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Financial & Banking

Banks in Romania have solved 83pct of the 317,000 requests from customers to suspend installments

Monday, May 25, 2020

The banks in Romania have solved, two months after the onset of the health crisis generated by the COVID-19 pandemic, more than 83pct of the approximately 317,000 applications submitted by customers, individual and legal persons for the suspension of monthly payment obligations from credit agreements, announced on Monday the Romanian Association of Banks (ARB).Thus, about 265,000 applications were solved, half of which were based on the Emergency Ordinance ...

Euroins Romania launches Travel insurance, valid from June 1 to August 31, 2020

Monday, May 25, 2020

Euroins Romania is launching the Travel insurance, valid as of June 1 to August 31, 2020, covering practically the entire tourist season, without limitations on the number of departures from the country, according to a company statement.Thus, for an insurance premium of 25 lei, the buyer can get insured, together with the entire family (spouse and children up to 18 years old), in order to travel abroad. The Travel insurance policy offered within the promotional ...

Analysts suspect fiscal stimulus pushed Romania's Q1 economic growth

Monday, May 25, 2020

The GDP figures released by Romania's statistics office INS on May 15 surpassed the consensus expectations and prompted positive revisions of banks' forecasts for the whole year. But the analysts still expect a steeper decline in the second quarter of the year (Q2), as reopening the economy depends on the developments in the country's leading trade and economic partners that have faced deep economic ...

BNR: The NCMO meeting of 8 May 2020

Monday, May 18, 2020

According to the statement of the Central Bank, BNR, the first meeting of this year of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 8 May 2020 by written procedure. During the meeting, Board members discussed issues focusing on macroprudential policy and systemic risk, namely: (i) the regular analysis on the recalibration of the countercyclical capital buffer, (ii) the draft Annual Report of the National ...

Balance of payments and external debt – March 2020

Monday, May 18, 2020


According to BNR, the Central Bank, in January - March 2020p, the balance-of-payments current account posted a deficit of EUR 1,365 million, compared with EUR 1,120 million in the same year-ago period. The deficit on trade in goods widened by EUR 640 million, the surplus on services stood EUR 39 million higher, the surplus on primary income increased by EUR 137 million, and the surplus on secondary income rose by EUR 219 million. Non-residents' ...

GDP grew by 2.4 percent in the first quarter of 2020

Monday, May 18, 2020

Romanian economy grew by 2.4 percent in the first quarter of the year, according to the National Institute of Statistics (INS) data. The first quarter was affected by the pandemic only in the second half of March, which means that the full extent of the crisis will be showed in Q2 2020 data. Gross Domestic Product (GDP) increased by 2.4 percent in the first quarter and by 2.7 percent in the seasonally adjusted series, compared to the same period of ...

SMEs apply for EUR 15 bln bank loans under Govt.- backed program

Monday, May 18, 2020

Romanian small and medium firms (SMEs) have applied for loans worth RON 74 billion (over EUR 15 bln) in the first three weeks after the launch of the Government-backed lending program IMM Invest. The demand is five times higher than the RON 15 bln (EUR 3.1 bln) planned size of the program. But the rate of success has been low as banks have so far rejected most of the requests processed. As of May 13 at noon, 54,498 SMEs had ...

Banca Transilvania expects quick, robust post-COVID recovery in Romania

Monday, May 18, 2020

Romania's economy is already recovering after the lockdown shock in April, and the GDP will return next year to the level reached in 2019 (EUR 220 billion), according to Andrei Radulescu, chief economist of the country's biggest bank - Banca ...

President Iohannis promulgated amended Giving in Payment Law

Monday, May 18, 2020


Romania's President Klaus Iohannis signed, on May 13, the revised Giving in Payment Law, by which a debtor is discharged of any obligations toward its creditor by handing over the property subject of the mortgage loan. The revised law establishes precisely the minimum depreciation of the local currency for which the foreign exchange evolution can be considered unpredictable, allowing the debtor to invoke the bill and pass the property to the bank with ...

Raiffeisen Bank, net profit down 21% in Q1 2020 compared to Q1 2019

Monday, May 18, 2020

Raiffeisen Bank made a net profit of 140 million lei in the first quarter of this year, down 21% from the same period in 2019, when it was 178 million lei, according to a bank press release sent on Thursday.Raiffeisen Bank's total assets exceeded 48 billion lei as of March 31, 2020, an increase of 18% year-on-year. Operating revenues increased in Q1 2020, standing at 636 million lei, as compared to 615 million lei in Q1 2019.The bank's total loan ...

