BANCA NAŢIONALĂ BANCA ROMÂNIEI
|
|
- Clinton Shelton
- 6 years ago
- Views:
Transcription
1 All views expressed are those of the author and do not necessarily represent the opinions of and should not be attributed to the National Bank of Romania. BANCA NAŢIONALĂ BANCA ROMÂNIEI A
2 Monitoring the lending developments to non-financial companies (NFC) and households (HH) 1. Why is it important? 2. How it is done? 3. The Romanian case
3 The borrower balance sheet channel the inability of lenders to (i) fully assess borrowers risks and solvency, (ii) fully monitor their investments and (iii) fully enforce their repayment of debt Bernake and Gertler (1989); Carlstrom and Fuerst (1997) - borrowers face an external finance premium Kiyotaki and Moore (1997) collateral constraints The bank balance sheet channel shocks in financial institutions balance sheets can entail sharp contractions in credit and in economic activity Bernake and Blinder (1988) - traditional bank lending channel Holmström and Tirole (1997), Stein (1998), Heuvel (22) etc. - bank capital channel The liquidity channel 1. Why is it important? Many channels of interaction between real and financial sectors: Diamond and Rajan (25), Brunnermerier and Pedersen (29) etc. highlighted by recent crisis
4 1. Why is it important? NFC and HH have an important role in the European MFIs balance sheets Structure of European MFIs loans (September 213) Other financial institutions 8% NFC 23% Insurance corporations and pension funds 1% of total assets Deposits from NFC Deposits from HH MFIS 31% General Government 5% HH 32% 1 - SK BG CZ LT HR PL RO EE SL BE GR HU CY PT AT DE ES IT LV NL FI MT FR GB SE DK IE LU Source: ECB, NBR calculations Source: ECB, NBR calculations
5 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Jun-1 Sep-1 Dec-1 Mar-11 Jun-11 Dec-11 Mar-12 Jun-12 Dec-12 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Jun-1 Sep-1 Dec-1 Mar-11 Jun-11 Dec-11 Mar-12 Jun-12 Dec Why is it important? The credit risk stemming from NFC and HH exposure should be closely monitored.. NFC, NPL ratio* HH, NPL ratio* HU PL SK LT CZ RO *Data are not fully comparable across countries, due to differences in national classification practices Source: European NCBs websites, NBR calculations
6 LU CYP* IE DK SE PT BE NL MT ES UK FI AT FR HU EE IT GR SL DE LV CZ PL SK RO LT 1. Why is it important?.and also supports the need for a rethinking of what represents a sustainable level of debt age of GDP (213 Q2) HH debt NFC debt * Data as of 212 Note: non-consolidated data Source: ECB
7 1. Why is it important? European initiatives: -focus on SMEs: joint Commission-EIB initiative for increasing SMEs access to finance (213); Funding for Growth Scheme (HU, 213); Funding for Lending Scheme (UK, 212) -shift to long-term financing (EC, Green Paper, 213) -encourage banks to clean their balance-sheets (EBA, 213) in order to boost economic growth by new lending to sound borrowers
8 2. NFC and HH monitoring- how it is done? Financial Stability Reports (18 out of 24 EU countries that publish FSRs have distinct sections on NFC and HH) Bank lending surveys (25 out of 28* countries, including RO) HH Finance and Consumption Survey EA (213)** ; other HH surveys Surveys on the access to finance of enterprises - EC and ECB on 38 countries; ECB on EA17; LT; RO etc. Other publications on NFC and HH developments (Trends in lending- HU; Survey of households with a housing loan LT etc.) *ECB publishes BLS at aggregate level for EA countries; NCBs of the Member States can also decide to publish BLS at country level, compiled after the data reported by the domestic banks from the EA banks pool **15 EA countries participated in the first wave of the survey, with the fieldwork taking place in 21/211. Ireland and Estonia will start participating in the HFCS from the second wave of the survey
9 AT BE HR CZ EE GR HU IE IT LV MT PL PT SL ES RO 2. NFC and HH monitoring- how it is done? Tools for monitoring NFC sector: interest coverage ratio loans, growth (total) loans, by size of debtor loans, by sector loans, by lender's origin interest rates on loans impaired loan ratio debt/gdp (%) debt, growth (total) Source: European NCBs websites
10 AT BE HR CY CZ EE GR HU IE IT LT MT PL PT SL ES SE RO 2. NFC and HH monitoring- how it is done? Tools for monitoring HH sector: loans, growth loans, by purpose interest rates on loans interest/income 3 impaired loan ratio 2 1 debt/gdp debt, growth (total) debt/disposable income Source: European NCBs websites
