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Financial & Banking

President Iohannis awaits "more convincing" answers from the gov't related to pension Pillar II

Monday, May 28, 2018

President Klaus Iohannis on Thursday stated, in respect to the explanations provided by the members of the government regarding the pension Pillar II and the money for pensions and salaries, that he awaits "more convincing answers" from them."Let's wait a little bit more, and maybe we get more convincing answers," said Iohannis, when asked if he was pleased with the answers the government members provided in respect to the pension Pillar II.Also, when ...

Deputy PM Stanescu: Pension Pillar II must be optional

Monday, May 28, 2018

Deputy Prime Minister Paul Stanescu considers Private Pensions Pillar II must be optional and the Gov't must explain which are the advantages of this fund, if pensions are higher or lower following contributions to it.Stanescu reaffirmed that there hasn't been any discussion in the Social Democratic Party (PSD) about suspending Pension Pillar II."There hasn't been any discussion in PSD, at least, I don't know about the coalition [PSD, major at rule - ...

Pension system based on saving such as Pillar II, necessity in current demographic circumstances, according to AHK

Monday, May 28, 2018

A pension system based on saving, such as Pillar II, represents a necessity, if we take into account Romania's demographic evolution, confirmed by the forecasts carried out by the international bodies, the representatives of the Romanian - German Chamber of Commerce and Industry (AHK Romania) consider in a press release sent on Wednesday."This [Pillar II, ed.n.] will contribute, alongside Pillar I, to improving the pensioners' quality of life. The companies we ...

European Commission warns that Romania is the least prepared EU country to join Eurozone

Monday, May 28, 2018

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Romania is currently the least prepared European Union member state outside the Euro area for adopting the euro, fulfilling only one out of the four economic criteria, European Commission said in its latest Convergence Report released on Wednesday, quoted by business-review.eu . “The report ...

VIG's Q1 profit in Romania grows on improved CoR, Axa Life consolidation

Monday, May 28, 2018

Vienna Insurance Group (VIG) said on Wednesday that it has posted a pre-tax profit of 4.1 million euro ($4.8 million) from its operations in Romania in the first three months of 2018, up 27.3% on the year, according to preliminary data quoted by seenews.com. This increase in profit was due to a significant improvement in the combined ratio (CoR) and to the consolidation of AXA Life,the company said in a conference call presentation of its ...

Balance of non-gov't loan given to companies, population up 0.7 percent in April

Monday, May 28, 2018

The balance of the non-government credit granted by credit institutions went up 0.7 percent (0.2 percent in real terms), in April 2018, compared to March 2018, up to the level of 238.381 billion lei, according to the data of the National Bank of Romania (BNR), sent to AGEPRRES on Friday.In March, the non-government credit increased by 1.4 percent as opposed to February.Loans given in LEI has increased by 1.3 percent (0.8 percent in real terms), as ...

Companies' and households' deposits up 1.1 pct in April

Monday, May 28, 2018

The deposits of non-governmental resident clients increased by 1.1 percent in April 2018 as compared to March 2018, up to the level of 306.999 billion lei, while compared to April 2017 they increased by 11 percent, according to the data made public on Friday by the National Bank of Romania (BNR).The population's household deposits increased by 29.62 million lei, up to 113.6 billion lei and recorded an increase by 7 percent (1.7 percent in real terms) against ...

National Bank of Romania to chair and host in September the 40th meeting of Central Banks Governors’ Club of the region

Monday, May 28, 2018

The National Bank of Romania (BNR), Romania’s central bank, said on Friday that it will chair and host in September, in Bucharest, the 40th meeting of the Central Banks Governors’ Club of The Central Asia, Black Sea Region and Balkan Countries, http://business-review.eu informs. “The National Bank of Romania, as a founding member, was invited to chair and host the following meeting. This ...

Romania’s bank assets rose 10 pct y/y in March, profit rate surged 31 pct

Monday, May 28, 2018

The total bank assets in Romania increased by 9.7 percent year-on-year in March, up to RON 431.7 billion (EUR 92.7 billion), and return on assets (ROA) index jumped by 31 percent, to 1.65, National Bank of Romania (BNR) show. Total bank assets in Romania rose from RON 393.7 billion in March 2017 to RON 427.8 billion in December 2017 and RON 431.7 billion in March 2018, when they ...

The number of active cards in Romania increased in Q1 of the year with 2.9%

Monday, May 28, 2018

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The number of active cards in Romania reached in Q1 of the year 12.81 million with 2.9% more than in the same period of last year, according to the data published on the National Bank of Romania (BNR). In Q1 of 2017 the number of active cards was 12.45 million with 4,9% more than in the first three months of 2016. The total number of cards increased with 1.2% in the first three months up to 1.63 million against Q1 of last ...

