TUDOR TATU, THE UNION OF BANKING MEDIATORS:
BURSA 14.01.2013

ELENA VOINEA (Translated by Cosmin Ghidoveanu)
 
mărește imaginea
Tudor Tatu
       Requests for banking mediation received and solved by the Union of Banking Mediators fell over 90% last year, said Tudor Tatu, the president of the Union of Banking Mediators, in an interview. He explained that in 2011 the Union of Banking Mediators has solved over 500 requests, whereas in 2012 that number fell to 38, of which more than half were denied. The large number of requests for mediation recorded in 2011 came as a result of the introduction of the Government Emergency Ordinance 50/2010, which led to the creation of the conflicts between banks and their customers, according to Tudor Tatu.
       For now, mediation has failed to be perceived as an effective solution to the conflicts between banks and their customers, he mentioned. Still, the mediators who are the members of the Union of Banking Mediators, who succeeded in getting the parties of banking lawsuit together for mediation, have a success percentage of approximately 25%, which is considered a good outcome, compared to the specific of the dispute, according to the president of the Union.

 
     Reporter: What is the form banking mediation currently takes in Romania?
     Tudor Tatu: Since its creation, the Union of the Banking Mediators has constantly taken steps to promote mediation among the customers of banking or non-banking institutions (IFN), as well as among the employees of the latter, using various channels accessible for information.
     However, the banking cases are just another segment of disputes which are hard to access by mediators, but an approach adapted to the rigors of the financial-banking system can ensure a positive response in a not so far future.
     As the disputes between banks and their customers are many, mediation failed for now to be perceived as an efficient alternative to the conflicts of this kind.
     However, the members of the Union of Banking Mediators who have succeeded in bringing the parties of a mediation party in, have a success percentage of approximately 25%, which is considered to be very good in relation to the specific of the dispute.
     Bank cases have a specific nature, especially due to the fact that the representatives of the banking institutions can only make decisions during mediation within the limits of the mandate they have received. From this point of view, standard mediation has little chance of working, and this is caused by the fact that banks have created internal regulations to the representative which comes to the mediation.
     It is noteworthy that, after the years where "ID-card-only loans" were all the rage and lenders would share the glory of loans denominated in Swiss Francs or Japanese yen, the time has come to pay them back. The first stages for the recovery of the claims are handled within the bank, rather than through mediation, as some of the banks intend to resort to debt collectors for this segment. As for late recovery, more than two thirds of the banks prefer to outsource the troubled loans instead of attempting to mediate with the clients. Bankers are thus looking for a way to "clean up" their balance sheet, which is a practice which is used constantly.
     As I've said ever since the creation of the Union of Banking Mediators, there will come a time when legislative changes will clip the banks' wings, reducing their domination over their customers. The rules of the game have changed starting with January 9th, 2013, after the coming into effect of the new Civil Procedure Code. Customers and banks will be required to go to a banking mediator first. New lawsuits will no longer be admitted unless the plaintiffs prove first that they have participated in a mediation session.
     The litigants who are customers of banks or lenders, will be forced to participate in a meeting for information about mediation, before going to court, regardless of whether they are individuals or companies. Failing to follow this procedure will be punished according to an emergency ordinance passed by the Government in its meeting of December 12th, 2012, with their lawsuit being rejected.
     Reporter: Are you considering the creation of an institution for mediators?
     Tudor Tatu: I can say that we are, leaving aside the law which governs mediation at the present time, by which any mediator can mediate anything and anywhere and going on the principle that "anything that the law does not prohibit or stipulate" is allowed.
     The first step we took by creating the Union of Bank Mediators starting from the premise that the area of mediation of financial-banking litigations is one that, aside from the know-how and abilities obtained following the pursuit of the mediation courses, the people who pursue their activity in this area need to have legal and banking procedure know-how, to know the scheme of the banking system, to be permanently informed about banking products, the procedure for their selling and recouping and the legislation of the banking sector.
     In my opinion, any activity is productive when it is conducted in an institutionalized manner.
     There have been voices among mediators and at the level of the Mediation Council which are saying that in the case of banking litigation one can resort to any authorized mediator to solve the dispute. This is wrong! In my opinion, mediation in the financial-banking sector must be done in an institutionalized manner and by specialized mediators.
     Reporter: How is the cooperation between the NBR and the Romanian Banking Association going when it comes to the banking mediation?
