The first meeting in 2024 of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 28 March 2024. During the meeting, Board members examined analyses and adopted measures concerning macroprudential policy and systemic risk, namely: (i) the regular analysis on the recalibration of the countercyclical capital buffer and (ii) the draft Annual Report of the National Committee for Macroprudential Oversight for 2023. The NCMO General Board was informed of: (i) the actions taken by the addressees in order to implement the recommendations issued by the NCMO in 2023, as well as those issued in the previous period; (ii) the calendar for implementing measures domestically in view of the ESRB recommendations; (iii) the systemic risks to financial stability identified by member authorities as per their specific area of competence; (iv) the risks generated by the commercial real estate market; (v) the financing of companies and households, and (vi) the credit institutions’ compliance with the minimum requirement for own funds and eligible liabilities (MREL) as at the reference date of 1 January 2024 (the end of the transition period laid down in the European framework), which shall be further met on a permanent basis. The NCMO General Board approved NCMO Recommendation No. R/1/2024 on the countercyclical capital buffer. Specifically, the buffer rate is kept at 1 percent, in order to adequately manage cyclical systemic risks, inter alia amid the regional or global geopolitical uncertainties. The decision is further warranted, given that the banking sector’s liquidity and solvency levels are adequate, and profitability allows maintaining the capital reserves. This line of action is consistent with the European trend in the macroprudential field, by proactively using the instruments available to the authorities for strengthening the resilience of credit institutions, inter alia by applying, in a forward-looking manner, a positive rate of the countercyclical capital buffer. The NCMO recommendation and decisions were unanimously approved by the NCMO General Board. The NCMO was established by virtue of Law No. 12/2017 on the macroprudential oversight of the national financial system, thus ensuring that Recommendation of the European Systemic Risk Board (ESRB) No. 3/2011 on the macroprudential mandate of national authorities was implemented. The NCMO brings together representatives of the National Bank of Romania, the Financial Supervisory Authority and the Government of Romania. The NCMO’s mission is to ensure coordination in the field of macroprudential oversight of the national financial system by setting the macroprudential policy and the appropriate instruments for its implementation.
The biggest contributor to burnout – and we do have a burnout epidemic across the world nowadays – is work stress. Many people believe it’s mainly their fault, that it’s in the way they do things, their personality, or something very personal indeed. They couldn’t be more wrong. Because the single most impactful factor in […]
Over 300 guitarists from across the country are gathering in Timișoara, western Romania, to simultaneously perform 17 songs alongside several well-known artists within the Timișoara Guitar Day – One City. One Day. One Guitar Love event. The moment is scheduled for Saturday, October 19, at 4:00 PM at Faber, Splaiul Peneș Curcanul 4-5, Timișoara, with […]
Wizz Air announced it was opening its temporary base in Chişinău, in Moldova, and will offer direct connections to 16 destinations next winter, including eight new routes. The airline is offering non-stop flights between Chişinău and Berlin, Bologna, Brussels Charleroi, Dortmund, Memmingen, Paris Beauvais and Verona, as well as the new route to Nuremberg. In […]
Romania’s executive recently approved the acquisition of 58 new short-distance trains, RE-R2 and RE-R3, with 200 and 160 seats respectively, in contracts totaling RON 3.3 billion (EUR 683 million). Prime minister Marcel Ciolacu announced the approval of the purchase. "We are approving a major investment project that connects large urban centers via modern rail transport. […]
Romania is a strategic tech hub for the operations of the Brazilian technology multinational Stefanini in Europe, the Middle East, and Africa. Farlei Kothe, newly appointed CEO of North America, EMEA, and APAC, shares more on the company's expectations for the year to come, how its growth strategy informs its recruitment plans, and its work […]
The heads of Moldova's security institutions announced on Thursday, October 17, that several hundred Moldovan citizens were trained in Russia, Serbia, and Bosnia-Herzegovina to incite street movements aimed at overthrowing the constitutional order. The head of the National Police, Viorel Cernăuțeanu, the director of the Information and Security Service (SIS), Alexandru Musteața, and interim chief […]
