Christine Lagarde: Navigating Monetary Policy
Autor: Bancherul.ro
2014-05-26 11:12
Navigating Monetary Policy in the New Normal
Speech by Christine Lagarde at the ECB Forum on Central Banking
Monetary Policy in a Changing Financial Landscape
May 25, 2014
As prepared for delivery
Good evening. I would like to thank Mario Draghi for inviting me to address you tonight.
I am delighted to be here, at the first ECB Forum on Central Banking, in the company of leading thinkers and policymakers in the field.
Victor Hugo once said: “Emergencies have always been necessary to progress. It was darkness which produced the lamp. It was fog that produced the compass. It was hunger that drove us to exploration. And it took a depression to teach us the real value of a job.”
The theme for this Forum is highly topical. The crisis has challenged many of our premises, pushed us outside of our comfort zones, and dramatically altered the landscape for monetary policy. There is immense interest—including across the membership of the IMF—on what the contours of monetary policy will be in a post-crisis world.
Portugal could not be a better venue for such endeavor. Standing on these shores—at the edge of Europe’s frontier before the vast Atlantic, naturally makes you want to explore. Just as it must have been in the 15th century, when brave adventurers like Vasco da Gama wondered what might lie ahead—monster or wonder?
Today again, Portugal looks ahead. It is successfully completing its economic reform program after significant effort and determination. Now, beyond the immediate fire-fighting, it begins to turn the corner of the crisis and build on the gains it has made.
Today, I too would like to look ahead—to the future of monetary policy after the crisis, once economic conditions have settled down to something more “normal”. How do we navigate these seas?
The IMF, along with others, has been thinking hard about this. We are in constant dialogue with central banks of our membership through our regular surveillance, as well as collaboration on more targeted projects. My discussion today draws on the lessons and expertise gained from engaging with this global membership.
It also draws on more recent work that tried to focus the debate on the key questions that monetary policymakers must contend with. We have surveyed the coast-line: how far we can go based on what we know, and how much more there is still to explore—the terra incognita. Key questions need to be answered before we can chart our course with certainty.
In that spirit, I would like to share some of our thinking on three main themes:
(i) The evolving mandate of monetary policy;
(ii) Monetary policy independence, given a possibly wider mandate for central banks; and
(iii) The impact of growing financial interlinkages and the challenges these pose for monetary policy, particularly in emerging market and small open economies.
1. The Evolving Mandate of Monetary Policy
Let me begin with the mandate of monetary policy, which is being revisited from various angles.
A key issue here is whether monetary policy should also include financial stability as an objective? Of course, one could also ask whether monetary policy should put more weight on growth, or unemployment. The crisis reminded us that price stability is not always sufficient for output stability. But we need to prioritize, especially before dinner! So I will focus on financial stability.
Let us look at what we know. Broadly, the pre-crisis consensus was that monetary policy should focus on maintaining price stability—understood as low and stable inflation. Price stability, together with “light touch” microprudential regulation, was supposed to also deliver financial stability. Remember, the prevailing belief was that financial markets were resilient.
There was no agreement that monetary policy should “lean against the wind” to fend off surges in credit or asset prices. However, in the case of a crisis, monetary policy would ‘lend a hand’ by cleaning up after the event—such as by lowering interest rates.
The 2008 global financial crisis challenged these basic tenets. It is very clear now that financial crashes can be extremely costly, and their clean-up excessively long and complex.
The crisis has also made clear that financial stability is an essential policy objective, and one that is here to stay. But should that job be given to monetary policy?
The best outcome would be to have dedicated policies and instruments to combat financial risks directly. In the toolkit, these are prudential policies, both macro- and micro-prudential measures, such as loan-to-value limits or countercyclical capital buffers.
Yet, prudential policies may not work as planned. There is relatively limited experience with full-fledged macroprudential frameworks, especially in advanced economies. We do not have a definitive guide. Like the precursor to the chronometer, measuring longitude was an imprecise science.
