Negritoiu: Financial supervisory authority to undergo reorganization program

Newsroom 09/05/2014 | 13:40

Romania’s Financial Supervisory Authority ASF will undergo an extensive reorganization program, based on PwC report, that will trigger a significant personnel expense cut and higher efficiency, taking as model the central bank’s organization, ASF president Misu Negritoiu, stated, quoted by MEDIAFAX.

“The PwC report suggests revising the personnel number based on a simplified organigram (…) We will eliminate certain redundant leadership levels, thereby simplifying execution processes in the institution. I can not give you numbers right now, but the objective is a massive cutback in personnel expenses and improving efficiency. I’ve talked to the personnel. We need each one but not everybody. Who works, who is efficient, they will keep their job. The workplace is not a guarantee even for me, though we have a collective contract. You earn your job through performance”, according to Negritoiu.

The restructuring will affect leadership and middle management positions primarily, according to the president. Furthermore, cutting back expenses has already started, by lowering councilmen salaries under the BNR average and under an average of similar authorities in the EU.

“There are too many bosses in ASF (…) I experienced the biggest cut, but I am not going to give you names and sums. Cuts have been substantial”, Negritoiu commented.

The ASF boss announced that ASF hires have been blocked and all bonuses are suspended until the organigram is finished. According to Negritoiu, ASF employees should receive only one bonus per year depending on their performance.