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Financial & Banking

BNR: Outstanding leu-denominated loan repayments up 6.46pct; foreign currency ones down 7pct in January

Monday, March 4, 2019

The total outstanding leu-denominated loan repayments of the population and companies in January 2019 amounted to 4.78 billion lei, up 6.46pct from the amount reported in December 2018, while the deposits on foreign currency loans dived 7 percent to 2.8 billion lei (equivalent), according to a report by the National Bank of Romania (BNR).Total lei loans reached 165.27 billion lei (0.35pct less than the previous month's value), of which 65.153 billion lei were ...

Over 11,000 Romanians invest almost RON 700 million in Tezaur state bonds

Monday, March 4, 2019

The Finance Ministry has announced that the total amount invested by Romanians in state bonds created exclusively for the population, with maturities of 2, 3 or 5 years, is RON 694.4 million, http://business-review.eu reports. State bonds in the Tezaur programme could be purchased in the State Treasury’s operative units across the country as well as at Post ...

Romanians react to weaker RON by moving their savings in hard currencies

Monday, March 4, 2019

Romanians have reacted to the RON depreciation by moving savings from RON accounts into hard currency accounts in January, but continue to borrow money in the local currency, according to fresh central bank data quoted by http://business-review.eu. Bank loans in RON granted to individuals rose by 0.3 percent month-on-month and by 18.9 percent year-on-year in January, up to a fresh all-time high of RON 95.9 billion (EUR 20.2 billion) despite higher ...

Fitch affirms Garanti Bank’s long-term IDR with Sable Outlook

Monday, March 4, 2019

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Fitch Ratings affirmed Garanti Bank Romania’s long-term Issuer Default Rating (IDR) at ‘BB-’, with stable outlook, while the bank’s Viability Rating was also affirmed at ‘bb-’, despite legislative uncertainties having already had an impact on the market and the financial system. Stable Outlook on Garanti’s IDR reflects Fitch’s view that the bank is sufficiently independent from the parent bank. The ...

Erste: The impact of the bank asset tax will be EUR 100 million in 2019

Monday, March 4, 2019

Austrian banking group Erste Group, present in Romania through BCR, estimates that the impact of the tax on bank assets recently introduced by the Romanian government through Emergency Ordinance 114 will be over EUR 100 million in 2019. The amount estimated by Adreas Treichl, Erste Group’s general manager, is lower than analysts’ estimates, who had said the burden of this new tax on BCR would be somewhere between EUR 120 and 150 ...

BCR achieves net profit of over 1.2bln lei, up 80pct in 2018

Monday, March 4, 2019

 Last year, the Romanian Commercial Bank (BCR) posted a net profit of over 1.202 billion lei (258 million euro), up 80pct from the previous year, when it reported 668.1 million lei according to data released by BCR on Thursday.The operating result amounted to 1,635 billion lei (351.4 million euro), up 21.7pct from the previous year's result of 1.343 billion lei (294.1 million euro) due to the improvement in operating income. The latter rose by 13.8pct to ...

Banca Transilvania Group posts 1.257 bln net profit for 2018

Monday, March 4, 2019

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Banca Transilvania Group posted a net consolidated profit of 1.257 billion lei, of which Banca Transilvania's bottom-line result is 1.219 billion lei (the figure includes the expenses with the integration of Bancpost), BT said in a release this Wednesday. The bank's operating profit increased to 1.80 billion lei. BT's 2017 net result was 1.185 billion lei. The bank extended last year 196,000 corporate and retail loans, with loans to Romanian ...

Council agrees on standpoint regarding facilitation of SMEs access to financial markets

Monday, March 4, 2019

The permanent representatives to the European Union on Wednesday approved the Council's standpoint regarding a proposal of facilitation of the access to financial markets of SMEs that seek to be listed on the stock exchange and issue securities, while guaranteeing at the same time the protection of investors and the integrity of the market, reads a release of the Council of the EU.The initiative targets especially "SME growth markets," a category for which ...

Provisional agreement on harmonized framework for guaranteed bonds, reached

Monday, March 4, 2019

The Romanian Presidency of the Council and the European Parliament reached a provisional agreement on a harmonized framework for guaranteed bonds on Wednesday, reads a press release issued by the Ministry of Public Finance (MFP) on Wednesday.This framework will specify a common definition for the receipt of a "guaranteed European bond" label and for a preferential treatment of capital requirements. The agreement is now due to be sent to the Permanent ...

