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Financial & Banking

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 ...

ECB and National Bank of Romania set up repo line to provide euro liquidity

Monday, June 8, 2020

ECB and Banca Na?ionala a României set up new repo line Repo line to remain in place until end-2020, or as long as needed Size of repo line set at €4.5 billion The European Central Bank (ECB) and the Banca Na?ionala a României (National Bank of Romania - BNR) have agreed to set up a repo line arrangement to ...

Radulescu (BNR): More aggressive reduction of interest rates would immediately create attack on interest rate

Monday, June 8, 2020

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The more aggressive reduction of interest rates would trigger an immediate attack on the exchange rate which will not be stopped any more, says Eugen Radulescu, head of the BNR Department of financial stability, in an article on BNROpinions.ro. “There are two strong arguments for which prudence should characterize the interest rate policy of the National Bank. The first one concerns the impact which the sudden drop of interest rates could have on ...

Analysis: One in four bank branches will close across Europe in next three years

Monday, June 8, 2020

Analysis from global consultancy partnership Kearney predicts that 25 percent of bank branches will close across Europe in the next three years as new customer habits around digital banking, forced by the pandemic, become permanent. This is a sharp increase in the ongoing trend of bank branch closures across Europe, which saw 35 percent branch closures in the last ten years. Now in its 11th year, Kearney’s ...

OTP Bank Romania to pre-finance subsidies for local farmers

Monday, June 8, 2020

OTP Bank Romania pre-finances subsidies for local farmers, granting based on a unique banking product, up to 160% of the value of surface subsidies and estimates for this year an increase in the need for financing for local agriculture, affected by drought. The financing request for APIA SAPS subsidies is considerable compared to last year’s volume, and farmers are either looking to finish work that could save crops, or are already finishing ...

Bitcoin Romania: A bank can obtain even EUR 10 M year due to cryptocurrency transactions

Monday, June 8, 2020

A bank can obtain revenues between 2-10 millions Euros a year if is partnering with a cryptocurrency trading platform or if it allows its clients to use cryptocurrency, shows the predictions of Bitcoin Romania, virtual currency exchange service provider. Bitcoin Romania’s management wants to start collaborating with a bank in the coming period, as a part of its strategy to maintain its position as the most important player on the Romanian ...

TBI Bank reports record high net profit of nearly EUR 23 million in 2019

Monday, June 8, 2020

TBI Bank’s net profit increased by 58 percent to a company record high of EUR 22.9 million, the Bank’s audited consolidated results for 2019 show. The Bank demonstrated above the market average growth in the most business areas, assets increased by 17 percent and reached EUR 465 million at year’s end. In 2019 TBI Bank issued new loans for EUR 336 million, contributing to 19 percent growth in the Bank’s gross portfolio, which reached EUR 368 million at ...

Romanian banks’ profits 9% down in Q1

Monday, June 8, 2020

The aggregated profit of Romanian banks decreased by 9% in the first quarter of this year (Q1) compared to the same period last year, to RON 1.61 billion (EUR 334 million), according to calculations based on the profitability ratios published by Romania's National Bank (BNR) on May 31. The return on assets (ROA) dropped to under 1.3% in Q1 from 1.6% in the same period last year. The return on equity (ROE) also went down from 14.5% to 11.7%. The ...

BNR Board decisions on monetary policy

Monday, June 1, 2020

In its meeting of 29 May 2020, the Board of the National Bank of Romania (BNR) decided the following: to cut the monetary policy rate to 1.75 percent per annum from 2.0 percent per annum starting 2 June 2020; to lower the deposit facility rate to 1.25 percent per annum from 1.50 percent per annum and the lending (Lombard) facility rate to 2.25 percent per annum from 2.50 percent per ...

BNR: Monetary indicators – April 2020

Monday, June 1, 2020

At end-April 2020, broad money (M3) amounted to RON 439,076.0 million, up 1.2 percent (0.9 percent in real terms) month on month the National Bank of Romania (BNR) data show. In year-on-year comparison, broad money rose by 12.6 percent (9.6 percent in real terms). At end-April 2020, loans to non-government sector granted by credit institutions decreased 0.5 percent (or 0.8 percent in real terms) from March 2020 to RON ...

Minister of Finance: Budgetary effect of fiscal measures is almost 1.5% of GDP

Monday, June 1, 2020

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The Minister of Finance, Florin Citu, declared on Wednesday that the budgetary effect of the fiscal measures represents, in just two and a half months, almost 1.5% of the GDP, an enormous effort to support the Romanian economic environment during this period."There were three major categories of fiscal measures that this Government has taken. There were legislative fiscal measures, adopted during the state of emergency and 30 days after its cessation, we had other ...

Banks approved less than 1% of credit applications on the state-guaranteed SME Invest program

Monday, June 1, 2020

Bank lending to small and medium-sized enterprises (SMEs) under the Government-backed program IMM Invest might not surge as fast as expected, shows a survey carried out ...

ING Bank Romania’s profit drops on higher risk costs

Monday, June 1, 2020

ING Bank Romania recorded a net profit of RON 143 million (EUR 29.5 mln) in the first quarter of 2020, down 27% compared to the same period last year. The lender's revenues increased by 9%, but the risk costs also went up due to deteriorating economic prospects amid the COVID-19 pandemic. The bank highlighted the 13% increase in the number of customers receiving recurring revenues in their ING Bank accounts during the past 12 ...

BCR gives zero-interest loans to NGOs

Monday, June 1, 2020

BCR Group, with the help of BCR Social Finance and Erste Foundation, provides the non-profit sector in Romania with EUR 730,000 worth of financing, for which it charges no interest this year, in the context generated by the COVID-19 pandemic, according to information provided by the bank. The loan interest is 100% subsidized by the Erste Foundation for the uses of the credit made until December 31, 2020.   The working ...

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