RAIFFEISEN BANK S.A.

  |  2013-02-06

Romanian daily report - February 6

National Bank keeps policy rate unchanged at 5.25%; Transelectrica calls GSM to approve a revised 2012 budget; Bucharest Stock Exchange - details regarding the proposed fee structure

National Bank keeps policy rate unchanged at 5.25%
The Board of the National Bank of Romania decided on February 5 to keep the monetary policy rate unchanged at 5.25%, to ensure adequate liquidity management in the banking system and to maintain the existing levels of minimum reserve requirement ratios on both RON and foreign currency-denominated liabilities of credit institutions. The decision to leave the current policy unchanged was anticipated so we do not expect any impact of the news.

 

Transelectrica calls GSM to approve a revised 2012 budget
Transelectrica called a GSM for March 14 asking shareholders to approve a 2012 revised budget. No details on the budget were released as the materials for the GSM will be made public on February 11, 4 days before the operator is due to announce its preliminary 2012 results.

 

Bucharest Stock Exchange - details regarding the proposed fee structure
The Bucharest Stock Exchange (BVB) made available the documents for the EGSM to be held on March 13, 2013 where the main topic is the modification of the fees structure. The company is proposing a fixed fee for each trading participant of RON 3,500 per month (approx. EUR 9,500 per year per participant up from the current level of EUR 350 per year). Additionally, BVB proposed to lower the variable trading fee for shares, which makes up most of the trading, by 20%. The new proposed fee amounts to 0.13% (sell and buy cumulated fees not including the local SEC fee of 0.08%) from 0.162% (sell and buy cumulated fees not including the local SEC fee of 0.08%). BVB is also proposing to split equally the local CNVM fee to the sell and buy fees (currently added entirely to the buy fee).
The new fees scheme should increase the attractiveness of the local exchange in the region, as BVB charges at the moment one of the highest variable equity trading fees. Back on the envelope estimates show that if the measures are implemented the impact on BVB’s top and bottom line should be minor as the decrease in variable fees should be compensated by the fixed fee (the 49 intermediaries present on BVB should contribute with some RON 2.1 mn per year).

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TOP WEARING APPAREL COMPANIES (2016)
Scoring Methodology by ERNST&YOUNG


 
#
COMPANY NAME
MCR TOTAL SCORING
 
1 ALISON HAYES (ROMANIA) SRL 3,0000
2 HANES GLOBAL SUPPLY CHAIN ROMANIA SRL 3,0000
3 FORMENS SRL 3,0000
4 PANDORA PROD SRL 3,0000
5 TIME INTERNATIONAL TRADING SRL 3,0000
6 OLIMPIAS MFG. ROMANIA SRL 2,0000
7 ARIES TEXTILE SRL 2,0000
8 OZTASAR SRL 2,0000
9 ARTIFEX SRL 2,0000
10 PRODUCTIE ZARAH MODEN SRL 2,0000