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Financial & Banking

Govt. guarantees bank loans for large companies

Monday, July 27, 2020

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Romania's Government amended the functioning law of state-owned lender Eximbank to allow it to manage the state guarantees program for loans extended to large ...

Ownership threshold for Romanian mass privatisation funds lifted

Monday, July 27, 2020

The 5% ownership threshold at the five Romanian financial investment funds (SIF), launched in the mid-90s as mass privatization funds, was lifted as of July 23. This could lead to new increases for the shares of these companies, which are significantly undervalued compared to their official assets. The combined net assets of the five SIFs were over RON 10 bln (EUR 2.1 bln) at the end of June, while their market capitalization today is about half that ...

Banca Transilvania sees higher NPL ratios in RO, lower than after 2008 though

Monday, July 27, 2020

The quality of Romanian banks' portfolios could deteriorate in the short term, amid the pandemic. Still, the rate of non-performing loans (NPL) will not rise to the levels seen after the 2008-2010 recession, argued on an optimistic note Andrei R?dulescu, head economist of Banca Transilvania. Both the real economy and the banking sector are much better positioned, he explained. The NPL rate under standard EBA methodology fell in ...

Bucharest Stock Exchange announces the top performers of the 2019 stock exchange year and gives out 15 awards

Monday, July 27, 2020

Bucharest Stock Exchange (BVB) has given out 15 awards for the results achieved during the 2019 stock exchange year to the top performing listed companies, brokerage companies, private pensions or investment funds. Radu Hanga, BVB President: Just as the current crisis has highlighted the importance of the Romanian companies, we must also recognize the importance of the ...

ING Bank Romania survey: 4 in 10 Romanians would fall for money-muling job

Monday, July 27, 2020

Over one third of Romanians (39 percent) would accept a job that requires their own bank account to be used for transfers that are actually covering illegitimate activities, thus serving as money mules; the most vulnerable category are people between 18 and 34 years old, shows a survey commissioned by ING Bank Romania .According to the survey titled "Romanians' vulnerabilities in terms of personal data fraud", although nine in ten Romanians declare that they are ...

Press statement from Mugur Isarescu, the Governor of the National Bank of Romania

Monday, July 20, 2020

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Over the past weeks, the National Bank of Romania continued to monitor and assess the relevant data from the perspective of the economic impact of the COVID-19 pandemic, as well as the effects of the monetary policy decisions and measures adopted by the NBR Board in the meetings of 20 March 2020 and 29 May 2020, while acting to put these decisions and measures into practice. The liquidity shortfall on the money market remained at relatively significant ...

Press release of the National Committee for Macroprudential Oversight

Monday, July 20, 2020

The second meeting of this year of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 15 July 2020 by written procedure. During the meeting, Board members examined analyses and adopted measures concerning macroprudential policy and systemic risk, namely: (i) the regular analysis on the recalibration of the countercyclical capital buffer, (ii) the assessment of materiality of third countries for the Romanian ...

The financial wealth of the Romanians has increased on average by 7% over the last 20 years

Monday, July 20, 2020

The financial wealth of the Romanians has increased on average by 7% over the last 20 years, in a slower rhythm than the growth of 10% recorded in Central and Eastern Europe, the Baltic states and Russia during the same period, shows an analysis made by Boston Consulting  Group (BCG) which considers that the wealth of the Romanians could be less affected by the crisis generated by Covid-19, as compared to other states in the area. The Romanians ...

Survey: pandemics forced the Romanian employees to spend less and to save money

Monday, July 20, 2020

Pandemics forced the Romanian employees to spend less and to save money, and two out of three interviewees will keep this habit in the future as well, shows a survey made by the recruitment platform BestJobs according to which the recruitment of the new employees is mostly moved online. Almost 50% of the interviewees state they got used to avoiding the crowded areas, and 32% consider working at home as much as possible. Two out of three want to keep ...

Balance of payments and external debt – May 2020

Monday, July 20, 2020

In January - May 2020p, the balance-of-payments current account posted a deficit of EUR 2,881 million, compared with EUR 3,414 million in the same year-ago period. The deficit on trade in goods widened by EUR 921 million, the surplus on services increased by EUR 379 million, the primary income balance recorded a positive contribution of EUR 513 million, and the surplus of the secondary income balance rose by EUR 562 ...

