Warning: preg_match(): Unknown modifier '2' in /home/bursaexp/public_html/bursa_ro/_config/class.mobile.inc.php on line 70
AFTER IOHANNIS SENT THE LAW BACK TO THE PARLIAMENT NBR governor Mugur Isarescu will no longer have immunity on the Macroprudential Oversight Committee - English section - Ziarul BURSA
Gala BURSA Construcțiilor 20 de ani
AFTER IOHANNIS SENT THE LAW BACK TO THE PARLIAMENT
BURSA 16.03.2017

EMILIA OLESCU (translated by Cosmin Ghidoveanu)
 
mărește imaginea
     The governor of the NBR will not have criminal and civil immunity for his position of president of the National Committee for Macroprudential Oversight, according to the new form of the law which regulates the creation of this entity, passed yesterday by president Klaus Iohannis.
     The MPs have amended the initial text of the law, adapting it to the requirements of the letter sent in April last year by the Romanian president, by which he refused to pass the legislative act and sent it back to Parliament.
     PNL senator Daniel Cătălin Zamfir told us that the most important aspects notified by the president have been removed from the law. One of the most important was the one concerning the immunity granted to the members of the new committee, says Mr. Zamfir, who told us: "The provision in question was removed, and this aspect represents a good opportunity to tackle once again the issue of article 25 of the Bylaws of the NBR, because that clause from the law of macroprudential oversight law was copy-pasted from the Bylaws of the NBR. The president sent in for reexamination that article of the Law of Macroprudentiality because he thought there shouldn't be a category of people having an immunity greater than the one stipulated in the constitution".
     In April last year, president Iohannis pointed out, among other things, that the law created a new type of immunity for a category of dignitaries and public servants.
     The request for reexamination sent by Klaus Iohannis stated: "Art. 11 paragraph (2) of the law sent in for promulgation exonerates from civil and criminal liability, the persons who have held or hold the position of member of the General Council, or of a technical commission or who work or who have worked in the Secretariat of the Committee, for carrying out or failing to carry out any action in relation to the exercising, under the terms of the law, of their duties pertaining to the activity of the Committee, as long as they have acted in good faith and without negligence. Through the provisions of art. 11 paragraph (2) a new type of immunity is instituted for a category of dignitaries and public servants, immunity which exceeds the constitutional boundaries, which therefore requires a legislative clarification, meaning the synchronization of the European regulations in that area with the domestic ones".
     More specifically art. 11 (2) of the initial text of the law emphasized: "The persons who have held or hold the quality of member of the General Council and respectively, of a technical commission, as well as the persons who have worked or work in the secretariat of the committee, don't have a civil or criminal liability for carrying out or omitting to carry out any action, under the terms of the law, as part of their job duties as members of the Committee, provided they had acted in good faith". This article has been eliminated from the law passed today by president Iohannis.
     The law no. 312 of 2004 concerning the NBR status mentions in art. 25 (3): "The members of the Board of Directors of the NBR and its personnel, tasked with exercising roles of prudential oversight, are not civilly or criminally liable, as the case may be, if the courts find that those individuals have carried out or neglected to carry out any action related to the exercising, within the limits of the law, of their prudential oversight roles in good faith and without negligence".
     Last year, Daniel Zamfir submitted a legislative draft requesting the elimination of the article of the law which regulates the Bylaws of the NBR. In his argumentation, the MP stressed: "According to paragraphs (3) and (4) of art. 25, a privileged status is established for those categories of employees, a new type of immunity which is likely to create an imbalance when it comes to the liability of any citizen in relation to the exercising of job duties, immunity which exceeds the constitutional framework. Basically, by maintaining these provisions in the Law concerning the Bylaw of the National Bank of Romania, we can say that we are dealing with a refusal to take responsibility by the decision makers of the NBR, as they don't answer to the law for decisions of major importance concerning the Romanian economy and society. In the context where this has already been notified through the request for reexamination sent to the Romanian parliament on the law concerning the macroprudential oversight of the national financial system which contains a similar provision, I feel that the passing of the current legislative draft fixes a legislative deviation which could lead to a violation of the constitutional principle of the equality of all citizens before the law".
     The initiative of the PNL senator is currently closed.
     * The government is no longer required to follow the recommendations of the Macroprudential Oversight Committee
     Another aspect notified by president Iohannis and removed from the law concerns the recommendations made by the Committee. Initially, the law stipulated that they would be mandatory for the Government. Now, the recommendations made by the new entity will be advisory, meaning their implementation will be optional, senator Zamfir explained.
     In the request for reexamination, the head of state said that some of the provisions of the law lack predictability and clarity. One of the fiercely criticized provisions of the law was the nature of the recommendations that would be made by the Committee.
