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Financial & Banking

Fitch Revises Outlooks on Romanian BCR and BRD to Negative; Affirms at 'BBB+'

Monday, April 27, 2020

Fitch Ratings has revised Romania-based Banca Comerciala Romana S.A.'s (BCR) and BRD-Groupe Societe Generale S.A's. (BRD) Outlooks to Negative from Stable, while affirming the banks' Long-Term Issuer Default Ratings (IDRs) at 'BBB+'. This follows a similar action on Romania's sovereign rating (see 'Fitch Revises Romania's Outlook to Negative; Affirms at 'BBB-'' dated 17 April 2020, available ...

Banking Fraud, AML And KYC Compliance In The Era Of COVID-19

Monday, April 27, 2020

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Opinion article by Burcin Atakan, Partner, and Ioana Ungureanu, Manager, Financial Advisory, Deloitte Romania As the new coronavirus continues to spread across the globe, top-down measures are imposed to slow down its effects and minimize potential damages. Countries across the globe are taking diversified approaches to fight against the virus spread. When these measures are combined with the long awaited recession, being hit by a financial ...

Immofinanz properties in Romania – EUR 677.3 M, counting for 14.3% of the total portfolio

Monday, April 27, 2020

IMMOFINANZ properties in Romania account for EUR 677.3 million, representing 14.3% of the total portfolio of the company. According to the global financial results for last year, IMMOFINANZ increased its net profit by roughly 62% to EUR 352.1 million in 2019 , while FFO 1 rose to EUR 137.4 million. “The clear improvement of 18.1% in rental income and 30.2% in FFO 1 from the standing investment business underscore the ...

Lending in Romania, down to a quarter of the normal volume

Monday, April 27, 2020

The demand for loans has plunged below 25% of the average level for this time of the year, amid the state of emergency caused by the COVID-19 pandemic, estimates Banca Transilvania CEO, Omer Tetik However, he believes there's nothing bad about this. "On the lending side, there was a sharp drop in demand. It is a natural reaction to the state of emergency," Tetik said, according to ...

Fitch forecasts Romania's general government deficit to widen to 8% of GDP in 2020

Monday, April 20, 2020

Fitch Ratings forecasts Romamnia's general government deficit to widen to 8% of GDP in 2020, reflecting a projected sharp fall in revenue as most economic sectors suffer and an increase in expenditure, driven in part by automatic stabilisers, expecting it to narrow in 2021, to 4.2% of GDP.In a press statement released on Saturday, Fitch has revised Romania's outlook to Negative from Stable, while affirming the Long-Term Foreign-Currency (LTFC) Issuer Default ...

BNR: Balance of payments and external debt – February 2020

Monday, April 20, 2020

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In January - February 2020p, the balance-of-payments current account posted a deficit of EUR 325 million, compared with EUR 176 million in the same year-ago period, the Romanian Central Bank(BNR) says. The deficit on trade in goods widened by EUR 240 million, the surplus on services decreased by EUR 123 million, the surplus of the primary income balance increased by EUR 88 million, and the surplus of the secondary income balance rose by EUR 126 ...

OTP joins IMM Invest to support SMEs in need during COVID-19 Crisis

Monday, April 20, 2020

OTP Bank has announced that in order to support SMEs facing economic difficulties and liquidity shortages as a result of the COVID-19 pandemic, it has joined the Guarantee and Payment Grants Convention and to play an active role in the Program for supporting small and medium-sized enterprises – IMM INVEST ROMANIA. “We understand the urgency and the need to support Romanian entrepreneurs, especially in this extremely difficult context ...

Romanian banks ready to lend EUR 3.7 bln to SMEs

Monday, April 20, 2020

Some 20 Romanian banks have expressed their intention to lend up to RON 18 billion (EUR 3.7 bln) to small and medium-sized enterprises (SMEs), with guarantees from the Government. The Government announced that the European Commission allowed it to extend 90% state guarantees covering up to RON 15 bln (EUR 3.1 bln) worth of loans to SMEs. The loans will finance the companies' working capital and investment needs, under the ...

Govt to revise 2020 budget, set gap at 6.7%/GDP

Monday, April 20, 2020

Romania's finance minister said that later on Wednesday the government will revise this year's budget to reflect projections that the country's economy will contract by 1.9% and consolidated budget deficit will widen to 6.7% of the projected gross domestic product (GDP). "The deficit will increase from 40.5 billion lei ($9.1 billion/8.4 billion euro) to 72.5 billion lei. Revenues are estimated to drop by 23.2 billion lei, but as we will ...

