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Financial & Banking

Deputies sweeten restructuring law for corporate debt to budget

Monday, June 22, 2020

Deputies have passed the Government ordinance that sets a mechanism for the restructuring of companies’ overdue debts to the state budget. They also sweetened the terms of the ordinance by delaying the ...

Banks grant loans of 4 billion lei under IMM Invest programme

Monday, June 22, 2020

As of June 15, banks had granted loans to the amount of 4 billion lei under the IMM Invest programme, and this week the one billion euro equivalent mark will be passed, Cristian Paun, chairman of the Board of Directors of the National Credit Guarantee Fund for Small and Medium-Sized Enterprises SA - IFN (FNGCIMM SA - IFN), said on Wednesday."From my point of view, I think the programme is within its parametres. And to give some figures: on Monday, the programme ...

Scope affirms Romania’s credit rating at BBB-; Outlook remains Negative

Monday, June 22, 2020

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Deteriorating public finances and limited external reserves drive the Negative Outlook. EU membership, high growth potential, and moderate public as well as external debt levels support Romania’s BBB- ratings. Rating action Scope Ratings GmbH has today affirmed Romania’s long-term local-currency and foreign-currency issuer ratings and senior unsecured debt ratings at BBB-. The agency ...

ING Bank climbs up one place to become fifth-largest lender in Romania

Monday, June 22, 2020

ING Bank, the local branch of the Dutch group ING, has climbed up in the local banks' ranking by assets, reaching the fifth place. ING has surpassed Raiffeisen Bank Romania, Ziarul ...

PM Orban: 200,000 beneficiaries of measure to postpone interest rates with banks; record in settling medical leave

Monday, June 22, 2020

Prime Minister Ludovic Orban on last Tuesday stated that there are almost 200,000 beneficiaries of the measure to postpone the interest rates with banks and that the amount settled in May for medical leaves was 600 million lei."There are almost 200,000 beneficiaries of the measure that we adopted to postpone interest rates until December 31. These 200,000 beneficiaries are only those who benefited from the emergency ordinance issued by the Government, because ...

Deloitte Survey: CFOs in Romania expect reduction of revenues and number of employees

Monday, June 22, 2020

The perception of the CFOs in Romania regarding the evolution of the main financial indicators of their companies has changed dramatically in only several months as a result of the COVID-19 pandemic, according to CFO Survey ...

BVB: Jan – May trading at over 1 bln euros, almost 20 pct up YoY

Monday, June 22, 2020

Trading in stocks and other financial instruments listed on the Bucharest Stock Exchange (BVB) reached 1.1 billion euros at the end of the first five months of the year, up 19.6 percent compared to the same period last year, shows a report published by BVB."The value of trades in all types of financial instruments registered on the BVB regulated spot market in the first five months of the year was a combined 5.29 billion lei, the equivalent of 1.1 billion euros, ...

Minutes of the monetary policy meeting of the BNR Board on 29 May 2020

Monday, June 15, 2020

12 June 2020 On 29 May 2020, the Board of the National Bank of Romania held a meeting in which the following members took part: 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 ...

Mugur Isarescu, BNR Governor: Online speech held with occasion of the Center of Excellence in Finance Governing Board Annual Meeting

Monday, June 15, 2020

Virtual meeting, Bucharest, 11 June 2020. Esteemed Ministers and Governors, Honoured colleagues, Distinguished staff, It is my pleasure to meet with you virtually today and, at the same time, I am grateful that even during this unprecedented times, we are able to carry on the work within our organization. I would like to thank our hosts for making this ...

ECB: Romania needs stability-oriented policies to meet criteria for ?urozone entry

Monday, June 15, 2020

Romania needs stability?oriented economic policies and wide?ranging structural reforms in order to meet the convergence criteria for eurozone entry, the European Central Bank (ECB) said on Wednesday. "Achieving an environment that is conducive to sustainable convergence in Romania requires stability?oriented economic policies and wide?ranging structural reforms," ECB said in its biennial Convergence Report. The Romanian ...

ING: Political volatility in Romania increases downgrade risks

Monday, June 15, 2020

The near-term risks of a rating downgrade have disappeared in Romania, after S&P's rating affirmation. Still, downgrade fears will run high into the rating reviews in the fourth quarter and beyond due to the uncertainty about the pension hike and populistic initiatives ahead of the elections, according to the latest research report of ING Romania. There is an increasingly likely scenario where we could see the Romanian Government toppled but still ...

