Banks in Romania ready for new disclosure requirements, says BNR official

Newsroom 26/03/2015 | 15:38

The head of the Regulation and Licensing Department of the National Bank of Romania (BNR), Cristian Stefan, on Thursday said the commercial banks operating in Romania are currently implementing the new disclosure and data release requirements of the third pillar of the Basel Agreements following a process that began throughout Europe last year.

According to Stefan, quoted by Agerpres, the new disclosure rules should not cause any problem to the banks in Romania, provided that most of them are affiliated to international groups which are already implementing these requirements and therefore “transfer their knowledge from the group level to their subsidiaries in Romania”.

Stefan added that all the banks in Europe are in the process of implementation of these requirements, but it will take some time before updating the standards, which must also be adapted at operation system levels.

The BNR official stressed that the relations between the banks and their customers are not affected in any way, as the whole process regards the relation between the banks and the supervisory authority.

Staff