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Financial & Banking

Minutes of the monetary policy meeting of the NBR Board on 20 March 2020

Monday, March 30, 2020

On 20 March 2020, the Board of the National Bank of Romania convened for an emergency meeting. The National Bank of Romania 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 ...

Decisions of the National Bank of Romania Board in the conetxt of the economic effects of COVID-19 pandemic

Monday, March 30, 2020

With a view to concentrating resources to household and corporate financing and mitigating the impact on the financial statements or the operations of credit institutions, the National Bank of Romania Board convened in an emergency meeting and analysed a series of relevant measures from the perspective of bank resolution, amid the economic effects of COVID-19 pandemic and other decisions on the banking system functioning. Due to these reasons, the ...

Press release of BNR’s Supervisory Committee on the manner in which banks and NBFIs should apply the regulations in force amid the COVID-19 crisis

Monday, March 30, 2020

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The National Bank of Romania’s Supervisory Committee convened in an emergency meeting to clarify the manner in which banks and non-bank financial institutions (NBFIs) in Romania should apply the regulations in force amid the COVID-19 pandemic. Specifically, the NBR will use the flexibilities in the legislative framework so that individuals and companies with outstanding loans could be helped by banks and NBFIs in the period ahead. Payment delays ...

Libra Internet Bank raises 4.29 mln euro in bond placement

Monday, March 30, 2020

Libra Internet Bank said it has successfully completed its first private bond issue ahead of schedule, raising 4.29 million euro ($5.3 million) from investors. The subscription period ran from March 17 to March 24, Libra Internet Bank said in a press release on Tuesday.  The bank announced at the beginning of the month that it plans to launch a private placement by offering 10 million euro worth of ...

Banca Transilvania gives dividends and free shares

Monday, March 30, 2020

Banca Transilvania, the largest lender in Romania by assets, plans to distribute cash dividends worth RON 600 million (EUR 125 mln) to its shareholders, according to a notice to investors about the General Meeting of Shareholders to take place on April 26. The proposed gross dividend per share is RON 0.115, representing 6.4% of the current share price (RON 1.806 as of March 26). In addition to the cash dividends, Banca ...

Private pension funds allowed to invest more in public debt

Monday, March 30, 2020

Romania’s financial markets’ regulator (ASF) has decided to allow the managers of private pension funds to invest more of their assets in government securities issued by the Romanian Ministry of Finance or by EU or European Economic Area Member States, announced the ASF vice-president in charge of the private pensions system, Dan ...

Outstanding loan repayments in lei, down 0.19pct in February

Monday, March 30, 2020

The total value of the outstanding loan repayments in lei of the population and of the companies amounted to 4.73 billion lei, in February 2020, decreasing by 0.19pct compared to the amount reported in the previous month, while the outstanding repayments of foreign currency loans decreased by 7.29pct to 2.18 billion lei (equivalent), according to the data of the National Bank of Romania (BNR).In February, total loans in lei reached 181.869 billion lei (0.12pct ...

BSTDB’s Response to COVID-19 Crisis

Monday, March 30, 2020

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In these difficult times the BSTDB is sympathetic to the efforts our Member States make to contain the spread of the coronavirus and reduce the negative impact it has on human lives, societies and economic activity. BSTDB is committed to make best efforts to continue supporting our clients and Member Countries. The Bank intends to refocus its financing of approximately EUR 900 million, planned for new operations in 2020, to assist the sectors and ...

BNR Board decisions on monetary policy

Monday, March 23, 2020

On 20 March 2020, the Board of the National Bank of Romania (BNR) convened for an emergency meeting and adopted a package of measures aimed at mitigating the impact of the situation generated by the coronavirus outbreak on households and Romanian companies. In the current domestic and international context and based on the information and analyses on the constantly evolving macroeconomic and financial developments, the NBR Board decided the ...

BNR is working alongside the government, public authorities and the banking system to mitigate the negative effects of the COVID-19 pandemic

Monday, March 23, 2020

In light of the recent events triggered by the new coronavirus 2019 (COVID-19), the National Bank of Romania (BNR) has taken a set of measures to support the efforts of the public authorities and the banking system to mitigate the effects of the crisis on the domestic economy. Firstly, the BNR has taken all the necessary measures to further ensure the smooth operation of payment and settlement systems underlying payments in the domestic currency, so ...

