Press Release on the Meeting of the National Committee for Financial Stability
22.02.2011
On 22 February 2011, the ordinary meeting of the National Committee for Financial Stability was held.
The meeting was attended by Mr. Mugur Isărescu, Governor of the National Bank of Romania and Chairman of the National Committee for Financial Stability, Mr. Bogdan Drăgoi, Secretary of State in the Ministry of Public Finance, Mrs. Cătălina Sava, Commissioner of the National Securities Commission, Mrs. Angela Toncescu, President of the Insurance Supervisory Commission, and Mr. Mircea Oancea, President of the Private Pension Supervision Commission.
The members of the National Committee for Financial Stability have analysed the recent developments in the Romanian financial sector which has remained stable in the context of the challenges induced by domestic fiscal consolidation and the persistence of external market uncertainties. This is in line with the conclusions of the recent mission of the European Commission and the International Monetary Fund on the assessment of Romania's ongoing external financing arrangement with international financial institutions. In this context, overviews on the performance of each financial market segment in Romania have been presented.
At the same time, the members of the National Committee for Financial Stability have discussed about the technical details of a possible harmonised European framework for crisis prevention, recovery and resolution of failing banks and an appropriate class of investment firms. Moreover, the organisation and functioning of current financial crisis management mechanisms in the euro area and the landmarks of setting up a permanent mechanism for financial stability, due to become operational during 2013, have been analysed.