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Financial & Banking

Fondul Proprietatea shares, historic record at end-May, higher by 138 pct against 2011, when listed

Monday, June 3, 2019

The shares of Fondul Proprietatea (FP) on 30 May 2019 touched a new record of RON 1.0150, by 15 percent over the RON 0.8830 per share recorded at end of 2018 and higher by 138 percent against RON 0.4270, the closing price per share at end-2011, the year the FP was listed on the Bucharest Stock Exchange (BVB), the FP investment administrator Franklin Templeton Investment Management Ltd. informs in a release sent on Sunday.The RON 1.00 is the nominal value set by ...

Romanian banks post higher profits in Q1 2019 despite the “greed tax”

Monday, June 3, 2019

The 34 banks operating in Romania have registered total profits of RON 1.8 billion in the first quarter of this year, up 2.1 percent year-on-year, as improved credit demand combined with low NPL rates have boosted assets and earnings despite the new “greed tax”, central bank data show. The total bank assets in Romania increased by 4.7 percent year-on-year in March, up to RON 451.9 billion (EUR 95.1 billion), ...

FinMin Teodorovici: Interest on credits granted through government programs, to be calculated using reference index

Monday, June 3, 2019

The Government adopted on Thursday's sitting a decision stipulating that the reference index will be used instead of ROBOR (Romanian Interbank Offered Rate) for the interest calculated on loans granted through state guaranteed government programs, Finance Minister Eugen Teodorovici announced."A government decision has been adopted to amend the legislation specific to state guaranteed government programs aimed at clarifying the way the provisions of OUG 19/2019 are ...

Gv't decides new way of calculating minimum share capital of private pension funds

Monday, June 3, 2019

The Government has decided a new way of calculating the minimum share capital of private pension funds, Minister of Public Finance Eugen Teodorovici announced on Thursday."Today we have adopted in the Government meeting the necessary modifications for the optimal operation of private pension managers and the diversification of the investment sphere in order to protect the interests of contributors to pension pillar II and to strengthen the perspective of a secure ...

April's overdue loan payments up 1.4 pct in lei; 0.85 pct higher in foreign currency

Monday, June 3, 2019

 Overdue loans - both corporate and individual - in domestic lei totaled 4.98 billion lei, up 1.4 per cent against the amount recorded in March 2019, while past due loans in foreign currency inched up to 0.85 per cent, to 2.839 billion lei (equivalent), according to a report of the National Bank of Romania (BNR).Loans in lei amounted to an aggregate of 169.6 billion lei in April (exceeding by 1 per cent the value recorded in the previous month), of which ...

BVB: Romanians can earn more on stock exchange than if they keep savings in bank

Monday, June 3, 2019

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Romanians can earn more on the stock exchange than if they keep their savings in bank deposits and decision-makers should encourage a much larger participation of the population in the capital market, Adrian Tanase, CEO of the Bucharest Stock Exchange (BVB) said on Tuesday."Why are we with our capital market at such a low level? Because we have a primary market with very few companies addressing the capital market for financing, we have few companies to go ...

PwC Romania : Fight against VAT fraud more likely to affect good companies than fraudulent ones

Monday, June 3, 2019

In the past few years, the fight against VAT fraud has led to legislation changes, tax controls and unfair competition; all these are perceived by most companies as the main consequences of the VAT fraud phenomenon over their activity, according to a survey conducted by PwC Romania among companies on the effects of VAT fraud. “In recent years, tax authorities have imposed several measures to reduce tax fraud and tax evasion, with the latest ...

Calu Monica, member of the European Banking Authority

Monday, June 3, 2019

A Romanian, Calu Monica, consumer law expert, has taken over a three-year term as member of the European Banking Authority based in Paris as of mid-May, more precisely as part of the Banking Stakeholder Group of EBA. According to the CV posted on the EBA website, Calu has been a Consumer Law Expert Pro Consumatori Association, Bucharest (Romania) since April 2016 until present days. She graduated in Economy, the Faculty of Accounting and Management ...

Minutes of the monetary policy meeting of the National Bank of Romania Board on 15 May 2019

Monday, May 27, 2019

22 May 2019 The National Bank of Romania Board members present at the meeting: Mugur Isarescu, Chairman of the Board and 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, Board member; Daniel D?ianu, ...

