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2.09.2010- 1 EUR
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The latest Financial and Banking news Last update: 2.09.2010
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31 Aug 2010 ECB head worried by central bank salary cuts On August 19, Romania's Finance Ministry filed to the European Central Bank a draft ordinance in which salary cuts applied to employees of the National Bank of Romania (BNR) were "masked," after the previous ordinance had received a red light from the ECB, HotNews informs. ECB President Jean-Claude Trichet once again expressed his "concern" with the fact that the Finance Ministry… read more -
25 Aug 2010 BRD-ING-Raiffeisen C&I to broker FP listing on BVB A consortium made up of Raiffeisen Capital & Investment, the Bucharest branch of ING Bank NV Amsterdam and BRD - Groupe Societe Generale will broker the listing on the Bucharest Stock Exchange (BVB) of the Proprietatea Fund (FP), the broker's selection commission announced yesterday
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24 Aug 2010 Central Bank: Credit risk, main vulnerability of banking sector According to the Financial Stability Report on 2010 released on Tuesday by the National Bank (BNR), credit risk remains the main vulnerability of the banking sector. Companies' and households' capacity to properly service their debt is constrained by the prolonged and deep economic contraction, as well as the significant degree of indebtedness, in general, and high foreign currency-denominated debt… read more
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22 Aug 2010 Banks still pessimistic about lending demand recovery Romanian banks are pessimistic about the recovery of lending demand by companies or population, after the second quarter of this year saw more restrictive crediting conditions, except for mortgage loans, according to a survey conducted by the National Bank of Romania (BNR).… read more
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20 Aug 2010 Romania needs a new loan After concluding the agreement with the IMF and the European Commission, Romania should continue its partnership with the international institutions so as to avoid an economic slide. Romania needs a new loan from international institutions, not necessarily for the money but as a guarantee that the economy is on track, which would in turn bring in foreign investors.… read more
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18 Aug 2010 Raiffeisen Bank Romania posts EUR 50 M net profit in H1 Raiffeisen Bank Romania posted a net profit of EUR 49.98 million for the first half of 2010 and an operational profit of EUR 83.8 M, a press release informs. The results are largely in-line with the net profit of EUR 52.7 M and operational profit of EUR 106.2 M Raiffeisen Bank had reported in June 2009. The bank's gross income in the first six months of 2010 dropped by 12 pc… read more
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18 Aug 2010 BCR experts estimate 9.4-pct unemployment rate by end 2010 The unemployment rate in Romania will reach 9.4 percent at the end of 2010, given that by the beginning of the next year, around 60,000 jobs in local and central public administration will be slashed, the equivalent of nearly 4.4 percent of the total public sector jobs, reads the quarterly report on Romania's macroeconomic situation, published by the Romanian Commercial Bank (BCR).… read more
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18 Aug 2010 Fourteen private pension fund managing companies fined 5.2 bln RON The Competition Council (CC) has issued fines worth 5.2 bln RON to a number of 14 mandatory private pension fund managing companies that "connived" to flout the law on the distribution of individuals who registered with two or several funds. "The managing companies of Pillar II funds breached the law on the distribution of persons who registered… read more
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09 Aug 2010 Abusive bank commissions are being taken to court again. 100 lawsuits are being prepared After it lost to a group of 19 clients three months ago, Volksbank is getting ready for a lawsuit filed against it by 100 other debtors. Abusive commissions and clauses regarding interest rate variation are being attacked. Disgruntled by the fact that they are still being charged a risk commission although it has been declared illegal by the National Authority for Consumer Protection (ANPC) over 100
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09 Aug 2010 Three pieces of bad news from the National Bank of Romania The Government should have clear results in the field of budgetary restructuring before talking about salary raises in 2011. The warning comes from National Bank of Romania Governor Mugur Isarescu, who believes that any announcements regarding a proposed salary raise in the budgetary sector next year is premature.… read more
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06 Aug 2010 Dominic Bruynseels, BCR: Romania's economic situation, one of the most difficult BCR CEO Dominic Bruynseels considers that it is fairly likely for the Romanian banking sector to finish the year in the red according to Romanian Accounting Standards (RAS), Mediafax informs. On the other hand, he pointed out that Romania's economic situation is one of the most difficult among the countries in which Austria's Erste group is active. Nicolae Cinteza, director of BNR's… read more
