Republic of Romania : Financial Sector Assessment
This financial sector assessment (FSA) summarizes the key findings and recommendations of the 2008 FSAP update report for Romania. The main findings of the FSAP update are: the financial system entered the crisis well capitalized and with high liqu...
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| Format: | Financial Sector Assessment Program (FSAP) |
| Language: | English en_US |
| Published: |
Washington, DC
2014
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2009/06/19062511/romania-financial-sector-assessment http://hdl.handle.net/10986/17354 |
| id |
okr-10986-17354 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING ACCOUNTING STANDARDS ACTIVE MARKET ASSET MANAGEMENT AUDITING AUDITORS AUTONOMY AVAILABILITY OF CREDIT BALANCE SHEET BANK ACCOUNT BANK FINANCING BANK LENDING BANK LIQUIDITY BANK LOAN BANKING INDUSTRY BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BANKS BROKERS BUY-BACKS CAPITAL ADEQUACY CAPITAL ALLOCATIONS CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CAPITAL REQUIREMENTS CAPITALIZATION CENTRAL DEPOSITORY CENTRAL SECURITIES DEPOSITORY CLEARING HOUSE COLLATERAL COLLECTIVE INVESTMENT CONSOLIDATED SUPERVISION CONTINGENCY PLANNING CORPORATE CLIENTS CORPORATE GOVERNANCE CORPORATE LAW COUNTRY RISK CREDIT ASSESSMENT CREDIT BUREAU CREDIT COOPERATIVES CREDIT EXPANSION CREDIT GROWTH CREDIT INFORMATION CREDIT INSTITUTIONS CREDIT LINES CREDIT QUALITY CREDIT RISK CREDIT UNIONS CREDITORS CURRENT ACCOUNT DEFICIT DEBT DEBT PAYMENT DEBT RESTRUCTURING DEBTOR DEPOSIT DEPOSIT INSURANCE DEPOSITS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CURRENCY DOMESTIC INTEREST RATES DOMESTIC LIQUIDITY ELIGIBLE COLLATERAL EMERGING MARKETS ENFORCEMENT POWERS EQUITY VALUES EXCHANGE RATE EXIT MECHANISMS EXPOSURE EXPOSURES FAIR VALUE FINANCIAL AUTHORITIES FINANCIAL CONGLOMERATE FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR STABILITY FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL SYSTEM STABILITY FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN CURRENCY DEPOSITS FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RISKS FOREIGN INVESTORS FUND MANAGEMENT FUND MANAGERS GOVERNANCE ISSUES GOVERNMENT BANKRUPTCY GOVERNMENT BOND GOVERNMENT BONDS GOVERNMENT BORROWINGS GOVERNMENT GUARANTEES GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROWTH RATES GUARANTEE FUND HOME COUNTRIES ILLIQUID MARKET INFLATION INFLATION RISK INSURANCE INSURANCE COMPANIES INTEREST RATES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL BANK INTERNATIONAL BEST PRACTICE INTERNATIONAL CREDIT INTERNATIONAL CREDIT RATINGS INVESTMENT FUNDS INVESTMENT OPPORTUNITIES INVESTMENT PORTFOLIOS ISSUANCE JUDICIAL SYSTEM LAWS LEGAL FRAMEWORK LEGISLATION LENDER LENDER OF LAST RESORT LENDERS LIABILITY LIFE INSURANCE LIQUIDITY LIQUIDITY RISK LOAN LOAN PORTFOLIOS LOCAL GOVERNMENT MACROECONOMIC CONDITIONS MARKET CONDITIONS MARKET CONFIDENCE MARKET EFFICIENCY MARKET INFORMATION MARKET INFRASTRUCTURE MARKET INSTRUMENTS MARKET LIQUIDITY MARKET MAKER MARKET MAKING MARKET PARTICIPANTS MATURITY MINIMUM RESERVE REQUIREMENTS MONETARY FUND MONEY MARKET MORAL