Electrica Furnizare
EUGEN TEODOROVICI SEES A CONFLICT OF INTEREST IN THE POSITIONS HELD BY IONUȚ DUMITRU
BURSA 01.02.2017

A.A. (translated by Cosmin Ghidoveanu)
 
mărește imaginea
     * Ionuț Dumitru: "I will not go into this politically motivated argument"
     * Ionuț Dumitru has also been criticized by Liviu Dragnea
       PSD senator Eugen Teodorovici thinks that the Fiscal Council makes misleading predictions, and as a result has asked for the resignation of the president of the Fiscal Council on Tuesday. Ionuț Dumitru said that he would not enter this "politicianist" debate.
     Eugen Teodorovici is proposing that bank representatives no longer be allowed on the Fiscal Council.
     "There is a conflict of interest in the situation of Mr. Ionuț Dumitru, because it is not acceptable to be referee and player at the same time", Eugen Teodorovici told us yesterday.
     He added: "I gave an example, in the Commission (ed. note: - in the joint budget-finance Commissions), and Mr. Dumitru gave no answer. I asked: Can a negative opinion by an institution such as the Fiscal Council, concerning the macroeconomic indicators influence the cost of government bonds? Categorically yes!
     Being with Raiffeisen (ed. note: chief economist) and knowing full well the real situation in the market, even if it was the Council that painted it negatively and not himself, the bank that employs him would buy government bonds from the Finance Ministry at the fair price. But all of the other banks, being worried following the considerations of the Fiscal Council, might decide to ask for higher prices. Raiffeisen would automatically place its money more easily. This is a clear conflict".
     The president of the Fiscal Council, Ionuț Dumitru, said, at the end of yesterday's hearing, that he won't go into the "politicianist debate", and that the Law no. 69 only stipulates political incompatibilities: "I won't go into this politicianist debate, I think that we should look at the law, and Law no. 69 based on which we used to operate stipulates no incompatibility in that regard (of him working as an economist at Raiffeisen Bank and president of the Fiscal Council - ed. note), only political incompatibilities are taken into account. I have no relatives, I am not a member of any political party, I have not been involved in any political activity, so let's leave politicianism aside".
     On the other hand, the senator told us that the law invoked by Ionuț Dumitru is not correct and should be changed: "It doesn't mean that if he is invoking the law no. 69/2010 (ed. note: Ionuț Dumitru) he is right. I have explained that even when the law is not correct, The Court of Auditors makes a recommendation in its report, and states that the law should be changed. In that regard, I will be making a proposal to amend the law no. 69/2010, to at least bar bank representatives from being part of the Fiscal Council.
     In 2013, 2014 that Council was saying that Romania would not attract European grants, and it did. In a similar vein, they have criticized the Fiscal Code. If we didn't draw up the Fiscal Code, with our Finance Ministry and Government, all the advantages that we got since 2016 wouldn't have happened. Who could we have blamed for that? On one hand, the Finance Ministry and the Government are liable for the way they are managing the country's financial resources, but on the other hand, people who issue such statements that never get confirmed by facts are not liable for them".
     During the hearings, Ionuț Dumitru quoted from the law, according to news.ro: "As far as your claim of conflict of interest, I would like to read from the law, voted by the parliament, you probably were a member of the parliament at the time as well. Law no. 69 states that a person that has served in the government, in the Parliament or the European Parliament four years earlier may not be nominated for the Fiscal Council - not my case".
     Eugen Teodorovici said that Mr. Dumitru did not answer the question: "Is something like this a conflict or not? Can it deliberately influence the borrowing cost or not?"
     The president of the Fiscal Council further said: "I, Ionuț Dumitru, am not the only one on the Fiscal Council. Together with me there are four more colleagues who are representatives of the NBR, of the Romanian Academy, of the Academy of Economic Studies, and the Romanian Banking Institute, respectively, so it is not me writing those opinions, they are worked on approved together with our colleagues".
     In October, Liviu Dragnea also attacked Ionuț Dumitru, the president of the Fiscal Council, as the latter called the program of the PSD "unrealistic".
     Back then, Liviu Dragnea said that it is not the first time when Ionuț Dumitru "gets involved in the political struggle" and he reminded that Dumitru "would speak out in favor of the Boc government's plan to cut wages and raise VAT".