     The recipients of the recommendations of the National Macroprudential Oversight Committee are either the NBR and the ASF, as sector financial oversight authorities, or the Romanian government. The initial version of the law stated as follows: "The recipients (...) must take the appropriate measures, including the issuing of regulations, in order to comply with the recommendations, or, as the case may be, to take actions in order to reduce the risks that they have been warned about. The recipients have to inform the Committee about the measures passed or to provide an appropriate justification if such measures have not been passed.
     The new form of the law provides the following: "The recipients of the recommendations or warnings issued by the Committee (...) can adopt the corresponding measures, including the issuing of regulations, in order to comply with the recommendations, or, as the case may be, can take action to reduce the risks that they have been warned about. The recipients will notify the committee concerning the measures that they passed or, if such measures have not been taken, the notice will include the reasons for not taking them".
     The request for reexamination made by Klaus Iohannis stated the following: "For the national level implementation of the measures needed in order to prevent or reduce systemic risks, the National Committee for Macroprudential Oversight issues recommendations addressed to the government, in order to initiate, in line with the provisions of the law, some legislative drafts, as well as recommendations and warnings addressed to the National Bank of Romania and the Financial Oversight Authority (...). We hereby clarify that both in the Romanian legislative system, as well as in the European one, a recommendation is an act that does not generate the obligation to comply with it. To that end, we want to stress the fact that the recommendations of the European Union are acts without a mandatory nature and therefore, they do not follow the legal status stipulated by art. 148 paragraph (2) of the Constitution; therefore, their implementation in the domestic legislative system must take into account the domestic regulations, without granting those recommendations priority over the national law.
     As an exception from this concept, art. 4 paragraph (2) of the law stipulates the obligation of the recipients of the recommendations and warnings issued by the Committee (the Financial Oversight Authority, the NBR and the Romanian government respectively) to take the necessary measures, including the issuing of regulations, in order to comply with the recommendations or to take action in order to reduce the risks that they have been warned about. Also, according to the same text, the recipients have to inform the Committee about the measures taken or to provide an adequate justification if such measures have not been taken. Or, if the notion of «adequate justification» is not defined by law, based on the phrasing of the legislative draft, it is not clear based on what criteria the Committee establishes whether the explanations submitted by the recipients of the recommendations are justified or not.
     The introduction of the phrase «have to [...], including the issuing of regulations» (...) - which induces the idea of the government being required to pass some legislative acts - can also lead to the conclusion that these decisions infringe on the function of the government of freely exercising its right to issue laws, as stipulated in article 74 and 108 of the Constitution. (...) We hereby note that in the Romanian constitutional system the Government is only liable in solidum to the Parliament, and is not required to answer to any other public or private entity or authority. Because of these reasons, we feel that the norm is not formulated clearly enough, as it lacks predictability. As a result, we feel that reanalyzing the entire art. 4 is required, in order to ensure both the effectiveness of the National Committee for Macroprudential Oversight, in the context of the applicable European norms, as well as the honoring of the role of the government, as provided in art. 102 of the constitution, of realizing the country's foreign and domestic policy and of leading the public administration".
     Aside from the aspects mentioned above, other modifications to the legislative draft have been made, in order to adapt it to the reexamination request sent to the Parliament by the president.
     The law stipulates, among other things, that the new Committee passes and pursues the implementation of the macroprudential policy, without infringing on the independence of the National Bank of Romania. The president of the Committee has to present to the Parliament, by June 30 of the following year, the annual report.
     * Piperea, in 2016: "The National Committee for Macroprudential Oversight is a «supergovernment»"
     Calling the National Committee for Macroprudential Oversight a "supergovernment", before president Iohannis sent the law back to the Parliament, Gheorghe Piperea asked the Ombudsman to notify the Constitutional Court about the unconstitutionality of the law of macroprudential oversight.
     At the time, he said that the entity which would be created would take over the roles of the government: "In our opinion, the manner of creation, organization and operation of this entity blatantly violates the principles, freedoms, liberties and fundamental rights consecrated through the Romanian Constitution, demolishing the roles and competences of some of the national public authorities".
     The members of this committee, as well as the technicians and secretaries that work for it, "are immune when it comes to any criminal or civil liability for what they do (with the exception of cases where they act in bad faith)", Gheorghe Piperea warned in his petition, and he wondered "who would establish the good or bad faith in the case of secret recommendations/warnings?".
