NCMO meeting of 26 March 2026

This year’s first meeting of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 26 March 2026.
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 draft Annual Report of the National Committee for Macroprudential Oversight for 2025, (iii) the actions taken by the addressees in order to implement the recommendations issued by the NCMO in 2025, as well as those issued in the previous period, which were not completed or are applicable on a permanent basis, and (iv) the manner of implementation of the ESRB recommendation on the commercial real estate market.
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 latest technological developments in the financial market regarding the distributed ledger technology (DLT), the Markets in Crypto-Assets (MiCA) Regulation, and artificial intelligence (AI).
The NCMO General Board unanimously approved NCMO Recommendation No. R/1/2026 on the countercyclical capital buffer. Specifically, the buffer rate is kept at 1 percent, amid the recent heightening of geopolitical risks, particularly in the context of the resurgence of Middle East conflicts. Eligible borrowers’ access to finance remains unaffected, underpinned by the adequate levels of liquidity and solvency indicators in the Romanian banking sector, which enable the build-up of capital buffers.
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.