     Tudor Tatu: I can say that we have a good cooperation. Both the Romanian Banking Association and the NBR are making efforts to introduce mediation in the banking system, but unfortunately it has been found that neither banks nor their customers are in the habit of using the procedure of mediation.
     The Romanian Banking Association, together with the Union of Banking Mediators, is one of the promoters of banking mediation.
     With the support of the Romanian Banking Association and of the Romanian Banking Institute (IBR) we have trained classes of students in banking mediation, both from the ranks of members of the Union of Banking Mediators, or from among other mediators who wanted to remain independent.
     The Romanian Banking Association even sent a letter to the banking system saying that it would be a good thing for it to cooperate with the specialized mediators to reduce the number of cases that reach the courts, because many of them have no justification for doing so.
     As for the cooperation with the NBR it is important to mention that, in the month of September 2012, the Romanian Government issued an ordinance which amended several laws concerning payment services, including some of the articles of the Government Emergency Ordinance 113/2009, the Law 127/2011 and Government Decision 1259/2010. The goal of the ordinance was to set up the procedure of mediation, as regulated by the Law 192/2006 concerning mediation and the organization of the mediator profession, with the subsequent amendments and modifications, as a procedure for solving the litigations in the financial payments services outside the court, in consensus with the mechanisms implemented on a national level in other sectors of the financial services and the elimination of the involvement of the National Bank of Romania in this matter.
     Therefore, the law has amended art. 179 of the Emergency Government Ordinance 113/2009 concerning payment services, by replacing the attributions of the National Bank of Romania to solve the litigations between the users and the providers of payment services using the procedure of mediation, outside the courts, with the appropriate adaptation of other legal dispositions which refer to it.
     As a provision of a temporary nature, the Ordinance comprises the fact that the requests for the solving of the National Bank of Romania, by the time the emergency ordinance came into effect, will be solved according to the procedure in effect until that date, and afterwards, by the mediators specializing in solving bank litigations.
     So far, no such requests have been sent, but as such requests get sent to the NBR, due to lack of information, the NBR will distribute them to the Union of Banking mediators to be competently solved, through mediation.
     The ordinance has been published in the Official Gazette, and since the date of its publication it has relieved the NBR from the task of dealing with the complaints.
     Reporter: What are the aspects which you would enumerate to improve the institution of banking mediation?
     Tudor Tatu: As a mediator, who knows quite well the financial-banking system, I would come up with mediation formulas which would answer to this type of cases, with new methods for solving them. One of the options would be the method MED-CON (Mediation - Counseling) and which can be successfully used in these cases.
     This method involves the starting of the mediation procedure, and if the mediation fails it leads to the second step, which is conciliation.
     A second method which I would introduce in the law, would be the MED- ARB method (Mediation-Arbitrage). If the mediation fails, then the arbitrage goes ahead, and it does not go to court, this being the last thing to resort to if both options failed.
     Another aspect would be the introduction in the law of the evaluation mediation, which allows the mediator to assess the lawsuit without the presence of the parties being needed, using the data in the documents and issuing a recommendation which the parties may or may not follow, like they agree.
     Aside from the presented technical aspects, there is also the involvement of the decision-making factors in the Mediation Council in promoting mediation in the financial-banking system and elsewhere, which so far has left a lot to be desired, as the members of the Board of Mediation focusing on promoting their own training schools and on the inclusion in the mediation law of the conflict of interest which would eliminate the access to these positions of mediators which are trainers or manage formation schools.
     Reporter: How did applications for the school of banking mediation evolve in 2012?
     Tudor Tatu: Whereas in 2011, the members of the Union of Banking Mediators have solved over 500 applications, most of them receiving a positive answer, at the level of 2012 a decrease was seen, to just 38 requests on a national level, of which more than half received a negative response, either due to the refusal of the representatives of the bank to show up for mediation, or tardiness, or due to non-confirmation.
     Reporter: What expectations do you have in 2013 for banking mediation?
     Tudor Tatu: I hope that 2013 will bring added value to the institution of mediation, and the litigants, whether they are customers, or lenders, will understand that it is better for them to use the procedure of mediation in the arguments that arise, rather than resorting to the Consumer Protection Agency (ANPC) or to the courts. But most of all, I wish for banks to comply with the legal provisions, to eliminate by themselves the abusive clauses which still exist in some lending contracts, to forget about making up all kinds of commissions and to be more forgiving with the troubled customers who lost their jobs due to restructuring, bankruptcies, mergers, etc.
