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Financial & Banking

Romanian banks ready to lend EUR 3.7 bln to SMEs

Monday, April 20, 2020

Some 20 Romanian banks have expressed their intention to lend up to RON 18 billion (EUR 3.7 bln) to small and medium-sized enterprises (SMEs), with guarantees from the Government. The Government announced that the European Commission allowed it to extend 90% state guarantees covering up to RON 15 bln (EUR 3.1 bln) worth of loans to SMEs. The loans will finance the companies' working capital and investment needs, under the ...

Govt to revise 2020 budget, set gap at 6.7%/GDP

Monday, April 20, 2020

Romania's finance minister said that later on Wednesday the government will revise this year's budget to reflect projections that the country's economy will contract by 1.9% and consolidated budget deficit will widen to 6.7% of the projected gross domestic product (GDP). "The deficit will increase from 40.5 billion lei ($9.1 billion/8.4 billion euro) to 72.5 billion lei. Revenues are estimated to drop by 23.2 billion lei, but as we will ...

FinMin Citu: No tax rises this year, but rather liquidity injections into the system

Monday, April 20, 2020

Finance Minister Florin Citu said on Wednesday that there won't be any tax rises this year, but quite the opposite, liquidity injections into the system will continue just as so far."The main lesson of the 2008 - 2009 crisis was exactly this: one doesn't raise taxes and interest rates in times of crisis because this would put a major brake on the economy. On the contrary, we inject liquidity into the system, just as we have done so far. We pay the invoices for ...

FinMin Citu: No money cut from investments in budget rectification

Monday, April 20, 2020

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Finance Minister Florin Citu announced on Wednesday that at the budget rectification no money has been cut from investments, from any ministry but, on the contrary, the Development Ministry's budget has been supplemented by 1 billion lei for further paying the bills of the projects carried out through National Rural Development Program."The investments will continue, the construction sites are open in Romania. The only way to recover from this period is to invest, ...

Asirom VIG wins contract with the Army

Monday, April 20, 2020

Asirom VIG, a subsidiary of the Austrian Vienna Insurance Group, has won the tender organized by the Romanian Ministry of National Defense (MApN) for the provision of life insurance policies for the Romanian soldiers involved in combat missions, for a period of three years. The contract was signed for an estimated amount of RON 2.8 million (EUR 0.58mn), for a period of 3 years. The covered areas include Afghanistan, Kosovo, ...

Number of mandatory home insurances up 2.96pct in March 2020

Monday, April 20, 2020

The number of active mandatory home insurance (PAD) policies increased in March 2020 by 2.96 percent, reaching approximately 1.76 million, compared to 1.71 million active PAD policies on 31 December 2019, according to the statistics of the Natural Disaster Insurance Pool (PAID), the company which issues such types of insurance policies.At the end of December 2019, a number of 1.73 million policies were active.According to the PAID, at the end of March, ...

One in ten RO bank debtors want to defer payments on bank loans

Monday, April 20, 2020

Some 10% of the 1.5 million retail bank debtors have applied for the moratorium on the debt repayment, which allows them to defer installment ...

EximBank insures risks faced by Romanian exporters to EU and OECD countries

Monday, April 20, 2020

Romanian state owned bank EximBank, specialising in trade financing, has launched an insurance product aimed at covering the short-term risks faced by Romanian exporters selling to customers in the European Union or OECD countries. The facility falls under the category of state aid, EximBank says, adding that the European competition authority has decided to consider all commercial and political risks associated with exports to all European Union ...

Patria Bank to issue EUR 10-15 mln bonds

Monday, April 20, 2020

The shareholders of Romanian lender Patria Bank, controlled by private equity fund Emerging Europe Accession Fund (EEAF), approved the issue of 20 million bonds with a maturity of 8 years and a total nominal value of EUR 10 mln. The management will have the option to supplement the issue to 30 million bonds (EUR 15 million). The bank’s market capitalisation as of April 10 was EUR 55 mln. The bonds ...