The IMF’s surveillance experience tells us that in some cases, macroprudential measures have worked well. Take the example of Korea, which was able to reduce banks’ short term external debt by half—to 27 percent—between 2008 and 2013, or Hong Kong which recently saw property prices level off and loan-to-value ratios decline.
Yet, in other countries, such as Israel, Switzerland and Turkey, credit growth and house price inflation remained high despite various macroprudential measures.
What if prudential policies still have shortcomings, despite our best efforts to make them work? In that case, monetary policy may need to lend a hand in securing financial stability, by using interest rates to lean against the wind of emerging financial imbalances.
This is easier said than done. Monetary policymakers will be confronted with a set of new and complex questions.
The first is about the transmission mechanism. Do we know, for instance, how much a 100 basis points increase in interest rates can deliver in terms of financial stability? Do we even agree on how to define financial stability? Should we measure it in terms of credit growth, asset price growth, or leverage?
And what is the link between financial stability and inflation? The current environment in the euro area is a sobering reminder of how weakness in balance sheets can constrain the ability of banks to support credit and investment—ultimately contributing to low inflation.
The second set of questions is about the operating framework, and how financial stability concerns manifest themselves in monetary policy decisions. A delicate tradeoff can arise between raising interest rates to reduce financial stability risks—and lowering them to support growth and inflation. In Sweden, for example, given that financial stability risks are on the rise again, there is less tendency to lower interest rates despite very low inflation.
In sum, we need to continue to strive for improved prudential frameworks for the financial sector so as not to overburden monetary policy. But where macroprudential policies fall short, monetary policy will have a larger role than in the past to maintain financial stability.
2. Monetary Policy Independence, Given a Wider Mandate
Let me now turn to my second theme. If we accept that central banks could have a wider mandate—that is, to help maintain financial stability—and more instruments, can they remain fully independent?
To frame this debate, let us consider the merits of central bank independence.
Looking back, we know that central bank independence has served us well. There is a strong relationship between independence and inflation performance—a relationship that is empirically well-grounded.
Yet, central bank independence cannot be taken for granted. It takes a great deal of confidence to surrender a considerable amount of sovereign power to an unelected body. Though once the decision to delegate is taken, it can go far. Think of the Bundesbank and the remark made by former European Commission president Jacques Delors in 1992: “Not all Germans believe in God, but they all believe in the Bundesbank.”
So, what are the foundations of central bank independence? Credibility and accountability—both of which rest on three pillars: a clear mandate, consistent performance, and consensus on objective.
First pillar: clear mandate. There should be no ambiguity about the objective, instrument, or transmission mechanism of monetary policy.
Second pillar: consistent performance. The public and the government need to be convinced of the central bank’s willingness and ability to deliver on its objective.
Third pillar: consensus on objective. There is widespread agreement that low and stable inflation is crucial for economic stability and growth.
Naturally, independence also finds roots outside of the monetary policy framework and institutional structure. Importantly, a responsible fiscal policy is essential to avoid the risk of fiscal dominance.
How would an additional financial stability objective for central banks fare in terms of these criteria? Frankly, it would likely fail on all three counts.
First, the objectives, targets, and instruments of financial stability are still ill-defined.
Second, performance is hard to measure. Financial stability is difficult to observe. Often it takes a crisis to uncover just how unstable the financial system had become. By then, it is too late.
And third, while most people would agree that financial stability is desirable, the path to that objective might encounter conflict and resistance. The general public wins if there is financial stability, but certain groups may stand to lose. Think of a young couple who would find it harder to purchase their first house because of lower loan-to-value limits. They are not likely to cheer for this type of policy any time soon.
So how do we go about factoring financial stability into central banks’ mandates? What kind of institutional framework is needed when macroprudential policies are added to the mix?
For one thing, we need an institutional structure that protects the achievement of price stability. In other words, a structure that guarantees that monetary policy will continue to focus on price stability; that it is still able to rest on its three pillars; and that it is operated independently.
