Capital Markets and Non-bank Financial Institutions in by Michel Noel, Ramin Shojai

By Michel Noel, Ramin Shojai

"Capital Markets and Non-bank monetary associations in Romania is a part of the realm financial institution operating Paper sequence. those papers are released to speak the result of the Bank?s ongoing learn and to stimulate public discussion.With in basic terms 3 years closing prior to becoming a member of the eu Union, Romania is operating challenging to enhance its capital markets and non-bank monetary associations, which stay much less constructed than these in different accession nations. Strengthening those sectors has develop into a best precedence for policymakers, whose basic target is to make sure that the economic system is adequately built to serve the growing to be calls for of the Romanian economy.During 2003 and 2004, the Romanian experts made major efforts to draft, undertake, and enact new laws to align Romania with european monetary directives. regardless of those efforts, even though, demanding situations stay within the sector of supervisory potential and the implementation of legislation and regulations.This learn assesses key concerns and suggestions for improvement, and stories the categorical alterations that are valuable in 4 components: structural reforms, marketplace associations, and infrastructure; accounting, transparency, and disclosure; industry infrastructure; and credits enhancements."

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Additional info for Capital Markets and Non-bank Financial Institutions in Romania: Assessment of Key Issues and Recommendations for Development (World Bank Working Papers)

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16. Includes eight foreign bank branches. 17. Downward interest movement did not continue in second half of 2003 and first half of 2004. 18. Lending rate for non-banks non-government—Deposit rate for non-banks non-government (including sight deposits). 2%. 19. Source: Romania FSAP. 20. Commercial bank liabilities can be broken down into following categories: (i) about 70 percent due to customers, almost all in form of deposits from customers, (ii) 14 percent due to other banks and institutions, (iii) 1 percent operation with securities and other operations, and (iv) the rest is own capital.

Romania’s insurance sector indicators also exhibit a lag in performance in comparison to other transition countries. Romania’s premium revenues were only 21 percent of those in the Czech Republic and 31 percent those of Hungary, despite Romania’s larger population (Table 26). The gap with Poland is also substantial in terms of per capita measures. Pension Funds The Romanian pension system is still based on an unfunded public pillar; for this reason and the fact that the pension system is structurally unsustainable, pension reform is being contemplated.

99 million in benefits and claims, and had after-tax profits of about US$29. 6 million. The concentration of insurance companies is high. The 10 largest companies in 2002 represented 82 percent of the total market in terms of gross premium income, 83 percent in terms of assets, and 74 percent in terms of capital. In 2003, the 10 largest companies also 30. The SIFs were interested in the International Leasing issue (2002), valued at ROL 15 billion. However, the issue sold out so quickly that the SIFs were too late in purchasing the bonds.

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