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Bancorex
Bancorex was the largest bank in Romania during the 1990s, accounting for more than a fourth of the banking market share when it was closed down in 1999.Sherif, p.87 The bank failed due to non-performing loans that were related to political corruption, especially behind-the-scenes political dealings. The bank was bailed out by the Romanian state, its good assets being then merged with the more solvent Banca Comercială Română. It was founded as the ''Banca Română de Comerț Exterior'' ("Romanian Bank for Foreign Trade") in 1968 and for decades it was the bank through which much of Romania's foreign trade was conducted. Bailout and merger Toward the end of 1997, Bancorex received a sum of $600 million from the government, representing 2% of Romania's GDP. The recapitalization was followed by a management change in April 1998, but not by a restructuring, and the situation of the bank further deteriorated. It was only in late 1998, when a crisis hit Bancorex again, that the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banca Comercială Română
Banca Comercială Română (BCR) (SWIFT code: RNCBROBU), a member of Erste Group, is the most important financial group in Romania, including operations of universal bank (retail, corporate & investment banking, treasury and capital markets), as well as specialized companies on the leasing market, assets management, private pensions, housing banks and banking services through mobile phone. BCR is No. 1 bank in Romania on the assets value (over EUR 16 billion), No. 1 Bank by number of clients and No. 1 bank by savings and financing segments. BCR offers a range of products and financial services through a network of 48 business centres for companies and 643 retail units located in major cities across the country with over 10.000 inhabitants. BCR is No. 1 bank in Romania on the cards market and bank transactions, BCR clients having available the biggest national network of ATMs – over 2.400 ATMs and POSs – over 15.000 card payment terminals to merchants, as well as full se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government-owned Corporation
A state-owned enterprise (SOE) is a Government, government entity which is established or nationalised by the ''national government'' or ''provincial government'' by an executive order or an act of legislation in order to earn Profit (economics), profit for the Government, government, control monopoly of the Private sector, private sector entities, provide products and services to citizens at a lower price and for the achievement of overall financial goals & developmental objectives in a particular country. The national government or provincial government has majority ownership over these ''state owned enterprises''. These ''state owned enterprises'' are also known as public sector undertakings in some countries. Defining characteristics of SOEs are their distinct legal form and possession of Profit (economics), financial goals & developmental objectives (e.g., a state railway company may aim to make transportation more accessible and earn profit for the government), SOEs ar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1968 Establishments In Romania
The year was highlighted by protests and other unrests that occurred worldwide. Events January–February * January 5 – "Prague Spring": Alexander Dubček is chosen as leader of the Communist Party of Czechoslovakia. * January 10 – John Gorton is sworn in as 19th Prime Minister of Australia, taking over from John McEwen after being elected leader of the Liberal Party the previous day, following the disappearance of Harold Holt. Gorton becomes the only Senator to become Prime Minister, though he immediately transfers to the House of Representatives through the 1968 Higgins by-election in Holt's vacant seat. * January 15 – The 1968 Belice earthquake in Sicily kills 380 and injures around 1,000. * January 21 ** Vietnam War: Battle of Khe Sanh – One of the most publicized and controversial battles of the war begins, ending on April 8. ** 1968 Thule Air Base B-52 crash: A U.S. B-52 Stratofortress crashes in Greenland, discharging 4 nuclear bombs. * Januar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Romania (1989–present)
After the Communist rulership ended and the former Communist dictator Nicolae Ceaușescu was executed in the midst of the bloody Romanian Revolution of December 1989, the National Salvation Front (FSN) seized power, led by Ion Iliescu. The FSN transformed itself into a massive political party in short time and overwhelmingly won the general election of May 1990, with Iliescu as president. These first months of 1990 were marked by violent protests and counter-protests, involving most notably the tremendously violent and brutal coal miners of the Jiu Valley which were called by Iliescu himself and the FSN to crush peaceful protesters in the University Square in Bucharest. Subsequently, the Romanian government undertook a programme of free market economic reforms and privatization, following a gradualist line rather than shock therapy throughout the early and mid 1990s. Economic reforms have continued, although there was little economic growth until the 2000s. ''Social ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Disestablished In 1999
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the anc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Established In 1968
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Failures
A bank failure occurs when a bank is unable to meet its obligations to its depositors or other creditors because it has become insolvent or too illiquid to meet its liabilities. A bank usually fails economically when the market value of its assets declines to a value that is less than the market value of its liabilities. The insolvent bank either borrows from other solvent banks or sells its assets at a lower price than its market value to generate liquid money to pay its depositors on demand. The inability of the solvent banks to lend liquid money to the insolvent bank creates a bank panic among the depositors as more depositors try to take out cash deposits from the bank. As such, the bank is unable to fulfill the demands of all of its depositors on time. A bank may be taken over by the regulating government agency if its shareholders' equity are below the regulatory minimum. The failure of a bank is generally considered to be of more importance than the failure of other types ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defunct Banks Of Romania
{{Disambiguation ...
