The consultant consortium of PwC Romania, D & B David Baias and recruitment firm George Butunoiu sent to the Ministry of Transportation the list of people to be recruited to form the private management of public air company TAROM, as it was established with IMF.rnrnFor a place in Tarom Board of Directors, a non-executive function, compete more bankers, in order of proposals from the list:rnrn 1. BOGDAN SERGIU OPRESCU, Alpha Bank chairman, described as “one of the most respected bankers in Romania”. Oprescu is also on the list for a place of CNADNR CA, Romanian roads company.rnrn 2. Peter Weiss, former president of ABN Amro Romania and Bancpost.rnrn 3. DAN CORNELIU PASCARIU, chairman (non-executive) of UniCredit Tiriac Bankrnrn 4. DAN LEONARD SANDU, MKB Nextebank president.rnrn 5. FLORIN KUBINSCHI, Vice President (CFO, COO) at MKB Nextebank, described as “one of the most appreciated by the central bank CFOs Romanian banking sector.”rnrnRecruiting people for the private management of TAROM is based on Government Emergency Ordinance (EO) No.109 of 30 November 2011, the corporate governance of public companies.
The neutral nominal rate in Romania has been falling since the start of inflation targeting in 2005. The Taylor Rule clearly shows that interest rates peaked in 2022 and have been on a clear downward path ever since.Furthermore, the model estimates a long-term neutral nominal rate of around 3.9%, which is the equivalent of approx. 1.4% real.Using a more sophisticated model (i.e. New York FED’S HLW model), the real neutral interest rate in Romania is estimated currently at around 1.5% (1.7% 2023 average) and the historical mean at 1.2%.This implies a neutral nominal rate between 4.00% and 4.50%. In the past decade, the NBR real effective rate was below the neutral rate and only over the past year climbed above the neutral mark.Source: Erste Bank
Press Release:"Alpha Services and Holdings announces a strategic partnership with UniCredit in RomaniaMerger of Alpha Bank Romania and UniCredit Bank Romania and creation of third largest bank in Romania by... detalii
NBR Board decisions on monetary policyIn its meeting of 4 April 2023, the Board of the National Bank of Romania decided:• to keep the monetary policy rate at 7.00 percent per annum;• to leave unchanged the lending (Lombard) facility rate at 8.00 percent per annum and the deposit facility rate at 6.00 percent per annum;• to keep the existing levels of minimum reserve requirement ratios on both leu- and foreign currency-denominated liabilities of credit institutions.The annual inflation rate went down to 15.52 percent in February 2023, from 16.37 percent in December 2022, relatively in line with forecasts. The decrease was mainly driven by the sizeable drop in the dynamics of fuel and electricity prices, under the impact of significant base effects and the change made to the energy price capping and compensation scheme starting 1... detalii
ING press release:ING posts FY2022 net result of €3,674 million,proposed final 2022 dividend of €0.389 per share 4Q2022 profit before tax of €1,711 million; CET1 ratio remains strong at 14.5%•Profit before tax up 29% on 4Q2021 and 24% on 3Q2022, mainly driven by higher income•Higher net interest income, as a further increase in liability margins helped offset TLTRO impact this quarter•Risk costs declined to 17 bps of average customer lending Full-year 2022 net result of €3,674 million, supported by growing customer base and increase in lending and deposits•On a full-year basis, our primary customer base grew by 585,000•Net core lending growth of €18 billion and net core deposits growth of €25 billion in 2022•Net result of €3,674 million in a challenging year; proposed final 2022 dividend of €0.389 per share CEO statement“Looking back, 2022 was... detalii