Praet says rates can still go lower
Interview with Peter Praet, Member of the Executive Board of the ECB, conducted by Ferdinando Giugliano and Tonia Mastrobuoni on 15 March 2016 and published on 18 March 2016:
Can you explain why you took such a big package of measures last Thursday?
You have to put these decisions in the context of heightened risks to our price stability objective. External shocks, mainly originating from emerging markets, high market volatility and the crucial need to avoid second-round effects warranted a strong and comprehensive package to counteract these adverse forces.
We don’t have a gloomy assessment of the economy, domestic conditions have improved, financial conditions have clearly improved. But it is still very fragile, and external shocks can easily trigger a vicious circle, with further downward pressure on inflation. We wanted to ensure that this did not happen, in line with our mandate. It was decided by the vast majority in the Governing Council, that we had to act very forcefully to ensure an even more accommodative monetary policy stance.
What can be said about the composition of the measures?
We discussed the pros and cons of the different measures. On the negative deposit rate: it is clear that it served us very well in the past, it has been quite efficient in easing financial conditions, including the exchange rate, as a natural by-product of differences in the monetary policy stance in the major currency areas. As we proceeded on the path of negative interest rates on our deposit facility, it was also clear we had to look at the impact on the profitability of the banks.
Banks are very important for the monetary transmission mechanism, so you have to look at what is the impact of the package on the banking sector. Against this background, we decided in favour of a package which still made use of changes in the ECB interest rates but increased the weight of measures aimed at credit easing.
Since the markets had already anticipated three cuts in the deposit rate this year many money markets traders had to turn their positions. However, with a little bit more time to scrutinize and digest the complex package, markets and analysts finally tuned again.
Were you surprised by the strength of the market reaction?
I expected that the short end was going to be repriced but that the rest of the package would dominate. Looking through some volatility, what we have got at the end makes sense from an economic point of view.
Basically, we had a substantial impact on credit markets, which is good as financial conditions were worsening and credit spreads were going up. What dominated was very much the TLTRO and the broadening to corporate bonds of the asset purchases.
In terms of other asset prices, I believe markets are very conscious already that the monetary policy courses of the major world currency areas remain quite on different trajectories as they reflect fundamentally different domestic underlying conditions. As we have said few times in the past, the fact that there are significant and increasing differences in the monetary policy cycle between major advanced economies will become ever more evident in the near future.
But do you think the market is right to believe there will not be more cuts?
In the Introductory Statement we said very clearly that we “expect the key ECB interest rates to remain at present or lower levels for an extended period of time, and well past the horizon of our net asset purchases.
So you haven't reached the lower bound?
No, we haven't. As other central banks have demonstrated, we have not reached the physical lower bound. This re-composition of the tool-box does not mean that we have thrown away any of our tools. If new negative shocks should worsen the outlook or if financing conditions should not adjust in the direction and to the extent that is necessary to boost the economy and inflation, a rate reduction remains in our armoury.
On corporate bonds purchases: would this instrument be accessible for companies like, let's say, Volkswagen?
Yes, as long as they have investment grade. You have corporate bonds in other sectors too, such as utilities, insurance, telecommunications, energy.
Don't you think you are entering the dangerous territory of choosing who to distribute money to? For example, you may end up favoring larger companies.
Normally what you do is that you give liquidity to the bank in exchange of collateral. Here, you take a direct exposure. The other point is, you want to avoid influencing relative prices. We asked the committees to work on the specific definition of the bonds we will buy. We could buy something that is close to the index, but excluding banks, so that we avoid price distortions in the corporate bond market.
The important point is that if the price goes up because you are buying non-financial corporations, there will be search for other bonds by the markets participants so they will rebalance the portfolio with other bonds that are not in our portfolio. So the initial effect of our purchases will spread further and the market can still function.
Can we put it like this: in countries like Germany and France with big companies with high ratings, you are helping with corporate bond purchases, and in countries like Spain or Italy, with less access to this type of measure, you will help via the TLTRO?
It is true that in some jurisdictions you do not have many corporate bonds. But as I just said: the initial effect of our purchases will spread to other assets and other markets. So there will be a reinvestment of the liquidity. Those having sold corporate bonds will rebalance by buying other things. Some people will question the need for such a measure.
They are right in saying that the situation is not dramatic, but I would stress that it is still fragile. Yes, we can see that the situation is improving, as, for example, unemployment is coming down. But we have not reached the 'escape velocity' yet where the rocket is not bound by gravity anymore.
On the TLTRO, some say it is not going to make much difference, because the problem is the demand, not the supply of credit.