11 Jan-8 May-8 Sep-8 Jan-9 May-9 Sep-9 Jan-1 May-1 Sep-1 Jan-11 May-11 Jan-12 May-12 Jan-13 May-13 Sep-8 Dec-8 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Jun-1 Sep-1 Dec-1 Mar-11 Jun-11 Dec-11 Mar-12 Jun-12 Dec-12 Mar-13 Jun The National Bank of Romania financial stability perspective in monitoring NFC and HH lending developments total lending and nonperforming loans (NPL) 25 lei bln. 9 4 lei bln (1) NFC loans, volume NFC loans, annual growth rate (rhs) HH loans, volume HH loans, annual growth rate (rhs) Source: Monetary balance sheet, NBR calculations Non-peforming loans, NFC NPL ratio NFC (rhs) Non-peforming loans, HH NPL ratio HH (rhs) Note: The non-performing loan ratio is calculated as the share of loans granted to NFC/HH overdue for more than 9 days or for which legal proceedings have been opened (with company or natural entity contamination) in total loans to NFC/HH Source: Central Credit Register, NBR calculations
12 Sep-8 Dec-8 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Jun-1 Sep-1 Dec-1 Mar-11 Jun-11 Dec-11 Mar-12 Jun-12 Dec-12 Mar-13 Jun-13 Sep-9 Dec-9 Mar-1 Jun-1 Sep-1 Dec-1 Mar-11 Jun-11 Dec-11 Mar-12 Jun-12 Dec-12 Mar-13 Jun NFC and HH monitoring by National Bank of Romania 1% 8% 6% 4% 2% % -2% decomposition of y-o-y change of the NPL ratio for NFC (left) and HH (right) sectors 4.5% 4.% 3.5% 3.% 2.5% 2.% 1.5% 1.%.5%.% -.5% -1.% effect of the change of total loans' volume effect of the change of nonperforming loans' volume annual change of NPL ratio effect of the change of nonperforming loans' volume effect of the change of total loans' volume annual change of NPL ratio Note: decomposition with the use of partial derivatives calculus: NPL 1 NPL Loans Loans NPLt Loans 2 t t Loans Source: Central Credit Register, NBR calculations Source: Central Credit Register, Credit Bureau, NBR calculations
13 Jan-9 May-9 Sep-9 Jan-1 May-1 Sep-1 Jan-11 May-11 Jan-12 May-12 Jan-13 May NFC and HH monitoring by National Bank of Romania lending, by currency Total loans, volume Growth rate of loans granted to NFC and HH (annual nominal change) lei bln NFC loans, lei NFC loans, FX 5 2 HH loans, lei HH loans, FX Dec-9 Dec-1 Dec-11 Dec (1) (2) NFC loans, lei HH loans, lei NFC loans, FX HH loans, FX Note: 3 month moving average Source: Monetary balance sheet, NBR calculations
14 Jan-9 Ma y-9 Sep-9 Jan-1 Ma y-1 Sep-1 Jan-11 Ma y-11 Jan-12 Ma y-12 Jan-13 Ma y-13 Sep-8 Dec-8 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Jun-1 Sep-1 Dec-1 Mar-11 Jun-11 Dec-11 Mar-12 Jun-12 Dec-12 Mar-13 Jun NFC and HH monitoring by National Bank of Romania NPL ratio, by currency NFC HH 25 2 NPL lei NPL FX NPL lei NPL EUR NPL FX NPL CHF Source: Central Credit Register, NBR calculations Source: Central Credit Register, Credit Bureau, NBR calculations
15 Jan-9 May-9 Sep-9 Jan-1 May-1 Sep-1 Jan-11 May-11 Jan-12 May-12 Jan-13 May-13 Jan-9 May-9 Sep-9 Jan-1 May-1 Sep-1 Jan-11 May-11 Jan-12 May-12 Jan-13 May NFC and HH monitoring by National Bank of Romania NFC lending and NPL ratio by business sector 14 lei bln Total loans, Agriculture Total loans, Trade Total loans, Construction and Real-estate Total loans, Industry Total loans, Services and Energy NPL Agriculture NPL Trade NPL Construction and Real-estate NPL Industry NPL Services and Energy Source: Central Credit Register, Ministry of Public Finance, NBR calculations
16 Jan-9 May-9 Sep-9 Jan-1 May-1 Sep-1 Jan-11 May-11 Jan-12 May-12 Jan-13 May-13 Jan-9 May-9 Sep-9 Jan-1 May-1 Sep-1 Jan-11 May-11 Jan-12 May-12 Jan-13 May NFC and HH monitoring by National Bank of Romania NFC lending and NPL ratio by size of debtor 12 lei bln Total loans, Corporations Total loans, Small-sized enterprises Total loans, Micro-enterprises Total loans, Medium-sized enterprises NPL Corporations NPL Small-sized enterprises NPL Micro-enterprises NPL Medium-sized enterprises Source: Central Credit Register, Ministry of Public Finance, NBR calculations
17 Sep-8 Dec-8 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Jun-1 Sep-1 Dec-1 Mar-11 Jun-11 Dec-11 Mar-12 Jun-12 Dec-12 Mar-13 Jun-13 Sep-8 Dec-8 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Jun-1 Sep-1 Dec-1 Mar-11 Jun-11 Dec-11 Mar-12 Jun-12 Dec-12 Mar-13 Jun NFC and HH monitoring by National Bank of Romania HH lending and NPL ratio by type of loans lei bln Real-estate loans Mortgage backed consumer loans Non-mortga ge ba cked consumer loa ns Credit card Overdra ft NPL real estate loans NPL mortgage backed consumer loans NPL non-mortgage backed consumer loans NPL credit card NPL overdraft Source: Central Credit Register, Credit Bureau, NBR calculations
18 3. NFC and HH monitoring by National Bank of Romania HH lending and NPL ratio by type of loans and currency (September 213) 4 3 lei bln. Loans, lei Loans, FX lei bln Real-estate loans Mortgage backed consumer loans Non-mortgage backed consumer loans Credit card Overdraft Source: Central Credit Register, Credit Bureau, NBR calculations Real-estate loans NPL, lei Mortgage Non-mortgage backed backed consumer loans consumer loans Non-performing loans, lei (rhs) NPL, FX Credit card. Non-performing loans, FX (rhs)
