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Financial & Banking
Minutes of the monetary policy meeting of the National Bank of Romania Board on 6 November 2018
Monday, November 19, 2018
13 November 2018 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; Eugen Nicol?escu, Board member and Deputy Governor of the National Bank of Romania; Liviu Voinea, Board member and Deputy Governor of the National Bank of Romania; Marin Dinu, ...
Opening address for Andrea Enria, Chair of the EBA, at the conference Financial Integration and Home–Host Trust in the EU
Monday, November 19, 2018
Mugur Isarescu, NBR Governor Distinguished guests, Ladies and gentlemen, Welcome to the National Bank of Romania. On behalf of the National Bank of Romania’s Board, allow me to welcome Mr. Andrea Enria, Chair of the European Banking Authority, our guest of honour. It has become quite a tradition for ...
IMF recommends Gov't to reconsider public wage increases for negative implications on economic growth
Monday, November 19, 2018
Increases in public wages and planned changes to pension benefits should be reassessed for their negative implications for fiscal sustainability and long-term growth, the International Monetary Fund (IMF) said in a statement at the end of the visit to Bucharest, November 6 - 12, 2018, of an IMF staff team led by mission chief Jaewoo Lee, to discuss recent macroeconomic and policy developments."Economic activity in Romania remains strong with unemployment at a ...
Ionut Dumitru: for Romania,60% share of the debt in the GDP would be too much: there would be nobody to buy
Monday, November 19, 2018
Romania has a low level of the debt in the GDP against other European states but we should not compare ourselves or look to the criteria in Maastricht, of 60% of GDP as there would be nobody to finance such a public debt, stated on Wednesday the chairman of the Fiscal Council Ionut Dumitru at the annual conference organised by the Association of the Financial-Banking analysts in Romania.‘If we look at how the public debt evolved in Romania,it increased ...
Eurostat: Romania had biggest economic growth in EU in quarter 3, 2018
Monday, November 19, 2018
With a GDP increase of 1.9% in quarter 3, 2018, compared to the previous three months, Romania registered the most significant advance of the 28 EU member states, according to preliminary estimates published by the European Office for Statistics (Eurostat) on Wednesday. According to Eurostat, EU GDP increase slowed down to 0.3% in quarter 3, 2016, after an advance of 0.5% in the previous 3 months, while the euro zone recorded an expansion of 0,2% after ...
Money sent home by Romanians living abroad hits 8-year record high
Monday, November 19, 2018
The amount of money transferred by individuals in other countries to Romania reached EUR 2.8 billion in 2017 – a maximum of the past 8 years, http://business-review.eu informs. Romania is now in third place in the EU in terms of the balance of personal transfers, according to Eurostat data. Personal transfers to Romania from abroad increased by 14 percent in 2017 compared to the previous year. 87 percent ...
EY Romania: Massive investments in digital solutions required for better VAT collection
Monday, November 19, 2018
The Romanian tax authorities need to align with global trends and invest massively in digital solutions to improve the VAT collection process, explain EY Romania representatives in a release on Thursday.The consultancy firm references the recent report released by the European Commission on the VAT gap registered by member states, that presents estimates for 2016, and where Romania stands out by the poor performance in collecting the tax, with a VAT collection gap ...
Governor Isarescu warns about the risks of failing to keep the coherence of macro-economic policies
Monday, November 19, 2018
National Bank Governor, Mugur Isarescu, has warned on Wednesday about the need to keep the macro-stability, adding that ‘financial discipline is one of the important objectives we should promote.’ The speech was delivered during the annual conference of the Financial-Banking Analysts Association, the tenth edition called ‘Romania after 10 years. Achievements. Failures. Economic prospects.’ “We must ...
Romanian Banca Transilvania group ups net profit by 50% amid Bancpost integration
Monday, November 19, 2018
Banca Transilvania, the biggest financial group in Romania, recorded a net profit of RON 1.24 billion (EUR 267 million), up by 50% compared to the same period of 2017. The bank’s individual profit amounted to RON 976 million (EUR 210 million), up 26% year-on-year, and the subsidiaries contributed with over RON 260 million (EUR 56 million) to the group’s profitability. “We are pleased that we have been able to ...
ING Romania 3Q18 – Digital focus leads to more instant services and more investments
Monday, November 19, 2018
ING Bank Romania continues to show strong commercial performance in 3Q18, attracting more customers and volumes due to a diversified lending and savings proposition. The number of active clients increased by 155,000 in the last 12 months, reaching 1.25 million. Number of customers with recurrent income increased by more than 126,000 reflecting a 19% increase, which outpaced the 14% growth of the active customer base. Market ...
