2019, the market value of all the companies listed on the regulated market of the Bucharest Stock Exchange reached 180.8 billion lei, the equivalent of 37.8 billion euros, and the total assets of the BVB Group were 212.94 million lei (December 31, 2018: ...

PM-designate Orban: Currently there is no risk regarding payment of pensions and salaries

Monday, February 17, 2020

Prime Minister-designate Ludovic Orban stated on Tuesday that presently there is "no risk" regarding the payment of pensions and wages and mentioned that the Liberal government is preparing an ample review of the legislation regarding the pension system, so that it becomes "sustainable, in the medium and long term"."We await the CCR [Constitutional Court of Romania] decision. Regardless of the Constitutional Court decision, we will implement our objective to ...

FinMin Citu: ANAF reorganization is almost fully supported by IMF

Monday, February 17, 2020

The Minister-designate for Public Finance, Florin Citu, claims that what was done in regards to the National Tax Administration Agency (ANAF) reorganization is supported almost fully by the team of the International Monetary Fund, the evaluation of which shows we are going the right direction."We started the reorganization of ANAF, which was done by Emergency Ordinance. Teams of the Monetary Fund and the ANAF looked at this reorganization and I can say that what ...

BNR: Coronavirus might determine decline of inflation in Romania

Monday, February 17, 2020

The National Bank of Romania (BNR) has included Coronavirus in its latest Inflation Report as a factor that might determine the decline of inflation this year. The new flu virus might prompt a slowdown of the global economy, said BNR governor Mugur Isarescu in a press conference on Tuesday.  “We don’t have additional data, but we decided to introduce this phrase from two reasons: for we have seen the ...

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