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Financial & Banking

Minutes of the monetary policy meeting of the National Bank of Romania Board on 15 May 2019

Monday, May 27, 2019

22 May 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; Eugen Nicol?escu, Board member and Deputy Governor of the National Bank of Romania; Liviu Voinea, Board member and Deputy Governor of the National Bank of Romania; Marin Dinu, Board member; Daniel D?ianu, ...

BNR: Monetary indicators – April 2019

Monday, May 27, 2019

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At end-April 2019, broad money (M3) amounted to RON 390,089.8 million, up 1.8 percent (1.2 percent in real terms) month-on-month. In year-on-year comparison, broad money rose 9.9 percent (5.5 percent in real terms), National Bank of Romania (BNR) annonces. At end- April 2019, loans to non-government sector granted by credit institutions advanced by 0.6 percent (0.03 percent in real terms) from March 2019 to RON 256,540.2 ...

Voluntary insurance market, an area of growing potential

Monday, May 27, 2019

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Seven life insurance companies, 16 general insurance companies and 6 composite companies act in the insurance market in Romania and have generated over 1.72 billion of euro gross premiums subscribed in general insurances and 451 million euro of gross premiums subscribed in life insurances, said ASF president Leonardo Badea, present at the annual conference Insurance Europe. According to him, there are 300 active intermediate companies in the ...

Alpha Bank Romania, the first local bank to accept Union Pay cards at its ATMs

Monday, May 27, 2019

Alpha Bank Romania has signed an agreement with UnionPay International, one of the largest payment schemes in the world and a subsidiary of China UnionPay, and has become the first local bank to accept transactions with UnionPay cards at its ATM network across the country. In recent years, Romania has become a destination of interest for Chinese entrepreneurs and tourists, hence this new partnership will facilitate financial transactions and bring ...

BVB:Romanian capital market needs broader participation of the population

Monday, May 27, 2019

The Romanian capital market needs a broader participation of the population for listed entrepreneurs to benefit from this mass of investors, Bucharest Stock Exchange CEO Adrian Tanase told a specialist conference on Thursday."We want an efficient capital market that accurately assesses traded shares and those that will be traded. To achieve this efficiency in the capital market, we need to work in several directions. First, we need to achieve a broader ...

Vienna Insurance Group Romania recorded premiums of EUR 115.9 million

Monday, May 27, 2019

In the first quarter of this year, the Vienna Insurance Group obtained in Romania a pre-tax profit of EUR 2 million, down 51.1 percent in the first quarter of this year, according to a press release. In the first three months of 2019, the Vienna Insurance Group reported for Romania gross written premiums worth EUR 115.9 million, down 20.9 percent over the same period last year. The group, operating in over 10 countries, increased its total premiums to ...

Eximbank close to taking over NBG’s Romanian subsidiary

Monday, May 27, 2019

Romania’s state-owned lender Eximbank will buy Banca Romaneasca, the local subsidiary of the Greek group National Bank of Greece (NBG), for “several tens of millions of ...

Garanti Group Romania posts net profit of RON 38m in Q1 2019

Monday, May 27, 2019

Garanti Group Romania, which brings together Garanti Bank, Garanti Leasing and Garanti Consumer Finance, registered a consolidated net profit of RON 38 million in the first quarter of 2019, reaching an asset size ...

Marfin Bank becomes Vista Bank

Monday, May 27, 2019

Marfin Bank Romania, part of the Vardinogiannis Group, is changing name into Vista Bank Romania, one of the last step of a thorough process of business strengthening which included capital increase of 30 million euro in last September, enlargement of the management team, and refreshing ...

BNR Board decisions on monetary policy

Monday, May 20, 2019

In its meeting of 15 May 2019, the Board of the National Bank of Romania decided: to keep the monetary policy rate at 2.50 percent per annum; to leave unchanged the deposit facility rate at 1.50 percent per annum and the lending facility rate at 3.50 percent per annum; to maintain the existing levels of minimum reserve requirement ratios ...

