• Annual Report CNSM 2021
    The international macro-financial environment was marked by the evolution of the COVID-19 pandemic during 2021 as well, with the authorities further taking measures to mitigate the identified vulnerabilities and address new challenges. On the domestic front, the prudent stance of macroprudential policy materialised in an increase of countercyclical capital requirements, given the high levels of liquidity and profitability indicators of the banking sector, which allow capital conservation, without creating lending constraints and hindering eligible borrowers’ access to credit.
  • Annual Report CNSM 2020
    The year 2020 was marked by the outbreak of the COVID-19 pandemic, which led to major changes in short-term risks to financial stability and heightened some of the existing vulnerabilities of the global economy. On the domestic front, the authorities stepped in promptly to cushion the potential financial effects of the public health crisis. From a prudential perspective, the National Bank of Romania decided to allow credit institutions to temporarily use the capital buffers built up previously, while keeping in place the legal requirements for such flexibilities.
  • Annual Report 2019
    In the context in which the level of systemic risk to financial stability in Romania follows an upward trend, generating external and domestic vulnerabilities, a prudent macroprudential policy stance was adopted, primarily by keeping in place the measures concerning borrowers and the capital reserves built up in previous years. The NCMO activity materialised in assessing the need to recalibrate or implement the macroprudential instruments at its disposal (the capital buffers), as well as in the setup of inter-institutional working groups.
  • Annual Report 2018
    The macroprudential policy in Romania was characterized by the implementation of prudential measures concerning borrowers, to simplify households’ access to loans and safeguard average- and below-average income earners. Among the measures implemented to achieve the national macroprudential objectives, we mention those related to limiting the borrowers’ indebtedness level, while conducting an assessment of the impact of credit institutions’ funding plans on the flow of credit to the real economy.
  • Annual Report 2017
    The main objective of the National Committee for Macroprudential Oversight Report is to inform on the macroprudential measures taken by the NCMO with a view to safeguarding the stability of the national financial system. The analysis presents the instruments used to render macroprudential policy more effective, as well as a series of recommendations issued by the NCMO during 2017.