The European Commission (EC) has concluded that Romania's EUR 200 million (RON 1 billion) recapitalisation of the wholly state-owned CEC Bank does not constitute state aid within the meaning of EU state aid rules, the commissiom reported on Monday.In September 2024, Romania informed the commission of its intention to recapitalise CEC Bank, with the primary goals of enhancing its lending capacity, developing the CEC Financial Group, and improving operational efficiency by streamlining workflows within the bank. Romania submitted a business plan covering the period 2025-2028, along with a long-term outlook for 2029-2032, and a report on the 'private investor test', all of which were evaluated by the commission.The commission assessed the measure under the EU state aid rules. Following its assessment, the commission found that Romania's recapitalisation of CEC Bank does not constitute state aid. EU state aid rules specify that if a member state acts as a private investor would and is compensated for the risk in a manner acceptable to a prudent private investor, the intervention does not constitute state aid.The commission's assessment of Romania's business plan indicated that the EUR 200 million capital injection would yield returns consistent with market conditions for the Romanian state, CEC Bank's sole shareholder. The business plan forecasts increased market share in lending and deposits, improved efficiency, and robust capital levels.
More than 680 houses in Suceava country and 170 houses in Neamţ county were impacted in the flash floods that hit northeastern Romania at the end of last week. Forty-one houses were completely destroyed, Raed Arafat, the head of the Department for Emergency Situations (DSU), announced on Friday, August 1. Three people were killed in […]
Romanian justice minister Radu Marinescu said on Thursday, July 31, that harsher penalties are being considered for violence against women and domestic violence, including the criminalization of femicide. The minister said that Romania currently has legislation that is fairly adequate, in line with European standards, for combating violence, including domestic violence. He also said that […]
Via Transilvanica, the long-distance trail that crosses the country, will apply to be the first accredited long-distance route in Romania after the government issued the methodological norms regulating the hiking trails of national interest. Tășuleasa Social, the non-profit that developed the trail, called the recently issued norms "a huge step that transforms a bold idea into...
Former prime minister and Social Democratic leader Marcel Ciolacu stated that he does not rule out a candidacy for the presidency of the Buzău County Council, after rumors to that end. PSD Buzău president Romeo Lungu had previously told journalists that discussions are underway for the former prime minister to run for the Buzău County […]
The Balneo-Physiotherapy Clinic in the Călimănești resort town, southern Romania, will undergo rehabilitation with a EUR 10 million financing from the European Union, according to representatives of the Vâlcea County Council. The project implementation period will be 24 months from the completion of the tender for the execution of the works, which include, in addition […]
Bringo, the first personal shopper-based rapid grocery delivery service in Romania, handling over 4,000 daily orders in more than 35 cities, launches a loyalty program that turns shopping into a continuous reward experience. "Beyond functional benefits like discounts, free delivery, or double refunds for SGR packaging collected right at your doorstep, Bringo YOU offers a […]
