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Financial & Banking
Minutes of the monetary policy meeting of the National Bank of Romania Board on 3 October 2019
Monday, October 14, 2019
10 October 2019 The National Bank of Romania 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; Eugen Nicol?escu, Board member and Deputy Governor of the National Bank of Romania; Marin Dinu, Board member; Gheorghe Gherghina, Board member; Ágnes Nagy, Board member; and Virgiliu-Jorj Stoenescu, Board ...
Press release on the start of the term in office of the new NBR Board
Monday, October 14, 2019
Starting today, 11 October 2019, the five-year term of the new Board of the National Bank of Romania becomes effective, pursuant to Decision No. 19 of 3 July 2019 of the Parliament of Romania. The NBR Board is composed of: Academician Mugur Is?rescu – Chairman of the Board and Governor of the National Bank of Romania Professor Florin Georgescu, Ph.D. - Vice Chairman of the Board and First Deputy Governor of the National Bank of ...
European Union anti-money laundering laws to include cryptocurrencies
Monday, October 14, 2019
Cryptocurrency has often been recognised as a creation that can help mass numbers of people. Most notably the unbanked populations who do not have access to financial services or have to pay over the odds to transfer fiat currencies to other countries. Yet, crypto has not been cleared of criticism over the ...
Romania is 6th largest property insurance market in CEE
Monday, October 14, 2019
Romania is the 6th largest property insurance market in Central and Eastern Europe, with 262 million euros, Adrian Marin, president of the National Union of Romanian Insurers and Reinsurers (UNSAR) told the 16th International Catastrophic Risks Forum on Tuesday."Romania is the 6th largest property insurance market in Central and Eastern Europe with 262 million euros, one million euros less than fifth-ranked Slovakia. However, it is worth mentioning that written premiums for ...
Total assets held by privately-managed pension funds reach 57.43 bln lei in H1 2019
Monday, October 14, 2019
Total assets held by the privately-managed pension system reached 57.43 billion lei (12.13 billion euros) in H1 2019, up by almost 26 percent from the 45.6-plus billion lei recorded a year ago, shows data of the Financial Supervisory Authority (ASF).As of end-June 2019, private pensions accounted for 5.8 percent of the GDP, compared to 5.22 percent in December 2018."The assets of privately-managed pension funds topped 12 billion euros at the end of H1 2019, getting to ...
TBI Bank appoints Costin Mincovici as Chief Credit Officer
Monday, October 14, 2019
TBI Bank has announced the appointment of Costin Mincovici, a professional with over 17 years of experience in the risk area, as Chief Credit Officer. He replaces Martin Muransky, who will take over as Chief Risk Officer within 4finance, the mother company of TBI Bank and one of the global leaders in consumer finance. Costin Mincovici is specialized in managing risks across the entire credit lifecycle. Throughout his career in banking and non-banking institutions, he assumed ...
ASF’s main concerns are the stability of the insurance market and consumer protection
Monday, October 14, 2019
Cristian Rosu, ASF vice-president for the Insurance-Reinsurance sector, said that the consumer is the main concern of both insurers as well as the Financial Supervisory Authority (ASF). “The consumer is at the center of attention for both insurers and the Financial Supervisory Authority, not only through the activity we carry out, but also through the legal imposition of certain provisions, which is why we must come to consumers’ concern ...
BNR Board decisions on monetary policy
Monday, October 7, 2019
In its meeting of 3 October 2019, the Board of the National Bank of Romania (BNR) decided: to keep the monetary policy rate at 2.50 percent per annum; to leave unchanged the deposit facility rate at 1.50 percent per annum and the lending facility rate at 3.50 percent per annum; to maintain the existing levels of minimum reserve requirement ratios on both leu- and foreign currency-denominated ...
Chiritoiu: the discussions with the European Commission regarding the capitalization of CEC bank are almost final
Monday, October 7, 2019
The discussions with the European Commission regarding the capitalization of the CEC Bank are almost closed and I think that this time we are going to succeed, stated on Saturday the chairman of the Competition Council, Bogdan Chiritoiu said at the debate on the domain. ‘ It is the third time when the State wants to capitalize CEC. The first time there was the crisis and the Commission did not agree.We tried again in 2016,it was Anca Paliu minister (of finances, n.r) and my ...
Transformation of Central and Eastern European economies: lessons learned and the way forward - Mugur Isarescu, NBR Governor
Monday, October 7, 2019
* Opening speech at the Bucharest Security Conference Ladies and gentlemen, I am honoured to speak at this conference about a highly topical issue in front of such a distinguished audience. I believe it is a good opportunity to look back at the macroeconomic and financial developments in Central and Eastern European countries and, based on the past decades’ experience, to look forward into the future of these economies, also from the ...
