assets

About half of Romanian contributors to mandatory private pension funds (Pillar II) have amassed less than 500 lei (EUR1=RON4.2016) in their pension accounts since May 2008 when the system was launched, Mircea Oancea, head of the country’s private pension regulator CSSPP, said Thursday.

Assets of private pension funds in Romania could top EUR1.6 billion this year, 60% more than in 2010, Mircea Oancea, head of the country’s private pension regulator CSSPP, said Thursday.

Local fiscal authorities in Constanta, southeastern Romania, have impounded assets of the Tomis Archbishopric, including the Archbishopric Palace, plots of land and cars, over a tax debt exceeding 4.2 million (EUR1=RON4.2478), tax authorities said Tuesday.

Romanian prosecutors seized assets worth a total EUR13.5 million in the case involving the insider trading charges brought against the chairman of lender Banca Transilvania, Horia Ciorcila and three other bankers.