19 Thank you!
Alpha Bank Romania. Introducing Cover Bonds in Romania
Alpha Bank Romania Introducing Cover Bonds in Romania May 218 RO residential market: building on a growth momentum Population is living in overcrowded dwellings. Home ownership is considered a prerequisite
More informationBulgarian Banking Association
Peter Praet Member of the Executive Board of the ECB Presentation to the Bulgarian Banking Association Sofia, 24 May 2017 Euro area real GDP, composite PMI and ESI (annual % change) Distribution of growth
More informationANNUAL ECONOMIC SURVEY OF EMPLOYEE OWNERSHIP IN EUROPEAN COUNTRIES IN 2008
www.efesonline.org 25.2.29 ANNUAL ECONOMIC SURVEY OF EMPLOYEE OWNERSHIP IN EUROPEAN COUNTRIES IN 28 INTRODUCTION TO COUNTRY FILES Employee ownership is progressing faster and stronger across Europe than
More information2018 EU-WIDE TRANSPARENCY EXERCISE AND RISK ASSESSMENT REPORT
2018 EU-WIDE TRANSPARENCY EXERCISE AND RISK ASSESSMENT REPORT Mario Quagliariello Director of Economic Analysis and Statistics Background Briefing with analysts and journalists 14 December 2018 Outline
More informationANNUAL ECONOMIC SURVEY OF EMPLOYEE OWNERSHIP IN EUROPEAN COUNTRIES IN 2008
www.efesonline.org 25.2.29 ANNUAL ECONOMIC SURVEY OF EMPLOYEE OWNERSHIP IN EUROPEAN COUNTRIES IN 28 INTRODUCTION TO COUNTRY FILES Employee ownership is progressing faster and stronger across Europe than
More informationDealing with Non-Performing Loans
Dealing with Non-Performing Loans European Versus Czech Perspective Marek Mora Board member Czech National Bank Financial Stability Seminar 11 th Edition 26 October 2017, NBR Bucharest Contents 1. Situation
More informationFinancial stability is seen in the narrow sense of households being able to repay loans, and banks being exposed to the risk of non-performing loans,
FINANCE AND HOUSING IN CENTRAL AND EASTERN EUROPE: A DEMAND-SIDE APPROACH Liviu Voinea, Deputy Governor, National Bank of Romania Finance and Housing Panel, Bruegel Annual Meetings 217 In 215, ESRB published
More informationReform strategies: the experience of emerging European economies and their effects on sustainability and equity
Cross-country experiences Session 3 Reform strategies: the experience of emerging European economies and their effects on sustainability and equity Per Eckefeldt European Commission Directorate General
More informationEBA Call for Evidence and Discussion Paper on SMEs
EBA Call for Evidence and Discussion Paper on SMEs Preliminary analysis for the SME report in accordance with the EBA mandate in Article 501 CRR Public Hearing - 4 September 2015 Contents 1. Background
More informationDATA SET ON INVESTMENT FUNDS (IVF) Naming Conventions
DIRECTORATE GENERAL STATISTICS LAST UPDATE: 10 APRIL 2013 DIVISION MONETARY & FINANCIAL STATISTICS ECB-UNRESTRICTED DATA SET ON INVESTMENT FUNDS (IVF) Naming Conventions The series keys related to Investment
More information"Overcoming Europe s Policy Trilemmas: Economics, Politics and Governance in a Union Under Stress"
"Overcoming Europe s Policy Trilemmas: Economics, Politics and Governance in a Union Under Stress" Marco Buti DG Economic and Financial Affairs European Commission Brown University, 31 October 2016 Outline
More informationFacilitating youth access to finance: Opportunities provided by financial instruments. Dr Nivelin NOEV EC / DG AGRI F.3
Facilitating youth access to finance: Opportunities provided by financial instruments Dr Nivelin NOEV EC / DG AGRI F.3 ENRD workshop, 10/12/2018 Brussels DG AGRI analytical base on FIs: fi-compass EAFRD
More informationRISK DASHBOARD DATA AS OF Q2 2018
RISK DASHBOARD DATA AS OF Q2 2018 2 Contents 1 Summary 3 2 Overview of the main risks and vulnerabilities in the EU banking sector 4 3 Heatmap 5 4 Risk Indicators (RIs) 4.1 Solvency Tier 1 capital ratio
More informationRISK DASHBOARD DATA AS OF Q4 2015
RISK DASHBOARD DATA AS OF Q4 20 2 Contents 1 Summary 3 2 Overview of the main risks and vulnerabilities in the banking sector 4 3 Heatmap 5 4 Risk Indicators (RIs) 4.1 Solvency Tier 1 capital ratio 6 Total
More informationInvestment and Investment Finance open questions?