     The lawyer was saying: "It is an immunity that can not even be suspended, like it happens with parliament members and even with the president of the Republic. (...) It is a criminal and civil liability immunity similar to the one that is already granted to the bosses of the NBR through the law no. 312/2004 concerning the bylaws of the NBR. An immunity that is by far, hugely greater than the immunity of parliament members and even of the country's president: (i) it also extends to the civil liability for causing prejudices, and is not limited to the criminal liability; (ii) it can not be removed; in the most restrictive case, assuming they will have acted in bad faith, the members of the macroprudential committee may be sanctioned criminally or civilly; except in the Romanian legal system, good faith is presumed. And the NBR, as well as the committee of macroprudentiality are not even mentioned in the Constitution!"
     Cristian Pârvan, the secretary general of the Association of Romanian Businesspeople (AOAR), said at the time, that he agreed to the opinion of Mr. Piperea, emphasizing that such a financial stability council already existed at the level of the NBR: "Categorically, the Committee is unconstitutional. Why do we need the parliament, government and ministers anymore, if we have this council? You can't hand over the laws of the country to individuals who aren't elected by the people".
     The former minister of public finances Eugen Teodorovici explained, in 2015, that this committee was coming to life following a recommendation of the European Committee concerning the financial system, stating: "Romania made such a proposal starting from the fact that the NBR plays a significant part in the financial market".
     Last year, in the EU, 13 European states had a similar committee to the one that will be created in Romania, other 13 states granted this responsibility of overseeing the macroprudentiality of central banks, and two countries have created authorities for the oversight of financial markets, according to a report by the ESRB (the European Systemic Risk Board). 
 

 
Readers' comments    [ add a comment ] 
Aceeasi sectiune (English Section)
ONE EURO - ALMOST 4.6 LEI
ROMANIA'S DEVELOPMENT STRATEGY "BETWEEN THE EUROZONE AND THE SIGN OF THE LEU" 3RD EDITION / ADRIAN VASILESCU, BNR:
THE MINISTRY OF ENERGY HAS PROPOSED THE AMENDMENT OF THE LEGISLATION ON SHARE CAPITAL INCREASES WITH THE PLOTS OF LAND CONTRIBUTED BY THE STATE, IN THE PRIVATIZED COMPANIES
FOLLOWING THE ARTICLE PUBLISHED YESTERDAY IN BURSA
Actualitate - vezi toate știrile mai jos.
Internaţional, 20:01
     Astăzi intră în vigoare a patra directivă referitoare la combaterea spălării banilor, care va îmbunătăți transparența pentru a preveni evaziunea fiscală. Aceasta înăsprește normele actuale și va permite combaterea spălării banilor și a finanțării terorismului cu mai multă eficacitate, potrivit unui comunicat trimis de Comisia Europeană.  detalii
Internaţional, 19:50
CURTEA SUPREMĂ:
     Curtea Supremă a Statelor Unite a decis luni punerea parțială în aplicare a extrem de controversatului decret anti-imigrație al președintelui Donald Trump, în așteptarea examinării lui la toamnă, transmite AFP.  detalii
Companii-Afaceri, 19:27
     Deputatul PSD Leonardo Badea a fost avizat favorabil, cu majoritate de voturi, de Comisiile reunite de buget-finanțe, pentru funcția de președinte al Autorității de Supraveghere Financiară, social-democratul afirmând că nu vine la ASF pentru o funcție, ci pentru un proiect în care crede, potrivit surselor din presă.  detalii
Piaţa de Capital, 19:07
