BCR has limited the early repayment fee to 1% of the sum paid in advance
BCR has limited the early advance repayment fee to 1% of the sum paid in advance, but no less than RON 65, for new unsecured, fixed rate loans. Currently running loans continue to use the initial fees included in contracts. If the in-advance payment is done in the last year of the credit repayment period, the fee is only 0.5%. (Romanian Source)
Cost of Internet banking services at Alpha Bank, BT, BCR, Raiffeisen, ING, CEC and UniCredit
Most financing institutions offer the possibility of paying bills at various services or utilities without going to a bank office, through Internet banking. Fees applied for on-line operations by Alpha Bank, BT, BCR, Raiffeisen, ING, CEC and UniCredit are presented. (Romanian Source)
Emporiki Bank lowers interest rate margins applied on Prima Casa mortgage loans
Emporiki Bank has lowered by 0.5% the interest rate margins applied on Prima Casa mortgage loans. The bank now applies a 3.5% margin above the three-month EURIBOR and 2% above the three-month ROBOR. (Romanian Source)
Several attempts to defraud Bancpost clients have been reported in the last week. Several persons received e-mail messages asking them to access a website where the card number, date of expiration and the PIN code were required, allegedly for updating personal data. (Romanian Source)
Eximbank has posted on its website a section dedicated to European funds
Eximbank has posted on its website (www.eximbank.ro) a section dedicated to European funds, where companies can get information on how to draw EU funds. Companies that have projects for drawing European funds can get loans, letters of comfort and guarantees from Eximbank for loans taken from other banks. (English Source)
Absorption of EU funds by Romanian projects to increase by 2013
Romanian authorities estimate that local projects will absorb EUR 1.3 billion this year. However, the speed at which Romanian projects absorb European funds is expected to increase over the next three years, according to representatives of the Management Authority for the " Human Resources Development '' Sector Operational Plan (AM POSDRU) and those of the Authority for Coordination of Structural Tools (ACIS). (Romanian Source)
Kazakhstan-based KazMunaiGaz, the state-owned company which had bought Rompetrol, announced that it would be unable to pay on time the EUR 571 million that Rompetrol Rafinare - Petromidia owes to the state budget. The company offered to continue to pay, provided that the debt is rescheduled over the next 3-5 years. (Romanian Source)
The state budget loses EUR 5 billion to tax evasion in the bakery, dairy, meat, grain and fruit industries
The state budget loses EUR 5 billion to tax evasion in the bakery, dairy, meat, grain and fruit industries. The bakery, meat and dairy industries are by far the worst affected by tax evasion. Official reports say that Romanians spend EUR 3 billion meat, but the black market is worth another EUR 1.5-2 billion. The overall bread market is estimated at more than EUR 1 billion. (Romanian Source)
Romania's public debt grew by 11 billion lei (2.5 billion EUR) in February in comparison to January
Romania's public debt grew by 11 billion lei (2.5 billion EUR) in February in comparison to January, mostly due to the granting of installments III and IV by the IMF. The share of debt has reached 28.77% of GDP, 2% more than in January. The IMF installments are worth EUR 2.45 billion, half of which went to NBR and half to the state treasury. (Romanian Source)
NBR: Banks might lower the indebtedness cap for private individuals below 45%
According to NBR, banks might lower the indebtedness cap for private individuals, which remained stable in the last period, below 45%. Adrian Chichita, deputy retail director of OTP Bank Romania, stated that the bank raised the maximum debt level to 50% for low risk clients and to 60% if the loan is guaranteed with a mortgage. (Romanian Source)
Oltchim estimates profits of RON 8.5 million for this year
The Minister of Economy, a majority shareholder of Oltchim Ramnicu Valcea, has approved the company's revenues and expenses budget for the year 2010, which features an investment plan worth EUR 98 million. The company estimates that it would make RON 8.5 million in profits by the end of the year, compared to losses of RON 209 million at the end of 2009. (Romanian source)
The first big energy projects could be launched next year
The electricity market has become one of the hottest sectors of the economy this year, at least judging from the number of projects that Romania is involved in. However, experts say that most of these projects will remain on paper this year. Adriean Videanu, Minister of Economy, stated that the Government is in the process of reviewing the national energy strategy. (Romanian source)
Aggregated debts of RON 50 million and the lack of significant orders have convinced businessman Gigi Becali to sell Avicola Iasi. Before selling the company, Becali has retained the services of two major real estate companies in order to assess the real estate value of the company. The final report is due by mid-May. (Romanian source)
ACPR wants the IMF to speed up the passing of the public-private partnerships bill
The Alliance of Romania's Industry Groups (ACPR) announced yesterday, April 29, that it had urged the IMF to pressure the Romanian Government into passing the public-private partnerships bill. The Alliance thinks that PPPs are the most effective way of helping the national economy recover. Moreover, ACPR urged the IMF to pressure the Government into cutting public spending by 10% and supporting certain economic recovery programs. (Romanian Source)
Presidential adviser Peter Eckstein-Kovacs complains that women are insufficiently represented in Romanian politics
Presidential adviser Peter Eckstein-Kovacs complained during a debate that women are insufficiently represented in Romanian politics, saying that Elena Udrea, the Minister of Tourism, is the only notable woman in politics. Eckstein-Kovacs noted that more than 50% of MPs are women in Rwanda and even in countries such as Ethiopia, more than 20% of MPs are women. (Romanian Source)
