Private loans decreased in December
According to the latest data published by the Central Bank, private loans have decreased by 1.4% mom in December. LCY component has increased 0.1% mom while the FX component shrank by 2.2% mom (decreased by 0.5% when expressed in EUR). The yoy growth rate of private loans stood at 1.3%, mainly due to expanding LCY component. We view this piece of news as rather negative for BRD and Banca Transilvania despite the fact that these two banks, especially the latter, are usually overgrowing the market by a strong margin.
FondulProprietatea: CNVM nu sustine amendamentul la contractul de management
Fondul Proprietatea a informat ca CNVM, Comisia Nationala a Valorilor Mobiliare nu a aprobat amendamentul la contractul de management, care a introdus o taxa noua asupra distrubuirilor excesive cantre actionari. Taxa suplimentara platita catre Franklin Templeton a fost propusa de larga majoritate a actionarilor FP si a fost propusa pentru a motiva manaerul de a renunta la o parte din portofoliu si returnarea de bani catre investitori. Introducerea taxei a fost aprobata de actionari la intalnirea din aprilie 2012. Taxa presupuse 1.5 la suta din dividendele speciale si alte sume returnate ( buy-back) platite in 2012 si 2013, in timp ce comisionul de administrare este de 0.479 la suta din limita superioara de piata a FP. CNVM sustine neaprobarea taxei prin faptul ca aceasta taxa nu a facut parte din oferta Franklin Templeton atunci canf a fost selectionat sa preia conducerea Fondului Proprietatea.
Oltchim - rumors confirmed: the company entered insolvency
According to a release to the Stock Exchange, the chemical producer Oltchim (OLT) confirmed that it entered the insolvency procedure. The next steps involve the selection of a permanent judicial administrator and afterwards a special administrator. OLT's total debt amounts to some EUR 581 mn, with EUR 130 mn bank debt (BCR and Banca Transilvania most exposed), EUR 149 mn debt for utilities towards Electrica and EUR 113 mn debt towards the Authority for State Assets Recovery. The company resumed trading in the last half hour of yesterday's trading session and dropped some 15%.
