Romania Financial Sector Assessment Program : Detailed Assessment of Observance - Basel Core Principles for Effective Banking Supervision / International Monetary Fund.

Format:

Book

Government document

Author/Creator:

International Monetary Fund.

Contributor:

International Monetary Fund.

World Bank Group.

Series:

Financial Sector Assessment Program.

World Bank e-Library.

Financial Sector Assessment Program

Language:

English

Subjects (All):

Accountability.

Corporate Governance.

Finance And Financial Sector Development.

Financial Regulation And Supervision.

Local Subjects:

Accountability.

Corporate Governance.

Finance And Financial Sector Development.

Financial Regulation And Supervision.

Other Title:

Romania Financial Sector Assessment Program

Place of Publication:

Washington, D.C. : The World Bank, 2018.

System Details:

data file

Summary:

As an European Union (EU) Member State, Romania is subject and aligned to the EU common regulatory framework for banking supervision. The EU regulatory framework for banking supervision has been subject to significant changes since the 2008 global financial crisis and the subsequent sovereign debt crisis. The adoption of the Capital Requirements Regulation and the Capital Requirements Directive IV (CRR/CRD IV) which forms the Single Rule Book was an important step towards stronger prudential regulation. Given that a large part of Romania's banking system is owned by Eurozone banks, the Single Supervisory Mechanism (SSM), as the home supervisor for Eurozone banks, is a key partner of the National Bank of Romania (NBR). Prudential regulations of the NBR are broadly aligned to the requirements of the Basel Core Principles (BCP). As of 2017, the NBR has identified 11 banks as systematically important, of which 8 are supervised at group level by the SSM.