It is too early to draw out best practices from cross country experiences. But there are already some promising approaches. One way to do this is to house the monetary and macrorprudential policies in different institutions. This is the approach that countries such as Australia, Chile and Mexico have taken. In such cases, committees were created to facilitate information sharing and policy coordination.
It is also possible to house monetary and macroprudential policies under the same roof—in the central bank. In this case, safeguards are needed to protect the independence of monetary policy. The ECB—which is tasked with certain aspects of macroprudential policies—and the Bank of England are good examples, with responsibility for both monetary and macroprudential policy, yet distinct governance structures for the two areas.
3. Monetary Policy Independence in Emerging Market and Small Open Economies
This brings me to my third and final theme. In a world of growing and increasingly complex financial interlinkages, how can emerging market and small open economies retain monetary independence? In other words, how can they cope with the challenges posed by large and volatile capital flows?
The crisis has intensified the debate about these issues. Large swings in capital flows, with sudden surges and stops, often come with large movements in asset prices and exchange rates. In several countries, these flows led to a build-up of financial vulnerabilities—be it through credit booms or increased leverage.
Think of the strong appreciation of currencies while monetary policy was being loosened in advanced economies between January 2009 and May 2013—nearly 50 percent in New Zealand and Australia, and 30 percent in Chile. The picture reversed between May and August 2013, with currency depreciations of nearly 15 percent in Brazil, India and Uruguay.
Or think of the increase in non-resident holdings of domestic currency government bonds in Uruguay. In a little over a year, these holdings surged from 2 percent to 45 percent of the outstanding stock in May 2013. These are very real challenges to any policymaker.
The crisis also raised awareness about the policy trade-offs caused by spillovers. In many countries, policymakers were caught between a rock and a hard place: raising interest rates to tame inflation, only to find that it stoked capital inflows and further appreciation. Exchange rate flexibility was also not a panacea, as exchange rates often ‘overshot’ on both ends of the capital flow cycle.
How can we mitigate these risks? We see three potential approaches: resilience, response, and cooperation. These are not mutually exclusive. Let me elaborate.
The first is to enhance resilience to shocks. This requires policy action in both advanced and emerging economies.
IMF analysis suggests that the recent volatility in emerging market economies reflected both external and internal factors. Advanced economies can help reduce volatility by communicating clearly the course of their monetary policy.
By the same token, good fundamentals also matter. There is no short cut or substitute to sound policies in fending off excessive volatility. Reducing vulnerabilities and reinforcing macroeconomic and financial frameworks should be the order of the day for emerging markets—and indeed for all countries.
The second approach is to respond using the full policy toolkit. This means not just monetary and exchange rate policy, but also macroprudential and fiscal policy. In some cases, capital flow management and foreign exchange intervention may be appropriate to contain financial instability—but they should not substitute for necessary macroeconomic adjustment.
In fact, several countries such as Brazil, Uruguay and Indonesia, used some form of capital controls to discourage short term inflows. Other countries, such as India and Peru, intervened directly in the foreign exchange market. These policies helped limit excessive volatility. And as long as they remain targeted and temporary, these policies are not expected to take the steam out of needed adjustments.
Even so, a broader question abides—about the type of world we would live in.
If policies are viewed only from a national perspective, we may end up in a world of ad hoc intervention, less rebalancing, and the potential to export financial instability. This would be a world of possibly large welfare losses in many countries, with not just spillover effects—from advanced to emerging market economies, but also “spillbacks”—feedback effects from emerging market to large advanced economies.
Is this the kind of world we want to live in? I would hope not.
This would make the third approach a more compelling course of policy—that of international monetary policy cooperation. I know that this topic has some very vocal skeptics, but also very ardent supporters. As you can imagine, I am a bit biased and I would ask the skeptics to keep an open mind.
As the crisis has taught us, in times of distress, the potential gains from cooperation can be huge. Cooperation essentially reduced the risk of tail events with large international feedback effects.
