loss

Romanian banks might post an aggregated loss this year, under local accounting standards, on increasing risk costs, said Thursday Dominic Bruynseels, chief executive officer at local lender Banca Comerciala Romana, or BCR.

Romania has the least profitable general insurance sector in Central and Eastern Europe, mainly because of loss on the auto insurance segment, said Thursday Cristian Constantinescu, head of the Romanian Insurers and Reinsurers’ Union UNSAR.

Romania annually loses EUR400 million because of its obsolete heating system, which needs investments of EUR3.6 billion for upgrades, Iulian Iancu, president of the Chamber of Deputies’ Industry and Services Committee, said Thursday.