CEC Bank To Undergo Asset Quality Review As Of June 18
Romanian CEC bank’s chief Radu Ghetea said Tuesday that his institution will undergo an asset quality assessment based on the European methodology in view of joining the Single Supervisory Mechanism.
“As of tomorrow (June 18), CEC Bank will undergo an asset quality assessment in line with the rulebook established for the European supervisory authority, namely the European Central Bank,” Ghetea, who also serves as president of the Romanian Banking Association, told a banking conference.
He said all banks that pose systemic risks must be evaluated prior to joining the single supervisory mechanism, or SSM. (Curentul)
Romania 1Q Labor Costs Rise At 3rd Fastest Pace In EU
Total hourly labor costs in Romania rose 5.3% on the year in January-March, the third largest increase in the European Union, official data showed Tuesday.
Latvia, whose labor costs grew by 7% on the year in the first quarter, posted the biggest increase among member states, followed by Estonia (+6.8%), the EU’s statistics office Eurostat said.
Decreases in the hourly labor costs were observed in Cyprus (-6.9%), Croatia (-1.7%), Ireland (-0.2%) and Italy (-0.1%). (Curierul National)
Chamber Of Deputies Approves Law On Equal Retirement Age For Men, Women
The Chamber of Deputies Tuesday approved the draft law stipulating the equalization of retirement age at 65 for both men and women.
According to the draft law, the retirement age will gradually increase to 65 for women until 2035 and for men until 2015. Thus, in 2035, both men and women may retire at the age of 65. (Adevarul)
Romanian Government Broadens Tax Base
The government did not manage to convince the International Monetary Fund (IMF) that it can afford to lower social security contributions by five percentage points as of July 1, 2014, as promised by the ruling coalition.
The government was unable to find resources for such a measure as of July 1, but as of October 1. Thus, the government had to increase the fuel excise duty, which strongly impacted sales and implicitly, the state’s receipts, and introduced the special constructions tax, which will generate higher revenues that those estimated by the Finance Minister, but will negatively impact the companies. (Evenimentul Zilei)
Roma Teenager In Coma After Attack Outside Paris
A Roma teenager is in a coma in hospital after being attacked by residents of a French housing estate near Paris, who accused him of burgling an apartment just hours earlier.
A source close to the case said the boy, Romanian citizen, was locked in a basement where he was violently beaten, while the boy’s mother alerted police that her son had been kidnapped.
The 16-year-old was found Friday badly beaten in a shopping cart by the side of a highway, and is in a critical condition. (Puterea)