As shown by our Bank Lending Survey, credit demand is picking up and you also see from actual bank credit growth that the numbers are improving. So we now give a push for these developments to proceed and maybe to accelerate.
Do not overlook the following: In the last tranches of the TLTRO I you could borrow for less and less time, as the loans had all the same maturity, that is September 2018, in an environment where the rates were falling.
This time it's different: in one year you can still borrow for four years at the conditions prevailing at that time. And, banks can benefit from a negative rate as low as our deposit facility rate if they meet the thresholds for credit growth. All this is quite bold. It will certainly facilitate cheaper funding of banks by replacing more expensive funding instruments by our TLTRO II.
Don't you think that the discussion in Germany about how harmful the accommodative stance of the ECB is lacks some analysis on some wrong business models, for example the one of the Sparkassen?
What we experience in the banking sector is difficult and we have to be very attentive to that, but it is also true that the banks have to rethink their activities fundamentally. I mention here digitalization, which is a very big challenge for the banks. It has the potential to change the business model fundamentally.
The interest rate is not a favourable factor, but it is one of the factors. And as long as you have a positive impact on the economy from negative rates, you have better growth, fewer NPLs, so we have seen positive factors for banks.
The problem for banks is not 2016, it is the medium term, if the situation becomes persistent and the business model is not adjusted, then profitability becomes a major issue.
The staff projections don’t include the impact of the new measures. What will be the impact on inflation and growth of the package?
The measures we took should bring us close to the 2 per cent target at the end of 2018. But don't forget, the measures we take like the APP are supposed to remain in place as long as inflation has not reached a sustainable adjustment in the path of inflation. It must be sustainable.
We are not yet there. In the forward guidance we said: we expect the interest rates to be low or lower for an extended period of time, and well past the horizon of our net asset purchases, which currently have an horizon to at least March 2017.
Can I ask you about what’s left in the toolbox? Could we see ‘helicopter drops’?
There has been a lot of skepticism recently about monetary policy, not only in delivering but in saying ‘your toolbox is empty’. We say, ‘no it’s not true’. There are many things you can do. The question is what is appropriate, and at what time. I think for the time being we have what we have, and it is not appropriate to discuss the next set of measures.
But in principle the ECB could print cheques and send them to people?
Yes, all central banks can do it. You can issue currency and you distribute it to people. That’s helicopter money. Helicopter money is giving to the people part of the net present value of your future seigniorage, the profit you make on the future banknotes. The question is, if and when is it opportune to make recourse to that sort of instrument which is really an extreme sort of instrument.
There are other things you can theoretically do. There are several examples in the literature. So when we say we haven’t reached the limit of the toolbox, I think that’s true.
In Germany, the biggest economy in Europe, there is a very distortive discussion about the ECB. Aren’t you worried that this discussion is very dangerous to maintain trust within the eurozone?
I think the responsibilities for the problems we have are collective. I think everyone has to look from the point of view of the other. Don’t forget, a lot of excess German savings went to Spain, to the Spanish banking system. I don’t deny that the problem in creditor countries gets worse in some respects the lower we cut the deposit rate.
It is true we are looking at this, and it is true that when we decided some recomposition of our toolbox, we took that into account. But, fundamentally, the issue is not so much the negative rates, the main issue is mistrust in the willingness of the more indebted countries to really seize this opportunity to forcefully address the problems. This is much more what drives the German view.
Italy is often accused of not doing enough to solve its structural problems. What are the changes that could really unlock growth in Italy?
The real question is ‘what drives prosperity?’ I think prosperity is linked to education, productivity, the rule of law, property rights and all these things, certainly not monetary policy. In Italy productivity really started to stop growing in the early 1990s. I think this is a fundamental reflection for the country. Some key questions like the efficiency of the judicial system, the labour market reforms, liberalizations in services, have in all or in part been tackled. But I think the agenda remains unfortunately significant. To give you just a few examples, I have been worried by the insufficient spreading of ICT technology.
Business investment is recovering everywhere, because demand is recovering so investment is following, but one of the weaker investment performances is in Italy. I think the minister of finance and the government are well aware of what the priorities are, of what needs to be done.
One thing you haven’t mentioned is fiscal policy. In Rome one often hears the argument that Italy should be allowed to expand fiscal policy more to really help the recovery. One also hears that the European fiscal rules are not fit for purpose. How do you respond to that?
Experience tells that there is always a reason to postpone fiscal savings and that fiscal policy is often procyclical.
So the only appropriate response to these experiences is having suitable fiscal rules and following them over the full cycle. Yes, there is the risk of doing the wrong things.