Investment and Investment Finance open questions? COMPNET 13 th ANNUAL CONFERENCE CHIEF ECONOMISTS PANEL 29 June 2017 Debora Revoltella Economics Department European Investment Bank Key issues Questions
More informationRISK DASHBOARD DATA AS OF Q1 2018
RISK DASHBOARD DATA AS OF Q1 2018 2 Contents 1 Summary 3 2 Overview of the main risks and vulnerabilities in the EU banking sector 4 3 Heatmap 5 4 Risk Indicators (RIs) 4.1 Solvency Tier 1 capital ratio
More informationBusiness churn, sectoral performance, and economic policy
Business churn, sectoral performance, and economic policy CompNet 13/14 March 2014 Banca d'italia Erik Canton Plan Business dynamics Allocative efficiency Relationship between business dynamics and allocative
More informationCarving out legacy assets: A successful tool for bank restructuring?
1 Carving out legacy assets: A successful tool for bank restructuring? Lisbon University of Law 8 May 2017 Willem Pieter de Groen Centre for European Policy Studies (CEPS) Non-performing loans (NPLs) potential
More informationFrom Crisis to Recovery: The Challenges ahead for the European Economy
From Crisis to Recovery: The Challenges ahead for the European Economy Moreno Bertoldi Head of Unit Countries of the G-20, IMF, G-groups European Commission COMEXI 24 June 2014 PART I: Current Economic
More informationEBA REPORT ON ASSET ENCUMBRANCE JULY 2017
EBA REPORT ON ASSET ENCUMBRANCE JULY 2017 1 Contents List of figures 3 Executive summary 4 Analysis of the asset encumbrance of European banks 6 Sample 6 Scope of the report 6 Total encumbrance 7 Encumbrance
More informationNeoclassicism in the Balkans
Neoclassicism in the Balkans Vladimir Gligorov Vienna, May 12, 21 Neoclassical Growth> Stylized Foreign investment driven because of higher productivity in capital scarce countries Investments mostly in
More informationMacro-financial outlook with a view on NPL s and debt restructuring. Vedran Šošić, Vicegovernor
Macro-financial outlook with a view on NPL s and debt restructuring Vedran Šošić, Vicegovernor February 215 Outline of the presentation Banking system performing well. Elevated NPL level appears to be
More informationMM, EFES EN. Marc Mathieu
MM, EFES EN Marc Mathieu La Tribune Hewitt % 100 90 80 EUROPEAN GROUPS HAVING EMPLOYEE SHARE PLANS Graph first year plans UK IE FR NL, FI DA SV, BE, CH EUROPE NO 70 DE, IT 60 50 AT 11 NEW ES 40 30 GR,
More informationMacroeconomic Policies in Europe: Quo Vadis A Comment
Macroeconomic Policies in Europe: Quo Vadis A Comment February 12, 2016 Helene Schuberth Outline Staff Projection of the Euro Area Monetary Policy Investment Rebalancing in the euro area Fiscal Policy
More informationHeterogeneity and the ECB s monetary policy
Benoît Cœuré Member of the Executive Board Heterogeneity and the ECB s monetary policy Paris, 29 March 2019 Persistence of inflation differentials main pre-crisis concern Inflation dispersion in the euro
More informationState of play of CAP measure Setting up of Young Farmers in the European Union
State of play of CAP measure Setting up of Young Farmers in the European Union Michael Gregory EN RD Contact Point Seminar CEJA 20 th September 2010 Measure 112 rationale: Measure 112 - Setting up of young
More informationEBA REPORT ON HIGH EARNERS
EBA REPORT ON HIGH EARNERS DATA AS OF END 2017 LONDON - 11/03/2019 1 Data on high earners List of figures 3 Executive summary 4 1. Data on high earners 6 1.1 Background 6 1.2 Data collected on high earners
More informationHow much does it cost to make a payment?
