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 restructuring plan laid out by Liberty Galați was validated by the Galați Court on Friday, August 1, after having been approved by 52% of the ailing plant’s creditors last month. The plan, approved by creditors and confirmed by the Galați Court, sets out firm measures to restructure both the company’s operational activity and the […]
Animest, Romania’s leading animation film festival, returns to Bucharest this autumn with a special 20th anniversary edition. Running from October 3 to 12, the festival invites audiences to explore the theme of "the journey” - a metaphor for both its two-decade history and the personal, emotional paths traced through animated storytelling, the organizers said. Last […]
An article delving into the benefits of hydrotherapy, published by the famous US newspaper The New York Times, features a recommendation for six wellness centers, including Romania’s Therme center. According to the article, “studies show that immersion in water, hot or cold, can calm the nervous system, reduce joint pain and inflammation, stimulate circulation, lower […]
Plastic surgeon Tiberiu Paul Neagu, head of the Burns Center at Floreasca Hospital, one of the major hospitals in Bucharest, was dismissed on Monday, August 4, after a patient was transferred to Belgium following multiple multi-resistant hospital-acquired infections. The scandal broke out when a patient with burns over 70% of her body, who had been […]
The Buzău Land/Ținutul Buzăului UNESCO Global Geopark has received high praise from evaluators following a three-day official visit aimed at assessing its progress and determining whether the site will retain its UNESCO geopark status. The visit, conducted in June by Goran Radonic (Croatia) and Iván Cortijo Sánchez (Spain), concluded with positive feedback for the geopark […]
One United Properties (BVB: ONE), a publicly listed developer that has so far been focused on Bucharest, announced the signing of a promissory sale and purchase agreement for land located in a prime central area of Sibiu. The site, located on the former FLARO industrial platform, offers significant potential for urban regeneration, according to company […]