HAZARD NATIONAL SECURITIES NON-PERFORMING LOAN NPL OVERDUE LOANS PENSION PENSION FUND PENSION FUNDS PENSION SYSTEM PENSION SYSTEM REFORM PENSIONS PORTFOLIO PORTFOLIO MANAGEMENT PRIMARY DEALER PRIMARY DEALERS PRIVATE PENSION PRIVATE SECTOR CREDIT PRIVATIZATION PROBABILITY OF DEFAULT PROBLEM BANKS REAL ESTATE REGISTRY REGISTRATION FEES REGISTRY REFORM REGULATORS REGULATORY AGENCIES REGULATORY AUTHORITIES REGULATORY BARRIERS REGULATORY REQUIREMENTS REPO RESERVE RESERVE REQUIREMENT RESERVE REQUIREMENTS RESERVES RETIREMENT RETURN RISK AVERSION RISK MANAGEMENT RULES FOR MARKET SAFETY NET SAVINGS SAVINGS SERVICES SECURITIES MARKET SECURITIES MARKETS SECURITIES REGISTRATION SEIZURE SELF-REGULATION SETTLEMENT SETTLEMENT SYSTEMS SHAREHOLDERS SHORT-TERM LIQUIDITY SINGLE MARKET SOLVENCY STOCK EXCHANGE STOCK EXCHANGES SUBSIDIARIES SUPERVISORY AUTHORITIES SWAPS SYSTEMIC RISK TERRORISM TIER 1 CAPITAL TIER 2 CAPITAL TRADING TRADING ACTIVITY TRANSITION ECONOMIES TRANSPARENCY VALUATION WARRANTS |
| spellingShingle |
ACCOUNTING ACCOUNTING STANDARDS ACTIVE MARKET ASSET MANAGEMENT AUDITING AUDITORS AUTONOMY AVAILABILITY OF CREDIT BALANCE SHEET BANK ACCOUNT BANK FINANCING BANK LENDING BANK LIQUIDITY BANK LOAN BANKING INDUSTRY BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BANKS BROKERS BUY-BACKS CAPITAL ADEQUACY CAPITAL ALLOCATIONS CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CAPITAL REQUIREMENTS CAPITALIZATION CENTRAL DEPOSITORY CENTRAL SECURITIES DEPOSITORY CLEARING HOUSE COLLATERAL COLLECTIVE INVESTMENT CONSOLIDATED SUPERVISION CONTINGENCY PLANNING CORPORATE CLIENTS CORPORATE GOVERNANCE CORPORATE LAW COUNTRY RISK CREDIT ASSESSMENT CREDIT BUREAU CREDIT COOPERATIVES CREDIT EXPANSION CREDIT GROWTH CREDIT INFORMATION CREDIT INSTITUTIONS CREDIT LINES CREDIT QUALITY CREDIT RISK CREDIT UNIONS CREDITORS CURRENT ACCOUNT DEFICIT DEBT DEBT PAYMENT DEBT RESTRUCTURING DEBTOR DEPOSIT DEPOSIT INSURANCE DEPOSITS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CURRENCY DOMESTIC INTEREST RATES DOMESTIC LIQUIDITY ELIGIBLE COLLATERAL EMERGING MARKETS ENFORCEMENT POWERS EQUITY VALUES EXCHANGE RATE EXIT MECHANISMS EXPOSURE EXPOSURES FAIR VALUE FINANCIAL AUTHORITIES FINANCIAL CONGLOMERATE FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR STABILITY FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL SYSTEM STABILITY FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN CURRENCY DEPOSITS FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RISKS FOREIGN INVESTORS FUND MANAGEMENT FUND MANAGERS GOVERNANCE ISSUES GOVERNMENT BANKRUPTCY GOVERNMENT BOND GOVERNMENT BONDS GOVERNMENT BORROWINGS GOVERNMENT GUARANTEES GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROWTH RATES GUARANTEE FUND HOME COUNTRIES ILLIQUID MARKET INFLATION INFLATION RISK INSURANCE INSURANCE COMPANIES INTEREST RATES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL BANK INTERNATIONAL BEST PRACTICE INTERNATIONAL CREDIT INTERNATIONAL CREDIT RATINGS INVESTMENT FUNDS INVESTMENT OPPORTUNITIES INVESTMENT PORTFOLIOS ISSUANCE JUDICIAL SYSTEM LAWS LEGAL FRAMEWORK LEGISLATION LENDER LENDER OF LAST RESORT LENDERS LIABILITY LIFE INSURANCE LIQUIDITY