Think of the coordinated cut in policy interest rates in key countries at the height of the crisis, or the swap arrangements that the Fed instituted with other major central banks. These actions helped preempt financial market dislocation across the globe. The G-20 agreement on expanding the IMF resources is another example where the gains from cooperation were clear.
That said, as we turn the corner of the crisis and conditions normalize, the case for cooperation becomes less compelling. Why? Because there is less urgency, and less clarity, about the gains from monetary policy cooperation in normal times.
But it is precisely this uncertainty that would make us remiss in discounting the gains from cooperation in a post-crisis world. We need a concerted effort to examine the effectiveness of cooperative policy responses, their spillover effects, and their global welfare implications—also in light of the evolution of the financial system.
The IMF can contribute to this effort—directly through our surveillance work and cross-country analysis, and in collaboration with other central banking and academic communities on joint projects.
Let me conclude.
We are here today as part of a global intellectual effort to define the contours of monetary policy in a post-crisis world. In this new environment, several of the basic principles of monetary policy are well worth keeping; others need to be revisited. In that respect, I recognize that I have raised more questions than answers. But I believe the questions are important.
What I can tell you definitively is that the IMF is committed to advancing the frontiers of this debate—this new world for central banking. An example of this is the new lecture series on monetary policy that we have launched in honor of Michel Camdessus—the Fund’s longest serving Managing Director and, before that, Governor of the Banque de France. I am delighted that Janet Yellen has agreed to share her insights at the inaugural lecture on July 2. I hope we can all meet again then.
That meeting—and the meeting tonight—are like islands, where we can congregate to compare notes and maps, as we set sail through uncharted waters.
Like Vasco da Gama, a new age of exploration has begun. Let us navigate together.
Thank you.
Comentarii
Adauga un comentariu
Adauga un comentariu folosind contul de Facebook
Alte stiri din categoria: Opinie
ING ramane singura dintre bancile romanesti care-si face corect reclama la credite
ING ramane singura dintre bancile romanesti care-si promoveaza corect dobanzile la credite, atat in cadrul reclamelor TV si online, cat si pe site-ul propriu sau in retelele sociale. Mai exact, ING nu spune ca acorda credite cu dobanda „incepand cu detalii
Cardurile devin inutile: acum se pot face plati instant gratis din aplicatiile bancare
Cardurile isi pierd treptat utilitatea, odata cu avansul noilor tehnologii pentru plati. Bancile romanesti au inceput sa implementeze platile instant din aplicatiile bancare, prin serviciul RoPay. Platile instant (care se fac in cateva secunde, la orice detalii
Au neglijat bancile securitatea pentru digitalizare?
Explozia fraudelor online poate fi considerata normala in conditiile dezvoltarii pe masura a digitalizarii si serviciilor bancare online. Dar ceea ce-mi da de gandit este usurinta cu care escrocii pot accesa o aplicatie bancara, pot face transferuri catre detalii
BRD isi lichideaza filialele din Romania. Va fi vanduta si banca?
BRD a cedat Bancii Transilvania firma de pensii private, BRD Pensii, iar compania de credite de consum, BRD Finance, este si ea in negocieri de vanzare, ceea ce alimenteaza zvonurile aparute la inceputul anului ca banca franceza are de gand sa-si vanda si banca din Romania. Mai ales ca detalii
- De ce permit bancile transferuri catre platforme de criptomonede prin care se fac fraude online?
- Banca Transilvania implineste 30 de ani
- De cand si cat de mult ar putea sa scada dobanzile in 2024?
- Ce responsabilitate au bancile in cazul fraudelor online?
- Creditele ipotecare ar putea creste in 2024, estimeaza Banca Transilvania
- Rambursarea ratelor la credite in Romania se face ca in celelalte tari din Europa; motoda propusa de ANPC este contrara interesului consumatorilor
- De ce ar majora bancile comisioanele pentru cash, daca se limiteaza cash-ul?