     Indicii de pe Bursa de Valori București (BVB) au închis în depreciere ședința de tranzacționare de astăzi.  detalii
Companii-Afaceri, 18:14
     ANCOM lansează astăzi o consultare publică vizând organizarea unei proceduri de selecție pentru acordarea drepturilor de utilizare a frecvențelor radio în benzile noi de frecvențe pentru sisteme de comunicații mobile terestre de bandă largă armonizate la nivel european și în subbenzile de frecvențe rămase neadjudecate în urma procedurilor de selecție, potrivit unui comunicat de presă trimis de ANCOM.  detalii
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
26.06.2017
BVB / MARCEL MURGOCI, "ESTINVEST FOCȘANI":
     * Indicii au crescut ușor, pe un rulaj de 8,3 milioane euro
       Opt dintre indicii Bursei de Valori București (BVB) au încheiat ședința de tranzacționare de vineri apreciindu-se, în contextul în care a fost înregistrat un volum de tranzacționare de 37,8...  detalii
26.06.2017
BURSELE DIN LUME
     * "Veneto Banca" și "Popolare di Vicenza" vor fi lichidate
       Bursele europene au încheiat în scădere sesiunea de vineri, din cauza sectoarelor auto și alimentar, care au fost afectate de unele date economice din care rezultă că expansiunea regiunii a slăbit...  detalii
23.06.2017
BVB
     * Titlurile "BRD - Groupe Societe Generale", cele mai lichide
       Piața a încheiat, din nou, ședința de tranzacționare în teritoriul negativ, toți indicii Bursei de Valori București (BVB) înregistrând scăderi, în contextul în care s-a înregistrat un volumul de de...  detalii
22.06.2017
     * Aproape 28% din volumul de tranzacționare, realizat pe piața "deal"
       Piața a încheiat ședința de tranzacționare de ieri în teritoriul negativ, toți indicii Bursei de Valori București (BVB) închizând în scădere, pe fondul unui volum de tranzacționare de 62,6 milioane...  detalii
22.06.2017
BURSELE DIN LUME
     Bursele europene au scăzut ieri, trase în jos de randamentele bondurilor.  detalii
21.06.2017
BVB
     * Titlurile "Transgaz", cele mai lichide
       Piața a încheiat ședința de tranzacționare de ieri în teritoriul negativ, opt dintre indicii Bursei de Valori București (BVB) închizând în scădere, pe fondul unui volum de tranzacționare de 49...  detalii
Cotații Internaționale

Prognoza Meteo
Vezi harta temperaturilor
harta temperaturilor
     26.06.2017 
     Prognoza pentru România
     Vremea va fi călduroasă în cea mai mare parte a țării, pe arii extinse în sudul și în estul țării disconfortul termic va fi ridicat, indicele temperatură-umezeală (ITU) va atinge și va depăși ușor pragul critic de 80 de unități, iar în Oltenia, local în Muntenia și izolat în Moldova va fi caniculă. Vor fi înnorări temporar accentuate, averse, descărcări electrice, intensificări ale vântului ce pot lua și aspect de vijelie și izolat grindină, în Maramureș, Transilvania, local în Banat, Crișana, vestul Olteniei și jumătatea de nord a Moldovei. Ploile vor avea și caracter torențial și punctiform se vor acumula cantități de apă de peste 25...30 l/mp.În celelalte zone cerul va fi variabil, iar astfel de fenomene vor fi izolat, mai ales seara și la începutul nopții. Temperaturile maxime se vor încadra între 25 de grade pe litoral și 37 de grade în Lunca Dunării, iar cele minime între 13 și 21 de grade.
     Prognoza pentru București
     Vremea va fi călduroasă, caniculară după-amiaza, când disconfortul termic se va accentua, iar indicele temperatură-umezeală (ITU) va atinge pragul critic de 80 de unități. Cerul va fi variabil, mai mult senin dimineața și în prima parte a nopții. Vântul va sufla slab și moderat. Temperatura maximă se va situa în jurul valorii de 35 de grade, iar cea minimă va fi de 18, 20 de grade.
      
Curs Valutar