LIQUIDITY RISK LOAN LOAN PORTFOLIOS LOCAL GOVERNMENT MACROECONOMIC CONDITIONS MARKET CONDITIONS MARKET CONFIDENCE MARKET EFFICIENCY MARKET INFORMATION MARKET INFRASTRUCTURE MARKET INSTRUMENTS MARKET LIQUIDITY MARKET MAKER MARKET MAKING MARKET PARTICIPANTS MATURITY MINIMUM RESERVE REQUIREMENTS MONETARY FUND MONEY MARKET MORAL HAZARD NATIONAL SECURITIES NON-PERFORMING LOAN NPL OVERDUE LOANS PENSION PENSION FUND PENSION FUNDS PENSION SYSTEM PENSION SYSTEM REFORM PENSIONS PORTFOLIO PORTFOLIO MANAGEMENT PRIMARY DEALER PRIMARY DEALERS PRIVATE PENSION PRIVATE SECTOR CREDIT PRIVATIZATION PROBABILITY OF DEFAULT PROBLEM BANKS REAL ESTATE REGISTRY REGISTRATION FEES REGISTRY REFORM REGULATORS REGULATORY AGENCIES REGULATORY AUTHORITIES REGULATORY BARRIERS REGULATORY REQUIREMENTS REPO RESERVE RESERVE REQUIREMENT RESERVE REQUIREMENTS RESERVES RETIREMENT RETURN RISK AVERSION RISK MANAGEMENT RULES FOR MARKET SAFETY NET SAVINGS SAVINGS SERVICES SECURITIES MARKET SECURITIES MARKETS SECURITIES REGISTRATION SEIZURE SELF-REGULATION SETTLEMENT SETTLEMENT SYSTEMS SHAREHOLDERS SHORT-TERM LIQUIDITY SINGLE MARKET SOLVENCY STOCK EXCHANGE STOCK EXCHANGES SUBSIDIARIES SUPERVISORY AUTHORITIES SWAPS SYSTEMIC RISK TERRORISM TIER 1 CAPITAL TIER 2 CAPITAL TRADING TRADING ACTIVITY TRANSITION ECONOMIES TRANSPARENCY VALUATION WARRANTS World Bank Republic of Romania : Financial Sector Assessment |
| geographic_facet |
Europe and Central Asia Romania |
| description |
This financial sector assessment (FSA)
summarizes the key findings and recommendations of the 2008
FSAP update report for Romania. The main findings of the
FSAP update are: the financial system entered the crisis
well capitalized and with high liquidity buffers, and the
four financial sector regulatory authorities have made
significant progress in adopting international best
practice, including through transposition of European Union
(EU) directives, and implementation of many of the
recommendations of the 2003 FSAP. While the banking system
is currently well capitalized, the rapid deterioration in
economic conditions and the depreciation of the leu may put
strains on bank capital. The measures to strengthen the
system are needed: an ex ante strengthening of capital
positions is warranted; the overall exposure of foreign
parent banks to Romania should be maintained; banks need to
develop effective debt restructuring or workout procedures
for household and corporate clients; crisis management
coordination should be accelerated; bank resolution powers
strengthened; and deposit insurance funding and payout
arrangements improved. Some cross-sectoral themes emerge to
strengthen the supervisory frameworks, including the need to
strengthen the political independence and financial autonomy
of the non-bank financial regulators; better cross-sectoral
cooperation in supervision of financial groups; further
movement toward a more risk-based approach to supervision;
better consistency in valuation rules for market
instruments; adoption of international financial reporting
standards (IFRS) accounting; and in the banking sector,
strengthening of the basel two implementation framework.
