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FINANCE&BANKING

FinMin Teodorovici: As of H2 Romania will borrow from the foreign market “for the coming years”

Date: April 18, 2019

Minister of Public Finance Eugen Teodorovici said on Thursday in Bistrita that starting with the second half of this year Romania will start borrowing from the foreign market “for the coming years” because this could be done under more advantageous conditions for the country. “Romania borrows exactly under market conditions,…

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Eugen Teodorovici to chair first meeting of ECOFIN of Romanian EU Council Presidency

Date: January 20, 2019

Minister of Public Finance Eugen Teodorovici will present on Monday in Brussels Romania’s priorities in the financial field before the Committee on Economic and Monetary Affairs (ECON) in the European Parliament and on Tuesday will chair the first meeting of the Economic and Financial Affairs Council (ECOFIN), informs the relevant…

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BNR has limited the level of indebtedness: Rates can no longer exceed 40% of the salary for the loans in RON, and 20% for the loans in euros

Date: October 18, 2018

National Bank of Romania (BNR) decided on Wednesday to limit the level of indebtedness for the loans granted to individuals, for both mortgage and consumer loans, which is a premiere after 2007. According to the new regulations, the maximum level of indebtedness will be 40% of the net income for the loans in RON and 20% for the loans in a foreign currency, BNR mentions in a press release. The total level of indebtedness is calculated as a weighted average of the total monthly payment obligations related to the monthly net income. The maximum indebtedness rate is increased by 5% for the loans granted for purchasing the first home to be occupied by the borrower. The regulation is applied to both the banking institutions and to the NBFIs and will enter into force on January 1, 2019. The Central Bank underlines that similar measures have been already adopted in other countries such as Hungary, Poland, Estonia, Lithuania, Czech Republic. According to BNR, the main objectives pursued by this regulation are: To simplify the access to loans for individuals and consolidate the sustainable growth of lending. According to the new calculation methodology, the level of the loan and the corresponding rates will be easily established by any applicant. To protect the people with average incomes and with incomes below the average values, namely to improve the payment capacity, for a healthy lending. Anyone who wants a loan, can calculate the monthly amount he can pay as a rate to banks and NBFIs, according to BNR. What happens to the loan applications submitted and not solved yet? All the loan applications submitted before January 1, 2019, including those corresponding to governmental programs dedicated to customers who are individuals, such as the First Home program, will be solved based on the regulation in force at the time when they were submitted at the bank, even if the loan will be granted after January 1, 2019, BNR explains. Another question which probably many Romanians who already have loans have in mind is: will it be possible anymore to refinance a loan? NBR mentions that all the loans granted exclusively to reimburse the debts corresponding to the loans contracted before the entry into force of the draft regulation are excepted from the new requirements on the level of indebtedness. However, this is not available for the refinancing which involves granting an additional loan to the existing one(s). The Central Bank also explained that the estimated impact of the new regulation is insignificant on the economic growth. The first time when BNR introduced explicit limitations of the level of indebtedness was in 2004, when the threshold was 30% for the consumer loans and 35% for the real estate loans, as well as a minimum level of 25% for the advance related to the real estate loans. In March 2007, BNR eliminated the explicit limits of the level of indebtedness and of the advance, which were going to be established by each bank under the risk regulations, and later it justified that the measure was necessary as a result of the EU membership.

The post BNR has limited the level of indebtedness: Rates can no longer exceed 40% of the salary for the loans in RON, and 20% for the loans in euros appeared first on Nine O' Clock.

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PM Tudose congratulates FinMin for tax agency’s topping collection plan

Date: August 18, 2017
Premier Mihai Tudose congratulated on Friday Minister of Public Finance Ionut Misa on the efficient activity of the National Tax Administration Agency (ANAF) in the latest period, noting that it’s an all-time first that the agency tops its collection plan. “Congratulations, Mr. Finance Minister, on ANAF’s activity in the past month. It’s the first time […]
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Garanti Bank revised upwards its estimations regarding GDP growth, to 4%, for 2017

Date: May 4, 2017
Garanti Bank, one of the most dynamic banks on the local market, has increased at the end of April its forecast regarding GDP growth in 2017, to 4%, from 3.7% estimated last year. The rise will most probably be favored by continued support from trade and better expectations in industry, according to the bank’s Quarterly […]
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BVB president says compliance with corporate governance requirements flexible, yet involves repetitive loop

Date: November 22, 2016
Compliance with the corporate governance requirements is important because it increases company value, but investors can accept compliance variations if company representatives provide well-grounded explanations, president of the Bucharest Stock Exchange (BVB) Lucian Anghel on Tuesday told an event devoted to enhancing investor confidence in listed companies. “We strongly believe that corporate governance helps increase […]
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Finance Ministry’s Jiru: Post-Brexit fall of Romanian securities’ yields steeper than for Hungary, Poland

Date: September 9, 2016
The yields of Romanian securities have been following a downward trend since the beginning of the year, with slight oscillations in the Brexit slipstream, and are now seeing the steepest decline from the time before the UK referendum, Secretary of State with the Public Finance Ministry Enache Jiru said on Friday. “The yields of Romanian […]
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Aura Raducu resigns from helm of European Funds Ministry at PM’s request

Date: April 25, 2016
Aura Raducu filed her resignation as European Funds Minister, at the request of Premier Dacian Ciolos, reads a ministry press release sent to Agerpres on Monday. “At Mr Prime Minister’s request, I am filing my resignation from the office of European Funds Minister. I accepted to be part of this government team thinking that I […]
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Finance Ministry to borrow RON 5.45 bln and EUR 500 M from banks in February

Date: February 2, 2016
The Public Finance Ministry (MFP) plans to borrow RON 5.45 bln from commercial banks in February, of which RON 5 bln through seven tenders for treasury certificates and government bonds, and RON 450 M through supplementary tenders for non-competitive offers related to the bond tenders. Also in February, the MFP wants to borrow another EUR […]
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