Curs valabil din data de 26 iunie 2017
1 Dolar australian...
1 Leva bulgărească...
1 Dolar canadian....
1 Franc elvețian...
1 Coroană cehă...
1 Coroană daneză...
1 Liră egipteană...
1 Euro...
1 Liră sterlină...
100 Forinți maghiari...
100 Yeni japonezi...
1 Leu moldovenesc...
1 Coroană norvegiană...
1 Zlot polonez...
1 Rublă rusească...
1 Coroană suedeză...
1 Liră turcească...
1 Dolar S.U.A...
1 Rand sud-african...
1 Real brazilian...
1 Renminbi chinezesc...
1 Rupie indiană...
100 Woni sud-coreeni...
1 Peso mexican...
1 Dolar neo-zeelandez...
1 Dinar sărbesc...
1 Hryvna ucraineană...
1 Dirham emirate arabe...
1 Kuna croată...
1 Bahtul thailandez...
1 Gram aur...
1 DST...
AUD
BGN
CAD
CHF
CZK
DKK
EGP
EUR
GBP
HUF
JPY
MDL
NOK
PLN
RUB
SEK
TRL
USD
ZAR
BRL
CNY
INR
KRW
MXN
NZD
RSD
UAH
AED
HRK
THB
XAU
XDR
3,0976
2,3383
3,0869
4,2046
0,1742
0,6150
0,2255
4,5733
5,1987
1,4785
3,6629
0,2237
0,4830
1,0858
0,0693
0,4687
1,1643
4,0906
0,3172
1,2237
0,5981
0,0635
0,3597
0,2280
2,9720
0,0377
0,1570
1,1137
0,6171
0,1204
163,3566
5,6426
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
click aici pentru cursurile pieței valutare - istoric
English Section
26.06.2017
     * Adrian Vasilescu, BNR: "Veneto Banca România is a subsidiary and is governed by the European passport"
     * Adrian Vasilescu, BNR: "The deposits of Veneto Banca România are insignificant and are not in danger"
     * Intesa Sanpaolo wants to acquire the good assets of the two banks, for one Euro
     --------
        * UPDATE The liquidation of Veneto Banca and Banca Popolare di Vicenza can cost 17 billion Euros
     The italian government will pay to Intesa Sanpaolo 5.2 billion Euros in order to acquire the good...  details
22.06.2017
     The motion of no-confidence did not decapitate the Grindeanu cabinet, because through the mass resignations of its ministers one week ago, all that was left of the Government was precisely the head...  details
21.06.2017
ONE EURO - ALMOST 4.6 LEI
     * The national currency - at its weakest in the last five years
       The National Bank of Romania yesterday announced a reference exchange rate of 4.5957 lei/Euro, the lowest level since August 3rd, 2012, when it stood at 4.6481 lei for an Euro, as, since the...  details
20.06.2017
COUNTRY PROJECT
     * Update 11:56 The deal between the UDMR and the PSD on the vote of no-confidence fell through
     -----------
     For PSD president Liviu Dragnea it isn't enough to turn...  details
19.06.2017
     As Pope of the PSD, Liviu Dragnea has issued a vicious Papal "Bull" whereby he authorizes anybody to obstruct the government and grants anybody the permission to hurt PM Sorin Grindeanu,...  details
17.06.2017
     The global crisis at the end of the last decade has been "resolved" through an unprecedented stimulation of lending, but the turnaround of the real economy, whose sustainable character is...  details
13.06.2017
     The reception of president Klaus Iohannis in the White House in a working visit has been analyzed as a state one, following the good agreement that the two leaders had.  details
08.06.2017
"GOOD LORD. GOOD LORD, GOOD LORD!..."
     * Ioan Bendei placed under court supervision
     * Assets of RCS&RDS worth 13.7 million lei seized
       The National Anti-Corruption Department yesterday announced the placing of Ioan Bendei, vice-president of RCS&RDS under court supervision for offering bribes and complicity to money laundering,...  details
07.06.2017
     A good starting point in analyzing the current domestic politics is the visit of president Iohannis to the United States, which will take place between June 4th and June 10th. It is important not...  details
31.05.2017
GOVERNMENT SOURCES:
     * MFP: "The legislative draft which stipulates the exchange of fiscal information between countries, for a stricter control of the profit of multinationals, will probably be approved in the coming days"
       Most likely this week, the government is set to approve the draft law which, according to the European directive in the sector, provides the exchange of fiscal information between countries, in...  details
26.05.2017
ROMANIA'S DEVELOPMENT STRATEGY "BETWEEN THE EUROZONE AND THE SIGN OF THE LEU" 3RD EDITION / ADRIAN VASILESCU, BNR:
     In 2007, we had a EU-facing strategy, and now we need a Eurozone-facing strategy, said Adrian Vasilescu, strategy consultant with the National Bank of Romania (NBR).  details
24.05.2017
     The public agenda in Romania is dominated by the SIPA scandal, and, more recently, by the activity of the Parliamentary Investigation Commission concerning the presidential elections of 2009. There...  details
24.05.2017
THE MINISTRY OF ENERGY HAS PROPOSED THE AMENDMENT OF THE LEGISLATION ON SHARE CAPITAL INCREASES WITH THE PLOTS OF LAND CONTRIBUTED BY THE STATE, IN THE PRIVATIZED COMPANIES
     * The former head of the privatization department: "OMV needs to bring in to Petrom 12.7 million Euros, instead of 165 million Euros"
     * Veridio reports unclear factors in the draft Government decision drawn up by the Ministry of Energy
     * In November 2016, Petrom still had to obtain ownership certificates for 0.78% of the total plots of land
       After neglecting its own interest for years and despite the warnings of the Court of Auditors, the authorities of the state have accepted the postponement of the share capital increase, with the...  details
22.05.2017
     * Three foreign players - Abu Dhabi Investment Council, VARDE and a Canadian investment fund - are rumored to be interested in Bancpost
      * The bank is also attractive to some lenders operating in Romania
       Aside from the banks in Romania interested in acquiring Bancpost, there are also apparently some foreign entities that have set their sights on Bancpost, according to some market sources. They are...  details
19.05.2017
FOLLOWING THE ARTICLE PUBLISHED YESTERDAY IN BURSA
     BCR yesterday apologized to one of its customers, after BURSA reported that their performing loan with no arrears is registered with the Cadastre Office as having been assigned to a company...  details
.