     Reporter: Which complaints do customers make the most often?
     Tudor Tatu: The one conflict that was the most prevalent has been and I think will continue to be that of the introduction in the loan agreements of abusive clauses and of hidden commissions.
     The latest complaints concerned the charging of a commission upon cashing in, which is completely illegal.
     Reporter: What are the benefits of the mediation process?
     Tudor Tatu: A good synonym for financial-banking mediation would be a mechanism for avoiding and reducing financial collapse, and it consists of an agreement between the debtor and the creditors on the manner in which the distressed debtor will pay off its debts.
     The debtor is supposed to announce its creditors early about the difficulties it is facing and to grant them the chance to recover, thus proposing a concrete and coherent plan for reorganization for that purpose.
     The creditors need to be persuaded to accept the proposed plan, as well as the fact that they could get more money in the event of an agreement between them, occurring at the end of the mediation procedure, than in the event of insolvency, bankruptcy or foreclosure.
     Only if the mediation procedure fails and a compromise isn't reached through it, does the process move into insolvency, bankruptcy or foreclosure.
     In order to begin the mediation procedure, the creditor or the debtor can ask a mediator to begin the mediation procedure, a member of the Union of Banking Mediators who in turn will ask for the agreement of the other party.
     Once the party which received the request has given its approval through the signing of the agreement, the mediator will begin the mediation procedure. If the party whose approval was asked does not agree, the mediation is considered as not having been accepted.
     When both parties want or plan to follow the procedure of mediation, the creditor and the debtor choose one or more mediators through mutual agreement, members of the Union of Banking Mediators ands based on their written agreement, the mediation procedure gets started.
     The fee of the mediator will be set through negotiation with the debtor and the creditor, taking into account the complexity of the lawsuit, the time allocated, the number of sessions, the amount of the lawsuit, etc. and will be borne by the parties equally or according to their agreement.
     Unless the law stipulates differently, the parties - banks' customers or the banks - can resort to mediation before or after the beginning of the insolvency procedure or the foreclosure stage, before the competent courts, thus agreeing to solve in this manner any conflicts arising from the loan contracts.
     Whereas throughout mediation, a situation which would affect its purpose, the neutrality or the impartiality of the mediator were to arise, then the mediator is expected to announce it to the representatives of the creditor and of the debtor, which would decide on whether to maintain or denounce the mediation contract.
     Once the creditor and the debtor have reached an agreement, a written agreement is drafted, which will comprise all the clauses they have agreed to, based on which, at the headquarters of the creditor, an appendix to the initial loan agreement would be drafted, as applicable, which would need to be honored by the debtor and the creditor alike, being no longer subject to authentication by the notary public or to verification by the court, as the case may be.
     Reporter: What does banking mediation look like in the countries of the European Union? How often is mediation resorted to in the European countries, and what are the results?
     Tudor Tatu: The Union of Banking Mediators has the expertise of banking mediation at the level of the European Union, because in the beginning of January we have begun the steps for the union to become a member of the FIN - NET (Financial Dispute Resolution Network) of the European Commission, together with the 56 member entities originating 24 EU member states and the European economic area, and as part of the meeting of March of 2011, which was held in Brussels, the Union has officially submitted its candidacy by becoming a candidate member.
     Out of the relationship with the other partners and their exposures as part of the works of the plenums we have had the opportunity to find out that at the level of the other European countries, banking mediation operates through the banking Ombudsmen created through decisions of the governments of the EU member states, or by the associations of the banks, but in compliance with their independence or impartiality.
     As for the costs of mediation in the European countries, they are supported by either the state or by the banks through the creation of a common fund handled by the banks' association.
     On a European level, Greece holds the number one spot in terms of the number of disputes solved through litigation, followed by Italy, England, Spain and Austria, but the systems are so well implemented that the outcome of the mediation is positive most of the time.
     Malta also has a very well developed banking mediation system, which is achieved through the Malta Financial Services Authority (MFSA) and which has solved a considerable number of applications.
     Reporter: Thank you! 

