The financial regulator’s revenues increased 6.7% on the year in the first half, to RON81.42 million, although contributions of regulated, authorized and overseen entities were reduced as of January 1.
Revenues generated by the financial instruments and investment sector, which account for 30,8% of the total revenues registered in the first half of 2015, declined 21% on the year, as the sector benefited from the highest contribution cuts.
The insurance sector accounted for 43.4% of revenues, while the private pension sector contributed 23.6% of the revenue, paying contributions 20.5% higher than in the same period last year.
The regulator plans to lower contributions of non-banking financial institutions further, as the market increases and regulatory processes are improved.
The financial regulator lowered staff expenses by nearly 20% in the first half of the year. Staff spending dropped to 56.29% of total revenue in the first half, from 74.96% in the same period last year. The institution cut back on the number of management positions by 60% and fired over 150 employees.
The regulator ended 2014 with a budget surplus of RON18.3 million, from a deficit of RON9.8 million in 2013.