The General Board of the National Committee for Macroprudential Oversight (NCMO) convened on 4 February 2019, in an ordinary meeting. The National Bank of Romania presented during the meeting the impact study it had prepared with regard to the financial asset tax introduced by Government Emergency Ordinance No. 114/2018 instituting certain measures in the public investment field and certain fiscal and budgetary measures, amending and supplementing some normative acts and extending some deadlines (GEO 114/2018). The study referred to the impact of this tax on credit institutions, lending and economic growth. NCMO members decided to set up a working group of the NCMO Technical Committee, comprising representatives of the Ministry of Public Finance and of the National Bank of Romania. The conclusions of the working group will be discussed in the next NCMO meeting, scheduled for 18 February 2019.
The National Committee for Macroprudential Oversight 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.