For example, in 2011, not necessarily mentioning Italy but focusing on the European level, consolidation was necessary. However, the composition could have been more growth friendly. Instead of raising taxes, spending could have been cut, and instead of cutting investment in infrastructure, government consumption growth could have been reduced. And particularly in the current juncture, investment should not be penalized but encouraged in countries like Italy.
Fiscal consolidation is always a lot about composition, about timing. Successful consolidation could involve pension reforms, which spread consolidation through the years. In this respect, in the past Italy went a long way to improve fiscal sustainability through its pension reform.
I know in Italy there is a discussion over a coordinated tax reduction. What I see is that fiscal policy was slightly expansionary last year and will be this year. Well-designed structural reform packages, which entail short-term costs and have a clear impact on growth potential, are taken into account by the Commission and they may affect temporarily the adjustment toward the achievement of fiscal objectives. But of course the lower fiscal adjustment has to be commensurate to the beneficial impact of reforms on the growth potential and the sustainability of public finances.
Do you think there should be a haircut on Greek debt?
If you look at the wealth improvement of Greece in terms of disposable income, before the crisis it was spectacular and then it went the other way very quickly. So it was basically on shaky grounds, a large current account deficit, it borrowed money, so at some point it corrected.
All this makes you very cautious to say we just do this or that and support the recovery in the absence of a very convincing programme of reforms. Greece was the extreme case, the demonstration that the monetary union was unprepared to deal with a financial cycle correction, especially in some countries. Fortunately, new institutions have been put in place, such as the European Stability Mechanism, the Single Supervisory Mechanism, the Single Resolution Mechanism. But we are not there yet, the banking union is not a real banking union yet.
Who is stopping the third pillar of the banking union?
It is always the same problem. All will accept it, if they can trust the other members of this mutualized system to address what they think are risks.
Do you accept the argument that one needs to find ways to limit risks in the banking sector?
Yes, but the question is how you define that. That’s where the differences are. The single deposit guarantee has rarely been called and only for very small institutions. There is plenty of bail-inable assets before you reach small deposits. This deposit guarantee for me is something which distracts. We should do it. We could take the risk of having this guarantee.
A common deposit insurance would help, but it's more important to allow a European bank to be able to operate in the euro area as a single entity.
Even this small deposit guarantee scheme is a big political problem for Germany.
I think personally you should announce an objective and a roadmap. We have a roadmap for the deposit guarantee scheme, but it is very far away. We have to spell out on paper what we consider as required conditions before you can mutualise in, for example, 5 years. That would create a new environment for banking.
But the Germans have a roadmap: they say government bonds must not be risk-free and that they want a common bankruptcy law. These are very difficult conditions.
As for sovereign debt, we have learnt from the crisis that it is not risk-free, that is clear. On the other hand, sovereign debt plays an important role in our economy, in the financial sector. So one needs a very thorough reflection on this. That’s why the sustainability of public finances is key.
That’s why one can’t just say ‘let’s lower taxes and the economy will follow and we will self-finance the tax cut’. I think one needs to be careful as sovereign debt is a key pillar of our financial system.
A final question on Brexit. Do you have any contingency plans in place at the ECB?
Brexit is part of this tendency for some to say that independent nations can do it better than collective solutions. I am confident that the voters will understand that national solutions are worse, that we have to reinforce Europe and not the opposite.
Source: ECB statement
Adauga un comentariu
Adauga un comentariu folosind contul de Facebook
Alte stiri din categoria: Noutati BCE
Banca Centrala Europeana (BCE) recomanda bancilor sa nu plateasca dividende in aceasta perioada, pentru a putea sa absoarba pierderile aferente crizei coronavirusului si sa poata acorda in continuare credite. Bancile ar trebui sa opreasca si rascumpararile de actiuni destinate platii detalii