- Simona Halep, sustinuta in continuare de Banca Transilvania
- Romanii au incredere in banci ca le pot rezolva problemele, arata un sondaj
- Bancile sunt suspectate ca blocheaza accesul unor clienti la credite, prin scorul FICO al Biroului de Credit
Criza COVID-19
- In majoritatea unitatilor BRD se poate intra fara certificat verde
- La BCR se poate intra fara certificat verde
- Firmele, obligate sa dea zile libere parintilor care stau cu copiii in timpul pandemiei de coronavirus
- CEC Bank: accesul in banca se face fara certificat verde
- Cum se amana ratele la creditele Garanti BBVA
Topuri Banci
- Topul bancilor dupa active si cota de piata in perioada 2022-2015
- Topul bancilor cu cele mai mici dobanzi la creditele de nevoi personale
- Topul bancilor la active in 2019
- Topul celor mai mari banci din Romania dupa valoarea activelor in 2018
- Topul bancilor dupa active in 2017
Asociatia Romana a Bancilor (ARB)
- Băncile din România nu au majorat comisioanele aferente operațiunilor în numerar
- Concurs de educatie financiara pentru elevi, cu premii in bani
- Creditele acordate de banci au crescut cu 14% in 2022
- Romanii stiu educatie financiara de nota 7
- Gradul de incluziune financiara in Romania a ajuns la aproape 70%
ROBOR
- ROBOR: ce este, cum se calculeaza, ce il influenteaza, explicat de Asociatia Pietelor Financiare
- ROBOR a scazut la 1,59%, dupa ce BNR a redus dobanda la 1,25%
- Dobanzile variabile la creditele noi in lei nu scad, pentru ca IRCC ramane aproape neschimbat, la 2,4%, desi ROBOR s-a micsorat cu un punct, la 2,2%
- IRCC, indicele de dobanda pentru creditele in lei ale persoanelor fizice, a scazut la 1,75%, dar nu va avea efecte imediate pe piata creditarii
- Istoricul ROBOR la 3 luni, in perioada 01.08.1995 - 31.12.2019
Taxa bancara
- Normele metodologice pentru aplicarea taxei bancare, publicate de Ministerul Finantelor
- Noul ROBOR se va aplica automat la creditele noi si prin refinantare la cele in derulare
- Taxa bancara ar putea fi redusa de la 1,2% la 0,4% la bancile mari si 0,2% la cele mici, insa bancherii avertizeaza ca indiferent de nivelul acesteia, intermedierea financiara va scadea iar dobanzile vor creste
- Raiffeisen anunta ca activitatea bancii a incetinit substantial din cauza taxei bancare; strategia va fi reevaluata, nu vor mai fi acordate credite cu dobanzi mici
- Tariceanu anunta un acord de principiu privind taxa bancara: ROBOR-ul ar putea fi inlocuit cu marja de dobanda a bancilor
Statistici BNR
- Deficitul contului curent, aproape 20 miliarde euro după primele nouă luni
- Deficitul contului curent, aproape 18 miliarde euro după primele opt luni
- Deficitul contului curent, peste 9 miliarde euro pe primele cinci luni
- Deficitul contului curent, 6,6 miliarde euro după prima treime a anului
- Deficitul contului curent pe T1, aproape 4 miliarde euro
Legislatie
- Legea nr. 311/2015 privind schemele de garantare a depozitelor şi Fondul de garantare a depozitelor bancare
- Rambursarea anticipata a unui credit, conform OUG 50/2010
- OUG nr.21 din 1992 privind protectia consumatorului, actualizata
- Legea nr. 190 din 1999 privind creditul ipotecar pentru investiții imobiliare
- Reguli privind stabilirea ratelor de referinţă ROBID şi ROBOR
Lege plafonare dobanzi credite
- BNR propune Parlamentului plafonarea dobanzilor la creditele bancilor intre 1,5 si 4 ori peste DAE medie, in functie de tipul creditului; in cazul IFN-urilor, plafonarea dobanzilor nu se justifica
- Legile privind plafonarea dobanzilor la credite si a datoriilor preluate de firmele de recuperare se discuta in Parlament (actualizat)
- Legea privind plafonarea dobanzilor la credite nu a fost inclusa pe ordinea de zi a comisiilor din Camera Deputatilor
- Senatorul Zamfir, despre plafonarea dobanzilor la credite: numai bou-i consecvent!