     The fee of the mediator will be set through negotiation with the debtor and the creditor, taking into account the complexity of the lawsuit, the time allocated, the number of sessions, the amount of lawsuits, etc. and it will be borne by the parties equally or according to their agreement.
     
     At the level of the other European countries, banking mediation operates through the banking Ombudsmen created through decisions of the governments of the EU member states, or by the associations of the banks. (...) On a European level, Greece holds the number one spot in terms of the number of disputes solved through litigation.

 
 

 
Readers' comments    [ add a comment ] 
Trimite părerea ta.
Nume (maxim 50 caractere)
E-mail (optional)
Titlu (maxim 50 caractere)
Mesaj
 
REGULAMENTUL MESAJELOR
Acord
Prin trimiterea opiniei ne confirmați că ați citit regulamentul de mai sus și că vă asumați prevederile sale !
Aceeasi sectiune (English Section)
FOR THE FIRST TIME AFTER THE LOSS OF 2.6 BILLION LEI OF 2014
Actualitate - vezi toate știrile mai jos.
Bănci-Asigurări, 13:06
     * Dolarul a câștigat 4,03 bani în fața monedei naționale
     * Francul a ajuns la 3,9869 lei  click să citești tot articolul
Strategia Naţională Anticorupţie, 09:25
UPDATE
     * ACTUALIZARE: Înalta Curte de Casație și Justiție a amânat astăzi pentru data de 5 iunie pronunțarea în dosarul "Gala Bute", în care Elena Udrea a fost condamnată în primă instanță la șase ani de închisoare pentru luare de mită și abuz în serviciu.
     --------
     Magistrații Înaltei Curți de Casație și Justiție (ICCJ) ar urma să pronunțe astăzi decizia definitivă în dosarul "Gala Bute", în care fostul ministru al Dezvoltării Regionale Elena Udrea - aflată în Costa Rica - a fost condamnată, în primă instanță, la șase ani de închisoare pentru luare de mită și abuz în serviciu.  click să citești tot articolul
Politică, 13:50
     Președintele Camerei Depuaților, liderul PSD Liviu Dragnea, va efectua în perioada 29-31 mai o vizită oficială la Berna, în cadrul unui eveniment al Consiliului Național al Confederației Elvețiene, informează News.ro. În data de 29 mai, Liviu Dragnea are ultimul termen la Înalta Curte de Casație și Justiție (ÎCCJ) în dosarul angajărilor fictive la DGASPC Teleorman, dosar în care DNA cere șapte ani și jumătate de închisoare.  click să citești tot articolul
Miscellanea, 13:28
     Un cutremur cu magnitudinea 2.9 s-a produs, astăzi, în județul Vrancea, la o adâncime de 112 kilometri. Seismul s-a produs la ora 11.31:49, fiind al patrulea de la începutul acestei săptămâni.  click să citești tot articolul
Politică, 13:20
     Premierul Viorica Dăncilă se întâlnește, astăzi, la ora 13:30, la Guvern, cu președintele Senatului, Călin Popescu-Tăriceanu, informează Agerpres.  click să citești tot articolul
Calendarul BURSA 2018
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
23.05.2018
BVB
     Volumul consemnat în cea de-a doua ședință de tranzacționare a săptămânii a fost de numai 21,2 milioane de lei, sub valoarea medie acestui an, de circa 50,3 milioane de lei, în contextul în care nu...  click să citești tot articolul
23.05.2018
BURSELE DIN LUME
     Acțiunile companiilor listate la bursele din Europa au urmat un curs pozitiv ieri, după ce Giuseppe Conte a fost propus prim-ministru în Italia de coaliția populistă formată din Mișcarea 5 Stele și...  click să citești tot articolul
22.05.2018
BVB
     Piața principală a Bursei de Valori București (BVB) a început săptămâna de tranzacționare într-o notă negativă, toți indicii marcând scăderi de peste 1%.  click să citești tot articolul
22.05.2018
BURSELE DIN LUME
     Bursele din Europa au urmat un curs pozitiv ieri, pe fondul relaxării tensiunilor comerciale dintre China și SUA, în urma unui acord la care au ajuns cele două țări la finele săptămânii trecute.  click să citești tot articolul
21.05.2018
BVB
     * Volum de 6,9 milioane de euro
     
