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Financial & Banking

Four in five homes in Romania are uninsured despite law making it mandatory

Monday, July 4, 2022

Only 1.8 million (19%) out of the nearly 9.6 million homes in Romania were insured in case of natural disaster at the end of 2021, despite a law making home insurance mandatory it since 2009.   A major earthquake or flood would, therefore, find 81% of homeowners exposed and liable for any damages, according to data collected by Romania’s Financial Supervisory Authority (ASF) and cited ...

Quarterly Consumer Credit Reference Index up 2.65 pct per annum

Monday, July 4, 2022

The Consumer Credit Reference Index (IRCC), regulated by Emergency ordiannce 19/2019, stands at 2.65 pct per annum, calculated as the arithmetic average of the daily interest rates of interbank transactions in Q1 2022, up from 1.86 ppa three months ago, according to data announced on Monday by the National Bank of Romania (BNR).According to OUG 19/2019, "for loans granted in national currency, the interest rate will be composed of a reference index ...

EBRD supports development of Romania’s insurance market

Monday, July 4, 2022

The EBRD expressed optimism about the development of the Romanian and regional insurance market, after record-breaking results for 2021 from Bulgaria’s Euroins Insurance Group (EIG), led by the strong performance of its largest entity, Euroins Romania Asigurare Reasigurare.   EIG is one of the largest independent non-life insurance groups in central, eastern and south-eastern Europe. The EBRD took a minority stake in ...

Nuclearelectrica places RON 53.5 mln in deposits with Eximbank for 9.1% interest

Monday, July 4, 2022

The nuclear company Nuclearelectrica (BVB: SNN) informed its shareholders that, based on the current account framework contract with the Import-Export Bank of Romania (Eximbank), it placed another term deposit without default renewal and maturity of some seven months, in the amount of RON 53.5 mln, on June 24.   The interest rate that applies to the term deposits is 9.1% per year. The maturity date is ...

IFC's first "blue" loan in Central and Eastern Europe goes to Banca Transilvania

Monday, July 4, 2022

The International Financial Corporation (IFC) will extend a landmark EUR 100 mln loan to Banca Transilvania (BT), Romania's largest lender, as the first "blue" financing loan in Central and Eastern Europe to increase funding for the sustainable use of water (blue) projects in Romania.   To comply with all the European Union (EU) requirements relating to the water and wastewater sectors, Romania will have ...

Fitch downgrades Euroins Insurance Group IFS Rating to 'B+'; Outlook Negative

Monday, July 4, 2022

Fitch Ratings has downgraded Euroins Insurance Group AD's (EIG) operating non-life insurers' Insurer Financial Strength (IFS) Ratings to 'B+' (Weak) from 'BB-' (Somewhat Weak) and removed them from Rating Watch Negative (RWN). The affected companies are Insurance Company Euroins AD, Insurance Company EIG Re AD and Euroins Romania Asigurare-Reasigurare S.A. The Outlook is Negative.   The downgrade reflects ...

BNR report: Romanian households' net wealth up 10 pct in 2021

Monday, June 27, 2022

The Romanian households' net wealth continued to grow at a robust pace of 10 percent in 2021, with real estate assets acting as the main growth driver, shows the Financial Stability Report released by the National Bank of Romania (BNR).According to the cited document, the households' net wealth last year was in excess of 2.600 billion RON."The households' net wealth continued to increase at a robust pace during 2021 (+10 pct). Real estate assets are ...

Insurance market marks historic record based on competition's increase, but also system's concentration

Monday, June 27, 2022

Subscribed Gross Premiums (PBS) from Romanian insurance companies, have reached almost 4.66 billion RON during the first three months of 2022, the highest trimestrial value registered in the history of Romanian insurance market, going up by 46% from the similar period of last year, according to a press release sent by the Financial Supervisory Authority (ASF).Subscribed Gross Premiums related to general insurance have gone up by 53.9%, while premiums for life ...

Raiffeisen Bank is listing the third green bonds issue on BVB

Monday, June 27, 2022

Raiffeisen Bank is listing on Friday, June 24, a new issue of green bonds at the Bucharest Stock Exchange (BVB) worth RON 525mn. The bonds traded under the RBRO27 stock ticker are the third ...