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05 Aug 2010 BNR keeps monetary policy rate at 6.25 pct per annum The Administration Board of the National Bank of Romania (BNR) on Wednesday decided to keep unchanged the monetary policy rate at 6.25 percent per annum; to ensure an adequate management of liquidity in the banking system, and also to maintain the existing levels of minimum reserve requirement ratios on both leu-denominated and foreign currency-denominated liabilities of credit institutions.… read more
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03 Aug 2010 Finance Ministry sells one-year bonds at RON 474 M The Ministry of Public Finance (MFP) sold, yesterday, Treasury bonds with one year maturity term at RON 474.65 M, below the estimated value, of RON 800 M, at an average yield of 7 per cent a year, very close to the yield of the preceding bid for such bonds, of 6.99 pc, Mediafax informs. The highest yield which MFP will pay for the bonds sold on Monday is, also, 7 per cent a year and the demand for bonds from banks amounted to RON 1.438 bln.… read more
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02 Aug 2010 BCR group sees net profit plunge by 19.5% in H1, to LEI 488.5m BCR group, owner of the largest lender from the local market Banca Comerciala Romana (BCR), reported a consolidated net profit after interests and taxes of 488.5 million lei in the first semester, 19.5 percent down compared to the same period in 2009, on higher provisions, the group announced. In the first six months of 2009, the group posted a consolidated net profit of 606.8 million lei.… read more
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29 Jul 2010 IMF relation criticised Romania is a sovereign country and, if the Romanian government thinks the country is better off without the IMF, each can choose to walk its own way, the head of the IMF mission, Jeffrey Franks, stated, quoted by Mediafax, after talks with trade unions, patronages and entrepreneurs. The latter were hoping for concrete proposals for emerging out of the financial crisis, but the head of the delegation… read more
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29 Jul 2010 Romania wants another loan from the IMF. The state needs 13.5 billion Euro In 2011, in an optimistic scenario that sees our economy getting out of the recession, the Government will have to borrow at least 13.5 billion Euro from banks, half the amount being necessary to pay salaries and pensions on time, and the other half to pay part of the loans taken out so far… read more
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27 Jul 2010 IMF head: We are worried about Romania's low absorption rate of EU funds The International Monetary Fund is worried about Romania's low absorption rate of European funds, IMF Mission chief for Romania Jeffrey Franks said, following the talks with representatives of the employers' associations. Franks pointed out both the Fund's delegation and especially the European Commission delegation will cooperate with the Government with a view to issue a strategy for improving the access to structural funds… read more
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25 Jul 2010 IMF backs Romania plan to relax 2010 deficit target The International Monetary Fund on Friday said it supported Romania's proposal to relax the 2010 deficit target. In its annual review of Romania's economy, the IMF applauded Romania's efforts this year to put its fiscal house in order under an IMF-supported bailout package, forecasting a pickup in growth to 3.5 percent in 2011. An IMF mission is to visit Romania between July 26 and August 4 to assess the country's… read more
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23 Jul 2010 WB: Multilateral financing from international institutions, recommended for Romania Financing cost is an essential factor in the process of contracting loans in order to cover budget needs, and a multilateral financing from international financial institutions is currently recommended for Romania, Catalin Pauna, World Bank Romania chief economist, stated. He added that the institution's worries mainly concern the fiscal adjustments side against the backdrop in which markets have to be convinced that the Government… read more
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22 Jul 2010 EC could initiate infringement procedure if wages in BNR are cut The European Commission (EC) warned Romania that it may initiate the infringement procedure unless the law which stipulates the reduction of wages of National Bank of Romania (BNR) employees is modified, Mediafax informs. "The EC sent the ambassador Mihnea Motoc, the head of the Romanian Mission at the EU, a note warning that, unless the BNR wage cuts' law is modified, it may start the infringement procedure, as this is… read more
