NCMO meeting of 11 December 2025

This year’s fourth meeting of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 11 December 2025.
During the meeting, Board members examined analyses and adopted measures concerning macroprudential policy and systemic risk, namely: (i) the regular analysis on the recalibration of the countercyclical capital buffer, (ii) the regular analysis on the identification of systemically important institutions, (iii) the analysis on the implementation through voluntary reciprocity of a macroprudential policy measure adopted by Austria.
In addition, the NCMO General Board was informed of: (i) the systemic risks to financial stability identified by NCMO member authorities as per their specific area of competence, (ii) the macroprudential measures taken by member states of the European Economic Area (EEA) in 2025, (iii) the vulnerabilities generated by the commercial real estate market, (iv) the developments in foreign currency lending to non-financial corporations, and (v) the economic and financial developments globally.
The NCMO General Board approved NCMO Recommendation No. R/5/2025 on the countercyclical capital buffer. Specifically, the buffer rate is kept at 1 percent, inter alia in a global context marked by high uncertainty. Eligible borrowers’ access to finance is underpinned by the adequate levels of liquidity and solvency indicators in the Romanian banking sector.
The NCMO General Board also approved NCMO Recommendation No. R/6/2025 on the capital buffer for other systemically important institutions in Romania. Thus, the National Bank of Romania is recommended to implement, starting 1 April 2026, at the highest level of consolidation, the new buffer rates resulting from the data reported as at 30 September 2025. These rates will be posted on the NCMO website 30 days after submitting the notification to the ESRB, according to the provisions of the European regulatory framework.
The NCMO recommendations and decisions were unanimously approved by the NCMO General Board.
The NCMO 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.