EU Court of Justice fines Romania over anti-money laundering directive

Monday, July 20, 2020

The Court of Justice of the European Union decided Romania should pay a EUR 3 million lump sum for the delayed, incomplete transposing of the directive on money laundering and terrorist financing. Ireland was fined EUR 2 million over the same issue. “Both Member States failed to transpose in full, within the period prescribed, the directive on the prevention of the use of the financial system for the purposes of money ...

NN Romania slated to enter general insurance market by year-end

Monday, July 20, 2020

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NN Romania is looking to expand its activity to the general insurance market, and the completion of the authorization process is expected for autumn this year, the company said in a release on Thursday."NN Romania obtained on July 15 the approval of the Financial Supervisory Authority for the registration of the legal entity that will operate the new line of business, according to the existing legislative framework. The full operation authorization process is ...

Scope Ratings: 2020 output drop in Romania of 6.3%

Monday, July 20, 2020

As some of the first in Europe to lift lockdowns, Central & Eastern European countries should see growth rebound in 2H 2020. Uncertainties around the duration of the Covid-19 crisis and exposure to uneven Western European recovery are risks. Scope is not projecting full recovery in most countries in Central and Eastern Europe (CEE) to pre-crisis output levels until after 2021. Under Scope’s baseline scenario, the expected significant GDP ...

Filip & Company assists the Ministry of Public Finance in a USD 3.3 billion US bond issue

Monday, July 20, 2020

Filip & Company law firm in collaboration with Linklaters assisted the Ministry of Public Finance in a two-tranche bond issue that drew over USD 3.3 billion from the international ...

Euroins Romania signs partnerships with the members of ACODAREN

Monday, July 20, 2020

Euroins Romania Asigurare Reasigurare SA announces the conclusion of a long-term partnership with the members of ACODAREN – Association of Dacia, Renault, Nissan Dealers, through which the beneficiaries of the compensations based on the MTPL policies will have access to the best quality repairs. With almost 70 members, ACODAREN is the largest association of branded car services, covering virtually the entire national territory with repair ...

Central bank official: Loan interests not so high and keep dropping gradually

Monday, July 20, 2020

Interests on deposits are not very high, but neither are loan interests, and they keep dropping gradually, director of the National Bank of Romania's Stability Department Eugen Radulescu told a specialist conference on Wednesday."I don't think interest rates on deposits are too high, but neither are loan interest rates, and they continue to drop slowly. If we look at the figures we'll see that every month there has been a small decrease in loan interest rates, at ...

Romania's public deficit could exceed 9 pct without pension increase from 1 September

Monday, July 20, 2020

Romania's public deficit could exceed 9 pct, without taking into account the pension increase from 1 September, Eugen Radulescu, director of the Stability Directorate of the National Bank of Romania (BNR), warned at a select conference on Wednesday. "It is not only what happens in the banking system that matters. Everything that happens in the country's financial system matters. We now have a particularly serious problem called a public deficit. It started ...

General data regarding banking system, far better from all points of view over 2008

Monday, July 20, 2020

The banking system of Romania is more solid and more prepared to face some difficulties, and the general data is far better from all points of view over the data of the crisis of 2008, said, on Wednesday, in a specialty conference, Eugen Radulescu, director of the Stability Directorate of the National Bank of Romania (BNR)."All indicators are incomparably better at the time in comparison with 2008, showing that we learnt the lessons that should have been learnt ...

Mandatory private pension funds, assets worth 64.6 billion lei, in May, up by 21.06 pct

Monday, July 20, 2020

Mandatory private pension funds had assets worth 64.6 billion lei, on May 29, 2020, up by 21.06% compared to the level on May 31, 2019 and by 4,45% above the level of the previous month, according to the data of the Financial Supervisory Authority (ASF).Government securities make up the largest share of the assets, of 41.78 billion lei, respectively 64.63%. Shares came in second, at 12.62 billion lei (19.53%). Corporate bonds rank third in this respect, with 3.55 ...

Assets of optional pension schemes at 2.56-plus bln lei as of May 29, 2020

Monday, July 20, 2020

Assets held by the optional pension system stood at 2.56-plus billion lei as of May 29, 2020, up 15.9 percent from the same period of the year before, shows data of the Financial Supervisory Authority (ASF).Government securities account for the highest share of the assets with 1.563 bln lei (60.98 pct), followed by shares with 612.113 ml lei (23.88 pct) and corporate bonds with 131.906 million lei (5.15 pct of the total).According to ASF data, total ...

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