Local insurance market up 8% in 2019

Monday, April 13, 2020

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The insurance market in Romania recorded a volume of underwritten premiums of RON 11 billion (EUR 2.3 bln) in 2019, up 8% compared to 2018. The largest slice of the market (79% of total) was formed by the general insurance segment, according to the information published by the Financial Supervisory Authority (ASF). Thus, the general insurance segment reached a total volume of policies sold of RON 8.7 bln (EUR 1.83 bln), 8.5% ...

Survey: 2%-of-GDP anti-Covid economic package is among the weakest

Monday, April 13, 2020

With an economic package aimed at mitigating the economic effects of the coronavirus (Covid-19) pandemic of 2% of GDP, Romania ranks 53rd out of 190 countries surveyed by the International Monetary Fund (IMF), according to ...

Govt seeks EUR 1 bln loan from IBRD to fight Covid-19 effects

Monday, April 13, 2020

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Romania’s Government approved in its meeting on Monday, April 6, a memorandum empowering the Ministry of Finance to negotiate a loan with the International Bank for Reconstruction and Development (IBRD) “to ensure the liquidity needed during the crisis caused by the coronavirus pandemic,” government sources ...

Govt.: softer pension hike in September along with budget revision

Monday, April 13, 2020

Government considers postponing, or downsizing, the 40% pension hike that was programmed to take place this September in line with a law passed last year by the majority formed by the Social Democrats and Liberal Democrat Alliance ...

Moody’s Ratings on commercial credit insurance amid the Coronavirus Pandemic

Monday, April 13, 2020

Moody’s Investors Service has announced the ratings in terms of financial strength (Insurance Financial Strength-IFS) and debt ratings, of five trade credit insurance groups: Atradius Credito y Caucion S.A. (A2 negative) and the other main operating companies of Atradius N.V. (Atradius); Compagnie Francaise d’Assurance pour le Comm. (Coface, A2 negative); Euler Hermes SA (Euler Hermes, Aa3 stable); Clal Credit Insurance (Clal, A3 negative) and BSSCH the Israeli ...

EBRD recorded a very strong financial performance in 2019

Monday, April 13, 2020

* Net profit climbs to €1.4 billion from previous €340 million The European Bank for Reconstruction and Development (EBRD) recorded a net profit of €1.4 billion in 2019, a sharp increase from the €340 million net profit in 2018. That performance, and its very prudent levels of capitalisation and liquidity, underscore the Bank’s financial ...

Deloitte expert: Romania should “save” its consumers not companies to save the economy

Monday, April 13, 2020

While the business environment in Romania is asking the state for a massive economic stimulus package worth about EUR 30 billion to save the local economy from recession amid the Covid-19 ...

ASF releases reference rates for mandatory motor vehicle liability insurance

Monday, April 13, 2020

The Financial Supervisory Authority (ASF) has published the reference rates for the mandatory motor vehicle liability insurance (RCA), in accordance with the provisions of Law No. 132/2017 on the mandatory motor vehicle liability insurance for damages caused to third parties following vehicle and tram accidents.According to the table released by ASF, the lowest RCA rate, of 691 lei, shall be charged on insured aged between 31 and 40 years old whose car has an ...

Indian billionaire buys the Romanian Credit and Investment Bank

Monday, April 13, 2020

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Indian billionaire Sanjeev Gupta, who indirectly owns the biggest steel plant in Romania - the former ArcelorMittal Galati, has bought the Romanian Credit and Investment Bank (BRCI) from Romanian businessman Dorinel ...

Pension funds record average decrease of fund units of 6.7pct at March 30 over December 31, 2019

Monday, April 6, 2020

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The mandatory private pension funds (Pillar II) in Romania have recorded an average decrease of the fund units by 6.7 pct at March 30, 2020, over December 31, 2019, according to a release of the Association for Privately-Administered Pensions of Romania (APAPR)."In the first three months of this year, this depreciation is on average -6.7 pct for the mandatory private pension funds (Pillar II) in Romania. This development is caused mainly by the decreases recorded ...

30pct increase in payments via SelfPay stations, in March

Monday, April 6, 2020

The volume of payments made through the SelfPay payment stations increased by 30pct, in March, compared to the similar period of last year, the category of payments that rose the most in total value being the home upkeep payment, with an advance of 114pct, show the data of the company that owns these points.According to centralized data, in the first spring month, the payments for utility bills increased by 50pct in the reference period, and payments for ...

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