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Financial & Banking

 Council of the EU adopts measures to reduce banking sector risks

Monday, May 20, 2019

The Council of the European Union adopted on Tuesday a comprehensive legislative package which will reduce risks in the banking sector and further reinforce the banks' ability to withstand potential shocks, a release informs.The package contains amendments to the capital requirement legislation (Regulation 575/2013 and Directive 2013/36/EU) which reinforce the capital and liquidity positions of banks, and strengthens the framework for the recovery and resolution ...

Opening speech at the 16th meeting of the Financial Stability Board Regional Consultative Group for Europe

Monday, May 13, 2019

Mugur Isarescu, NBR Governor Distinguished guests,Dear colleagues,Ladies and gentlemen, good morning, I am pleased to welcome you to Romania and to the National Bank of Romania (NBR), for the Sixteenth meeting of the Financial Stability Board Regional Consultative Group for Europe. We are delighted to be able to host such a meeting. Looking ...

AAFBR: IRCC will be equal to ROBOR in one or two years

Monday, May 13, 2019

Loan installments paid by Romanians should fall by 5-10 percent between May and June by applying the new Consumer Credit Reference Index (IRCC) instead of old ROBOR and by 2-3 percent in July, but over one year or two the IRCC will be comparable to ROBOR, said Iancu Guda, president of the Association of Banking and Financial Analysts of Romania (AAFBR) . “Based on the IV quarter, 2018, calculations, the IRCC ...

Transylvania Bank and Victoriabank grant first cross border union credit Romania-Moldova

Monday, May 13, 2019

Transylvania Bank and Victoriabank announced on Tuesday, that they granted the first cross border union credit Romania-Moldova, of 21 million euro, for the commercial center Shopping MallDova. The commercial center is developed by the company Lemi Invest, a joint venture between Fiba Holding and Summa Turizm Yatirimciligi , a Victoriabank client for 10 years. Shopping MallDova is the first commercial center at European level in ...

Tax amnesty: 600,000 tax payers, exempts to mount to RON 1 bln

Monday, May 13, 2019

The tax amnesty emergency draft, asked by PM Dancila, is  currently under public discussion, with 600,000 tax payers to benefit of the cancellation of the social contributions owed to the state, mounting to RON 1.035 billion. The draft GEO released by the Finance Ministry today also stipulated the VAT cut for traditional and organic food. The negative budgetary impact here is mounting to RON 106 million this year. As for the VAT cut for these ...

Government plans to cut VAT for organic food to 5 pct

Monday, May 13, 2019


The government plans to cut the value-added tax (VAT) for organic & traditional food products from 9 percent to 5 percent, a measure that coud boost a sector that is still undeveloped in the eastern European country.  The government estimates that the measure will have an impact on ...

Garanti Group Romania posted a net profit of over RON 140 million in 2018

Monday, May 13, 2019

Garanti Group Romania, which brings together Garanti Bank, Garanti Leasing and Garanti Consumer Finance, registered a consolidated net profit of RON 140.3 million in 2018, reaching an asset size of RON 11.79 billion. On solo basis, Garanti Bank posted a net profit of RON 113.3 million. The bank’s business strategy of focusing on organic development and growing a healthy and balanced portfolio led to a loan volume of RON 7.13 billion and an ...

Banca Transilvania Group reports 30 pct rise in net profit in Q1 2019

Monday, May 13, 2019

Banca Transilvania Group, the largest financial group in Romania, closed the first quarter of 2019 with a net profit of RON 507.5 million, a 30.5 percent increase compared to the same period of last year. Assets grew by 2.3 percent from the end of 2018, to RON 79.7 billion. Banca Transilvania acquired Bancpost and two other non-banking companies from Eurobank group in April 2018, therefore the Q1 2018 financial report does not contain this expansion. ...

Credit Europe Bank recorded a net profit of RON 53 million in 2018, up 13 percent

Monday, May 13, 2019

Credit Europe Bank Romania recorded a net profit of RON 53 million in 2018, up 13 percent compared to 2017, after the increase in turnover of the credit cards in the portfolio and of the loans granted to the companies and the decrease in operational expenses. The bank’s results have been steadily rising in recent years, largely due to the sustained evolution of Credit Europe Bank’s main products on the domestic market: credit cards – ...

Government plans to create new state-owned bank

Monday, May 6, 2019

Romanian government plans to create a new state-owned bank with EU money aiming to support the absorption of European funds and to finance local SMEs. It is not yet clear what is the sense of creating this new state-owned bank as the government already owns two local banks – CEC Bank and Eximbank. The new bank, called National Development Bank, is still in an early stage as the government prepares the launch of the ...

