The first meeting of this year of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 31 March 2022 by written procedure. During the meeting, Board members examined analyses and adopted measures concerning macroprudential policy and systemic risk, namely the regular analysis on the recalibration of the countercyclical capital buffer (CCyB) and the draft Annual Report of the National Committee for Macroprudential Oversight for 2021. The NCMO General Board was informed of: (i) the possible implications of the Russia-Ukraine conflict for the banking sector in Romania, (ii) the systemic risks identified across the domestic financial system, (iii) 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, (iv) the results of the macroprudential solvency stress test for the banking sector spanning the period from 2021 Q1 to 2023 Q4, and (v) the impact of the “CRR Quick Fix” regulatory package on the banking sector in Romania. NCMO Recommendation No. R/1/2022 on the countercyclical capital buffer was unanimously approved. Whereas lending has been confirmed on an accelerating trend and there are ongoing tensions surrounding macroeconomic equilibria, the National Bank of Romania is recommended to keep in place the measure to set the countercyclical buffer rate at 0.5 percent, as of 17 October 2022, and to further monitor developments in the economy and lending amid a global environment marked by uncertainty. In addition, the NCMO General Board members decided not to voluntarily reciprocate the macroprudential measures of the Netherlands and Lithuania, given that the eligible exposures of the domestic banking sector to these countries are immaterial. 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.
The number of people in Romania at risk of poverty stood at 3.59 million people in 2024, 375,000 fewer than in 2023, representing a 9.4% decrease, according to data from the National Institute of Statistics, or INS. Despite the improvement, nearly one in five Romanians was affected by poverty last year. According to INS, 19% […]
The European Public Prosecutor’s Office (EPPO) in Cluj-Napoca carried out multiple searches on Tuesday, July 1, at the Sibiu International Airport and the Sibiu County Council as part of an investigation into suspected fraud involving a EUR 54 million EU-funded infrastructure project. A total of 24 locations were searched across Bucharest, Brașov, and Sibiu county, […]
A Romanian taxi driver who scammed 90-year-old Nigerian Nobel Prize laureate Wole Soyinka was detained by police on Sunday, June 29, according to media reports. On Friday, June 27, the venerable Nigerian arrived at Bucharest's Otopeni Airport. He got into a taxi and asked to be taken to a hotel downtown. At the destination, the […]
Costin Șerban, a Romanian entrepreneur, is digitalizing the construction sector in the United Kingdom with an ERP (enterprise resource planning) solution developed over 12 years and an investment of GBP 1.6 million (EUR 1.86 million). Șerban’s cloud-based ERP platform is called Abilo, was developed by the Romanian IT company Obi Systems, and is dedicated to […]
Border checks between Bulgaria and Romania have officially been lifted on July 1, as part of the implementation of the Schengen Agreement. The lifting marks the end of the transitional period of heightened control at the internal border, which had remained in place for six months following their accession to the Schengen area by land […]
Remus Vulpescu became CEO of the Bucharest Stock Exchange (BVB) on Tuesday, July 1, taking over from Adrian Tănase as the stock exchange grapples with a market dominated by government bonds. Vulpescu, 53, is a graduate in political and legal sciences from the University of Bucharest and holder of an EMBA obtained in 2017. He […]
