By Michel Noel, Ramin Shojai
"Capital Markets and Non-bank monetary associations in Romania is a part of the area financial institution operating Paper sequence. those papers are released to speak the result of the Bank?s ongoing learn and to stimulate public discussion.With merely 3 years ultimate earlier than becoming a member of the ecu Union, Romania is operating not easy to enhance its capital markets and non-bank monetary associations, which stay much less constructed than these in different accession international locations. Strengthening those sectors has turn into a best precedence for policymakers, whose basic goal is to make sure that the economic system is satisfactorily constructed to serve the transforming into calls for of the Romanian economy.During 2003 and 2004, the Romanian gurus made major efforts to draft, undertake, and enact new laws to align Romania with european monetary directives. regardless of those efforts, although, demanding situations stay within the zone of supervisory potential and the implementation of legislation and regulations.This research assesses key concerns and proposals for improvement, and studies the categorical adjustments that are useful in 4 parts: structural reforms, industry associations, and infrastructure; accounting, transparency, and disclosure; marketplace infrastructure; and credits enhancements."
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Extra resources for Capital Markets and Non-bank Financial Institutions in Romania: Assessment of Key Issues and Recommendations for Development (World Bank Working Papers)
Throughout 2003, the maximum maturity for corporate bond issues was three years. , LIBOR) or paid out as a percentage of principal on an annual basis. Three of four issues had multiple coupons, while the smallest issue did not. 0001 percent of the face value of the bond (for more detail, see Table 23). According to the prospectus, the BCR Leasing bond has a maturity of three years and will pay 6 percent semi-annually. It is a lei-denominated bond with calculations linked to the Euro, to mitigate investor perceptions of exchange rate risk.
As per Table 7, insurance depth is low in Romania, although it is growing. Pension reform when initiated will add to general market development, but it will take several years before reaching the 30 percent of private pension assets-to-GDP threshold figure currently exhibited in the EU. 7 percent of the relative assets to GDP Capital Markets and Non-bank Financial Institutions in Romania 15 Table 7. 2 Notes: Bank net assets is a capital figure for system at year-end 2003; net assets for insurance is capital figure for sector at year-end 2003; Net assets are the same figures as for the net assets taking into consideration for determining of solvency margin; pension fund is state PAYG; leasing assets are depreciated assets in 2003 based on 2002 ratio converted at year-end exchange rates; net leasing assets = contract value; factoring assets from 2002; BVB listed companies do not include 10 bonds listed; RASDAQ companies do not include suspended companies not yet formally de-listed; RASDAQ market capitalization from December 19, 2003.
The concentration of insurance companies is high. The 10 largest companies in 2002 represented 82 percent of the total market in terms of gross premium income, 83 percent in terms of assets, and 74 percent in terms of capital. In 2003, the 10 largest companies also 30. The SIFs were interested in the International Leasing issue (2002), valued at ROL 15 billion. However, the issue sold out so quickly that the SIFs were too late in purchasing the bonds. Individual investor demand was a function of the high coupon rate (42 percent annualized), and the small principal amount of each bond (principal was ROL 25,000, less than one US dollar).
Capital Markets and Non-bank Financial Institutions in Romania: Assessment of Key Issues and Recommendations for Development (World Bank Working Papers) by Michel Noel, Ramin Shojai