Romania currently lacks explicit legislation regulating macroprudential policy and assigning responsibility for the maintenance of the financial system as a whole .
The supervision of the national financial system is one of the attributions of the central bank, which oversees lenders and non-bank financial institutions, and of the Financial Supervisory Authority (ASF), which oversees the capital market, insurance sector and private pensions.
The proposed macroprudential committee will be an inter-institutional cooperation structure, with no legal personality, that will coordinate macroprudential supervision on a national level, the Finance Ministry said in a pres release Thursday.
The central bank governor will act as president of the committee and the structure will also have a General Board, consisting of nine members: the central bank governor, the deputy first governor, the central bank’s tow deputy governors, and the central bank’s chief economist, the president and vice-president of the Financial Supervisory Authority, and two members of the Cabinet, designated by the prime minister.
The manager of the Guarantee Fund for Deposits in the Banking System will attend committee meetings but will not have voting rights.
Decisions of the General Board will be adopted with the majority of votes expressed and and Committee president has veto rights in case the votes are tied. General Board members will not be paid for this work.