Categorie: fiscality

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NBR – decisions on monetary policy

As shown in the press release following the meeting of 2 April 2019 of the National Bank of Romania Board, the following was decided: to keep the monetary policy rate at 2.50 percent per annum; to leave unchanged the deposit facility rate at 1.50 percent per annum and the lending facility rate at 3.50 percent per annum; and to maintain the existing levels of minimum reserve requirement ratios on both leu- and foreign currency-denominated liabilities of credit institutions.

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Economic developments in the euro area

According to the remarks made by Luis de Guindos, Vice-President of the ECB,  published within the press release  of the European Central Bank, in recent months, incoming euro area data have continued to be weak and the economy has grown below expectations. That is, euro area real GDP increased by 0.2% quarter-on-quarter in the fourth quarter of 2018 (according to preliminary estimates), which was slightly up from 0.1% in the quarter before, but well below the 0.4% growth observed in the first half of 2018.

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BNR: Raport asupra inflației

Banca Națională a României a publicat în data de 14 februarie, raportul asupra inflației – februarie 2019, Raportul prezintă proiecția trimestrială a Băncii Naționale a României privind evoluția inflației pe un orizont de opt trimestre – inclusiv incertitudinile și riscurile asociate acesteia – și evaluează contextul macroeconomic recent și viitor din perspectiva deciziei de politică monetară.

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Non-European Union branches of EU firms

The European Securities and Markets Authority (ESMA) has published on 6th of February 2019 the MiFID II supervisory briefing on the supervision of non-European Union (EU) branches of EU firms providing investment services and activities. The supervisory briefing has been designed to assist national competent authorities (NCAs) in their supervision of the establishment by EU firms of branches in non-EU countries.

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L’accesso ai finanziamenti per le società non finanziarie

Secondo l’indagine in materia di accesso ai finanziamenti per le società non finanziarie pubblicata dalla Banca Nazionale della Romania (BNR) all’inizio di gennaio, negli ultimi sei mesi, le aziende hanno riscontrato i problemi in modo meno acuto, i cui risultati sono stati sostenuti dalla crescita economica registrata internamente ed i costi di finanziamento quali restano ancora bassi. Tuttavia, permangono alcune preoccupazioni legate all’evoluzione del contesto aziendale.

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New measures to address non-performing loans

On 18th of December, the European Parliament and the Council agreed a new framework for dealing with banks’ bad loans. They reached a provisional political agreement on capital requirements applying to banks with non-performing loans (NPLs) on their balance sheets. The deal will now be submitted for endorsement by EU ambassadors according to the Council’s press release.

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