The importance of supervisory transparency and accountability has been stressed by the Basel Committee on Banking Supervision and by the new European legislation, namely the Capital Requirements Directive (CRD) 2006/48/EC, and the Capital Adequacy Directive (CAD) 2006/49/EC. Article 144 of the CRD stipulates explicit disclosure requirements for national supervisory authorities.
To ensure uniformity and comparability of the disclosed information, the Committee of European Banking Supervisors (CEBS) developed a standardized web-based supervisory disclosure framework and published general guidelines on the implementation of the framework (CEBS Guidelines on Supervisory Disclosure).
The tables of information in this section will be identically implemented on homepages of the national competent authorities of the EU Member States starting January 1, 2007. The CEBS website will thereby serve as a centralised electronic repository and will allow for quick and easy comparison of the relevant information. The websites of the national competent authorities will provide the exhaustive and detailed information required by the CRD.
This section was designed by NBR to comply with its supervisory disclosure requirements and provide access to information regarding the implementation of Basel II in Romania. In analogy with the provisions of Article 144 of the CRD (transposed in art. 224 of Government Emergency Ordinance No. 99 of 6 December 2006 on Credit Institutions and Capital Adequacy approved and amended by Law 227/2007), the content of the supervisory disclosure requirements has been divided into four sections:
- Texts of laws and regulations adopting the Basel II provisions within directive 2006/48/EC and directive 2006/49/EC in Romania. The texts outline the basic legislative and regulatory framework for institutions subject to prudential supervision in Romania.
- Administrative rules refer to documents that instruct supervised entities on how to satisfy minimum regulatory standards
- General guidance includes explicit disclosure requirements from the two Basel II directives and explanations by the NBR deemed necessary to set out how the rules should be applied by institutions. Additionally, such guidance will cover any other relevant information that the NBR wishes to release to enhance the understanding of the new capital adequacy framework and is published in the form of uniform letters.
- Disclosure on reporting includes information on the key aspects of the implementation of the consolidated financial reporting framework (FINREP), as well as the solvency reporting framework (COREP).
Directives 2006/48/EC and 2006/49/EC contain a large number of national discretions and options which may be applied on the basis of national circumstances. This section will reveal the manner of exercise of those options and national discretions in Romania.
This section describes Romanian Pillar 2 approach including general criteria and methodologies of the Supervisory Review and Evaluation Process (SREP), minimum requirements for institutions' own Capital Adequacy Assessment Process (ICAAP) and policies on supervisory measures.
This part includes aggregate statistical data on key aspects of the implementation of the prudential framework in Romania. The disclosure includes national statistical data about the banking sector, credit risk, operational risk, market risk and supervisory actions and measures. Please note that NBR will not disclose any confidential information received from supervised institution.
Reference Documents