BURSA 28.01.2017

Emilia Olescu (translated by Cosmin Ghidoveanu)
 
     * (Interview with European MP Cătălin Ivan, member of the Special Commission for the investigation of the Panama Papers scandal)
     *  Ivan: "In the Panama Papers scandal, all the seven major banks from Germany were involved in offshore activities. I don't think that there is any bank in Europe that doesn't have such practices"
         Banks are the main accomplices of those who hide huge amounts of money in offshores, says European MP Cătălin Ivan, member of the Special Commission for the investigation of the Panama Papers scandal. He says that most of the money transferred to those locations comes from EU member countries (UE). "Approximately 3000 billion Euros «flow» into Switzerland, Great Britain and Luxemburg. On a global level, offshore activities, most of them illegal, amount to approximately 8000 billion Euros", Mr. Ivan writes on his Facebook page.
       He talked to us, a in short interview, about this topic.

 
     Reporter: In a post on your Facebook account, you say that banks are the main accomplices of those who hide huge amounts of money in offshore firms. How does this happen?
     Cătălin Ivan: Most of the money gets out with the complicity of the banks, who provide such services to certain customers. They are connected to law firms from offshore areas or these banks even have subsidiaries in Switzerland or other areas. In Europe there are states that provide this banking secrecy service, such as Luxemburg, Ireland, Holland, even Great Britain. Out of these EU member states, the money gets very easily to offshore accounts. In the Panama Papers scandal, all of the seven major German banks were involved in offshore activities. I don't think there is any bank in Europe that is exempt from these practices.
     Reporter: Banks that are present in Romania as well?
     Cătălin Ivan: Of course! For now I do not have specific names of the Romanian banks that would do that, but it would be a miracle of the savage capitalism that we are living in for Romania not to be involved in these practices.
     Romania is considered more of a cash country. Money laundering and taking that cash out of the country is done mostly through cash. Banks are generally involved in transfers of that kind to the major financial hubs, which are mostly situated in Western Europe, but I am convinced that there are financial institutions that use that kind of practices in Romania as well.
     Reporter: And what actions are being taken at the EU level to fight this phenomenon?
     Cătălin Ivan: There are currently two directives in this sector, on a European level. We are now evaluating the whole international legislation that is in effect, the way it has been implemented and we will decide if new regulations are needed and an implementation of the European legislation at the level of the member states. To that end, we are conducting an investigation. On the other, we are analyzing the offshore structures and how the money gets transferred abroad, as well as conducting an analysis of the legislation, to see if it is broad enough to cover the fight against money laundering or if additional regulations are needed, or if the current legislation creates other opportunities for those who have such practices.
     Reporter: What is the situation in Romania? What is the scale of this phenomenon of the money leaving the country, to offshores?
     Cătălin Ivan: A study launched towards the end of last year presents businesses of that kind in Romania, as it has been found that approximately 40 billion Euros have been removed from the country by companies.
     Reporter: Thank you 
 

