President And Political Parties To Discuss Electoral Code Wednesday
The Electoral Code is on Wednesday’s agenda for consultations between the president and political parties at the presidential palace.
Both the ruling parties and the opposition agree the number of MPs should be reduced but fail to agree on the election of mayors.
The meeting’s agenda includes the organization of elections abroad, financing electoral campaigns and political parties and speedier procedures to lift parliamentary immunity, the presidential administration said in a statement. (Adevarul)
Basescu Threatens To Sue Government Over Protocol Housing
Former president Traian Basescu threatens to sue the government for not designating him a protocol residence and office.
Under the law, a former president has the right to a protocol residence, councilors, protection services, a car and 75% of his salary as president.
The state protocol administration proposed seven potential residences and Basescu said two of these were appropriate. However, he has since received no reply from the government. (Evenimentul Zilei)
Central Bank Estimates RON4.3B Loss Should Swiss Franc Loans Be Converted To Lei
The central bank estimates a bookkeeping loss of nearly RON4.3 billion (EUR950 million) for the country’s 11 commercial banks with Swiss franc loans in their portfolio should these loans be converted into lei at historical rates.
The central bank calculated losses in a scenario considering the historic exchange rate at the time banks granted the 75,000 loans still in their portfolios and the current exchange rate for resources attracted to finance their portfolios.
According to the central bank’s calculations, all liabilities are expressed in lei at the current exchange rate, as Romanian accounting laws require all balance sheet elements denominated in foreign currency be expressed in lei at the exchnage rate at the end of every month. (Adevarul)
IMF Concerned About Romania’s Personal Insolvency Bill
The International Monetary Fund has expressed concern over Romania’s personal insolvency bill, discussed in Parliament these days.
Passing a personal insolvency law without adequately assessing its impact and without consulting all stakeholders could fail to meet the law’s objectives and could prove harmful to the local financial market, the IMF warned in a letter to Finance Minister Darius Valcov.
The letter is signed by Andrea Schaechter, IMF mission chief for Romania and Elisabetta Capannelli, the country manager of World Bank Romania.
“An efficient and effective personal insolvency law is an important component of a modern insolvency regime and we are supportive of the authorities’ efforts to develop this legislation. We are, however, deeply concerned that the adoption of a personal insolvency law without an adequate impact assessment, broad stakeholder consultation and appropriate institutional support may not achieve its objectives,” the letter reads. (Puterea)
Hidroelectrica Posts Record Turnover And Profit In 2014
Romanian state-owned hydropower producer Hidroelectrica had a record turnover of RON3.4 billion (EUR765.7 million) last year, 10.3% higher than in 2013, and a profit of RON1.2 billion (EUR270 million), its highest yet, up 66.8% from 2013.
According to Finance Ministry data, Hidroelectrica had a turnover of RON3.08 billion and a net profit of nearly RON719 million in 2013.
Last year Hidroelectrica had the lowest energy production cost of the last five years, of RON108/MWh, the company said in a press release Monday. (Evenimentul Zilei)
Over 5.8 Million Employees Support 5.2 Million Pensioners
The new pension law with new restrictions and a higher retirement age has changed the employee to pensioner ratio and the number of contributors to the public pension system is higher by 600,000 than the number of pensioners.
The first effects of the unitary pension system in force since January 2011 are starting to show, as the number of contributors started rising and retirement age was raised.
At the moment, according to Labor Ministry data, the number of employees reached 5,820,558 on January 1, 2015, from 5,666,229 in January 2014, while the number of pensioners stood at 5,184,055 at the beginning of this year. (Evenimentul Zilei)
Hundreds Protest In Sebes Over Plans To Build Formaldehyde Factory
Around 1,500 people protested in Sebes Sunday over Austrian Kronospan’s building of a formaldehyde plant in town.
This is the third protest rally held in Sebes in opposition to the construction of the plant. (Curierul National)