Romania : Financial Sector Assessment Program-Technical Note-Macroprudential Policy Framework and Tools
Author/Editor:
International Monetary Fund. Monetary and Capital Markets Department
Publication Date:
June 12, 2018
Electronic Access:
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Summary:
The National Bank of Romania (NBR) has a long experience in implementing macroprudential policy measures and as a result, a relatively sophisticated systemic risk monitoring framework. The NBR monitors several indicators to assess the build-up of systemic risk, many of which are derived from the nation-wide credit register and related data sources, and constructs summary indicators to facilitate overall risk assessment. The NBR also has various economic models to assess macro-financial developments and the effects of various shocks, and to assess policy actions. The NBR also subjects banks to regular solvency and liquidity stress tests. Nevertheless, data and information gaps remain, for instance, due to extensive NPL exposures being sold to asset management companies, which do not have to report to the credit registry.
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