PwC: Stock market investors' six-year gains 12pct higher than those of gov't securities investors

Monday, May 28, 2018

In the past six years, the gains of investors in the Romanian stock market were on average 12 percent higher than those of investors in government securities, and the stock market capitalization is 20 percent higher compared to 2007, shows a PwC survey on the evolution of the relative value of companies listed on the Bucharest Stock Exchange (BVB) over the past decade, presented on Tuesday by Ileana Gutu, senior manager with the consulting company."Looking at the ...

BNR sanctions BRD-SocGen manager

Monday, May 28, 2018

The National Bank of Romania (BNR) sanctioned in April with written warning a manager of BRD – Groupe Societe Generale, Romania’s third largest bank in terms of assets, for failure to comply with a central bank’s measure, BNR data show. The sanction, the first in this year, was issued on April 24, 2018, for a BRD manager for “failure to comply with a measure ordered by the National Bank of Romania through the order of the First ...

Government wants suspension of Pension II Pillar contributions during July-December

Monday, May 21, 2018

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According to the 2018 legislative programme of the Government revealed on Sunday in the mass media, a top legislative priority of the Dancila Cabinet is ”a draft law on regulating the private managed mandatory funds (the so called Pension II Pillar)”, with the note that its contributions will be suspended during July 1-December 31. On the other hand, Labour minister Lia Olguta Vasilescu retorted that the suspension of the contributions is a ...

FIC: Pillar 2 is a fundamental tool for pension savings, second warning from investors in a week

Monday, May 21, 2018

The Foreign Investors Council (FIC), which brings together companies hiring approximately 200.000 people, is worried by possible policy measures affecting the three-pillar pension savings system and the lack of transparency in which these are analyzed and promoted, a release posted on its website informs, romaniajournal.ro informs. The three-pillar system is fundamental taking into consideration the projections for Romania’s demographic evolution ...

Conference CEPS-IMF Spring 2018 Regional Economic Outlook: Europe – Managing the Upswing in Uncertain Times

Monday, May 21, 2018

Liviu Voinea, Deputy Governor NBR Dear Governor Smets,Dear Director of the IMF’s European Department Thomsen,Dear CEPS Director Gros, Thank you for having me here. It is an honor for me to speak at the launch of the IMF Regional Economic Outlook for Europe. This report is remarkable in many respects: it is comprehensive, well-documented and clearly written, with strong ...

ASF approves Francois Coste’s appointment as president of PAID

Monday, May 21, 2018

The Financial Supervision Authority (ASF) has approved the appointment of Francois Coste as president of the administration board of The Insurance Pool against Natural Disasters (PAID). Also, the ASF approved the appointment of Gabriel Marcu as vice president of the PAID’s administration board. Under the law, PAID manages the compulsory home insurance system, covering three main risks specific to Romania: earthquake, ...

OTP Bank Romania’s posts strongest ever net profit of RON 22.5 mln in Q1 2018

Monday, May 21, 2018

OTP Group announced the financial results for the first quarter of 2018, with a net profit of RON 22.5 million, the strongest quarterly profit ever, with an increase of 18 percent compared to 2017 results and a q/q advance of 60 percent, http://business-review.eu reports. Operating profit dropped by 34 percent y/y as a result of 5 percent lower total income and 15 percent ...

Raiffeisen Bank net profit more than doubles in first trimester of 2018, to over 45 million euro

Monday, May 21, 2018

Raiffeisen Bank ended the first trimester of the year with a net profit of over 45 million euro (212 million lei), more than double as compared to the similar period of 2017, when the result was influenced by the campaign of the conversion of loans in Swiss francs, at a discount, and the cost of the credit risk, according to a press release sent on Tuesday.Raiffeisen Bank's total assets increased in the first trimester of the year to 37.21 billion lei (plus 13 ...

Fondul Proprietatea's profit, slight increase in Q1, 2018

Monday, May 21, 2018

 In the first quarter of this year, Fondul Proprietatea (FP) reported a net profit of 293.6 million lei, slightly up by 0.2pct compared to the same period of 2017, according to data released on Tuesday by the Bucharest Stock Exchange.Net operating revenues amounted to 311.7 million lei (323.2 million lei in Q1, 2017) and operating expenditure totaled 18.1 million lei (Q1, 2017: 40 million lei)."The Fund's investment objective is to maximize yields ...

CEC Bank ends 2017 with gross profit of 222.7 million lei

Monday, May 21, 2018

CEC Bank ended the year 2017 with a gross profit of 222.7 million lei, this being the best financial performance in the last ten years, according to a bank's press release sent on last Monday.Also, at the end of 2017, the net balance sheet stood at 31.651 billion lei, up 12pct from 2016."The result was based on the increase in the balance of new deposits from the banking and non-banking customers, which supported the positive evolution of the assets ...

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