- Parlamentul dezbate marti legile de plafonare a dobanzilor la credite si a datoriilor cesionate de banci firmelor de recuperare (actualizat)
Anunturi banci
- Cate reclamatii primeste Intesa Sanpaolo Bank si cum le gestioneaza
- Platile instant, posibile la 13 banci
- Aplicatia CEC app va functiona doar pe telefoane cu Android minim 8 sau iOS minim 12
- Bancile comunica automat cu ANAF situatia popririlor
- BRD bate recordul la credite de consum, in ciuda dobanzilor mari, si obtine un profit ridicat
Analize economice
- Inflația anuală a crescut marginal
- Comerțul cu amănuntul - în creștere cu 7,7% cumulat pe primele 9 luni
- România, pe locul 16 din 27 de state membre ca pondere a datoriei publice în PIB
- România, tot prima în UE la inflația anuală, dar decalajul s-a redus
- Exporturile lunare în august, la cel mai redus nivel din ultimul an
Ministerul Finantelor
- Datoria publică, 51,4% din PIB la mijlocul anului
- Deficit bugetar de 3,6% din PIB după prima jumătate a anului
- Deficit bugetar de 3,4% din PIB după primele cinci luni ale anului
- Deficit bugetar îngrijorător după prima treime a anului
- Deficitul bugetar, -2,06% din PIB pe primul trimestru al anului
Biroul de Credit
- FUNDAMENTAREA LEGALITATII PRELUCRARII DATELOR PERSONALE IN SISTEMUL BIROULUI DE CREDIT
- BCR: prelucrarea datelor personale la Biroul de Credit
- Care banci si IFN-uri raporteaza clientii la Biroul de Credit
- Ce trebuie sa stim despre Biroul de Credit
- Care este procedura BCR de raportare a clientilor la Biroul de Credit
Procese
- ANPC pierde un proces cu Intesa si ARB privind modul de calcul al ratelor la credite
- Un client Credius obtine in justitie anularea creditului, din cauza dobanzii prea mari
- Hotararea judecatoriei prin care Aedificium, fosta Raiffeisen Banca pentru Locuinte, si statul sunt obligati sa achite unui client prima de stat
- Decizia Curtii de Apel Bucuresti in procesul dintre Raiffeisen Banca pentru Locuinte si Curtea de Conturi
- Vodafone, obligata de judecatori sa despagubeasca un abonat caruia a refuzat sa-i repare un telefon stricat sau sa-i dea banii inapoi (decizia instantei)
Stiri economice
- Datoria publică, 52,7% din PIB la finele lunii august 2024
- -5,44% din PIB, deficit bugetar înaintea ultimului trimestru din 2024
- Prețurile industriale - scădere în august dar indicele anual a continuat să crească
- România, pe locul 4 în UE la scăderea prețurilor agricole
- Industria prelucrătoare, evoluție neconvingătoare pe luna iulie 2024
Statistici
- România, pe locul trei în UE la creșterea costului muncii în T2 2024
- Cheltuielile cu pensiile - România, pe locul 19 în UE ca pondere în PIB
- Dobanda din Cehia a crescut cu 7 puncte intr-un singur an
- Care este valoarea salariului minim brut si net pe economie in 2024?