     Piața principală a Bursei de Valori București (BVB) a încheiat o săptămână de tranzacționare negativă din punctul de vedere al cotațiilor, principalul coș de...  click să citești tot articolul
21.05.2018
BURSELE DIN LUME
     Bursele din Europa au scăzut vineri, pe fondul incertitudinilor privind situația politică din Italia, respectiv al tensiunilor comerciale dintre China și SUA. Vineri, Mișcarea 5 Stele din Italia...  click să citești tot articolul
Cotații Internaționale

Curs Valutar

Curs valabil din data de 23 mai 2018
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
TRY
USD
ZAR
BRL
CNY
INR
KRW
MXN
NZD
RSD
UAH
AED
HRK
THB
XAU
XDR
2.9757
2.3669
3.0650
3.9869
0.1798
0.6214
0.2202
4.6292
5.2748
1.4510
3.6046
0.2342
0.4864
1.0744
0.0641
0.4503
0.8126
3.9502
0.3129
1.0830
0.6185
0.0578
0.3648
0.1985
2.7262
0.0392
0.1514
1.0754
0.6267
0.1229
164.5489
5.6028
..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
16.05.2018
GABRIELA MIHAELA VOICILĂ, THE BUSINESS ENVIRONMENT MINISTER:
     Where there are many entrepreneurs there is creation, where there are many women entrepreneurs there is divine creation, says Gabriela Mihaela Voicilă, state secretary in the Ministry for the Business Environment, Trade and Entrepreneurship (MMACA). In her opinion, entrepreneurship means joy, a better situation, but less time for the family: "Taken together, entrepreneurship means achievements (...) Every one of us needs validation, for having built, having created something".  click here to read the entire article
14.05.2018
IN THE LAWSUITS AGAINST THE BANKS
     * Piperea: "In the Andriciuc case, the EU Court of Justice has not limited its argumentation to the CHF, but expanded it to cover any currency for which the debtors weren't hedged"
     The courts in the country have begun ruling in favor of borrowers and freezing the value of the European currency at the exchange rate valid on the date the loans were originated, in the lawsuits brought against the banks.  click here to read the entire article
09.05.2018
IN THE ROMANIAN BANANA REPUBLIC...
     The urge "Mircea, act like you're working!", back in the days of the so-called revolution of December 1989, was brought back recently by a new "director".
     We are talking of course, about the meeting between NBR governor Mugur Isărescu, and a government "delegation" led by chamber of deputies chairman Liviu Dragnea, together with PM Viorica Dăncilă.
     Sources from within the PSD, quoted by ziare.com, have claimed that, "in the meeting with the NBR governor, Liviu Dragnea seemed to be looking for a way out, and he seems confused, as he didn't expect his decisions to lead to such effects in the economy".  click here to read the entire article
08.05.2018
     Liviu Dragnea's insistence in moving the Romanian embassy from Tel Aviv, to Jerusalem, feeds an older, widespread confusion. Much older. Politically, Jerusalem has been divided from the first presence of the Judeans on the lands of the Palestinians, since back in the days of Abraham and Abimelec. "The indivisible Jerusalem" wanted by Benjamin Netanyahu is a spiritual creation.
     Definitely, pilgrims and locals claim that Jerusalem has a geography, meaning that the city would be compatible with the cardinal points and that is why Palestinians, Israelis and people overall, including those of the UN, EU and the US, speak about Eastern Jerusalem and Western Jerusalem, without anybody being surprised that that is happening at the center of the world, where the god of the Judeans began his creation, starting from the very rock from which later Archangel Gabriel raised Mohammed to visit Heaven, the same place of origin where one of the seven angels "and showed me the Holy City, Jerusalem, coming down out of heaven from God." (Apocalypse, 21: 10), where God is one of the same.  click here to read the entire article
03.05.2018
     Financial fair play is a concept that comes from the world of soccer. The notion is simple, don't spend more than you earn in a month, or in a year, regardless of what shareholder, mogul or investor enters the business.  click here to read the entire article
03.05.2018
     President Klaus Iohannis has announced that he has decided to send to the Constitutional Court the laws on the judicial system, but also to the Venice Commission. The president has issued a call to the CCR not to hurry and to work with the European entity, saying that after the Constitutional Court gets to issue an opinion on the new laws, a new analysis of the laws will be conducted and it will be decided then if a new reexamination of the three laws in the Parliament will be needed.  click here to read the entire article
27.04.2018