Public deficit at 3.02 pct of GDP in 2018 by EU standards on end-year fiscal “window dressing”

Monday, May 6, 2019

Romanian government has maintained the public deficit at the upper limit of EU threshold of 3 percent of the gross domestic product (GDP) in 2018, mainly due to fiscal “window dressing” measures taken at the end of last year. According to the first Eurostat estimates, released on Tuesday, Romania’s fiscal gap was RON 28.5 billion last year, of 3.02 percent of GDP in ESA 2010 terms. But this performance is ...

WB Report: Romania is close to being officially classified as a developed country 

Monday, May 6, 2019


Romania has a good chance of becoming part of the “high income” world until 2020, as its gross national income (GNI) per capita is close to the threshold set by the Word Bank for this status, despite the large differences in terms of development between it and the Western world, http://business-review.eu reads. According to the latest thresholds determined in July 2018 by the World Bank, low-income ...

BNR's International reserves – April 2019

Monday, May 6, 2019

On 30 April 2019, the National Bank of Romania’s (BNR) foreign exchange reserves stood at EUR 33,690 million, compared to EUR 32,030 million on 31 March 2019. During the month, the following flows were recorded: EUR 3,522 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Public Finance’s accounts ...

The assets of optional pension funds exceed RON 2.1bn

Monday, May 6, 2019

The optional pension funds had assets worth more than RON 2.1 billion on March 31, 2019, up by 13.6% as compared to March 31, 2018, the Financial Supervisory Authority (ASF) informs. The state bonds held the largest share in the assets, of RON 1.24 billion, i.e. 58.34%. On the second place were the shares, with RON 449,882 million (21.13%). Corporate bonds were ranked third in this respect, with RON 191.881 million, or 9.01% of total ...

Instant Factoring granted over 1,900 loans to small and micro-enterprises in its first year

Monday, May 6, 2019

Instant Factoring gave 1,930 grants to small companies and micro-enterprises worth EUR 4 million in the first year of activity on the factoring market in Romania. For this year, the company plans to increase customer portfolio by 300 percent and the funding volume to EUR 15 million. Instant Factoring is the first Romanian online factoring fintech to finance mainly small local entrepreneurs, an estimated market of 511,800 micro-companies with an annual ...

Isarescu: Accession to Eurozone does not automatically solve economy's problems

Monday, May 6, 2019

Accession to the Eurozone is no panacea, it doesn't automatically solve the problems of an economy, it might even aggravate them, on Tuesday asserted the Governor of the National Bank of Romania, Mugur Isarescu, at the presentation of the substantiation report of the National Euro Changeover Plan, carried out at the Romanian Academy."We must all be aware that the accession to the Eurozone is no panacea, it does not solve the problems of an economy, it could even ...

Premier Dancila: Romania's joining the euro - a real country project

Monday, May 6, 2019

Romania's joining the euro is a real country project that requires the support of the entire society to be successful, Premier Viorica Dancila said ."Romania's joining the euro is a real country project that requires the support of the entire society - academic milieu, trade unions, employers' organizations, representatives of the civil society, political parties and the state's fundamental institutions - to be successful. I would compare Romania's adopting the ...

Central bank official: Cryptocurrency will not replace national currency

Monday, May 6, 2019


Cryptocurrencies won’t replace the currency issued by central banks, but these banks will be able to issue digital currencies, said Daniel Daianu, a member of the Romanian National Bank (BNR)’s Administration Council. “We must be aware of the difference between institutions and the roles they have. It is important for these roles not to disappear. Of course, technologies ensure business models and they ...

FinMin Teodorovici: Fiscal amnesty may be passed în May

Monday, April 22, 2019

Finance minister Eugen Teodorovici said on Thursday that the government may pass a fiscal amnesty measure in May, as part of a policy package for the private sector. He added that the measure would be called “financial restructuring” and would give public companies that have large debts to the state a chance to stay open. “This financial restructuring is a measure we’re looking at in the government. I really want May to be the ...

DLA Piper assisted Bank Leumi Israel to conclude agreement with First Bank

Monday, April 22, 2019

DLA Piper assisted Bank Leumi le-Israel B.M in the negotiations for concluding an agreement with First Bank to sell all the holdings in its Romanian subsidiary. Although the agreement required complex advice, it was concluded in a very short timeframe following the long-lasting relation between Bank Leumi Israel and DLA Piper lawyers, their flexibility and notable experience of headline transactions in the Romanian and CEE market, plus the ...

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