- Cat va fi salariul brut si net in Romania in 2024, 2025, 2026 si 2027, conform prognozei oficiale
FNGCIMM
- Programul IMM Invest continua si in 2021
- Garantiile de stat pentru credite acordate de FNGCIMM au crescut cu 185% in 2020
- Programul IMM invest se prelungeste pana in 30 iunie 2021
- Firmele pot obtine credite bancare garantate si subventionate de stat, pe baza facturilor (factoring), prin programul IMM Factor
- Programul IMM Leasing va fi operational in perioada urmatoare, anunta FNGCIMM
Calculator de credite
- ROBOR la 3 luni a scazut cu aproape un punct, dupa masurile luate de BNR; cu cat se reduce rata la credite?
- In ce mall din sectorul 4 pot face o simulare pentru o refinantare?
Noutati BCE
- Acord intre BCE si BNR pentru supravegherea bancilor
- Banca Centrala Europeana (BCE) explica de ce a majorat dobanda la 2%
- BCE creste dobanda la 2%, dupa ce inflatia a ajuns la 10%
- Dobânda pe termen lung a continuat să scadă in septembrie 2022. Ecartul față de Polonia și Cehia, redus semnificativ
- Rata dobanzii pe termen lung pentru Romania, in crestere la 2,96%
Noutati EBA
- Bancile romanesti detin cele mai multe titluri de stat din Europa
- Guidelines on legislative and non-legislative moratoria on loan repayments applied in the light of the COVID-19 crisis
- The EBA reactivates its Guidelines on legislative and non-legislative moratoria
- EBA publishes 2018 EU-wide stress test results
- EBA launches 2018 EU-wide transparency exercise
Noutati FGDB
- Banii din banci sunt garantati, anunta FGDB
- Depozitele bancare garantate de FGDB au crescut cu 13 miliarde lei
- Depozitele bancare garantate de FGDB reprezinta doua treimi din totalul depozitelor din bancile romanesti
- Peste 80% din depozitele bancare sunt garantate
- Depozitele bancare nu intra in campania electorala
CSALB
- La CSALB poti castiga un litigiu cu banca pe care l-ai pierde in instanta
- Negocierile dintre banci si clienti la CSALB, in crestere cu 30%
- Sondaj: dobanda fixa la credite, considerata mai buna decat cea variabila, desi este mai mare
- CSALB: Romanii cu credite caută soluții pentru reducerea ratelor. Cum raspund bancile
- O firma care a facut un schimb valutar gresit s-a inteles cu banca, prin intermediul CSALB
First Bank
- Ce trebuie sa faca cei care au asigurare la credit emisa de Euroins
- First Bank este reprezentanta Eurobank in Romania: ce se intampla cu creditele Bancpost?
- Clientii First Bank pot face plati prin Google Pay
- First Bank anunta rezultatele financiare din prima jumatate a anului 2021
- First Bank are o noua aplicatie de mobile banking
Noutati FMI
- FMI: criza COVID-19 se transforma in criza economica si financiara in 2020, suntem pregatiti cu 1 trilion (o mie de miliarde) de dolari, pentru a ajuta tarile in dificultate; prioritatea sunt ajutoarele financiare pentru familiile si firmele vulnerabile
- FMI cere BNR sa intareasca politica monetara iar Guvernului sa modifice legea pensiilor
- FMI: majorarea salariilor din sectorul public si legea pensiilor ar trebui reevaluate
- IMF statement of the 2018 Article IV Mission to Romania
- Jaewoo Lee, new IMF mission chief for Romania and Bulgaria
Noutati BERD
- Creditele neperformante (npl) - statistici BERD
- BERD este ingrijorata de investigatia autoritatilor din Republica Moldova la Victoria Bank, subsidiara Bancii Transilvania
- BERD dezvaluie cat a platit pe actiunile Piraeus Bank
- ING Bank si BERD finanteaza parcul logistic CTPark Bucharest
- EBRD hails Moldova banking breakthrough
Noutati Federal Reserve
