The fourth meeting of this year of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 15 December 2021 by written procedure. During the meeting, Board members examined analyses and adopted measures concerning macroprudential policy and systemic risk. The NCMO General Board was informed of: (i) the up-to-date assessment of macroprudential instruments since their implementation in the national legislation, (ii) the impact of interest rate risk on the banking sector’s government securities portfolio and interest rate-sensitive assets and liabilities, (iii) the systemic risks identified across the domestic financial system, (iv) the implementation of Recommendation ESRB/2020/8 on monitoring the financial stability implications of debt moratoria, and public guarantee schemes and other measures of a fiscal nature taken to protect the real economy in response to the COVID-19 pandemic and (v) the implementation of Recommendation of the European Systemic Risk Board amending Recommendation ESRB/2016/14 on closing real estate data gaps (ESRB/2019/3). On this occasion, Board members unanimously approved NCMO Recommendation No. R/9/2021 on the countercyclical capital buffer in Romania. Following the continued accelerating trend in lending, while recent developments do not show a relief of tensions surrounding macroeconomic equilibria, the National Bank of Romania is recommended to keep in place the measure on raising the countercyclical buffer rate to 0.5 percent, as of 17 October 2022, and to further monitor developments in the economy and lending, in a context still riddled with uncertainty. Moreover, the NCMO General Board decided to set up a working group mandated to support financial intermediation. The National Committee for Macroprudential Oversight 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.
Elena Oancea is the Co-CEO of Goldbach Group, a Romanian holding comprising 8 companies operating in sectors such as the development of retail parks, property management, civil and industrial construction, real estate development, architecture and urban planning, interior design, renewable energy, consultancy for projects financed by European funds. Driven by a clear vision of strategic innovation […]
Cosmin Florin Dumitrache, a shepherd from Romania’s Prahova County, notified the Prahova County Museum of History and Archaeology after he discovered a skull in the Vârful Scoruș area, at Urlați. The bones turned out to be 5,000 years old years old. A team of specialists from the museum carried out an archaeological intervention to salvage […]
Crin Antonescu, the candidate backed by the ruling coalition in Romania, raised RON 20 million (EUR 4 million) for the ongoing presidential campaign, according to data published by the Permanent Electoral Authority on Friday, April 11. Of the RON 20 million, the Social Democratic Party raised RON 15 million for Antonescu’s campaign, followed by UDMR, […]
Frequenza Festival will bring a mix of classical and contemporary chamber music to Bucharest next month. Hosted at the Auditorium Hall of the National Museum of Art of Romania between May 22 and 25, the festival will feature four evening concerts performed by a lineup of international musicians. The festival’s artistic directors are the renowned […]
Romania is set to be part of an Important Project of Common European Interest (IPCEI) on nuclear energy announced this week by Stéphane Séjourné, Vice-President of the European Commission responsible for industrial strategy. The project developed by France with Romania and Italy includes small modular reactors, advanced reactors, uranium management, supply, research on nuclear fusion, […]
Victoriabank, a subsidiary of Romania’s Banca Transilvania Group, has signed an agreement to acquire Microinvest, the leading non-bank microfinance institution in the Republic of Moldova. The deal, announced Thursday in Chișinău, marks the group’s latest expansion into the Moldovan market, following Victoriabank’s recent merger with BCR Chișinău. The transaction is subject to approval by regulatory […]