Banca Centrala Europeana (BCE) a început să achiziționeze active de la bănci comerciale în luna martie 2015 ca parte a măsurilor neconvenționale de politică monetară. Aceste achiziții de active, cunoscute și sub denumirea de „relaxare cantitativă” detalii
Banca Centrala Europeana (BCE) a anuntat astazi ca nu va majora dobanda pentru moneda euro, aflata la 0%, pana la mijlocul anului 2020, prelungind astfel asa numita perioada de "forward guidance", parte a strategiei de politica monetara de stimulare a economiei zonei euro care inca nu si-a revenit din perioada de recesiune. Decizia BCE va influenta si politica monetara din Romania, asa incat nu ar trebui sa ne asteptam la cesteri de dobanda in urmatorul detalii
Banca Centrala Europeana (BCE) trebuie sa fie consultata inainte de adoptarea unor reglementari care afecteaza bancile nationale, se arata intr-o scrisoare trimisa de BCE presedintelui Camerei Deputatilor, Liviu Dragnea, initiatorul unui proiect de lege pentru repatrierea rezervei de aur detalii
- 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
- Topul bancilor cu cele mai mici comisioane la contul curent cu card si online banking
- Cum se amana ratele la creditele Garanti BBVA
- Cum se face amanarea ratelor la creditele Unicredit Bank, conform OUG 227/2020
- Cum se amana ratele la Credit Europe Bank
- Banca Romaneasca anunta cum vor fi amanate ratele la credite
- Raiffeisen Bank isi repara sistemul informatic si de carduri tot week-end-ul, dupa caderea din aceasta saptamana
- 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
- ROBOR 3 luni (date statistice pe perioada 1995-2019, conform BNR)
- Asociatia Romana a Bancilor a devenit membru afiliat al OECD/ INFE
- Cei care-si amana ratele la credite trebuie sa se asigure ca le vor putea plati ulterior, avertizeaza bancile
- Doar 14% dintre romani prefera sa-si faca un depozit online, fara sa mearga la banca
- Noi reguli privind platile online cu cardul valabile din 2021, anunta ARB
- Comunitatea bancara anunta ca va participa in continuare la procesul de relansare a economiei
- 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
- Deficitul de cont curent, redus semnificativ in ianuarie 2021. Investitiile straine, la doar 30% fata de anul trecut
- Deficitul de cont curent a crescut in 2020 la 11 miliarde euro. Datoria pe termen mediu si lung, majorata cu 17 miliarde euro
- Care este numarul cardurilor cobranded din totalul cardurilor active
- Creditarea a ramas la niveluri ridicate si in luna octombrie
- Imprumuturile pentru consum si-au redus la jumatate ritmul de crestere, pe cand creditele imobiliare sunt neafectate de criza
- Legea pentru combaterea spalarii banilor a fost schimbata: firmele trebuie sa depuna o declaratie anuala privind beneficiarul real
- Executarile silite ale firmelor ar putea fi suspendate, in cadrul concordatului preventiv
- Asociația Consilierilor Juridici din Sistemul Financiar - Bancar si-a lansat noul site
- Legea nr. 52/2020 pentru modificarea si completarea Legii nr. 77/2016 privind darea in plata a unor bunuri imobile in vederea stingerii obligatiilor asumate prin credite
- OUG nr. 29/2020 privind masurile Guvernului de sustinere a firmelor afectate de criza coronavirusului COVID-19
- Deficitul bugetar dupa primul trimestru al anului 2021, doar 1,28% din PIB
- Agricultura romaneasca, a doua cea mai mare scadere a venitului agricol pe unitatea de munca
- Scumpirea carburantilor a mentinut inflatia anuala peste pragul de 3% in martie 2021
- Productia de cereale din 2020, in scadere cu 38%
- Romania a inceput anul 2021 cu cel mai mare deficit comercial la nivel regional
- Platile online cu cardurile ING, confirmate doar in Home Bank
- Inregistrare online in platforma de tranzactionare valutara Schimb Valutar Online a Telekom Banking
- ING Bank a intermediat o emisiune de tip plasament privat pentru Banca Internationala de Investitii
- Garanti BBVA Romania ofera angajatilor asigurari de sanatate
- Clientii Raiffeisen se plang ca nu functioneaza aplicatia Smart Mobile
- 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)
- Programul "Noua casa" va avea garantii de 1,5 miliarde lei in anul 2021
- Cat sunt alocatiile pentru copii din 1 ianuarie 2021
- Aplicatia pentru completarea Formularului 094 in format electronic va fi disponibila pe www.anaf.ro, incepand cu data de 20 ianuarie
- Suspendarea ratelor la credite se poate face pe maxim 9 luni, anunta Ministerul Finantelor
- Normele de aplicare ale OUG 227/2020 privind amanarea ratelor la credite, publicate de Ministerul Finantelor
- Legalitatea prelucrarii datelor personale de catre Biroul de Credit
- Care sunt bancile si IFN-urile care-si raporteaza clientii la Biroul de Credit?