- Federal Reserve anunta noi masuri extinse pentru combaterea crizei COVID-19, care produce pagube "imense" in Statele Unite si in lume
- Federal Reserve urca dobanda la 2,25%
- Federal Reserve decided to maintain the target range for the federal funds rate at 1-1/2 to 1-3/4 percent
- Federal Reserve majoreaza dobanda de referinta pentru dolar la 1,5% - 1,75%
- Federal Reserve issues FOMC statement
Noutati BEI
- BEI a redus cu 31% sprijinul acordat Romaniei in 2018
- Romania implements SME Initiative: EUR 580 m for Romanian businesses
- European Investment Bank (EIB) is lending EUR 20 million to Agricover Credit IFN
Mobile banking
- Comisioanele BRD pentru MyBRD Mobile, MyBRD Net, My BRD SMS
- Termeni si conditii contractuale ale serviciului You BRD
- Recomandari de securitate ale BRD pentru utilizatorii de internet/mobile banking
- CEC Bank - Ghid utilizare token sub forma de card bancar
- Cinci banci permit platile cu telefonul mobil prin Google Pay
Noutati Comisia Europeana
- Avertismentul Comitetului European pentru risc sistemic (CERS) privind vulnerabilitățile din sistemul financiar al Uniunii
- Cele mai mici preturi din Europa sunt in Romania
- State aid: Commission refers Romania to Court for failure to recover illegal aid worth up to €92 million
- Comisia Europeana publica raportul privind progresele inregistrate de Romania in cadrul mecanismului de cooperare si de verificare (MCV)
- Infringements: Commission refers Greece, Ireland and Romania to the Court of Justice for not implementing anti-money laundering rules
Noutati BVB
- BET AeRO, primul indice pentru piata AeRO, la BVB
- Laptaria cu Caimac s-a listat pe piata AeRO a BVB
- Banca Transilvania plateste un dividend brut pe actiune de 0,17 lei din profitul pe 2018
- Obligatiunile Bancii Transilvania se tranzactioneaza la Bursa de Valori Bucuresti
- Obligatiunile Good Pople SA (FRU21) au debutat pe piata AeRO
Institutul National de Statistica
- Deficitul balanței comerciale la 9 luni, cu 15% mai mare față de aceeași perioadă a anului trecut
- Producția industrială, în scădere semnificativă
- Pensia reală, în creștere cu 8,7% pe luna august 2024
- Avansul PIB pe T1 2024, majorat la +0,5%
- Industria prelucrătoare a trecut pe plus în aprilie 2024
Informatii utile asigurari
- Data de la care FGA face plati pentru asigurarile RCA Euroins: 17 mai 2023
- Asigurarea împotriva dezastrelor, valabilă și in caz de faliment
- Asiguratii nu au nevoie de documente de confirmare a cutremurului
- Cum functioneaza o asigurare de viata Metropolitan pentru un credit la Banca Transilvania?
- Care sunt documente necesare pentru dosarul de dauna la Cardif?
ING Bank
- La ING se vor putea face plati instant din decembrie 2022
- Cum evitam tentativele de frauda online?
- Clientii ING Bank trebuie sa-si actualizeze aplicatia Home Bank pana in 20 martie
- Obligatiunile Rockcastle, cel mai mare proprietar de centre comerciale din Europa Centrala si de Est, intermediata de ING Bank
- ING Bank transforma departamentul de responsabilitate sociala intr-unul de sustenabilitate
Ultimele Comentarii
-
LOAN OFFER
Buna ziua Aceasta pentru a informa publicul larg că oferim împrumuturi celor care au nevoie de ... detalii
-
!
Greu cu limba romana! Ce legatura are cuvantul "ecosistem" din limba romana cu sistemul de plati ... detalii
-
Bancnote vechi
Am 2 bancnote vechi:1-1000000lei;2-5000000lei Anul ... detalii
-
Bancnote vechi
Numar de ... detalii
-
Bancnote vechi
Am 3 bancnote vechi:1-1000000lei;1-5000lei;1-100000;mai multe bancnote cu eclipsa de ... detalii