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22 Jul 2010 Mugur Isarescu: Romania cannot correct its structural deficit by economic growth alone Governor of the National Bank of Romania (BNR) Mugur Isarescu told a debate organized in Bucharest, on Wednesday, that Romania could not correct its structural deficit by an economic growth alone, but also that this country's sovereign debt was not dramatic at all. "Budgets are in distress not only in Romania, but also everywhere Europe. In Romania, even if some figures have a dramatic character… read more
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21 Jul 2010 Interests on credits in RON start rising Bankers are reluctant to offer a discount, although they call out loud for economic recovery, according to "Ziarul Financiar". Just as the economy is, more than ever, in need of encouragement, interests on credits on RON not only are not reduced, but even started to rise. Compared to the beginning of May, the Romanian Interbank Offer Rate (ROBOR) three and six-month interests, used as the reference rate for credits in RON… read more
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20 Jul 2010 See how Hungary's fight with the IMF could affect you. What can we gain from this? Budapest's refusal to take new "tough measures" could "positively differentiate" Romania in the view of the IMF. Despite halting negotiations with the IMF and the EU - which throws Hungary in a situation at least as unfavorable as was Romania's after the Constitutional Court rejected the pension cuts - Budapest is refusing to take additional austerity measures… read more
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20 Jul 2010 Central Depository might also turn into bank The Central Depository might also turn into a bank, said managing director of the Central Depository Adriana Tanasoiu on Monday, when they signed the protocol on inaugurating the user group for applying the TARGET 2 Securities system in Romania. "They talk about drawing up a European directive that might make it possible for central depositories to be banks too and the intention of the European bodies is to… read more
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18 Jul 2010 BNR rejects draft law on reducing foreign reserve to boost budget The National Bank of Romania (BNR) was presented for approval a bill stipulating the boosting of budget revenue by reducing the foreign currency reserve, an initiative which the Central Bank opposes, as it violates BNR's status, the EU Treaty and the Constitution, Adrian Vasilescu, advisor to the BNR Governor, stated, quoted by Mediafax. "First and foremost, BNR points out that the bill does not clearly state whether BNR's contribution… read more
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18 Jul 2010 The minimum tax will be eliminated come fall. Real lump sum taxation will then be introduced The tax burden of companies will get a bit lighter come fall, once the minimum tax is eliminated, promise both Prime Minister Emil Boc and Minister of the Economy, Adriean Videanu. They have yet to mention if the current tax will be replaced with lump sum taxation. At the same time, the Prime Minister has announced that the flat tax rate will not be changed, because progressive taxation… read more
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16 Jul 2010 Mugur Isarescu: Foreign exchange reserve, element of credibility Governor of the National Bank Mugur Isarescu on Thursday mentioned again the role of the country's foreign exchange reserve as an element of credibility on foreign markets.Isarescu said once more that in the 90s the National Bank had problems with the level of its international reserve, but after 2000 this reserve increased tremendously.
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15 Jul 2010 Last Minute Loan. How Romania is borrowing money from one day to the next because it has ran out of money Because banks are refusing medium and long-term loans to the Ministry of Finance at reasonable interest rates, of no more than 7%, the Ministry is using very short term loans, for which bankers are asking only 4-5% p.a. Because banks won't give medium and long-term loans to the state at interest rates below 7%, which the Ministry doesn't want to pay, the state has called on a novel method: it's loaning money from banks for a very short period of time.
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14 Jul 2010 BNR: Five-month current-account deficit surges 45pc y-o-y Romania's balance-of-payments current account January-May 2010 posted a deficit of 28.65 billion euros, up 45.7 percent from the same period of 2009, the National Bank of Romania (BNR) reported on Tuesday. BNR explains the development was due largely to a 55.0 percent year-over-year decrease in current transfers surplus.
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14 Jul 2010 PM slams Vladescu for initiating fiscal reforms Finance minister announced a set of measures aimed at curbing budget deficit, including the end of flat tax, reducing VAT and introduction of progressive taxation. Vladescu had no green light to announce such measures, an angry premier reacted. The Boc Cabinet seems unable to agree on the tax issue. Yesterday, the premier said the minister of finance had not had a mandate to lift the flat rate and the progressive tax subject publicly, as it had not been analysed and approved by the Government… read more
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