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.
Accor, a global leader in hospitality, has announced the expansion of its presence in Romania by signing a franchise agreement with Amazonia Aquapark SRL for Novotel Timișoara. The newly built hotel is scheduled to open by the end of 2027, marking the brand's first property outside Bucharest and becoming a flagship for Novotel in Eastern […]
A survey published on Wednesday, May 14, by the Open Minds Association shows that Romanians strongly support respect and mutual support in the workplace, signaling that the business environment can play a critical role in supporting social unity. According to the first data set from the “Diversity and Inclusion Barometer,” May 2025 edition, 81% of […]
Eight of the largest business organizations active in Romania have voiced their concern over the accelerating deterioration of the business climate and the erosion of Romania’s credibility. The call is signed by AmCham Romania – American Chamber of Commerce in Romania, AOAR – Association of Romanian Businessmen, AHK – Romanian-German Chamber of Commerce and Industry, […]
Low-cost carrier Wizz Air announced six new routes from Timișoara and Brașov, two major cities in western and central Romania, respectively, as well as a third aircraft allocated to its Timișoara base. The additional aircraft will support the launch of five new international routes from Timișoara to Larnaca, Nuremberg, Basel, Frankfurt Hahn, and Naples, with […]
The Ploiești Court of Appeal reinstated the status of protected natural reserve for the Crâng Forest, a remnant of the famous Vlăsiei Woods, in a ruling made public on Tuesday, May 13. In 2024, the Buzău County Council approved the revision of a 1995 decision concerning the protection of natural areas and monuments, removing Crâng […]
Cristina Uruc, interim manager of Romania’s Artexim - the organizer of the George Enescu International Festival and Competition, has been unanimously elected president of the European Association of Artist Managers (AEAA). The decision was made during the organization’s General Assembly held recently in Istanbul, hosted in partnership with Borusan Sanat, one of Turkey’s leading cultural […]
