The first meeting of the NCMO

2017-Apr-12 | Meetings

The meeting on the operationalisation of the National Committee for Macroprudential Oversight (NCMO) took place on 11 April 2017, within the 30-day deadline stipulated by law.

The NCMO was established pursuant to Law No. 12/2017 on the macroprudential oversight of the national financial system (published in Monitorul Oficial al României, Part I, No. 192/17.03.2017), as an inter-institutional cooperation structure without legal personality, comprising representatives of the National Bank of Romania, the Financial Supervisory Authority and the Government. 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 establishment of the NCMO ensures the implementation of the ESRB Recommendation on the macro-prudential mandate of national authorities (ESRB/2011/3).

The operationalisation of the NCMO was ensured by establishing the membership of the General Board, as follows:

  1. Mugur Isărescu, Governor of the National Bank of Romania – Chairman of the NCMO;
  2. Florin Georgescu, First Deputy Governor of the National Bank of Romania;
  3. Liviu Voinea, Deputy Governor of the National Bank of Romania, coordinator of the financial stability activity;
  4. Mișu Negrițoiu, President of the Financial Supervisory Authority;
  5. Cornel Coca Constantinescu, First Vice President of the Financial Supervisory Authority;
  6. Ion Giurescu, Vice President of the Financial Supervisory Authority, responsible for the private pension system;
  7. Viorel Ștefan, Minister, Ministry of Public Finance;
  8. Attila György, Secretary of State responsible for coordinating the promotion of the legal framework for financial markets, Ministry of Public Finance; and
  9. Enache Jiru, Secretary of State responsible for coordinating the treasury and public debt management, Ministry of Public Finance.

In addition, Petre Tulin, General Director of the Bank Deposit Guarantee Fund, participates in the General Board meetings without having a voting right.

During the first meeting of the NCMO, the organisational priorities for the period ahead were established, i.e. drafting the Regulation on the organisation and functioning of the NCMO; establishing the regulatory framework for enforcing the law; designing the NCMO website.

The next NCMO meeting is scheduled for June 2017.