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Financial & Banking

BNR: Monetary indicators – January 2020

Monday, March 2, 2020

At end-January 2020, broad money (M3) amounted to RON 419,528.8 million, down 0.7 percent (down 1.1 percent in real terms) month on month. In year-on-year comparison, broad money rose by 9.7 percent (5.8 percent in real terms), Romanian Central Bank (BNR) data show. At end-January 2020, loans to non-government sector granted by credit institutions grew 0.8 percent (0.4 percent in real terms) from December 2019 to RON ...

Erste Group posts 8.7% hike in operating result to EUR 2.97 billion in 2019

Monday, March 2, 2020

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"Our annual operating result of nearly 3 billion euros, which is a significant increase of 8.7 percent, proves Erste is really fit at its core. This is quite rare in European banking at the moment – and gives us a strong foundation for future growth," says Bernhard Spalt, CEO of Erste Group Bank AG.  “Thanks to our footprint, we’re active in the economically most dynamic region in Europe, with CEE countries posting GDP growth ...

BVB index down 10% last week amid Covid-9 sell-off

Monday, March 2, 2020

The main index of the Bucharest Stock Exchange (BVB), BET, dropped by nearly 10% last week amid the investors’ concerns about the impact of the Covid-19 virus on the global economy, which determined a sell-off on major international markets. The BET recorded its steepest decline on Friday, February 28, when it lost 4.6%, as the Romanian authorities announced that two other cases of coronavirus infections were confirmed in the ...

Banca Transilvania posts 2019 net profit up 33pct

Monday, March 2, 2020

Banca Transilvania posted a net profit of 1.621 billion lei last year, up 32.93pct compared to 2018, according to preliminary financial results published on Thursday.Banca Transilvania Financial Group reported a consolidated net profit of 1.848 billion lei last year, up 46.59pct compared to 2018."The operating profit of Banca Transilvania (BT) increased to 2,131.87 million lei due to the efficiency and consolidation of the business. The BT Board of ...

Government obtains additional dividends from Enel worth 502 mln RON

Monday, March 2, 2020

The Minister of Economy, Energy and Business Environment, through the Energy Participation Management Company (SAPE), negotiated the obtainment of over 100 million euro (approximately 502 million RON) as extra dividend from three companies in the Enel Group, in which SAPE is a minority shareholder, a release of the ministry sent on Thursday to AGERPRES shows.At the end of February, approximately 95 pct of the amount was wired to the SAPE accounts.The ...

BNR: Romanian banks probed for money laundering

Monday, March 2, 2020

Romania’s National Bank (BNR) is probing 16 - 17 banks involved in a “rather awkward transaction" related to money laundering, Nicolae Cintez?, the head of the central bank’s supervisory department, announced on Wednesday, in a financial conference. “At least one of the banks is involved in favoring money laundering,” he stated, quoted ...

Study: Over 51% of the Romanians admit they had misunderstandings in the couple due to money

Monday, March 2, 2020

Over 51% of the Romanians admit they had misunderstandings in the couple due to money, and among the interviewees the most frequent reasons are too high expenses or meanness, shows a research made by the Banca Comerciala Romana, through the School for Money.The study ‘ money in the couple’ shows that the Romanians prefer to keep their money joint (67%), to manage together the family budget (77%) even though only 41% have joint economy ...

Major changes to the RCA, voted in the Senate

Monday, March 2, 2020

The Romanian Senate’s budget and finance committee endorsed the draft law that provisions, among others, the introduction of a benchmark for the fees charged by auto services for repairs covered by mandatory insurance contracts (third party liability or RCA), which are paid by the insurance firms on the behalf of their customers. The bill is significantly improving the existing legal provisions in favor of the insurance companies, which have been ...

EC: Romania’s budget deficit could hit 6.1% next year

Monday, March 2, 2020

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The European Commission will recommend that the EU Council opens the excessive deficit procedure against Romania, EC executive vice president Valdis Dombrovskis said on Wednesday, February 26. “In Romania, the deficit was above 3% of GDP in 2019 and is expected to stay above 3% both this year and next. This reflects the longstanding build-up of fiscal imbalances as a result of pro-cyclical strongly expansionary fiscal policy since 2016. That's ...

Eurostat: Romania - above EU average by environmental tax share of total tax revenue

Monday, February 24, 2020

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The environmental taxes collected in 2018 by the Romanian state amounted to 4.239 billion euros, accounting for 7.95 percent of total revenue from taxes and social contributions; this marked an increase from 3.674 billion euros, or 7.85 percent of total revenue from taxes and contributions in 2017, shows data released Wednesday by the EU's office for statistics, Eurostat.Environmental tax revenues in the European Union totalled 324.6 billion euros in 2018, which ...

