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Financial & Banking

Fiscal Council president: Libra cryptocurrency is “very dangerous”

Monday, November 11, 2019

The Libra cryptocurrency is very dangerous because it would break the monetary system almost irretrievably, as central banks would lose their effectiveness, said on Tuesday Daniel Daianu, the president of the Fiscal Council, cited by Agerpres. “Cryptocurrencies are highly speculative financial assets, and assets such as Libra – whether they rely on a bunch of assets which are considered safe or on coins – are very dangerous because ...

Private pension funds made payments of 95 million euros for more than 60,000 participants and heirs

Monday, November 11, 2019

APAPR, the Association for Privately Administered Pensions in Romania announced on Tuesday that private pension funds (pillar II, compulsory and pillar III optional) made payments of 454.7 million lei (95.7 million euros) to 63,153 participants and heirs since its setting up to the end of September. The amounts are equally divided between mandatory and optional pension funds (226 million lei for pillar II and 228 million lei for pillar ...

Orban govt aims to list 3 SOEs on BVB, close sovereign fund

Monday, November 11, 2019

Romania's new government of National Liberal Party (PNL) aims to list three of the biggest state-owned enterprises (SOEs) on the Bucharest Stock Exchange and scrap the sovereign investment fund created by the previous leftist government, the prime minister's economic adviser said on Tuesday. The three SOE's that the cabinet led by Ludovic Orban plans to list during its tenure are savings bank CEC, hydro power producer Hidroelectrica ...

Profitability of Romanian banks improves in Q3 compared to H1

Monday, November 11, 2019

The profitability of Romanian banks expressed as return on assets (ROA) and return on equity (ROE) improved in the third quarter of this year (Q3) compared to the first half (H1). However, for the whole January - September period, the two indicators are lower than the record levels posted in 2018 when the system boasted the best financial ratios since ...

International reserves – October 2019

Monday, November 4, 2019

On 31 October 2019, the National Bank of Romania’s foreign exchange reserves stood at EUR 34,908 million, compared to EUR 35,423 million on 30 September 2019. During the month, the following flows were recorded: EUR 559 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Public Finance’s accounts, inflows ...

PwC Romania has offered consultancy to CEC Bank in the process of getting the EC agreement for the increase of social capital

Monday, November 4, 2019


CEC Bank and the ministry of public finances (MFP) as single shareholder of the bank benefitted from the expertise of PwC Romania in all stages of the  getting the agreement of the European Commission – DG Competition for the increase of the social capital of the banking institution, informs the consultancy company in a press release sent on Wednesday.‚PwC Romania offered the bank services of assistance in the ...

Romania adheres to the International Monetary Fund’s Special Data Dissemination Standard Plus

Monday, November 4, 2019

Starting with November 1 2019 Romania joins the select group of advanced countries in terms of dissemination of statistical information that met the requirements of adherence to the Special Data Dissemination Standard – Plus (SDDS-Plus), requested by the IMF. Thus, as the IMF’s Communication Department transmits, Romania’s data are retrieved and posted in the Dissemination Standards Bulletin Board, attesting the ability of Romanian ...

IIB lists new bond issue on Bucharest Stock Exchange

Monday, November 4, 2019

Budapest-based International Investment Bank (IIB), a development bank whose members are mainly former communist countries, has raised RON 500 million (EUR 105 mln) through a new bond issue denominated RON, which will be listed on the Bucharest Stock Exchange. This is the fifth bond issue the IIB has carried in Romania. It will have a maturity of three years and a fixed 3.98% coupon payable annually, as shown in the documents published on the Stock ...

Loredana Chitu (Dentons): The Romanian stock exchange market lacks liquidity, which keeps investors away

Monday, November 4, 2019

The Romanian stock exchange lacks liquidity, which is something that discourages investors, Loredana Chitu, Partner and Head of the Capital Markets Group at Dentons, said at Business Review’s Foreign Investors Summit. “The Romanian stock exchange is unfortunately rather flat at the moment, and lacks liquidity, which makes investors hesitate and sometimes decide not to enter this market. It had some good years around 2013 with the ...

BCR 9-mo net profit plummets 65.6%

Monday, November 4, 2019

Banca Comerciala Romana (BCR), part of Austria's Erste Group, said on Wednesday its net profit plummeted by 65.6% year-on-year to 348.8 million lei ($81.6 million/73.6 million euro) in the first nine months of 2019. Net profit was impacted by the significant one-off provision allocation related to the activity of BCR Banca pentru Locuinte booked in the second quarter of 2019, despite the robust operating result, low risk costs and good performance on ...