Leonardo Badea approved by specialized commissions of Parliament as ASF president
Monday, November 19, 2018
More than 30 candidates were heard on Tuesday by the special commissions in the Parliament to take over one of the 9 leading positions in the Financial Supervisory Authority (ASF), an institution that regulates markets of 20 billion euros and where the heads have net monthly incomes of up to 14,000 euros, http://business-review.eu informs. The current president of the Financial Supervisory Authority (ASF), ...
BNR sanctions Patria Bank for the second time this year for inappropriate financial reporting
Monday, November 19, 2018
The National Bank of Romania (BNR) has sanctioned for the second time this year Patria Bank, controlled by EEAF Financial Services BV, with written warning for inappropriate reporting of fist quarter financial data, BNR data show. In ...
OTP Bank Romania posts almost double profit at the end of the Q3 2018, of RON 68.7 million
Monday, November 19, 2018
After tax profit of RON 68.7 million (EUR 15.09 million) in the first 9 months of 2018. According to the OTP Group report published in Budapest, regarding the financial results for the third quarter of 2018, OTP Bank Romania recorded a consolidated after-tax profit of RON 68.7 million (EUR 15.09 milion), in the first 9 months of the year, almost twice as much as in the base period. The ...
Romanian banking industry adopts fresh banking principles in new Code of Conduct
Monday, November 12, 2018
The Romanian banking industry, through the the Romanian Banking Association (ARB) and the Banking Employers’ Council from Romania (CPBR), has adopted the new Code of Conduct, a document that highlights compliance with the principles of banking ethics in relation to all stakeholders in the banking system and focuses on the protection of consumers who have financial difficulties, http://business-review.eu ...
Central Bank decisions on monetary policy
Monday, November 12, 2018
In its meeting of 6 November 2018, the Board of the National Bank of Romania decided: to keep the monetary policy rate at 2.50 percent per annum; to leave unchanged the deposit facility rate at 1.50 percent per annum and the lending facility rate at 3.50 percent per annum; to maintain the existing levels of minimum reserve requirement ...
Daianu: Joining euro requires at least two-year wait in antechamber
Monday, November 12, 2018
Academician Daniel Daianu, who sits on the Board of Directors of the National Bank of Romania, said during a lecture delivered at the University of Craiova on Wednesday that Romania would have to wait at least two years in the antechamber in order to join the euro area; in this time span it should prove economic robustness and reduce the budget deficit to about 1 pct."We want to join the eurozone. In order to not suffocate in the eurozone - because there are ...
BRD Group, net profit up 7.1 percent, in first nine months
Monday, November 12, 2018
The BRD Group recorded a net profit of 1.142 billion lei after the first nine months of 2018, higher by 7.1 percent as opposed to the same period of last year, while the bank reported a net result of 1.137 billion lei, higher by 8.9 percent, according to the Interim Financial report sent on Thursday to the Bucharest Stock Exchange.Adjusted with the non-recurring elements regarding the cost of risk, the net profit of the group was 1.073 billion lei, higher by +28.2 ...
European Commission urges Romania to abolish the split VAT payment mechanism
Monday, November 12, 2018
The Commission decided today to send a letter of formal notice to Romania for applying a split payment mechanism for VAT. Since 1 January 2018, Romania applies this alternative VAT collection mechanism where VAT is paid to a separate blocked account, causing a major administrative burden for honest companies doing business there. This arrangement is mandatory for certain businesses which are required ...
Softronic gets EUR 14 M financing from Raiffeisen Bank, secured by EximBank, for the production of electric locomotives
Monday, November 12, 2018
Raiffeisen Bank will grant EUR 14 million financing, secured by EximBank, to Romania-based Softronic company in Craiova. The credit is destined to cover the costs of production and delivery of six electric locomotives, which will be purchased by Green Cargo AB company, Sweden’s largest actor in rail freight. In June 2017, Softronic signed a contract worth EUR 6 million with Green Cargo to deliver eight Transmontana locomotives. The first two have ...
BNP Paribas Romania appoints Nicolae Ciobanu as senior consultant in the office division
Monday, November 12, 2018
BNP Paribas Real Estate has appointed Nicolae Ciobanu as a Senior Consultant in the Office Agency. Nicolae joined BNP Paribas Real Estate Romania in November 2018. During his career, Nicholas has successfully conducted numerous office transactions, leasing and relocation mandates of national companies and international corporations, by representing owners, tenants and investors. He has actively ...