Longer term developmental issues include the need to address
obstacles to capital market development, certain risks in
insurance, and to ensure sustainability of the pension
system reform. |
| format |
Economic & Sector Work :: Financial Sector Assessment Program (FSAP) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Republic of Romania : Financial Sector Assessment |
| title_short |
Republic of Romania : Financial Sector Assessment |
| title_full |
Republic of Romania : Financial Sector Assessment |
| title_fullStr |
Republic of Romania : Financial Sector Assessment |
| title_full_unstemmed |
Republic of Romania : Financial Sector Assessment |
| title_sort |
republic of romania : financial sector assessment |
| publisher |
Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2009/06/19062511/romania-financial-sector-assessment http://hdl.handle.net/10986/17354 |
| _version_ |
1764436949369618432 |
| spelling |
okr-10986-173542021-04-23T14:03:37Z Republic of Romania : Financial Sector Assessment World Bank ACCOUNTING ACCOUNTING STANDARDS ACTIVE MARKET ASSET MANAGEMENT AUDITING AUDITORS AUTONOMY AVAILABILITY OF CREDIT BALANCE SHEET BANK ACCOUNT BANK FINANCING BANK LENDING BANK LIQUIDITY BANK LOAN BANKING INDUSTRY BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BANKS BROKERS BUY-BACKS CAPITAL ADEQUACY CAPITAL ALLOCATIONS CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CAPITAL REQUIREMENTS CAPITALIZATION CENTRAL DEPOSITORY CENTRAL SECURITIES DEPOSITORY CLEARING HOUSE COLLATERAL COLLECTIVE INVESTMENT CONSOLIDATED SUPERVISION CONTINGENCY PLANNING CORPORATE CLIENTS CORPORATE GOVERNANCE CORPORATE LAW COUNTRY RISK CREDIT ASSESSMENT CREDIT BUREAU CREDIT COOPERATIVES CREDIT EXPANSION CREDIT GROWTH CREDIT INFORMATION CREDIT INSTITUTIONS CREDIT LINES CREDIT QUALITY CREDIT RISK CREDIT UNIONS CREDITORS CURRENT ACCOUNT DEFICIT DEBT DEBT PAYMENT DEBT RESTRUCTURING DEBTOR DEPOSIT DEPOSIT INSURANCE DEPOSITS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CURRENCY DOMESTIC INTEREST RATES DOMESTIC LIQUIDITY ELIGIBLE COLLATERAL EMERGING MARKETS ENFORCEMENT POWERS EQUITY VALUES EXCHANGE RATE EXIT MECHANISMS EXPOSURE EXPOSURES FAIR VALUE FINANCIAL AUTHORITIES FINANCIAL CONGLOMERATE FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR STABILITY FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL SYSTEM STABILITY FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN CURRENCY DEPOSITS FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RISKS FOREIGN INVESTORS FUND MANAGEMENT FUND MANAGERS GOVERNANCE ISSUES GOVERNMENT BANKRUPTCY GOVERNMENT BOND GOVERNMENT BONDS GOVERNMENT BORROWINGS GOVERNMENT GUARANTEES GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROWTH RATES GUARANTEE FUND HOME COUNTRIES ILLIQUID MARKET INFLATION INFLATION RISK INSURANCE INSURANCE COMPANIES INTEREST RATES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL BANK INTERNATIONAL BEST PRACTICE INTERNATIONAL CREDIT INTERNATIONAL CREDIT RATINGS INVESTMENT FUNDS INVESTMENT OPPORTUNITIES INVESTMENT PORTFOLIOS ISSUANCE JUDICIAL SYSTEM LAWS LEGAL FRAMEWORK LEGISLATION LENDER LENDER OF LAST RESORT LENDERS LIABILITY LIFE INSURANCE LIQUIDITY LIQUIDITY RISK LOAN LOAN PORTFOLIOS LOCAL GOVERNMENT MACROECONOMIC CONDITIONS MARKET CONDITIONS MARKET CONFIDENCE MARKET EFFICIENCY MARKET INFORMATION MARKET INFRASTRUCTURE MARKET INSTRUMENTS MARKET LIQUIDITY