BRD has so far deferred payment of installments for more than 41,000 individual customers

Monday, May 18, 2020

BRD - Groupe Societe Generale has deferred the payment of installments for more than 41,000 individual customers from mid-March to date, both through OUG 37/2020 and as part of its own deferral solution, the bank says in a release on Thursday. According to the bank statement, the number of deferred payment loans thus exceeds 46,000, since the number of customers requested the postponement of several credits. About 62pct of approved deferral requests were for ...

BVB goes up by 4.6 percent in April as investors positively re-evaluate the Romanian companies amid the COVID-19 pandemic

Monday, May 18, 2020


The companies listed on the Bucharest Stock Exchange (BVB) went up by 4.63 percent last month, taking into account the issuers included in the BET index, which comprises the most traded 17 companies. The largest monthly increase so far this year occurred as investors positively re-evaluated the Romanian companies listed on BVB as the coronavirus pandemic ...

Banks in Romania have donated over RON 23.5 M so far in the fight against COVID-19

Monday, May 18, 2020

Banks in Romania have donated RON 23.5 million so far in the fight against COVID-19, with contributions being directed to buy medical equipment and devices to support the local healthcare system and the affected patients, according to centralized data by banks. Therefore, over 220 hospitals have been supported by banks in Romania to purchase medical supplies and equipment and over NGOs have benefited by financial aid to carry out activities to counter ...

European retail banks need to reduce costs by over EUR 35 billion to survive the pandemic

Monday, May 18, 2020

Banks across Europe will need to save nearly EUR 80 per customer and swiftly digitise to weather the impact of COVID-19 pandemic. Analysis from global consultancy partnership Kearney has found that the COVID-19 pandemic and resulting recession will mean that banks across Europe need to rethink their strategies and reduce their costs by over EUR 35 billion to overcome this crisis. Now in its 11th year, Kearney’s European Retail ...

FNGCIMM: Banks need to become more involved in economy, leave their comfort zone

Monday, May 11, 2020

Banks should leave their comfort zone and become more active and involved in the economics area, Cristian Paun, Chairman of the Board of Directors of the National SME Credit Guarantee Fund (FNGCIMM), told on Thursday a new edition of the "vorbIMM" video-conference. "We all need to get out of our comfort zone and take some risks, some responsibility. I am talking here about the state which, through the Fund, has decided to become the partner of these ...

BRD Group, net profit smaller by 22 pct in Q1

Monday, May 11, 2020

The net profit of the BRD Group has dropped to 241 million lei in the first quarter of the year 2020 over 301 million in the first quarter of the year 2019, influenced by the cost of risk, after recognizing a provision in the context of the COVID-19 crisis, according to a release of the bank sent on Wednesday."In the first three months of the year, BRD had a dynamic commercial development. The bank recorded a robust activity in all segments, with a continual ...

ASF: Mandatory private pension funds had assets worth 60.17 billion lei in March, up 17.77 pct

Monday, May 11, 2020

Mandatory private pension funds had assets worth over 60.17 billion lei, as of March 31, 2020, up 17.77% from the same level last month, but down 4.26% compared to the previous month, according to the Financial Supervisory Authority (ASF).Government securities made up the largest share of the assets, of 38.88 billion lei, respectively 64.62%. Shares came in second, at 11.07 billion lei (18.40%). Corporate bonds ranked third in this respect, at 4.64 billion lei, ...

Govt. is looking to borrow EUR 1.2 bln from the population

Monday, May 11, 2020


Romania's Finance Ministry plans to attract some RON 6 billion (EUR 1.2 bln) from the population as it has to finance a considerable budget deficit this year. The Treasury is currently preparing to resume the mechanism used in 2015 and 2016 for issuing government securities through the banking system. The papers will then trade on the Bucharest Stock ...

ING Bank: Romania can’t avoid multilateral agreement with IFIs

Monday, May 11, 2020

The pressure to finance its high budget deficit will push Romania towards a multilateral financing agreement with international financial institutions (IFIs). The agreement will be similar to that signed in 2009 and is likely to happen by early next year, ING Bank Romania says in its latest research report. Romania won't be able to avoid tax hikes next year, with VAT being the main candidate here, ING analysts ...

OTP Bank Romania registered loss of RON 10.7 M for Q1 of 2020

Monday, May 11, 2020

OTP Group announces the financial results for the first quarter of 2020. According to the report published in Budapest, which presents the consolidated results adjusted in accordance with the Group´s standards, OTP Bank Romania has registered a loss of RON 10,7 million (HUF 0,9 billion) in the first three months of the year. The evolution was influenced by the threefold increase of risk costs, in the context of the Covid-19 epidemic. Operating ...

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