     When asked on his comments concerning the statement made by Ionuț Dumitru, who called the programs of the PSD and PNL "unrealistic", the PSD leader said: "I am not convinced that the person who made this statement talked on behalf of an independent public institution as you say he did. Perhaps he spoke in his position as chief economist of a multinational Romanian bank. Because he strangely has this dual role: he is simultaneously the head of an independent public institution where he was appointed by the Parliament, and a major representative of a foreign private bank. I think that that bank will not be very pleased with Romanians having more money in their pockets and borrowing less. Perhaps that's where that characterization comes from. I was expecting him to base his statements on numbers and official figures, if speaking based on official data and numbers. At least that's how we did it in our program."
     Back then, Ionuț Dumitru said that when the wages had been cut and the VAT raised, the Fiscal Council did not even exist. 
 

 
Readers' comments    [ add a comment ] 
Aceeasi sectiune (English Section)
AT THE INVESTIGATIVE COMMISSION OF THE ACTIVITY OF THE ANRE
RADU CRĂCIUN, APAPR, ABOUT THE INVESTMENT OF PRIVATE PENSION FUNDS IN DIGI, A COMPANY WHICH HAS CRIMINAL ISSUES:
UNICREDIT WARNS THAT THE ROMANIAN GOVERNMENT IS REPEATING MANY OF THE MISTAKES THAT HAVE LED TO THE RECESSION OF 2009-2010
AFTER BEING FORCED TO MOVE THE BRD NĂSTASE ȚIRIAC TROPHY TOURNAMENT TO BUDAPEST
THE CONFERENCE "THE FUTURE OF THE ROMANIAN CAPITAL MARKET" - THE 6TH EDITION/MIRCEA URSACHE, ASF:
FINANCE MINISTRY LAYS GROUNDWORK FOR BUYING GOVERNMENT BONDS DIRECTLY THROUGH THE TREASURY
Actualitate - vezi toate știrile mai jos.
Revista Presei, 07:03
     * ADEVARUL
     * Deputații juriști au votat împotriva începerii urmării penale a Rovanei Plumb
     Comisia juridică a Camerei Deputaților a votat luni împotriva începerii urmăririi penale a ministrului demisionar al Fondurilor Europene, Rovana Plumb, după ce aceasta a fost audiată, alături de avocat, aproximativ o oră de către deputații juriști.  detalii
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
17.10.2017
BVB
     * Titlurile "Fondul Proprietatea" conduc topul lichidității
       Săptămâna de tranzacționare a debutat cu un rulaj de 32,54 milioane de lei, superior celui înregistrat vineri, de circa 23 milioane de lei, în contextul în care cinci dintre indicii Bursei de...  detalii
16.10.2017
BVB / ÎN ULTIMA ȘEDINȚĂ A SĂPTĂMÂNII,
     * Dragoș Mesaroș, "Goldring": "După demisiile miniștrilor, de joi seară, probabil că investitorii au prins curaj, intrând la cumpărare"
       Ultima ședință de tranzacționare a săptămânii a încheiat în teritoriul pozitiv, toți indicii Bursei de Valori București (BVB) marcând creșteri.  detalii
16.10.2017
BURSELE DIN LUME
     Acțiunile tranzacționate pe piețele europene au înregistrat creșteri vineri, în baza evoluțiilor de pe segmentul materiilor prime.  detalii
13.10.2017
BVB
     * Avans de 0,26% pentru BET-NG
       Piața Bursei de Valori București (BVB) a înregistrat, în penultima ședință de tranzacționare a săptămânii, o lichiditate de doar 20,72 milioane de lei (4,51 milioane de euro), sub rulajul de...  detalii
13.10.2017
BURSELE DIN LUME
     Acțiunile societăților listate pe piețele din Europa au fluctuat ieri, traderii așteptând unele declarații ale președintelui Băncii Centrale Europene (BCE), Mario Draghi, într-un panel de discuții...  detalii
12.10.2017
BVB
     Ședința de tranzacționare de la mijlocul săptămânii a ieșit în evidență prin scăderea tuturor indicilor Bursei de Valori București (BVB), cea mai mare depreciere fiind înregistrată de BET-FI.  detalii
Cotații Internaționale

Curs Valutar