Romanians’ financial well-being severely hit by COVID-19

Monday, June 15, 2020

The financial well-being of 67% of Romanians has deteriorated compared to six months ago due to the COVID-19 pandemic, shows a report by Intrum. The share is similar to that in Greece and the highest in the EU. The EU average is 48%. The percentage of Romanians expecting their well-being to increase over the next six months, 28%, is also above the EU average (23%), but not among the highest. The Estonians are by far the most optimistic, with 63% of them expecting an ...

Banks extend 16% of Govt.-guaranteed loans to SMEs

Monday, June 15, 2020

Romanian banks have already extended state-guaranteed loans worth RON 2.45 billion (EUR 510 mln) to small and medium-sized enterprises (SMEs) under the IMM Invest program. "There are 3,083 companies that took financing under IMM Invest. The total value of the loans granted is RON 2.45 bln. The pace of submitting loan requests has accelerated," finance minister Florin Citu announced on June 4, quoted ...

Fondul Proprietatea: THE DRAFT BILL ON CERTAIN MEASURES TO PROTECT NATIONAL INTERESTS IN THE ECONOMIC ACTIVITY THREATENS THE DEVELOPMENT OF THE CAPITAL MARKET

Monday, June 15, 2020

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Fondul Proprietatea – FP (hereinafter “The Fund”) urges the Chamber of Deputies, as the decision-making chamber, to analyse the potential negative effects and to reject the draft bill on certain measures to protect national interests in the economic activity, a statement sent by FP says. The piece of legislation, which intends to suspend all disposals of shares owned by the Romanian State for a period of 2 years, will seriously jeopardize Romania’s ...

Autonom Services receives B+ rating from Fitch

Monday, June 15, 2020

Fitch Ratings has assigned Autonom Services SA a Long-Term Issuer Default Rating (IDR) of ‘B+’. Autonom Services is an extensive mobility network in Romania that in December 2019 listed 20 million euro worth bonds on the Main Market of the Bucharest Stock Exchange. “Following last year’s successful listing of AUT24E corporate bonds on the Bucharest Stock Exchange, we applied for a rating from Fitch, on the ...

Leonardo Badea : Reducing inequalities, an imperative for resetting the economy after the pandemic crisis

Monday, June 15, 2020

The concern for the health of the population and the control of the effects of the pandemic, as well as for the reconstruction of the economywill remain, for a long time, among the first ranks on the list of priorities of the leaders of almost all the countries of the world, business-review.eu reads. One of the main reasons for this is that, as can already be seen from the statistics that start to flow again, the effects of the pandemic and of the blockages ...

Govt. says Pillar II fund managers should not guarantee real yields

Monday, June 15, 2020

Government issued a negative opinion on a draft law amendment drafted by Social Democrat (PSD) MP Mirela Furtuna, for guaranteeing the real value of the contributions paid to the mandatory private pension funds (Pillar ...

EIB report: Banks in Central, Eastern and Southeastern Europe revise outlook for the coming months sharply. How’s Romania Standing?

Monday, June 15, 2020

Demand for loans by small and medium-sized companies (SMEs) and corporates might face sharply tightening credit standards. Non-performing loans could increase for the first time since 2015 in the region. A new EIB report published last Friday, ...

S&P Global Ratings affirms Romania at BBB-/A-3, outlook remains negative

Monday, June 8, 2020

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Standard & Poor's maintained Romania's rating at BBB-/A-3, with a negative outlook, but said it expects significant fiscal consolidation after the 2020 general elections. The outlook is negative because the agency see risks to Romania's fiscal and external balances over the next 18 months if policymakers cannot stabilize and consolidate the budgetary stance after this COVID-19-induced recession, it said in a statement late on Friday. S&P added that although we expect ...

Mugur Isarescu, BNR Governor: Speech at The 43rd Meeting of the Central Banks Governors Club of the Central Asia, Black Sea region and Balkan countries

Monday, June 8, 2020

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Dear Governor Uysal,Dear colleagues, It is my pleasure to meet with you virtually today and, at the same time, I am grateful that even during this unprecedented times, we are able to carry on the work within our forum. I would like to thank our hosts for making this virtual meeting possible and I sincerely look forward to meeting you all again in person. The Romanian experience with the COVID-19 pandemic; challenges for ...

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