Isarescu: Don't expect IRCC to work miracles and do everyone justice; ROBOR unjustly vilified

Monday, May 20, 2019

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Because of its role as loan benchmark, the interbank offered rate ROBOR has been vilified and you should not expect the Consumer Credit Reference Index (IRCC) to work miracles and do everyone justice, governor of the National Bank of Romania (BNR) Mugur Isarescu said in a press briefing on Wednesday."Because of its role as loan indicator, the ROBOR has been simply vilified. Any indicator has value as long as it is credible, but if you tread on it and punch it all ...

ARB: the new IRCC too broad a mixture with no connection with the market

Monday, May 20, 2019

Whereas the interbank offered rate ROBOR was correlated with medium-term lending, just like a single fruit jam, the new Consumer Credit Reference Index (IRCC) is a sort of marmalade of an unknown fruit mix, an index calculated based on overnight transactions which has no connection with the market, executive president of the Romanian Banking Association (ARB) Florin Danescu declared on Wednesday at the Financial Market Forum."Explaining the ROBOR and the IRCC is ...

Finance Ministry to capitalize CEC Bank by RON 900m

Monday, May 20, 2019

The Finance Ministry will transfer RON 900 million to the CEC Bank for capitalization, immediately after receiving the go-ahead from the European ...

ING Bank Romania registers 16% income advance in Q1

Monday, May 20, 2019

ING Bank Romania announced on Tuesday, that it recorded a 16% advance of incomes in the first quarter, against the same period of 2018, to 491 million lei (103.1 million euro) in the conditions of increases in the customer base, as in their activity. Moreover, the bank announced that general director Michal Szczurek will take over a new position in the Dutch financial group ING. Gross profit is 222 million lei, 4% more compared to the same period of ...

ECB asks Romanian authorities to consult it on future bills related to the National Bank of Romania

Monday, May 20, 2019

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The European Central Bank (ECB) has recently sent Speaker of the Chamber of Deputies Liviu Dragnea a letter cautioning that the national authorities are required to consult the ECB on the legislative proposals that fall under its scope of competence, regulations on national central banks included.The letter signed by Yves Mersch, member of the ECB Executive Board, and published on the institution's website, refers to the fact that on April 24, 2019 the Parliament ...

Patria Bank reports losses of 2.29 million lei in Q1

Monday, May 20, 2019

Patria Bank (PBK), the result of the merger between former Carpatica Commercial Bank and former Patria Bank, reported losses of 2.29 million lei in the first quarter, compared to a negative result of 19.01 million lei in the same period of 2018. Overall incomes from exploitation were 39.59 million lei, compared to 30.87 million lei in the same period of 2018, according to the report sent to Bucharest Stock Exchange ...

IFC invests in Romania’s first cover bond issue to increase mortgage lending

Monday, May 20, 2019

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IFC, a member of the World Bank Group, was a key investor with a EUR 50 million investment in the first covered bond issuance in Romania. The first-ever and five-year maturity covered bond will support the development of the capital markets and pave the way for other issuers to use a new financial instrument to provide long-term financing in Romania. Covered bonds are a critical tool for mortgage lending in more developed markets as it allows mortgage ...

OTP Bank Romania releases financial results for the first quarter of 2019

Monday, May 20, 2019

OTP Group has announced the financial results for the first quarter of 2019. 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 an after -tax profit of RON 18,3 million (HUF 1,23 billion). The quarterly profit level is 19% under the result registered in the first quarter of 2018. The Bank reported a 29% increase for operating ...

BR Analysis. Loans become more expensive this year in Romania eroding purchasing power, profits

Monday, May 20, 2019

Romanian business environment and households are hit by surging borrowing costs as interest rates rose quickly during the first three months of this year, despite government’s measures aiming to cap borrowing costs, eroding the profits of companies and the purchasing power of indebted persons. Fresh central bank data suggest that government’s measures like “greed tax” had no effect on real interest ...

Alpha Bank successfully places its first ever EUR 200 mln covered bond issue in Romania

Monday, May 20, 2019

Alpha Bank Romania has successfully placed its EUR 200 million euro-denominated covered bond issue, the first ever from a Romanian bank. The bond, which has a five-year maturity and pays a floating rate coupon, is backed by prime Romanian residential mortgages and is rated (P) Baa2 by Moody’s. The transaction attracted strong investor interest from both local and international institutional investors, including the IFC and ...

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