The budget deficit rose by 50 pct in January-August
Monday, October 7, 2019
Romania’s budget deficit rose by 50.6 percent in January-August compared with the first eight months of last year, to RON 21.9 billion (EUR 4.6 billion), as the government has major difficulties to cover soaring wage and subsidies spending. In January-August 2018, the budget deficit amounted RON 14.6 billion. Official data show that budget revenues rose by 11.9 percent year-on-year in January-August up to RON 204.1 billion (EUR 43 billion) while expenses increased by ...
BNR: International reserves – September 2019
Monday, October 7, 2019
On 30 September 2019, the National Bank of Romania’s foreign exchange reserves stood at EUR 35,423 million, compared to EUR 35,619 million on 31 August 2019. During the month, the following flows were recorded: EUR 1,018 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Public Finance’s accounts, and other; EUR 1,214 million worth ...
UniCredit Bank Romania appoints Antoaneta Curteanu as Vice-President of Directorate starting November 1st
Monday, October 7, 2019
The Supervisory Board of UniCredit Bank Romania approved the appointment of Antoanete Curteanu, starting November 1, 2019, as Vice-President of the Board of Directors of the bank and coordinator of the Retail Division. Antoaneta Curteanu will begin to exercise her responsibilities after receiving the prior approval from the National Bank of Romania. Currently Coordinator of the CIB and Private Banking Division and a member of the UniCredit Bulbank Directorate, Antoaneta ...
Leader Team Broker and CFC launch insurance policy for tech companies covering cyber risks including GDPR
Monday, October 7, 2019
Leader Team Broker has partnered with CFC, a London-based specialist insurance provider and pioneer in emerging risk, to deliver a comprehensive insurance proposition for Romanian technology companies, which includes cutting-edge cover for cyber risks such as GDPR. “Emerging risks make Romanian companies vulnerable, so we’ve partnered with CFC to offer their robust yet very affordable insurance product to help the local tech business environment cope with any ...
BT Financial Group acquires Certinvest Pensii, expands business to privately managed pension funds
Monday, October 7, 2019
Banca Transilvania Financial Group is expanding its financial services for its more than 3 million clients through an investment in the area of privately managed pension funds, as BT Asset Management S.A.I. (BTAM) and BT Investments fully acquired optional pension funds management company Certinvest Pensii, BT announced on Friday.Certinvest Pensii, Romania's only local pension fund management companies, manages over 75 million lei (rd 15.7 million euros, ed. n.) in an optional ...
BVB CEO Tanase: Capital market wants to see stories of growth, transparency for investors
Monday, October 7, 2019
Our capital market is small by certain standards, but we want to eliminate the ignorance of entrepreneurs and see stories of growth and transparency for the investors, CEO of the Bucharest Stock Exchange (BVB) Adrian Tanase told a conference dedicated to entrepreneurs called "Made in Romania.""We are trying with this project - 'Made in Romania' - to make a bigger capital market. Our capital market is small by certain standards and it represents 10 percent of the GDP, whereas the ...
First insurance policy for companies in IT&C sector enters Romanian market
Monday, October 7, 2019
The first insurance policy for the IT&C sector, which covers the risks of a cyber attack, including fines for non-compliance with the GDPR (General Data Protection Regulation), was launched in Romania following a collaboration between Leader Team Broker and the British insurer CFC Underwriting."Romanian companies are vulnerable to new risks. Through our partnership with CFC, we have created a complex and highly accessible product that supports IT&C companies to financial ...
BVB upgraded from frontier to emerging market status
Monday, September 30, 2019
The Bucharest Stock Exchange (BVB) has been reclassified from Frontier to Secondary Emerging market by FTSE Russell, three years after being added to the watch list. “Following the September 2019 annual review, FTSE Russell confirms that: Romania, currently a Frontier market, to be reclassified as a Secondary Emerging market, effective from September 2020,” said FTSE Russell, a subsidiary of London Stock Exchange Group ...
BVB goes up as investors waitting for upgrade decision
Monday, September 30, 2019
The Bucharest Stock Exchange (BVB) recorded significant growth during the first eight months of this year when all its indices rose by double-digit rates and the total trading value on the equity segment reached EUR 1.46 billion. BET-TR, the blue-chip index that also measures the gains from dividends besides the capital gain, soared by 36% in the first eight ...
AmCham: Romania's upgrade to emerging market status confirms growth of local capital market
Monday, September 30, 2019
Romania's upgrade to the emerging market status, after a three-year monitoring period sends a positive signal to investors and confirms the growth of the local capital market that AmCham Romania actively contributed to as part of the joint efforts to increase the quality of relevant infrastructure and legislative framework, reads a press statement released by AmCham on Friday welcoming Romania's upgrade to emerging market status by FTSE Russell, the global index ...