This year’s second meeting of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 19 June 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 systemic risk buffer, (iii) preserving the Republic of Moldova’s material third country status for the Romanian banking sector in relation to the recognition and setting of countercyclical buffer rates, (iv) the analysis on the Romanian banking sector’s exposures to Sweden, considering the ESRB recommendation on the recognition through voluntary reciprocity of the macroprudential policy measure adopted by this country, and (v) assessing the cross-border effects of macroprudential measures, in the context of submitting the compliance report in relation to Recommendation ESRB/2015/2.

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, and (ii) the analysis on companies in the defence industry in Romania.

The NCMO General Board approved NCMO Recommendation No. R/2/2025 on the countercyclical capital buffer. Specifically, the buffer rate is kept at 1 percent, in an environment marked by uncertainty locally and globally, by geopolitical risks and ongoing negotiations around the global trade architecture. Eligible borrowers’ access to finance remains unaffected, underpinned by the adequate levels of liquidity and solvency indicators in the local banking sector, which allow the build-up of capital buffers.

In the context of the annual exercise to identify material third countries for the Romanian banking sector, in terms of recognising and setting countercyclical buffer rates, NCMO members decided to preserve the Republic of Moldova’s material third country status. The NCMO will continue to monitor the economic and financial developments in this country.
Moreover, the NCMO members decided not to apply through voluntary reciprocity the macroprudential policy measure adopted by Sweden, given the level of the local banking sector’s exposures to this country, well below the suggested materiality threshold.

The NCMO recommendation and decisions were unanimously approved by the NCMO General Board.

The members of the National Committee for Macroprudential Oversight are closely monitoring the developments related to the deterioration of the international economic environment, so as to be prepared to act if the situation calls for it.

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.