Curs valabil din data de 16 octombrie 2017
1 Dolar australian...
1 Leva bulgărească...
1 Dolar canadian....
1 Franc elvețian...
1 Coroană cehă...
1 Coroană daneză...
1 Liră egipteană...
1 Euro...
1 Liră sterlină...
100 Forinți maghiari...
100 Yeni japonezi...
1 Leu moldovenesc...
1 Coroană norvegiană...
1 Zlot polonez...
1 Rublă rusească...
1 Coroană suedeză...
1 Liră turcească...
1 Dolar S.U.A...
1 Rand sud-african...
1 Real brazilian...
1 Renminbi chinezesc...
1 Rupie indiană...
100 Woni sud-coreeni...
1 Peso mexican...
1 Dolar neo-zeelandez...
1 Dinar sărbesc...
1 Hryvna ucraineană...
1 Dirham emirate arabe...
1 Kuna croată...
1 Bahtul thailandez...
1 Gram aur...
1 DST...
AUD
BGN
CAD
CHF
CZK
DKK
EGP
EUR
GBP
HUF
JPY
MDL
NOK
PLN
RUB
SEK
TRL
USD
ZAR
BRL
CNY
INR
KRW
MXN
NZD
RSD
UAH
AED
HRK
THB
XAU
XDR
3,0617
2,3445
3,1122
3,9851
0,1777
0,6160
0,2203
4,5854
5,1710
1,4883
3,4776
0,2223
0,4921
1,0797
0,0680
0,4781
1,0660
3,8887
0,2914
1,2365
0,5901
0,0601
0,3452
0,2044
2,7953
0,0384
0,1459
1,0587
0,6108
0,1176
163,1062
5,4971
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
click aici pentru cursurile pieței valutare - istoric
English Section
16.10.2017
EXCLUSIVE
     * "The US and Saudi Arabia - the main sponsors of terrorism in the world"
     * (Interview with His Excellency, Mr. Hamid Moayyer, ambassador of the Republic of Iran in Romania)
       Donald Trump, the United States president, must decide by October 15th whether or not he will certify if Iran has followed the terms of the nuclear agreement signed in 2015 by Iran and six major western powers.  details
12.10.2017
EARTHLY LAWS, IGNORED ON THE BSE PLANET
     The Bucharest Stock Exchange (BVB), the operator of the Romanian capital market, still stands by the nonsensical claim made by its former CEO Ludwik Sobolewski, that his contract expired on August 21st, but not his mandate.  details
12.10.2017
AT THE INVESTIGATIVE COMMISSION OF THE ACTIVITY OF THE ANRE
     * Sources: PSD has four names for the head of the ANRE
     * Rumored names: Florentin Pandele, mayor of Voluntari, Iulian Iancu, president of the Industries Commission, former prime-minister Sorin Grindeanu and deputy Eugen Nicolicea
       Niculae Havrileț, the president of the National Authority for Regulation in the Energy Sector (ANRE), together with other members of the Regulatory Committee of the ANRE, will arrive before the Commission for the Investigation of the activity of the ANRE.  details
11.10.2017
RADU CRĂCIUN, APAPR, ABOUT THE INVESTMENT OF PRIVATE PENSION FUNDS IN DIGI, A COMPANY WHICH HAS CRIMINAL ISSUES:
     Mandatory private pension funds which have invested in Digi Communications, the parent company of RCS&RDS, which was indicted on money laundering and offering bribes, have taken this operating risk into account, by offering a lower price in the IPO, Radu Crăciun, member on the Board of Directors of the Romanian Association of Privately Managed Pensions (APAPR).  details
09.10.2017
     President of BURSA Press Group, Florian Goldstein (MAKE), participated, as speaker, on September 26th, at a debate regarding the future of the European Union, in Brussels, at the invitation of Group of the European People's Party.
     The subject of the debate can be synthesized in four questions:
     1. Would it be recommendable for the EU Non-Eurozone States to adopt Euro currency?(...)
     -------------
     Question nr.1 answers given by my fellow citizens are divided, and this summer polemic between the Euro MP Theodor Stolojan and Daniel Daianu (member of the Romanian National Bank Board of Directors) in the financial newspaper BURSA has shaped up the idea we could adopt Euro anytime (given the condition of maintaining the macroeconomic balances), an idea opposed to the one claiming Euro adoption should wait till the convergence criteria would be fulfilled.  details
09.10.2017
UNICREDIT WARNS THAT THE ROMANIAN GOVERNMENT IS REPEATING MANY OF THE MISTAKES THAT HAVE LED TO THE RECESSION OF 2009-2010
     * Vasilescu: "There are many crystal ball readers, even in the banking system"
     * UniCredit estimates that the leu will continue to weaken against the Euro to 4.6-4.7, in the first quarter of 2018, and that the policy rate will increase to 2.5%
       UniCredit Bank analysts are issuing a warning that the Romanian government is repeating many of the mistakes that have led to the recession of 2009-2010. The quoted experts are mentioning both the fiscal policy that is risky for the economy, as well as the fact that the leu will significantly weaken in 2018, and the deficit may increase to 3.7%. Among other things, the UniCredit report issued on Friday predicts an EUR/RON exchange rate of 4.7 and a policy rate of 2.5%, for the beginning of next year.  details
05.10.2017
AFTER BEING FORCED TO MOVE THE BRD NĂSTASE ȚIRIAC TROPHY TOURNAMENT TO BUDAPEST
     * Ilie Năstase: "If I was Țiriac, I would sue Mugur Isărescu"
       PNL senator Daniel Zamfir, president of the Budget Commission in the Senate, a vocal critic of the banking system, of the NBR and of its governor is adamant about bringing up the activity of the NBR from all angles.  details
03.10.2017
     * The BSE may be taken off the watchlist
     * FTSE only noted improvements when it comes to stock lending, while the liquidity requirement has not yet been met
     * Poland, upgraded to the emerging market status
     * Mongolia and Nigeria, removed from the watchlists
       The Bucharest Stock Exchange (BSE) remains a frontier market, for at least a year, after, on Friday night, FTSE Russell did not give promote it.  details
02.10.2017
     * Iulian Iancu: "We shouldn't stand out by being silent in Brussels and be forced to give natural gas to the neighboring countries, by taking it away from our industrial consumers"
     * Emil Calotă: "If we do not take action, the natural gas stored by the Romanian producers will remain unused, because there will be far cheaper imported gas available"
       The National Authority for the Regulation of the Energy Market (ANRE) has asked for the reconsideration of gas storage policies in Romania to be made a priority, Emil Calotă, the vice-president of the ANRE recently said, in the debates in the Industry Commission of the Romania Parliament about the Draft Law concerning the approval of the Government Emergency Ordinance no.64/2016 for the amendment and completion of the Law of Electricity and of natural gas no. 123/ 2012.  details
29.09.2017
LUCIAN ANGHEL:
     We can't expect Romania to be upgraded to the emerging market status right now, BSE president Lucian Anghel said yesterday, as FTSE Russell will publish today its annual classification report.  details
28.09.2017
     Central European Media (CME), the owner of Pro TV, is currently in negotiations to sell the four TV stations it still holds in Central and Eastern Europe, according to Echo 24, which quotes several concerned sources.  details
27.09.2017
     The Romanian Commercial Bank (BCR) is saying for the first time, that the sale of the Cemacon was made at a price of 1 Euro, and the lender stressed that this was done to save the company.  details
26.09.2017
THE CONFERENCE "THE FUTURE OF THE ROMANIAN CAPITAL MARKET" - THE 6TH EDITION/MIRCEA URSACHE, ASF:
     * Cappon, Prodan and Sobolewski yesterday had their interviews for the position of CEO of the BSE
     Ludwik Sobolewski is no longer the CEO of the Bucharest Stock Exchange (BVB), Mircea Ursache, the vice-president of the Financial Oversight Authority (ASF) said yesterday. He added that the ASF has conducted an analysis concerning corporate governance at the BSE.  details
25.09.2017
FINANCE MINISTRY LAYS GROUNDWORK FOR BUYING GOVERNMENT BONDS DIRECTLY THROUGH THE TREASURY
     The Ministry of Public Finance (MFP) has created the legal framework which will allow it to sell government bonds to the population directly through the State Treasury and intends to use that system for the next issue aimed at individual investors as early as this year, according to market sources.  details
21.09.2017
ANDRE CAPPON, CBM GROUP:
     Andre Cappon, the president of the CBM, Inc. group of New York, comes with a different perspective on the future development of the Bucharest Stock Exchange than that of the current management of the market operator. In his opinion it would be better for the BSE to remain one of the best frontier markets than joining the emerging market and then be demoted, as he told us in an interview.  details
.