Defunct (no longer in use or active) may refer to: * ''Defunct'' (video game), 2014 * Zombie process or defunct process, in Unix-like operating systems See also * * :Former entities * End-of-life product * Obsolescence Obsolescence is the state of being which occurs when an object, service, or practice is no longer maintained or required even though it may still be in good working order. It usually happens when something that is more efficient or less risky r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Liability
In law, liable means "responsible or answerable in law; legally obligated". Legal liability concerns both civil law and criminal law and can arise from various areas of law, such as contracts, torts, taxes, or fines given by government agencies. The claimant is the one who seeks to establish, or prove, liability. Theories of liability Claimants can prove liability through a myriad of different theories, known as theories of liability. Which theories of liability are available in a given case depends on nature of the law in question. For example, in case involving a contractual dispute, one available theory of liability is breach of contract; or in the tort context, negligence, negligence per se, respondeat superior, vicarious liability, strict liability, or intentional conduct are all valid theories of liability. Each theory of liability has certain conditions, or elements, that must be proven by the claimant before liability will be established. For example, the theo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Off-balance-sheet
Off balance sheet (OBS), or incognito leverage, usually means an asset or debt or financing activity not on the company's balance sheet. Total return swaps are an example of an off-balance-sheet item. Some companies may have significant amounts of off-balance-sheet assets and liabilities. For example, financial institutions often offer asset management or brokerage services to their clients. The assets managed or brokered as part of these offered services (often securities) usually belong to the individual clients directly or in trust, although the company provides management, depository or other services to the client. The company itself has no direct claim to the assets, so it does not record them on its balance sheet (they are off-balance-sheet assets), while it usually has some basic fiduciary duties with respect to the client. Financial institutions may report off-balance-sheet items in their accounting statements formally, and may also refer to " assets under management", a f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Debt
A country's gross government debt (also called public debt, or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occurs when a government's expenditures exceed revenues. Government debt may be owed to domestic residents, as well as to foreign residents. If owed to foreign residents, that quantity is included in the country's external debt. In 2020, the value of government debt worldwide was $87.4 US trillion, or 99% measured as a share of gross domestic product (GDP). Government debt accounted for almost 40% of all debt (which includes corporate and household debt), the highest share since the 1960s. The rise in government debt since 2007 is largely attributable to the global financial crisis of 2007–2008, and the COVID-19 pandemic. The ability of government to issue debt has been central to state formation and to state building. Public deb ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liquidation
Liquidation is the process in accounting by which a company is brought to an end in Canada, United Kingdom, United States, Ireland, Australia, New Zealand, Italy, and many other countries. The assets and property of the company are redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation. The process of liquidation also arises when customs, an authority or agency in a country responsible for collecting and safeguarding customs duties, determines the final computation or ascertainment of the duties or drawback accruing on an entry. Liquidation may either be compulsory (sometimes referred to as a ''creditors' liquidation'' or ''receivership'' following bankruptcy, which may result in the court creating a "liquidation trust") or voluntary (sometimes referred to as a ''shareholders' liquidation'', although some voluntary liquidations are controlled by the creditors). The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