BNR: Monetary indicators – April 2019

Monday, May 27, 2019

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At end-April 2019, broad money (M3) amounted to RON 390,089.8 million, up 1.8 percent (1.2 percent in real terms) month-on-month. In year-on-year comparison, broad money rose 9.9 percent (5.5 percent in real terms), National Bank of Romania (BNR) annonces. At end- April 2019, loans to non-government sector granted by credit institutions advanced by 0.6 percent (0.03 percent in real terms) from March 2019 to RON 256,540.2 ...

Voluntary insurance market, an area of growing potential

Monday, May 27, 2019

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Seven life insurance companies, 16 general insurance companies and 6 composite companies act in the insurance market in Romania and have generated over 1.72 billion of euro gross premiums subscribed in general insurances and 451 million euro of gross premiums subscribed in life insurances, said ASF president Leonardo Badea, present at the annual conference Insurance Europe. According to him, there are 300 active intermediate companies in the ...

Alpha Bank Romania, the first local bank to accept Union Pay cards at its ATMs

Monday, May 27, 2019

Alpha Bank Romania has signed an agreement with UnionPay International, one of the largest payment schemes in the world and a subsidiary of China UnionPay, and has become the first local bank to accept transactions with UnionPay cards at its ATM network across the country. In recent years, Romania has become a destination of interest for Chinese entrepreneurs and tourists, hence this new partnership will facilitate financial transactions and bring ...

BVB:Romanian capital market needs broader participation of the population

Monday, May 27, 2019

The Romanian capital market needs a broader participation of the population for listed entrepreneurs to benefit from this mass of investors, Bucharest Stock Exchange CEO Adrian Tanase told a specialist conference on Thursday."We want an efficient capital market that accurately assesses traded shares and those that will be traded. To achieve this efficiency in the capital market, we need to work in several directions. First, we need to achieve a broader ...

Vienna Insurance Group Romania recorded premiums of EUR 115.9 million

Monday, May 27, 2019

In the first quarter of this year, the Vienna Insurance Group obtained in Romania a pre-tax profit of EUR 2 million, down 51.1 percent in the first quarter of this year, according to a press release. In the first three months of 2019, the Vienna Insurance Group reported for Romania gross written premiums worth EUR 115.9 million, down 20.9 percent over the same period last year. The group, operating in over 10 countries, increased its total premiums to ...

Eximbank close to taking over NBG’s Romanian subsidiary

Monday, May 27, 2019

Romania’s state-owned lender Eximbank will buy Banca Romaneasca, the local subsidiary of the Greek group National Bank of Greece (NBG), for “several tens of millions of ...

Garanti Group Romania posts net profit of RON 38m in Q1 2019

Monday, May 27, 2019

Garanti Group Romania, which brings together Garanti Bank, Garanti Leasing and Garanti Consumer Finance, registered a consolidated net profit of RON 38 million in the first quarter of 2019, reaching an asset size ...

Marfin Bank becomes Vista Bank

Monday, May 27, 2019

Marfin Bank Romania, part of the Vardinogiannis Group, is changing name into Vista Bank Romania, one of the last step of a thorough process of business strengthening which included capital increase of 30 million euro in last September, enlargement of the management team, and refreshing ...

BNR Board decisions on monetary policy

Monday, May 20, 2019

In its meeting of 15 May 2019, 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 ratios ...

Isarescu: Don't expect IRCC to work miracles and do everyone justice; ROBOR unjustly vilified

Monday, May 20, 2019

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Because of its role as loan benchmark, the interbank offered rate ROBOR has been vilified and you should not expect the Consumer Credit Reference Index (IRCC) to work miracles and do everyone justice, governor of the National Bank of Romania (BNR) Mugur Isarescu said in a press briefing on Wednesday."Because of its role as loan indicator, the ROBOR has been simply vilified. Any indicator has value as long as it is credible, but if you tread on it and punch it all ...

ARB: the new IRCC too broad a mixture with no connection with the market

Monday, May 20, 2019

Whereas the interbank offered rate ROBOR was correlated with medium-term lending, just like a single fruit jam, the new Consumer Credit Reference Index (IRCC) is a sort of marmalade of an unknown fruit mix, an index calculated based on overnight transactions which has no connection with the market, executive president of the Romanian Banking Association (ARB) Florin Danescu declared on Wednesday at the Financial Market Forum."Explaining the ROBOR and the IRCC is ...

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