How much does it cost to make a payment? Heiko Schmiedel European Central Bank Directorate General Payments & Market Infrastructure, Market Integration Division World Bank Global Payments Week 23 October
More informationInvestment in Ireland and the EU
Investment in and the EU Debora Revoltella Director Economics Department Dublin April 10, 2017 20/04/2017 1 Real investment: IE v EU country groupings Real investment (2008 = 100) 180 160 140 120 100 80
More informationSYSTEMIC RISK BUFFER. Background analysis for the implementation of the Systemic Risk Buffer as a macro-prudential measure in Estonia
SYSTEMIC RISK BUFFER Background analysis for the implementation of the as a macro-prudential measure in Estonia May 214 SUMMARY Starting from 1 January 214 the revised prudential requirements for credit
More informationREPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL
EUROPEAN COMMISSION Brussels, 17.9.2018 COM(2018) 629 final REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL 11th FINANCIAL REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND
More informationFOCUS AREA 6B: Fostering local development
Rural Development Programmes 014-00: Key facts & figures FOCUS AREA 6B: Fostering local development 1. Introduction Focus Area (FA) 6B is designed to foster local development in rural areas. Two measures
More informationPart C. Impact on sample design
Part C. Impact on sample design Ing. Marie Hörmannová, CSc. Business Cycle Surveys Department Introduction In December 2006, the European Council adopted the regulation establishing the revised EU statistical
More informationInvestment in Austria Stylized Facts
Investment in Stylized Facts Gerhard Fenz and Martin Schneider Economic Analysis Division Oesterreichische Nationalbank EIB/OeNB "Workshop Investment and Investment Finance The n Case" Vienna, March 20,
More informationB U I L D I N G P A R T N E R S H I P S F O R E N E R G Y S E C U R I T Y
"INOGATE Technical Secretariat & Integrated Programme in support of the Baku Initiative and the Eastern Partnership energy objectives" Project B U I L D I N G P A R T N E R S H I P S F O R E N E R G Y
More informationGrowth, competitiveness and jobs: priorities for the European Semester 2013 Presentation of J.M. Barroso,
Growth, competitiveness and jobs: priorities for the European Semester 213 Presentation of J.M. Barroso, President of the European Commission, to the European Council of 14-1 March 213 Economic recovery
More informationInvestment in Romania and the EU
Investment in Romania and the EU Debora Revoltella Director Economics Department Bucharest June 21, 217 2/6/217 European Investment Bank Group 2 Investment dynamics in RO 12 Investment Index 28=1 45 Gross
More informationHow sustainable is public debt in CESEE?
How sustainable is public debt in CESEE? 82 nd East Jour Fixe of Oesterreichische Nationalbank 11 June 218 S. Pamies Sumner ECFIN C2 Sustainability of public finances Content Short introduction on the
More informationJanuary 2010 Euro area unemployment rate at 9.9% EU27 at 9.5%
STAT//29 1 March 20 January 20 Euro area unemployment rate at 9.9% EU27 at 9.5% The euro area 1 (EA16) seasonally-adjusted 2 unemployment rate 3 was 9.9% in January 20, the same as in December 2009 4.
More informationRISK DASHBOARD DATA AS OF Q4 2017
RISK DASHBOARD DATA AS OF Q4 2017 2 Contents 1 Summary 3 2 Overview of the main risks and vulnerabilities in the banking sector 4 3 Heatmap 5 4 Risk Indicators (RIs) 4.1 Solvency Tier 1 capital ratio 6
More informationGROWTH AND JOBS: NEXT STEPS
GROWTH AND JOBS: NEXT STEPS Presentation of J.M. Barroso, President of the European Commission, to the informal European Council of 30 January 2012 Tackling the «vicious circles» affecting Europe Europe
More informationHOW RECESSION REFLECTS IN THE LABOUR MARKET INDICATORS
REPUBLIC OF SLOVENIA HOW RECESSION REFLECTS IN THE LABOUR MARKET INDICATORS Matej Divjak, Irena Svetin, Darjan Petek, Miran Žavbi, Nuška Brnot ??? What is recession?? Why in Europe???? Why in Slovenia?
More informationFOCUS AREA 2A: Improving economic performance of all farms, farm restructuring and modernisation
Rural Development Programmes 2014-2020: Key facts & figures FOCUS AREA 2A: Improving economic performance of all farms, farm restructuring and modernisation 1. Introduction Focus Area (FA) 2A is designed
More informationOn 19/06/2012 the Court delivered its ruling in Case C-307/10 IP Translator, giving the following answers to the referred questions:
Common Communication on the Implementation of IP Translator v1.2, 20 February 2014 1 On 19/06/2012 the Court delivered its ruling in Case C-307/10 IP Translator, giving the following answers to the referred
More informationItalian Banks - Accelerating the Sales of NPL to Improve Asset Quality
Italian Banks - Accelerating the Sales of NPL to Improve Asset Quality 31 July 2017 Commentary Carola Saldias Senior Director Financial Institutions Analytical Team carola.saldias@dagongeurope.com Evgeni
More informationFOCUS AREA 5B: Energy efficiency
Rural Development Programmes 204-2020: Key facts & figures FOCUS AREA 5B: Energy efficiency. Introduction Focus Area (FA) 5B is designed to increase efficiency in energy use in agriculture and food processing.
More informationEU Budget 2009: billion. implemented. 4. The European Union as a global player; ; 6.95% 5. Administration ; 6.
20.09.2010 EU Budget 2009: 112.107 billion 4. The European Union as a global player; 7 788 ; 6.95% 3. Citizenship, freedom, security and justice; 1 930 ; 1.72% 2. Preservation and management of natural
More informationOctober 2010 Euro area unemployment rate at 10.1% EU27 at 9.6%
STAT//180 30 November 20 October 20 Euro area unemployment rate at.1% EU27 at 9.6% The euro area 1 (EA16) seasonally-adjusted 2 unemployment rate 3 was.1% in October 20, compared with.0% in September 4.
