The Annual General Meeting (AGM) of ING Groep N.V. today adopted the 2011 Annual Accounts, said the bank in a statement.rnrnIn addition, the AGM appointed Wilfred Nagel as a member of the Executive Board. Wilfred will fulfil the role of Chief Risk Officer.rnrnThe AGM extended the appointment of Ernst & Young as the external auditor of the Company by two more financial years, with the assignment to audit the annual accounts of the financial years 2012 and 2013. rnrnThe AGM appointed Jan Holsboer, Yvonne van Rooy and Robert Reibestein to the Supervisory Board, the latter as per 1 January 2013, as previously announced.rnrnPrior to the AGM Aman Mehta withdrew his nomination for reappointment as member of the Supervisory Board, after negative advice on this point from shareholder advisory groups over the number of board positions Aman Mehta holds. Therefore his membership of the Supervisory Board has ended as of the end of today’s AGM. ING regrets the decision by Aman Mehta, and thanks him for his valuable contributions over the last years.rnrnAfter the AGM, the Supervisory Board of ING Group consists of:rnrnJeroen van der Veer, Chairmanrn rnPiet KlaverrnrnPeter Elverding, Vice-Chairmanrn rnJoost KuiperrnrnTineke Bahlmannrn rnRobert Reibestein*rnrnHenk BreukinkrnrnJan Holsboerrn rnYvonne van RooyrnrnLodewijk de WaalrnrnSjoerd van Keulenrn rnLuc Vandewallern rnrn* as of 1 January 2013
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