Alpha Bank has lowered its interest rates for RON-denominated deposits
Alpha Bank has lowered its interest rates for RON-denominated deposits made by individual clients by 0.5%-0.75% at 8% a year. The highest interest rate is currently 8.75% a year for three and six-month deposits while the interest rate for one-year maturities is 8% a year. (Romanian source)
Clearstream Depository opens a connection with Romania for the transfer of state bonds
The Clearstream Depository, a subsidiary of Deutsche Boerse, announced it had opened a connection with Romania for the transfer of state bonds issued by the Romanian state via the NBR. This move is meant to allow the access of foreign investors to the Romanian market. (Romanian source)
Emporiki sells RON-denominated mortgage loans which are cheaper than those offered in the Prima Casa program
Emporiki Bank is selling RON-denominated mortgage loans at an interest rate calculated based on the three-month Robor rate to which a 2% margin is added. The bank took part in last year's edition of the Prima Casa program with a 2.5% margin offer above the Robor for RON-denominated mortgage loans. Emporiki is currently selling EUR-denominated mortgage loans at a 5.5% margin above the three-month Euribor (currently 0.65% a year). (Romanian source)
" FDI Bancpost Plus '' posts 17.59% increase in assets for the past month
People who chose to invest their money in investment funds between February 5 and March 5, reported a slight increase in assets. The best yield was announced by the " FDI Bancpost Plus '' fund, which posted a 17.59% increase in assets. (Romanian source)
ProCredit Bank launched a financial package for SMEs
ProCredit Bank launched the ProAvantaj financial package meant to allow access to banking products and services for SMEs. The institution does not charge a fee for the analysis of the loan file between March 8, 2010 and May 31, 2010. Also, between March 8, 2010, and June 30, 2010, ProCredit Bank does not charge a fee for the activation of the Internet Banking service. (Romanian source)
Alexandru Nicolae Chidesciuc, ING Bank: Romania's economy might go up 2% this year but it will not be a solid growth
Romania's economy might go up 2% this year but it will not be a solid growth, says ING Bank Chief Economist Alexandru Nicolae Chidesciuc. The ING official believes the liquidity injected by the NBR on the market, which also led to a drop in interest rates, will help the economy. Despite the statements made by the government officials, who say the number of unemployed people will be smaller compared to last year, the ING Bank Chief Economist believes the unemployment rate will reach 9.3% at the end of the year. (Romanian source)
Banks launch alternatives to the Prima Casa program
The launch of the second stage in the Prima Casa program has encouraged commercial banks to come up with alternatives. Some of them lowered lending costs or added unemployment insurance policies. There are also financial institutions which have increased their interest rates or the downpayment. Bancpost launched a mortgage loan with an unemployment insurance policy. Banca Italo Romena offers financing of up to EUR 150,000 on a 30-year period via the Loan for Newlyweds. ING Bank, which had launched a counter offer to the Prima Casa program last year, increased its interest rate from 5.5% at 6.9% a year. (Romanian source)
NBR: Loan payments fallen behind more than 30 days reached RON 3.26 billion
The loan payments fallen behind more than 30 days reached RON 3.26 billion on January 31, 2010, in the case of retail clients, up 14.7% from December 31, 2009, according to the data posted by the NBR. The unpaid debts for EUR-denominated loans, more than 30 days overdue, reached RON 1.02 billion, up RON 155 million in January 2010. (Romanian source)
Gunrantee Fund completes allocation of EUR 700 million for Prima Casa 2 program
The Prima Casa 2 program will bring this week the acquisition of old and new houses, while the procedures for building new houses will be approved in the next two weeks, according to Radu Ghetea, President of the ARB. The Guarantee Fund completed the allocation of EUR 700 million for the Prima Casa 2 program. Conso.ro stated that the allocation process did not take into account last year's results. Mugur Isarescu, Governor of the Central Bank, stated that no banker is willing to lend money is such a market. (Romanian source)
EC provides assistance for three projects developed by Transgaz
The European Commission agreed to provide financial support for the three projects submitted by Transgaz in July, 2009. The three projects will be co-financed from European funds through the European Energy Program for Economy Recovery. The projects focus on developing the inter-connection between Romania's gas transport system and those of Bulgaria and Hungary. (Romanian source)
Foreign direct investment by Swiss companies in Romania amounted to EUR 1.1 billion last year
Foreign direct investment by Swiss companies in Romania amounted to EUR 1.1 billion last year. The biggest Swiss companies operating on the Romanian market are Holcim, Expur, Intercontinental, Nestle, Novartis, Ringier, Roche, Swisspor, Rieker, TopBrand and the companies owned by Swiss entrepreneur Jean Valvis. (English source)
Raul Ciurtin says he received proposals for both full and partial acquisition of his business
Raul Ciurtin, President and shareholder of Albalact, stated that he has received during the past year both full and partial acquisition proposals regarding his company. Market sources say that investment fund Apax, owner of Tnuva Romania, Muller's shareholders and French group Lactalis are interested in taking over Albalact. It is also rumored that Lactalis is the most eager buyer. (Romanian source)
Dan Voiculescu wants unified pensions bill amended
Dan Voiculescu, Vice-President of Romania's Senate, sponsors an amendment to the unified wages bill aiming to set the value of the pension point to at least 45% of the gross average wage. (Romanian source)
PSD to file simple motion against the Minister of Labor
The social-democrats will file on Tuesday a simple motion in the Chamber of Deputies against the Minister of Labor, Mihai Seitan. PSD officials said the Minister's activity was " a catastrophe '' and that the unified wages bill was implemented " chaotically ''. (Romanian source)
Antonie Solomon, the Mayor of Craiova, will stay behind bars, as ruled by the Pitesti Court of Appeals. Solomon is charged with having accepted an EUR 50,000 bribe and with forgery. The judges threw out Solomon's appeal and ordered the Mayor to pay the legal fees. Solomon rejected all charges of corruption. (Romanian source)
President Traian Basescu has invited parties and groups of MPs to send their representatives to the Cotroceni Palace next Monday in order to discuss the amending of the Constitution in order to decrease the number of MPs and to switch to the single-chamber Parliament. The leaders of the two chambers rejected PD-L's request to appoint a commission tasked with reviewing the Constitution. (Romanian source)