BCR ups loan portfolio by 10%, net profit impacted by one-off charge

Monday, November 4, 2019

BCR, the second-biggest lender in Romania by assets, part of Austrian group Erste, recorded a 10% increase in the total stock of loans from September 2018 until September 2019, to RON 39.5 billion (EUR 8.4 bln). The group’s operational results also improved significantly in the first nine months of this year, but the bottom line was impacted by a one-off provision related to the housing loans division – BCR Banca pentru Locuinte ...

Erste Group posts a net result of EUR 1.223 billion for the first nine months of 2019 

Monday, November 4, 2019


"We continued to achieve very good results also in the third quarter, with healthy growth in both lending (+5.7 percent ytd) and deposits (+6.1 percent ytd), as well as excellent liquidity and funding positions. Overall for the first nine months of 2019, Erste Group achieved a net result of 1.223 billion euros. What’s more, our income growth outpaced cost growth, despite rising wages across CEE and the higher contributions we made to deposit insurance systems during the ...

Romanian Banking Association: Banks remain the main financing tool of the Romanian economy

Monday, November 4, 2019

For the banking system, the digital agenda is very important and Romania is above Bulgaria from this perspective, but it still has a long way to go, said Florin Danescu, Executive President at the Romanian Banking Association, at Business Review’s Foreign Investors Summit. “The gap between Romania and other EU member states is decreasing and we have a lot of potential. But we still have a long way to go,” says Florin ...

Cromwell: Romanian banks are afraid to invest in companies, the unpredictability of tax legislation affects the credit market

Monday, November 4, 2019

Romanian banks are afraid to invest in small companies and don’t have the tools to help SME’s become profitable as they are worried about the unpredictability of tax the legislation, which affects the credit market, Oana Motoi, Managing Partner at Cromwell Evan Global, said at Business Review’s Foreign Investors Summit. “The unpredictability of the tax legislation and other applicable legislation for the banking sector is one of ...

BRD: “Romania should have no more than 10 big banks and a few highly specialised banks”

Monday, November 4, 2019

The Romanian banking sector is going through consolidation for several reasons, including problems in banks’ home countries and the fact that banks need to be of a certain size in order to be able to survive on the market, according to François Bloch, the CEO of BRD, who spoke in the “Investments and Banking and Insurance Sectors” at Business Review’s Foreign Investors Summit.  “When we speak about ...

Five major trends in the banking sector

Monday, November 4, 2019

The Romanian banking sector has a lot of potential that could materialize in the near future, and it is currently experiencing five major trends – consolidation, strong focus on increasing performance, digitalization, decision making process moving from local to regional level and increasing partnerships with fintech companies, Alina Radu, partner at NNDKP, said at BR’s Foreign Investors Summit. “All of ...

Mugur Isarescu, NBR Governor: Opening speech at the annual meeting of the Romanian-German Forum

Monday, October 28, 2019


Dear Mr. Ambassador Hurezeanu, Dear President of the Romanian-German Forum, Mr. Gunther Krichbaum, Ladies and gentlemen, I am honoured to speak in front of such a distinguished audience at this event organised by the Romanian Embassy in Berlin and the Romanian-German Forum. In a short while, on 9 November 2019, we will be celebrating the 30th anniversary of the fall of the Berlin ...

BNR: Monetary indicators – September 2019

Monday, October 28, 2019

According to the Romanian Central Bank (BNR) data, at end-September 2019, broad money (M3) amounted to RON 400,422.3 million, up 1.0 percent (0.9 percent in real terms) month on month. In year-on-year comparison, broad money rose by 9.3 percent (5.6 percent in real terms). At end-September 2019, loans to non-government sector granted by credit institutions advanced by 0.8 percent (0.7 percent in real terms) from August 2019 ...

Mandatory, optional car insurance represent 67pct of total insurance market in Romania

Monday, October 28, 2019

Mandatory car insurance (RCA) and optional car insurance (CASCO) represent 67pct of the total insurance market in Romania, Florin Golovatic, director in the Financial Supervisory Authority (ASF) told a Thursday's specialized conference."We know very well that this insurance segment is an important pillar of the insurance industry in any country. In the latest Consumer Trends report, made by EIOPA [European Insurance and Occupational Pensions Authority], it is ...

Insurers in Romania pay damages of 3 mln euros daily

Monday, October 28, 2019

Insurers in Romania pay, on a daily basis, damages worth millions of euros, on an insurance market that has reached 5.43 billion lei, Adrian Marin, president of the National Union of Insurance and Reinsurance Companies in Romania (UNSAR) told specialized conference on Thursday."The statistics show that, since 2001 and up to 2017, there are 40,000 people killed in traffic accidents in Romania, given that in the 1977 earthquake 1,578 people died. So it is important ...

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