More informationInvestment and Investment Finance in Slovenia
Investment and Investment Finance in Slovenia Debora Revoltella Chief Economist European Investment Bank Bank of Slovenia, European Investment Bank, European Commission Conference Ljubljana November 16,
More informationB U I L D I N G P A R T N E R S H I P S F O R E N E R G Y S E C U R I T Y
"INOGATE Technical Secretariat & Integrated Programme in support of the Baku Initiative and the Eastern Partnership energy objectives" Project B U I L D I N G P A R T N E R S H I P S F O R E N E R G Y
More informationAnalysis of the deleveraging process of non-financial enterprises in Bulgaria
Analysis of the deleveraging process of non-financial enterprises in Svilen Pachedzhiev, BULGARAN NATONAL BANK Towards recovery and Sustainable Growth in the Altered Global Environment, Skopje, April 28-29,
More informationFOCUS AREA 6C: Access to and quality of ICT
Rural Development Programmes 2014-2020: Key facts & figures FOCUS AREA 6C: Access to and quality of ICT 1. Introduction Focus Area (FA) 6C is designed to enhance the accessibility, use and quality of information
More informationTaxation trends in the European Union EU27 tax ratio at 39.8% of GDP in 2007 Steady decline in top personal and corporate income tax rates since 2000
DG TAXUD STAT/09/92 22 June 2009 Taxation trends in the European Union EU27 tax ratio at 39.8% of GDP in 2007 Steady decline in top personal and corporate income tax rates since 2000 The overall tax-to-gdp
More informationTrust, Statistics & Knowledge Evidence from the EC Special Eurobarometer survey 2009
Charting Progress, Building Visions, Improving Life Busan, Korea - 27 October 2009 Trust, Statistics & Knowledge Evidence from the EC Special Eurobarometer survey 2009 Marco Mira d Ercole (OECD), A. Papacostas(Eurobarometer)
More informationTHE 2016 EU JUSTICE SCOREBOARD
THE 2016 EU JUSTICE SCOREBOARD Quantitative data April 2016 This document contains a selection of graphs with quantitative data from the 2016 EU Justice Scoreboard. (The figure numbers correspond to those
More informationCompleting EMU: Arguments and proposals for the next term of office of the European Parliament and the European Commission
Completing EMU: Arguments and proposals for the next term of office of the European Parliament and the European Commission Public Hearing, European Economic and Social Committee, 5 December 2013 Taneli
More informationNATIONAL BANK OF ROMANIA
1 Annual inflation rate remained relatively stable during 13, 7 percent 6 5 annual inflation rate 4 3 annual adjusted CORE inflation rate 1 11 target 3.% 1 target 3.% Multi-annual flat inflation target:.5%
More informationThe Trend Reversal of the Private Credit Market in the EU
The Trend Reversal of the Private Credit Market in the EU Key Findings of the ECRI Statistical Package 2016 Roberto Musmeci*, September 2016 The ECRI Statistical Package 2016, Lending to Households and
More informationGuidelines compliance table
Guidelines compliance table EBA/GL/2016/06 Appendix 1 Issued 28 September 2016; Date of application 13 January 2018 (Updated: 12.12.2017) Guidelines on remuneration policies and practices related to the
More informationThe challenges of an ageing population. Budgetary and labour force projections for Belgium and the EU Member States
The challenges of an ageing population Budgetary and labour force projections for Belgium and the EU Member States Alexander Schwan, European Commission WSE Arbeidsmarktcongres 2013 07.02.2013 Provinciehuis
More informationAUTOMATIC STABILIZERS VS. DISCRETIONARY MEASURES: EVIDENCE FROM CROATIA ANA GRDOVIĆ GNIP
AUTOMATIC STABILIZERS VS. DISCRETIONARY MEASURES: EVIDENCE FROM CROATIA ANA GRDOVIĆ GNIP Content Short introductory theoretical background e case of Croatia o Empirical framework Data and limitations Output
More informationNPL resolution in the case of Romania
National Bank of Romania NPL resolution in the case of Romania June 2015 Financial Stability Department National Bank of Romania 1 Summary Main features of the Romanian banking sector Definition of NPL:
More informationCOUNTRY FACTSHEET: GERMANY
Investment Plan for Europe State of Play June 2018 COUNTRY FACTSHEET: GERMANY THE JUNCKER PLAN IN GERMANY Operations approved in Germany under the Juncker Plan s European Fund for Strategic Investments
More informationThe Macroeconomic Imbalance Procedure (MIP)
The Macroeconomic Imbalance Procedure (MIP) Jonas Fischer European Commission, DG ECFIN EP, 10 July 2018 [Di/con]vergence in euro area external positions Group A (surplus/creditor countries): AT, BE, DE,
More informationA new approach to education PPPs in the Eurostat/OECD exercise
A new approach to education PPPs in the Eurostat/OECD exercise OECD Meeting on PPPs for Non-European Countries, 27 29 April 2009 Eurostat losure Authorized Public Disclosure Authorized Public Disclosure