BSTDB concludes the 24th Annual Meeting of the Board of Governors

Monday, June 27, 2022

The Board of Governors of the Black Sea Trade and Development Bank (BSTDB) held its 24th Annual Meeting under the Chairmanship of Mr. Samir Sharifov, Minister of Finance of the Republic of Azerbaijan.   The Board of Governors approved the 2021 Financial Statements, and the net profit of EUR 43.9m million, allocated to the Bank, meaning it is in profit for the seventeenth consecutive ...

Norway, Iceland and Liechtenstein launch new round of grants for Romanian startups

Monday, June 27, 2022

Romanian startups can apply for grants of EUR 10,000-200,000 under a new round launched by Norway, Iceland and Liechtenstein through the EEA and Norway Grants. The focus of the projects should be one of the three main areas of the Programme: Green Industry Innovation, Blue Growth and ICT.   The projects should contribute to "increased competitiveness for Romanian enterprises within the mentioned ...

Raiffeisen Bank RO sees twin deficit issues but robust growth for 2022

Monday, June 27, 2022

With the trade deficit at 12%-13% of GDP and a current account (CA) gap of rather 8% of GDP (from 7% of GDP last year) on the external balance side and the budget deficit at 5.8% of GDP (with a little help from the sharply rising nominal GDP), the twin deficit problem remains acute for Romania, according to a research report of Raiffeisen Bank Romania published by chief economist Valentin Tataru.   "Even ...

OTP Bank expects 4% economic growth in Romania, to possibly ease below 3% in 2023

Monday, June 27, 2022

Romania's economy will grow by 4% this year, and the growth will slow down to 3.5% in 2023 as the central bank will have to rise the refinancing rate to 7% by the end of this year (versus the 8%-9% ideal rate of the refinancing rate), according to a research report published by OTP Bank Romania.   The fiscal consolidation has stalled and will resume maybe next year, while the current account (CA) deficit ...

Business environment recommends flat tax preservation, cut of tax evasion, harsher sanctions

Monday, June 27, 2022

The business environment recommends to the authorities several directions for fiscal measures, including maintaining the flat tax, a real reduction of tax evasion, increasing tax collection, combating evasion through harsher actions and re-establishing the tax system so as to stimulate work, a release by the main organizations in the business environment reads.The flat tax rate should be maintained, being a simple and essential tax system for economic growth, ...

BCR lists 702 mln lei green bond on BVB

Monday, June 27, 2022

Banca Comerciala Romana (BCR), part of Austria's Erste Group, listed a 702 million lei ($149 million/142 million euro) senior green bond issue on the main market of the Bucharest Stock Exchange (BVB), the bourse said on Wednesday.   The new bond issue is traded on the bourse's main market under the stock ticker BCR27A, the Bucharest Stock Exchange, BVB, said in a press ...

CEC Bank lends 5 mln euro to industrial group RAAL

Monday, June 27, 2022

Romanian state-owned savings bank CEC said on Wednesday it is lending 5 million euro ($5.3 million) to local cooling systems and heat exchangers manufacturer RAAL.   The loan has a state guarantee issued by EximBank under the Covid-19 state aid scheme for companies, which covers 90% of the funding, CEC Bank said in a press release.   RAAL will use the loan to finance ...

ANAF to start massive controls starting with July 1 to verify personal income

Monday, June 20, 2022

The National Tax Administration Agency (ANAF) will start massive controls starting with July 1 to verify the personal income as a source of each person's wealth, announced on Friday the president of the institution, Lucian Ovidiu Heius, during a conference of press."It is an insult to honest people who work hard, sometimes from morning till night, to see that others around them buy state-of-the-art houses, buy exorbitantly expensive cars, and they have not ...

BNR: Balance of payments and external debt – April 2022

Monday, June 20, 2022

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In January - April 2022p, the balance-of-payments current account posted a deficit of EUR 7,568 million, compared with EUR 4,114 million in the same year-ago period, the Central bank (BNR) informs. The breakdown shows that the deficit on trade in goods widened by EUR 2,589 million, the surplus on services increased by EUR 345 million, the primary income deficit grew by EUR 1,126 million, while the secondary income surplus narrowed by EUR 84 ...

President Iohannis signs decree on deounciation of agreement for setting up International Investment Bank

Monday, June 20, 2022

President Klaus Iohannis on Wednesday signed the decree on the submission for adoption by Parliament of the denunciation of the agreement for the establishment of the International Investment Bank, informs the Presidential Administration.Specifically, it concerns the denunciation of the Intergovernmental Agreement on the Establishment of the International Investment Bank and its Statute, signed in Moscow on July 10, 1970, and the Protocol amending the Agreement on ...

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