MARKET MAKER MARKET MAKING MARKET PARTICIPANTS MATURITY MINIMUM RESERVE REQUIREMENTS MONETARY FUND MONEY MARKET MORAL HAZARD NATIONAL SECURITIES NON-PERFORMING LOAN NPL OVERDUE LOANS PENSION PENSION FUND PENSION FUNDS PENSION SYSTEM PENSION SYSTEM REFORM PENSIONS PORTFOLIO PORTFOLIO MANAGEMENT PRIMARY DEALER PRIMARY DEALERS PRIVATE PENSION PRIVATE SECTOR CREDIT PRIVATIZATION PROBABILITY OF DEFAULT PROBLEM BANKS REAL ESTATE REGISTRY REGISTRATION FEES REGISTRY REFORM REGULATORS REGULATORY AGENCIES REGULATORY AUTHORITIES REGULATORY BARRIERS REGULATORY REQUIREMENTS REPO RESERVE RESERVE REQUIREMENT RESERVE REQUIREMENTS RESERVES RETIREMENT RETURN RISK AVERSION RISK MANAGEMENT RULES FOR MARKET SAFETY NET SAVINGS SAVINGS SERVICES SECURITIES MARKET SECURITIES MARKETS SECURITIES REGISTRATION SEIZURE SELF-REGULATION SETTLEMENT SETTLEMENT SYSTEMS SHAREHOLDERS SHORT-TERM LIQUIDITY SINGLE MARKET SOLVENCY STOCK EXCHANGE STOCK EXCHANGES SUBSIDIARIES SUPERVISORY AUTHORITIES SWAPS SYSTEMIC RISK TERRORISM TIER 1 CAPITAL TIER 2 CAPITAL TRADING TRADING ACTIVITY TRANSITION ECONOMIES TRANSPARENCY VALUATION WARRANTS This financial sector assessment (FSA) summarizes the key findings and recommendations of the 2008 FSAP update report for Romania. The main findings of the FSAP update are: the financial system entered the crisis well capitalized and with high liquidity buffers, and the four financial sector regulatory authorities have made significant progress in adopting international best practice, including through transposition of European Union (EU) directives, and implementation of many of the recommendations of the 2003 FSAP. While the banking system is currently well capitalized, the rapid deterioration in economic conditions and the depreciation of the leu may put strains on bank capital. The measures to strengthen the system are needed: an ex ante strengthening of capital positions is warranted; the overall exposure of foreign parent banks to Romania should be maintained; banks need to develop effective debt restructuring or workout procedures for household and corporate clients; crisis management coordination should be accelerated; bank resolution powers strengthened; and deposit insurance funding and payout arrangements improved. Some cross-sectoral themes emerge to strengthen the supervisory frameworks, including the need to strengthen the political independence and financial autonomy of the non-bank financial regulators; better cross-sectoral cooperation in supervision of financial groups; further movement toward a more risk-based approach to supervision; better consistency in valuation rules for market instruments; adoption of international financial reporting standards (IFRS) accounting; and in the banking sector, strengthening of the basel two implementation framework. Longer term developmental issues include the need to address obstacles to capital market development, certain risks in insurance, and to ensure sustainability of the pension system reform. 2014-03-25T17:46:39Z 2014-03-25T17:46:39Z 2009-06 http://documents.worldbank.org/curated/en/2009/06/19062511/romania-financial-sector-assessment http://hdl.handle.net/10986/17354 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ Washington, DC Economic & Sector Work :: Financial Sector Assessment Program (FSAP) Economic & Sector Work Europe and Central Asia Romania |