More informationCountry specific footnotes
Country specific footnotes Date: 15.01.2018 Government Guarantees (table: gov_cl_guar) Country specific notes related to guarantees BE BG CZ DK DE due to improved data coverage, undertaken sector reclassifications
More informationCohesion Policy support for Sustainable Energy
Cohesion Policy support for Sustainable Energy INFORSE-Europe and EREF European Sustainable Energy Seminar 28 April, 2009 Beth Masterson Policy Analyst DG Regio Thematic Coordination and Innovation Proceedings
More informationFinancial Stability Report 2015
Press Conference Financial Stability Report 215 Liviu Voinea Deputy Governor Bucharest, 6 October 215 1 Map of systemic risks Chapter 1. International and domestic economic and financial environment Chapter
More informationNational Bank of Romania s experience in dealing with the NPLs challenge
June 15 th, 2016 National Bank of Romania s experience in dealing with the NPLs challenge Florin Georgescu First Deputy Governor REGIONAL HIGH-LEVEL WORKSHOP ON NPLs RESOLUTION CONTENTS I. Romanian banking
More informationBenchmarking options for the effective achievement of the renewable energy target of the EU energy strategy by 2030
Benchmarking options for the effective achievement of the renewable energy target of the EU energy strategy by 2030 IAEE 2017 Authors: Lukas Liebmann, Christoph Zehetner, Gustav Resch Energy Economics
More informationNOTE ON EU27 CHILD POVERTY RATES
NOTE ON EU7 CHILD POVERTY RATES Research note prepared for Child Poverty Action Group Authors: H. Xavier Jara and Chrysa Leventi Institute for Social and Economic Research (ISER) University of Essex The
More informationPRIVATE DEBT AND THE ESTIA SCHEME
PRIVATE DEBT AND THE ESTIA SCHEME A useful tool in dealing with NPLs? 14 December 2018 Rennos Ioannides PART A Private Debt: the current state of affairs 2 GR CY PT IT BG SI HR HU IE PL RO ES MT LV AT
More informationASSISTANCE SYSTEM IN ROMANIA
THE REFORM OF SOCIAL ASSISTANCE SYSTEM IN ROMANIA PhD LĂCRĂMIOARA CORCHEȘ -General Director General Directorate for Social Assistance/ Ministry of Labor, Family, Social Protection and Elderly of Romania
More informationEU Pigmeat Market Situation. Meat Market Observatory Economic Board meeting 02 October 2018
EU Pigmeat Market Situation Meat Market Observatory Economic Board meeting 2 October 218 EXCHANGE RATE INDEX/EURO 14 Index of daily exchange rates of the main trading partners compared to the Euro 13 12
More informationDecember 2010 Euro area annual inflation up to 2.2% EU up to 2.6%
STAT/11/9 14 January 2011 December 2010 Euro area annual inflation up to 2.2% EU up to 2.6% Euro area 1 annual inflation was 2.2% in December 2010 2, up from 1.9% in November. A year earlier the rate was
More informationFiscal sustainability challenges in Romania
Preliminary Draft For discussion only Fiscal sustainability challenges in Romania Bucharest, May 10, 2011 Ionut Dumitru Anca Paliu Agenda 1. Main fiscal sustainability challenges 2. Tax collection issues
More informationInvestment in France and the EU
Investment in and the EU Natacha Valla March 2017 22/02/2017 1 Change relative to 2008Q1 % of GDP Slow recovery of investment, and with strong heterogeneity Overall Europe s recovery in investment is slow,
More informationAxis 4 (Leader) Implementing Local Development Strategies
Axis 4 (Leader) Implementing Local Development Strategies Basic Information: Axis 4 Leader: Implementing local development strategies with a view to achieving the objectives of one or more of the axes
More informationEBRD 2016 Transition report presentation. Some additional lessons from the EU
EBRD 2016 Transition report presentation Some additional lessons from the EU Zsolt Darvas Bruegel 7 December 2016 1 Generational earnings elasticity (less mobility ) Social (or intergenerational) mobility:
More informationTwo years to go to the 2014 European elections European Parliament Eurobarometer (EB/EP 77.4)
Directorate-General for Communication PUBLIC OPINION MONITORING UNIT Brussels, 23 October 2012. Two years to go to the 2014 European elections European Parliament Eurobarometer (EB/EP 77.4) FOCUS ON THE
More informationInvestment and Investment Finance. the EU and the Polish story. Debora Revoltella
Investment and Investment Finance the EU and the Polish story Debora Revoltella Director - Economics Department EIB Warsaw 27 February 2017 Narodowy Bank Polski European Investment Bank Contents We look
More informationHarmonised Index of Consumer Prices (HICP) August 2015
Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 MONTENEGRO STATISTICAL OFFICE R E L E A S E Broj: 201 Podgorica, 18 September 2015 When using the data please name the source
More informationUPDATE ON THE EBA REPORT ON LIQUIDITY MEASURES UNDER ARTICLE 509(1) OF THE CRR RESULTS BASED ON DATA AS OF 30 JUNE 2018.