Banca Transilvania announces support measures for clients affected by COVID-19 epidemic

Monday, March 23, 2020

Banca Transilvania, the biggest lender in Romania by assets, announced on Tuesday, March 17, several support measures for companies and individual clients affected by the COVID-19 epidemic. Thus, small and medium enterprises (SMEs) and companies financed by Banca Transilvania can ask that their monthly installments are reduced by up to 100% in the next six months, in justified cases and based on an analysis of the immediate and medium-term ...

Romanian banks need state guarantees for helping their customers

Monday, March 23, 2020

Romanian banks are seeking solutions to help their debtors overcome the problems prompted by the Covid-19 epidemic, but they need new regulations and support from authorities like the central bank and the Government, according to the two local banking associations - ARB and CPBR - which inked two lists of proposed regulatory amendments. Essentially, the payment deadlines can’t be deferred by the banks themselves, without following procedures that ...

BNR's Vasilescu: Public, entire Romanian society should understand first urgency is banks not to fall

Monday, March 23, 2020

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The public and the entire Romanian society should understand that the first urgency is that banks don't fall, and after this urgency comes solidarity, National Bank of Romania (BNR) Strategy Consultant Adrian Vasilescu said on Tuesday."The action has to take into account urgencies. The public and the entire Romanian society should understand that the first urgency is that banks don't fall, that no bank should fall, no great number of banks should fall, because in ...

ANAF suspends forced execution of budgetary debts during the state of emergency

Monday, March 23, 2020

The National Agency for Fiscal Administration (ANAF) announced fiscal measures that will be taken during the period in which Romania is in a state of emergency. The state of emergency was declared today and it will last for 30 days. During this period, given the difficult economic context caused by the spread of the infection with COVID-19 virus, the National Agency for Fiscal Administration has prepared a series of measures to support the business ...

SocGen’s Romanian subsidiary offers 13.2% dividend yield

Monday, March 23, 2020

BRD, the Romanian subsidiary of French group Societe Generale, and the third-biggest local bank, plans to pay a dividend of RON 1.64 per share, which would generate a yield of 13.2% calculated based on the price of the bank’s shares on March ...

Banks agree to give their debtors grace periods amid Covid-19 crisis

Monday, March 23, 2020

Banks in Romania have reached an agreement to extend allowances to their debtors in the context of the Covid-19 epidemic, Adrian Vasilescu, an advisor to Romania’s National Bank (BNR) governor announced, adding that each bank will notify its customers of the ...

Govt. defers by two months property tax payment deadline

Monday, March 23, 2020

The payment deadline for the first installment of the property tax (for dwellings, land, cars) will be extended from March 31, 2020 to June 30, 2020, by a government emergency ordinance to be endorsed in the first Government meeting, finance minister Florin Citu announced in a Facebook post on ...

Raiffeisen Romania sees 12% lower profit in 2019

Monday, March 23, 2020

Raiffeisen Bank, the Romanian subsidiary of the Austrian group Raiffeisen Bank International (RBI), reported a net profit of RON 779 mln (EUR 164 mln) in 2019, down 12% compared to the record profit in 2018. The lower profit was determined by the tax on financial assets (enacted in 2019), the slight slowdown in economic activity in the first part of last year, and non-recurrent events such as the methodological changes in the provision of credit risk, ...

Fintech companies on rapid growth path în Romania

Monday, March 23, 2020

The fintech industry is one of the most disruptive sectors and it will change the way consumers use money and banks. The services provided by fintechs are mostly new and yet to be regulated, and their synergy with banks will see the sector thriving during the coming years. The last decade has seen a surge in the number of fintech startups, using technology to make it easier for people to make payments, transfer money or exchange foreign currencies. ...

Erste cuts forecast for Romania’s growth this year on Covid-19 effects

Monday, March 16, 2020

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Romania’s economic growth will be significantly hurt by the spread of the coronavirus in Europe and the slowdown of the major EU economies, according to a forecast of the Austrian banking group Erste. The group’s analysts have reduced the GDP growth estimate for 2020 from 3.5% to 3%, expecting Romania to be hit harder than the Czech Republic, Hungary, and Poland. “As a result of the rapid spread of Covid-19 in ...

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