PM Orban: PNL won't give up flat tax

Monday, February 24, 2020

Prime Minister Ludovic Orban stated he is "the defender of the flat tax," adding that PNL (National Liberal Party – at rule) will never give up the flat tax."I am the defender of the flat tax, which for me is the foundation of a Liberal economy. PNL will never give up the flat tax," stated Ludovic Orban on Thursday, while leaving from the event AMCHAM CEO FORUM, when he was asked whether the Liberal government considered introducing a progressive tax or ...

Fitch confirmed the Garanti Bank Romania rating at ‘BB minus’ with stable perspective

Monday, February 24, 2020

Fitch Ratings confirmed the rating for long term debts of Garanti Bank Romania at ‘BB minus’with stable perspective,and the viability rating at ‘ bb minus’,shows a press releaseof the financial evaluation agency.‘ The long term ratings of Garanti Bank are supported by its individual profile,as it is reflected in its viability rating. The viability rating reflects the limited measure of the bank and the franchise of Romania, the ...

Credits for small companies with SME Initiative guaranty in UniCredit Bank offer

Monday, February 24, 2020

UniCredit Bank offers small and medium companies access to financing that benefits 60% of guaranty through SME Initiative for small companies, a guaranty instrument accessed by UniCredit Bank from the European Union, according to a bank press release. Transactions benefit from EU support through the program Initiative for small companies financed by EU through FEDR and Horizon 2020 and by the European Investment Fund and the European Investment ...

Govt.-backed home purchase program kicks off in Romania

Monday, February 24, 2020

Romania’s loan guarantee fund for small and medium sized enterprises (FNGCIMM), the body that manages the guarantees extended by the Government to individuals contracting mortgage loans under the Prima Casa (First Home) program, announced the launch of the program’s 2020 round. The Government approved on February 4 guarantees of nearly RON 2 billion (EUR 419 mln) for the program. The terms of the program have not changed from past years. ...

ASF to withdraw the operating license of Certasig company

Monday, February 24, 2020

The board of Romania’s financial market regulatory body - ASF decided to withdraw the functioning authorization of local insurer Certasig because the company hasn’t increased the level of own funds in line with the minimum capital requirements (MCR) within the deadline provided by law. At the same time, the ASF board ascertained the insolvency status of Certasig and decided to initiate legal steps to open the bankruptcy proceedings against ...

Over half of Romanians not having private health insurance, not wanting one in next half-year

Monday, February 24, 2020

Over half of Romanians (52%) do not have private health insurance and do not want to take out one in the coming half year, show the findings of an online survey conducted under the national information campaign "All about health insurance."According to the survey, 48% of the respondents said that they do not undergo a full set of medical examinations once a year, with 30% of them claiming the lack of time as a reason, 18% saying it is a very complicated process, ...

The insurance market has over 37,000 registered consultants

Monday, February 24, 2020

Following the completion of an important stage in the enforcement of Law 236/2018, which transposes the 2016/97 Directive of the European Parliament, the Romanian insurance market has 37,748 registered consultants, who became insurance specialists after completing the requirements of their professional training. “The Institute of Financial Studies was involved in the construction of a professional formation system at European standards, synched ...

ASF and EIOPA, joint assessment of the insurance market

Monday, February 24, 2020

The Financial Supervisory Authority (ASF) and the European Insurance and Occupational Pensions Authority (EIOPA) announced their intention to launch an independent assessment program of the Romanian insurance market through a balance sheet review (BSR) exercise. A similar application was carried out on the Romanian insurance market in the 2014-2015 period, obtaining pertinent results for both insurance companies and their customers. In the years that ...

Online transactions processed by Netopia Payments advance 41pct in 2019

Monday, February 24, 2020

Netopia Payments, the largest electronic payment processor in Romania, has reported a 41pct increase in the number of digital transactions processed in 2019 as against the previous year.The largest transaction processed by Netopia Payments in 2019 was worth about 24,500 euros and consisted of a payment for a package tour.According to a Netopia press statement, the company processed more than two million transactions online on card or text, as the ...

Minutes of the monetary policy meeting of the BNR Board on 7 February 2020

Monday, February 17, 2020

14 February 2020 The National Bank of Romania (BNR) Board members present at the meeting: Mugur Is?rescu, 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; Leonardo Badea, Board member and Deputy Governor of the National Bank of Romania; Eugen Nicol?escu, Board member and Deputy Governor of the National Bank of Romania; ...

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