UPDATE ON THE EBA REPORT ON LIQUIDITY MEASURES UNDER ARTICLE 509(1) OF THE CRR RESULTS BASED ON DATA AS OF 30 JUNE 2018 20 March 2019 Contents List of figures 3 List of tables 4 Abbreviations 5 Executive
More informationREPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL
EUROPEAN COMMISSION Brussels, 27.9.2017 COM(2017) 554 final REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL 10th FINANCIAL REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND
More informationEBA REPORT BENCHMARKING OF REMUNERATION PRACTICES AT THE EUROPEAN UNION LEVEL AND DATA ON HIGH EARNERS (DATA AS OF END 2016)
EBA REPORT BENCHMARKING OF REMUNERATION PRACTICES AT THE EUROPEAN UNION LEVEL AND DATA ON HIGH EARNERS (DATA AS OF END 2016) 1 Benchmarking of remuneration practices at the European Union level and data
More informationWhat budget for the EU? Principles, spending priorities and the impact of Brexit
What budget for the EU? Principles, spending priorities and the impact of Brexit Zsolt Darvas and Guntram B. Wolff, Bruegel Thanks to Yana Myachenkova, Nicolas Moës and David Pichler for excellent research
More informationFinancial Stability Report No.14 (2)/2017
Financial Stability Report No.14 (2)/217 Liviu Voinea, Deputy Governor Press conference, Bucharest, 4 December 217 Your Excellences, Dear colleagues, Dear guests, Thank you for your presence at the launch
More informationLEADER implementation update Leader/CLLD subgroup meeting Brussels, 21 April 2015
LEADER 2007-2013 implementation update Leader/CLLD subgroup meeting Brussels, 21 April 2015 #LeaderCLLD 2,416 2,416 8.9 Progress on LAG selection in the EU (2007-2013) 3 000 2 500 2 000 2 182 2 239 2 287
More informationBriefing May EIB Group Operational Plan
Briefing May 17 The winners and losers of climate action at the European Investment Bank The European Investment Bank has committed to support the EU s transition to a low-carbon and climate-resilient
More informationIncreasing the fiscal sustainability of health care systems in the European Union to ensure access to high quality health services for all
Increasing the fiscal sustainability of health care systems in the European Union to ensure access to high quality health services for all EPC Santander, 6 September 2013 Christoph Schwierz Sustainability
More informationTHE 2015 EU JUSTICE SCOREBOARD
THE 215 EU JUSTICE SCOREBOARD Communication from the Commission to the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions
More informationPoland Social Sector and Public Wages Public Expenditure Review From Maastricht to Vision 2030 Overview
Poland Social Sector and Public Wages Public Expenditure Review From Maastricht to Vision 2030 Overview Warsaw, Poland May 17, 2010 From Maastricht to Vision 2030 Poland spends fairly well Recent reforms
More informationTransition to IFRS 9 Impact on forbearance practices: are there some risks?
Transition to IFRS 9 Impact on forbearance practices: are there some risks? Cristina T. Plata García / María Rocamora / Javier Villar Burke Madrid, December 2017 Executive Summary Forbearance measures
More informationTraffic Safety Basic Facts Main Figures. Traffic Safety Basic Facts Traffic Safety. Motorways Basic Facts 2016.
Traffic Safety Basic Facts 2013 - Main Figures Traffic Safety Basic Facts 2015 Traffic Safety Motorways Basic Facts 2016 Motorways General Almost 26.000 people were killed in road accidents on motorways
More informationWorking conditions in Europe. Findings from the 5 th European Working Conditions Survey
Working conditions in Europe. Findings from the 5 th European Working Conditions Survey Gijs van Houten - Eurofound Studies seminar Work, participation, democracy: People, rights, civil economy London,
More informationImproving the quality of public finance an analytical framework 2018 Ludwig Erhard Lecture
Improving the quality of public finance an analytical framework 2018 Ludwig Erhard Lecture Marco Buti Director-General Economic and Financial Affairs, European Commission Lisbon Council The 2018 Euro Summit:
More informationEIOPA/ESRB adverse financial market scenarios for insurance stress test
EIOPA/ESRB adverse financial market scenarios for insurance stress test Introduction According to its mandate, the EIOPA shall, in cooperation with the ESRB, initiate and coordinate Union-wide stress tests
More informationNegative interest rates: Lessons from the euro area
Jens Eisenschmidt and Frank Smets European Central Bank Negative interest rates: Lessons from the euro area The views expressed are our own and should not be attributed to those of the European Central
More informationEuropean Innovation Policy. an Economic perspective
European Policy an Economic perspective Pierre VIGIER Economic Analysis Directorate DG Research & Europe is facing major challenges Knowledge and innovation are crucial Today: Major economic and financial
More informationEUROPE 2020 Towards the 2013 Annual Growth Survey
EUROPE 2020 Towards the 2013 Annual Growth Survey Marcel Haag Head of Unit Secretariat General, European Commission 1 Restoring growth: a pressing priority EU GDP level in recent years (first quarter 2005
More information