Parliament approves ANAF reshuffling, separating customs from agency and turning regional branches into county structures

Monday, March 4, 2019

The Deputies’ Chamber in the Romanian Parliament approved a legislative project on Monday to reorganize the Fiscal Agency (ANAF) by creating a distinct structure for customs and dismantling ANAF’s regional branches and turning them into county branches. The project was introduced by UDMR MPs and supported by the PSD-ALDE coalition. It was included on the Chamber’s agenda as an emergency project after just ...

Mugur Isarescu, NBR Governor: Introductory Speech held at CEPS Ideas Lab - Europe's Choice conference

Monday, February 25, 2019

Chairman Almunia, First Vice President Timmermans, Ladies and gentlemen, It is a great privilege for me to attend the annual meetings of Centre for European Policy Studies, at a momentous time for the Union. Surely, the elections for the European Parliament are on my mind as well, but not exclusively. As the topic of this year’s meeting amply suggests, we, as EU citizens, need to make the right ...

BNR prepares for no-deal Brexit: UK banks will be treated as third-country entities

Monday, February 25, 2019

The National Bank of Romania (BNR) has made plans for a no-deal Brexit at the end of March and warned that the UK banks will be treated as third-country entities in this scenario and their activity on the local market will cease on March 30, 2019, http://business-review.eu reports. On 29 March 2017, the United Kingdom notified its intention to withdraw from the European Union pursuant to Article 50 of the Treaty ...

Romanian banks boast EUR 1.5 billion aggregate profit in 2018

Monday, February 25, 2019

Romania’s banks reported aggregated net profits of RON 7 billion (EUR 1.5 billion) in 2018, up from RON 5.3 billion (EUR 1.14 bln) in 2017, Ziarul ...

Three Romanian banks under scrutiny for profit taxes paid in 2013-2017

Monday, February 25, 2019

The Directorate for Large Taxpayers (DGAMC) within Romania's tax collection agency ANAF has been conducting since February 12 a fiscal inspection at a local bank related to the corporate tax due in 2013-2017, ANAF said in its answer to ...

Govt. promises to keep alive mandatory private pension funds

Monday, February 25, 2019

"We are not planning to dismantle the pension system’s 2nd Pillar, and even if we were, this is not possible," Romania's labor minister Marius Budai stressed in a press conference on February 20. On the contrary, he added, transfers to the seven privately-managed pension funds will increase to RON 8.65 billion (EUR 1.84 billion) in 2019, compared to only RON 7.71 billion in 2018, ...

Romania could join the European Monetary Fund before adopting the euro

Monday, February 25, 2019

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Romania will have the possibility to be a member of the European Monetary Fund (EMF), a project that will help EU countries facing balance-of-payments difficulties, following an amendment voted in the European Parliament committees, http://business-review.eu informs. The EMF was initially designed only for the eurozone member states, but the European Parliament committees included in the EMF the EU countries ...

Mandatory private pension funds register over 48 billion lei assets in January, increasing 17.1pct

Monday, February 25, 2019

The mandatory private pension funds had assets worth over 48 billion lei on 31 January 2019, increasing 17.1 percent from the level in the similar month of the previous year, according to the Financial Supervisory Authority (ASF).Securities hold the largest share within the assets, worth 30.37 billion lei, namely 63.2 percent. Shares come second, with 7.94 billion lei (16.52 percent), followed by bank deposits, with 4.5 billion lei, namely 9.38 percent of the ...

Number of compulsorily insured homes up 0.9pct in January

Monday, February 25, 2019

The number of active compulsory home insurance policies (PAD) increased by 0.9 percent in January, having reached 1,702,876 compared to 1,687,596 PAD policies active on 31 January 2018, according to the statistics of the Natural Disaster Insurance Pool (PAID), the company issuing this type of insurance.On 31 January 2018, a number of 1,704,634 PAD policies were active.According to the PAID, at end-January, 75.1 percent of the nationally active policies ...

MFP allocates 2 billion lei for First Home Programme

Monday, February 25, 2019

The Executive approved the guarantee level for 2019, belonging to the First Home programme. The Ministry of Public Finance (MFP) allocates 2 billion lei this year for Romanians who want to purchase a house. The following were granted last year: -20,423 guarantees of 1.9 billion lei, with average value of 20,423 were granted last year against the average guarantee of 94,000 lei, as well as - 7,160 ...

Minutes of the monetary policy meeting of the National Bank of Romania Board on 7 February 2019

Monday, February 18, 2019

Release date: 14 February 2019 The National Bank of Romania Board members present at the meeting: Mugur Isarescu, 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 Nicolaescu, Board member and Deputy Governor of the National Bank of Romania; ...

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