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.
The agency plans to expand its team and reach a turnover of EUR 450,000 by year-end. June Communications (JUNE), a business-to-business PR and integrated communications agency, has appointed Bianca Caragea as its new Operations Manager. The step strengthens the agency’s management team as it enters a new stage of growth after seven years of sustained […]
The Babeș-Bolyai University of Cluj-Napoca (UBB) has established an endowment fund, which the institution described as a "strategic" financial mechanism aimed at supporting academic excellence and ensuring the long-term sustainability of university projects. The initiative is a first of its kind in the local academia, UBB said. The endowment fund involves attracting donations/financial resources and […]
Romanian authorities are reportedly considering imposing an access fee for the Transfăgărășan mountain road. The funds would be used for setting up decent parking areas, selecting merchants, and similar initiatives. The beautiful, winding road is one of the most visited tourist attractions in the country. Local authorities say the funds from an eventual toll would […]
Colombian reggaeton superstar J Balvin will perform in Dubai for the first time this November, headlining Untold, the globally recognized festival born in Romania. The event will take place from November 6 to 9 at Dubai Parks and Resorts, featuring more than 100 international acts across five stages. The festival is staged in partnership with […]
More than 17% of Romania’s population faced severe material and social deprivation last year, which was one of the highest shares in the EU, according to the statistical bureau of the European Union - Eurostat. In 2024, 6.4% of people in the European Union faced severe material and social deprivation, a slight decrease compared to […]
The Freedom and Respect for Every Earthling association will hold the March for Animal Rights in Bucharest on October 4, to mark International Animal Day. The march will start at 11 AM at the National Theater Park, and will go on to Piața Victoriei. Organizers say they aim to bring to the forefront the suffering […]