FinMin Citu: No tax rises this year, but rather liquidity injections into the system

Monday, April 20, 2020

Finance Minister Florin Citu said on Wednesday that there won't be any tax rises this year, but quite the opposite, liquidity injections into the system will continue just as so far."The main lesson of the 2008 - 2009 crisis was exactly this: one doesn't raise taxes and interest rates in times of crisis because this would put a major brake on the economy. On the contrary, we inject liquidity into the system, just as we have done so far. We pay the invoices for ...

FinMin Citu: No money cut from investments in budget rectification

Monday, April 20, 2020

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Finance Minister Florin Citu announced on Wednesday that at the budget rectification no money has been cut from investments, from any ministry but, on the contrary, the Development Ministry's budget has been supplemented by 1 billion lei for further paying the bills of the projects carried out through National Rural Development Program."The investments will continue, the construction sites are open in Romania. The only way to recover from this period is to invest, ...

Asirom VIG wins contract with the Army

Monday, April 20, 2020

Asirom VIG, a subsidiary of the Austrian Vienna Insurance Group, has won the tender organized by the Romanian Ministry of National Defense (MApN) for the provision of life insurance policies for the Romanian soldiers involved in combat missions, for a period of three years. The contract was signed for an estimated amount of RON 2.8 million (EUR 0.58mn), for a period of 3 years. The covered areas include Afghanistan, Kosovo, ...

Number of mandatory home insurances up 2.96pct in March 2020

Monday, April 20, 2020

The number of active mandatory home insurance (PAD) policies increased in March 2020 by 2.96 percent, reaching approximately 1.76 million, compared to 1.71 million active PAD policies on 31 December 2019, according to the statistics of the Natural Disaster Insurance Pool (PAID), the company which issues such types of insurance policies.At the end of December 2019, a number of 1.73 million policies were active.According to the PAID, at the end of March, ...

One in ten RO bank debtors want to defer payments on bank loans

Monday, April 20, 2020

Some 10% of the 1.5 million retail bank debtors have applied for the moratorium on the debt repayment, which allows them to defer installment ...

EximBank insures risks faced by Romanian exporters to EU and OECD countries

Monday, April 20, 2020

Romanian state owned bank EximBank, specialising in trade financing, has launched an insurance product aimed at covering the short-term risks faced by Romanian exporters selling to customers in the European Union or OECD countries. The facility falls under the category of state aid, EximBank says, adding that the European competition authority has decided to consider all commercial and political risks associated with exports to all European Union ...

Patria Bank to issue EUR 10-15 mln bonds

Monday, April 20, 2020

The shareholders of Romanian lender Patria Bank, controlled by private equity fund Emerging Europe Accession Fund (EEAF), approved the issue of 20 million bonds with a maturity of 8 years and a total nominal value of EUR 10 mln. The management will have the option to supplement the issue to 30 million bonds (EUR 15 million). The bank’s market capitalisation as of April 10 was EUR 55 mln. The bonds ...

Local insurance market up 8% in 2019

Monday, April 13, 2020

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The insurance market in Romania recorded a volume of underwritten premiums of RON 11 billion (EUR 2.3 bln) in 2019, up 8% compared to 2018. The largest slice of the market (79% of total) was formed by the general insurance segment, according to the information published by the Financial Supervisory Authority (ASF). Thus, the general insurance segment reached a total volume of policies sold of RON 8.7 bln (EUR 1.83 bln), 8.5% ...

Survey: 2%-of-GDP anti-Covid economic package is among the weakest

Monday, April 13, 2020

With an economic package aimed at mitigating the economic effects of the coronavirus (Covid-19) pandemic of 2% of GDP, Romania ranks 53rd out of 190 countries surveyed by the International Monetary Fund (IMF), according to ...

Govt seeks EUR 1 bln loan from IBRD to fight Covid-19 effects

Monday, April 13, 2020

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Romania’s Government approved in its meeting on Monday, April 6, a memorandum empowering the Ministry of Finance to negotiate a loan with the International Bank for Reconstruction and Development (IBRD) “to ensure the liquidity needed during the crisis caused by the coronavirus pandemic,” government sources ...

Govt.: softer pension hike in September along with budget revision

Monday, April 13, 2020

Government considers postponing, or downsizing, the 40% pension hike that was programmed to take place this September in line with a law passed last year by the majority formed by the Social Democrats and Liberal Democrat Alliance ...

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