- Site-ul Birouldecredit.ro are probleme de functionare
- Intrebari frecvente despre Biroul de Credit
- Lista bancilor si IFN-urilor care-si raporteaza clientii la Biroul de Credit
- 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)
- Taxa de reziliere a abonamentului Vodafone inainte de termen este ilegala (decizia definitiva a judecatorilor)
- ANAF trebuie sa plateasca BCR Leasing dobanzi fiscale de 6,7 milioane lei, pentru obligatii suplimentare de plata a TVA anulate de justitie
- Clauzele abuzive din contractele de credit nu au termen de prescriptie, deci pot fi constatate oricand, chiar si dupa plata creditelor, a decis CJUE
- Prognoza de primavara: estimarea oficiala pentru PIB 2021, crescuta la 5%
- Productia industriala, in scadere anuala cu peste trei procente in februarie 2021
- Avansul puterii de cumparare a salariilor in februarie 2021, la cea mai mica valoare de dupa impactul initial al pandemiei
- Soldul bugetar la doua luni a ajuns deja la -1,14% din PIB. Avansul cheltuielilor, mult peste al veniturilor
- Salariul mediu a coborat inapoi sub 3.400 lei, in ianuarie 2021
- Preturile din Romania sunt la nivelul de 55,2% din media UE
- Romania - cea mai mare ieftinire in termeni reali a caselor dintre statele UE, pe 2019
- Marjele de dobanda practicate de banci sunt in scadere (analiza a Bancii Transilvania)
- Cat este salariul minim pe economie in 2020: 1346 lei net si 2.230 lei brut
- Incluziunea financiara a Romaniei, cea mai mica din Europa, scade, in loc sa creasca
- 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?
- 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
- Rata dobanzii pe termen lung pentru Romania, in crestere la 2,96%
- BCE recomanda bancilor sa nu plateasca dividende
- Modul de functionare a relaxarii cantitative (quantitative easing – QE)
- Dobanda la euro nu va creste pana in iunie 2020
- BCE trebuie sa fie consultata inainte de adoptarea de legi care afecteaza bancile nationale
- 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
- 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
- FGDB explica modul de aplicare a procedurii de recapitalizare interna a unei banci cu depozitele negarantate ale clientilor (bail-in)
- CSALB: pandemia a umanizat relatia consumator-banca
- Cei care nu-si pot plati ratele amanate la credite pot apela la CSALB
- Negocierea in cadrul CSALB ar putea fi obligatorie inaintea proceselor dintre banci si clienti
- CSALB a reusit sa rezolve 433 de litigii dintre banci si clienti, insa in 51 de cazuri negocierile au esuat: exemple si recomandari
- Centrul unde romanii negociaza cu bancile și IFN-urile implinește 5 ani de la infiintare
- First Bank are o noua aplicatie de mobile banking
- Cetatenii americani din Romania pot incasa cecurile de asistenta financiara pentru COVID-19 doar la First Bank
- First Bank finalizeaza achizitia Bank Leumi Romania
- 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
- 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
- Banca Transilvania and EBRD become majority shareholders of Victoriabank in Moldova
- 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
- 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
- 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
- Atacuri phishing impotriva clientilor a trei banci, depistate de CERT-RO
- Alpha Bank: precizari despre tentativele de real-time phishing
- 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
- Council of the European Union statement on Bulgaria path towards ERM II participation
- Romania, pe ultimul loc in Europa la digitalizare
- 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
- BVB avertizeaza doua firme ca nu si-au respectat obligatiile de raportare
- Raiffeisen Centrobank (RCB) a lansat produse de investitii tip warrant la BVB
- Constructiile dupa doua luni din 2021, sub nivelul de anul trecut
- Deficitul comercial a depasit deja 3 miliarde de euro in februarie 2021
- PIB 2020, recalculat cu 1,7 miliarde lei in plus. Scaderea economiei in termeni reali, pastrată la 3,9%
- Comertul cu amanuntul, pe minus in termeni ajustati sezonier in februarie 2021
- Preturile produselor industriale, majorate brusc in februarie 2021
- Regulile privind incheierea asigurarii auto RCA online
- Ce este o polita de asigurare auto obligatorie RCA
- Politica de prelucrare a datelor cu caracter personal Pint.ro Broker de Asigurare SRL
- Cererile pentru credite Noua Casa la ING Bank s-au dublat
- Probleme la platile online cu cardurile ING (actualizat)
- Cum se amana ratele la creditele ING, conform OUG 227/2020
- ING a blocat alocatia copilului. Ce trebuie sa fac?
- ING Bank are noi reguli pentru limitele de depunere si retragere numerar cu cardul de la ATM-uri
Rezident in Canada
Doresc sa deschid un cont in RON la orice Banca din Romania cu acces la online banking. Locuiesc ... detalii
Am cont in lei deschis la BRD . Doresc sa pot face operatiuni on line din SUA, unde ma aflu de 1an ... detalii
Am cont in lei deschis la BRD . Doresc sa pot face operatiuni on line din SUA, unde ma aflu de 1an ... detalii
Buna ziua!Imi expira cardul in 5 /2021.Multumesc!
Doresc card de cumparaturi
Cine a accesat este ... detalii