 
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Aceeasi sectiune (English Section)
THE COURT RULED THAT SOME CONTRACTS CONCLUDED BY CELL PHONE COMPANIES INCLUDE ABUSIVE CLAUSES
AFTER THE TRANSACTION BETWEEN BANCA TRANSILVANIA AND BANCPOST
PATRICIA SUÁREZ RAMÍREZ, THE PRESIDENT OF THE ASSOCIATION OF FINANCIAL CONSUMERS OF SPAIN:
THE QUICK RISE OF THE INDEX WHICH SETS THE TREND FOR INTEREST RATES ON LOANS DENOMINATED IN LEI ISN'T STOPPING
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English Section
11.12.2017
THE COURT RULED THAT SOME CONTRACTS CONCLUDED BY CELL PHONE COMPANIES INCLUDE ABUSIVE CLAUSES
     * The Bucharest Court of Appeal Bucharest yesterday ruled that RCS&RDS has abusive clauses in its contracts
     * The ANPC has also won the initial lawsuit against Telekom România
     * Vodafone has lost the case in the court of last instance against the ANPC
       The Courts have decided that some contracts concluded by the telephony companies contain abusive clauses. The Court rulings were rendered last year, as well as in 2016, but the argumentations have been formulated relatively recently.  details
08.12.2017
     The hope of an accession as quick as possible by Romania to the Eurozone was dealt a heavy blow precisely on the National Day.  details
06.12.2017
AFTER THE DRAFT HAD BEEN PUBLISHED IN OCTOBER
     * Gheorghe Șimon: "The royalties law will be voted in the Parliament in February next year"
     * Ministry of the Economy: "We will establish royalties which are fair both for the state as well as for the business sector"
     * Daniel Cătălin Zamfir, PNL: "I found out that there are companies that have never, take note, never paid even one leu in royalties to the Romanian state, even though they have been exploiting resources for over 20 years"
     * Last year, the Court of Auditors announced that Romania lost 1.4 billion dollars, because the ANRM established the oil royalties in a flawed manner
       The entire legislative package concerning the regulation of the system for the regulation of the mineral, oil and hydromineral resources will be revised and will be voted in the Parliament in February next year, Economics minister, Gheorghe Șimon, announced yesterday, after the debates of the Economic, Industries and Services Commission of the Senate.  details
28.11.2017
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     * MAKE, BURSA: "I want the new CEO of the BSE to participate in the drafting of a new strategy for the development of capital market"
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24.11.2017
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       According to some market sources, banker Ciprian Păltineanu and Adrian Tănase, Chief Investment Officer at NN Pensii România, will hold interviews in the beginning of next week with the Board of the BSE, after Ludwik Sobolewski's term expired in the summer.  details
23.11.2017
PATRICIA SUÁREZ RAMÍREZ, THE PRESIDENT OF THE ASSOCIATION OF FINANCIAL CONSUMERS OF SPAIN:
     * The head of the ASUFIN: "The ruling of the Supreme Court of Spain in which the Andriciuc case has been invoked will be part of the Spanish case law and the lower courts will be required to apply the principle that underlies this decision"
       The ruling issued by the Court of Justice of the European Union (CJUE) in the Andriciuc versus Banca Românească case represents a great advantage for Spanish debtors, said Patricia Suarez Ramírez, the president of the Association of Financial Consumers in Spain (ASUFIN), as part of a response recently sent to BURSA.  details
22.11.2017
     * Dragnea: "Those who are against me are hiding behind institutions"
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ANPC STRIKES AGAIN
     * BCR: "Ongoing contracts no longer contain the clauses that have been subjected to examination"
     * Sources: "ANPC has 6 lawsuits against BCR, which will lead to enormous losses for Erste Bank if BCR loses in court"
       After forcing Raiffeisen Bank to eliminate the unfair practices from the loan agreements, the National Consumer Protection Authority (ANPC) strikes again, this time the biggest bank in the system. BCR lost in the court of first instance, against the ANPC, in a class action lawsuit concerning abusive lending clauses.  details
16.11.2017
THE QUICK RISE OF THE INDEX WHICH SETS THE TREND FOR INTEREST RATES ON LOANS DENOMINATED IN LEI ISN'T STOPPING
     The 3-month ROBOR rate, which is used to calculate the interest rates, the majority of the loans denominated in lei, has jumped past the 2% psychological level, and yesterday reached 2.06%, up from Tuesday's 1.92%, according to data from the NBR.  details
16.11.2017
THE PARLIAMENT IS ASKING FOR INFORMATION CONCERNING THE INVESTIGATIONS WHICH OMV PETROM HAS BEEN SUBJECTED TO
     * Minister Toma Petcu, former ministers Răzvan Nicolescu and Victor Grigorescu, the representatives of the state in the executive structure of OMV Petrom and Mihai Busuioc, the president of the Court of Auditors were heard today in the Investigation Commission
       The executives of OMV Petrom mentioned, in a letter addressed to the parliament, the existence of four lawsuits brought by the National Energy Regulation Authority (ANRE) and of seven audits by the Authority, between 2012-2017, as the recent request for information by the Commission for the Investigation of the activity of the ANRE targeted a period of 12 years, from 2015 to 2017.  details
14.11.2017
THE EURO AT AN ALL-TIME HIGH
     * Vasilescu: "We cannot say that the currency market has gone off the rails, the exchange rate has moved 4 bani in 4 days"
     * "Perhaps it is a simple coincidence the fact that on November 8th was approved the Emergency Ordinance of the Fiscal Code and it was also on that day that the Euro rose past 4.6 lei", said Mr. Vasilescu
       The leu yesterday reached a historic low against the Euro, 4.6495 lei/Euro, up 1.05 over the previous meeting, marking the fourth day where the exchange rate was above 4.6 lei.  details
13.11.2017
     In October, the Romanian Commercial Bank, through Schoenherr și Asociații, has submitted, with the County Court of Bihor, a request for the insolvency of the European Drinks group, owned by the Micula brothers. That group includes: European Drinks, Transilvania General Import-Export, European Food, Starmill SRL, Scandic Distilleries SA, Rieni Drinks.  details
10.11.2017
DUMITRU COSTIN (BNS):
     * The executives of OMV Petrom, summoned to appear in the Parliament for the third time
     * Sevil Shhaideh and Radu-Spiridon Cojocaru, the representatives of the state on the Supervisory Board of OMV Petrom, also called in for hearings
     * Costin: "We have notified the Audit Body of the Prime-Minister"
       The management of OMV Petrom, namely Mrs. Mariana Gheorghe, as well as the representatives of the Romanian state on the Supervisory Board of OMV Petrom, Sevil Shhaideh and Radu-Spiridon Cojocaru will be invited to appear in the hearings on the Investigation Commission for the activity of the ANRE, the members of the Commission decided on Thursday.  details
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