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.
Two Romanians were arrested during Sunday night, May 11, after robbing empty houses in the evacuated mountain village of Brienz located in the Swiss canton of Graubünden. The village had been evacuated since November due to rock falls. The locality was, however, monitored by the authorities to prevent break-ins. The would-be thieves apparently tried to […]
The European Bank for Reconstruction and Development, or EBRD, has revised its estimates regarding the evolution of the Romanian economy in 2025 downward to 1.6%. The bank expects Romania’s GDP to grow 0.2% less than the 1.8% estimate made in February, and to increase by 2.4% in 2026. Romania's GDP growth slowed to 0.8% in […]
During a meeting on Monday, May 12, the Cluj-Napoca Local Council approved a draft resolution that imposes smoking restrictions in several public spaces in the city, including public transport stations, parks, and sports facilities. The resolution was adopted with 22 votes in favor and 3 abstentions, and will come into effect 90 days from the […]
An internal survey by Romanian Business Leaders, which does not have national representativeness but was answered by 417 entrepreneurs, shows that 62% of entrepreneurs expect to have to make layoffs, while a third expect the number of employees to remain the same. The expected layoffs are directly connected to the possibility of Romania choosing a […]
Romanian Istvan Kovacs will be the main referee for the UEFA Champions League final between Paris St-Germain and Inter Milan, which will be played on May 31 in Munich. The match will be Kovacs’ third European final in the last 4 years. The 40-year-old referee has previously officiated the UEFA Europa Conference League final in […]
Over 70 museums across Romania will open their doors after hours for the 21st edition of Night of Museums, one of the country's most anticipated cultural events. Held on the night of May 17, the event offers visitors a unique opportunity to explore exhibitions, installations, and creative activities in an unconventional, late-night setting. From major […]