     The dystopia of 2169 seems to be 151 years away from us, if we were to watch the American sci-fi movie "In Time", in which New Zealand screenwriter, director and producer New Zealand Andrew M. Niccol has imagined a world in which money has been replaced by the lifespan left and each individual over 25 years old (when they stop aging), are wearing a counter on their arm, displaying how much they have left to live; the economic system relies on transactions paid in lifespan - banks, loans, interest rates - the rich are storing billions of years, while the poor only have hours, minutes or seconds left and when their time is up they die suddenly, as if struck by a mace.  click here to read the entire article
25.04.2018
DEPUTY PRIME-MINISTER VIOREL ȘTEFAN:
     * Bogdan Chirițoiu: "The European Commission will force the future buyer of Sidex Galați to increase the output of steel"
     ArcelorMittal may only sell the Galați metallurgic plant with the explicit agreement of the Romanian state, and the European Commission will ensure that the output of the plant will increase after the transaction, deputy prime-minister Viorel Ștefan said yesterday, in a conference on the issue of major industrial energy consumers.  click here to read the entire article
20.04.2018
     * "Iliescu on trial for all the bloodshed!" was one of the powerful slogans of the University Square, as well as "Iliescu - KGB, go back to the USSR!".
     We, who had organized the marathon protest of the century, knew who Ion Iliescu was, as the rest of the Romanian people took a long time to catch on, even Brucan was wrong in his estimate that the much maligned "stupid people" would take two decades to "awake".  click here to read the entire article
16.04.2018
     * - The Syrian gas attack did not exist, the American missiles were brought down, then where are the dead coming from?!
     * - It is enough to tell Syrians that they are attacked and killing each other?
     Friday, Syria was attacked by war attacks, in which a warship of the United Nations which operate in the Red Sea (according to the American officials), American B-1 bombers, four British Royal Tornado GR4 aircraft (which fired Storm Shadow missiles) and French Rafale jets.  click here to read the entire article
12.04.2018
     New Delhi, March 4th, 2017 - I am in the garden of the Royal Plaza hotel, sitting next to the table of a group of Indians, probably Hindus, two women in colorful saris and two men, all of them in their fifties. They are checking me out, I catch them doing it a few times. A Romanian manea, with heavy Indian influences starts playing from the speakers, I am surprised, I start laughing.  click here to read the entire article
02.04.2018
FOR THE FIRST TIME AFTER THE LOSS OF 2.6 BILLION LEI OF 2014
     The Romanian Commercial Bank (BCR) has proposed to shareholders the distribution of dividends of 228.12 million lei, out of the profit of 570 million lei, for last year, this being the first year with such an item on the agenda of the General Shareholder Meeting, after the huge loss of 2014, of 2.6 billion lei, caused by the high provisions and the sale of non-performing loans.  click here to read the entire article
30.03.2018
     The website of the National Bank of Romania still includes the statement that its monetary policy strategy is the direct targeting of inflation.  click here to read the entire article
28.03.2018
     No investor has expressed interest in the privatization of the "Sanevit 2003" disposable syringes factory of Arad, as part of the last procedure initiated by the Ministry of the Economy, which took over the company in 2012 to save ut from bankruptcy, but since then, several attempts at privatization have failed, and since 2013 the plant hasn't manufactured anything, according to News.ro.  click here to read the entire article
27.03.2018
ALEXANDRU BOTEZ, ELECTRICA SHAREHOLDER:
     * The Ministry of Energy has requested the election of a new Board of Directors, even though the current management was elected in October, for a four-year term
     * The company's directors are entitled to compensation in the event of their unjustified dismissal
     * Challenges in court concerning the prior elections would remain groundless
       The proposal of the Ministry of Energy that the shareholders of Electrica (EL) decide, in the General Shareholder Meeting of April 27th, the election of the members of the Board of Directors, through the cumulative vote method, for a term of four years, even though the current directors were elected in October 2017, also for four years, has caused discontent among some shareholders.  click here to read the entire article
.