Program 2007

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It consists of 13 projects that aim at:

  • improving market infrastructure,
  • diversifying and growing market opportunities,
  • reducing the costs of bank products and services,
  • improving consumers’ access to bank products and services and
  • enhancing tools for monitoring financial stability.

This table benchmarks the program against the European Central Bank and the Italian Banking Association financial modernization program criteria.


Its estimated economic impact on the banking industry is shown in the attached RIA Table

Program 2007



Main Drivers




Expansion of Positive Credit Information Sharing

Achievement of banking system-wide sharing of positive credit information either through market incentives or regulatory solutions.

Public: To improve market infrastructure, credit quality, and expand lending opportunities.

Private: To increase the access to credit as well as improve the quality of bank lending


December 2006

September 2007

Law on Bank Guarantees

Proposal for a law on bank guarantees, based on similar laws in EU countries.



Public: To improve enforceability of banking contracts; to expand the use of bank contingent liabilities to promote business activity

Private: To improve regulatory and enforcement environment



Rural Lending


A detailed study outlining a set of specific recommendations for the "secondary" rules and regulations for a market in agricultural warrants-backed lending to develop.


Public: To diversify products and create new lending opportunities within acceptable risk parameters.

Private: To promote the growth of credit to the agricultural sector.

July 25, 2007

1st half of 2008


Anti-money Laundering Law

An amendment proposal, based on the EU Directive, agreeable to all relevant stakeholders, supported by an economic assessment of the regulatory framework already in place and of the proposed changes.

Public: To optimize the trade-off between AML aims and cost of regulation

Private: To improve accounting and reporting systems

April 27,2007

April 2008

Electronic Processing of Debit Instruments

Solution for electronic processing and clearing of debit instruments acceptable to all stakeholders together with their technical and functional specifications, accompanied by proposals for amending the relevant legal and regulatory framework.

Public: To improve the market infrastructure (payments system).

Private: Potential reduction in the costs of banking services for customers as a result of a more efficient payments infrastructure.

April 27,2007

March 2008

IFRS Loan Loss Provisioning


A set of principles commonly agreed by stakeholders (NBR, MoF, banks and external auditors) on a feasible update of the prudential requirements that would meet supervisory objectives and reflect IFRS and Basel II standards.


Public: To align economic, prudential,and tax treatment and credit risk;to ease the reporting burden and associated compliance costs

Private: To keep a neutral stance in terms of prudential and credit risk monitoring and management as accounting standards shift to IFRS

July 25, 2007

Expected in 2010

Law on goods safeguard, values and persons protection


An amendment proposal supported by benchmarking with existing international practices together with a RIA highlighting lower costs and higher risks arising from the proposed regulatory changes.

Public: to improve organizational structure and reduce operational costs

Private: to optimize the trade off between banks' security and cost of regulation


December 20, 2006

Expected in 2008

Loan Loss and Mortgage Loan servicing database


A set of recommendations on the consensus-building, practical, and technical steps (including "governance" of the actual development and management of the database) that the banking system will need to take, to make the proposed databases a reality in a useful timeframe.

Public: To lower capital requirements

Private: To improve customers' accessibility to mortgage lending without impairing the soundness of banking industry; To offer better instruments to the authorities in the process of maintaining the financial stability


May 2008

End of 2009


MiFID has been transposed in the Romanian legislation and banks are under implementation stage. A workshop on this issue raised awareness on the MiFID implications and fostered the dialogue between authorities and market players in order to create the synergies for a rapid and a proper implementation.

Public: MiFID is affecting all internal processes and procedures, from a credit institution’s IT and documentation through order handling and execution to record keeping and marketing and promotional campaigns.

Private: MiFID brings more transparency in the market through defining a clear execution policy, documenting it and informing the client of all the policy’s details.


July 25 , 2007



December 2007


Rating Agencies Development

Draft regulations for the undertaking of rating activities, with particular emphasis on implementation constraints and criticalities.

Public- To lower capital requirements

Private- To improve customers' accessibility to lending without impairing the soundness of the banking industry



Stress test methodolgy for households and firms

A proposal for risk scenarios and methodology that would inform the stress testing exercise of households and corporate by individual banks and NBR.

Public: To improve risk management by developing reliable models, able to signal potential threats generated by households and corporate sectors; to strengthen evidence supporting loan loss, general reserve provisioning and credit risk strategies to reduce credit risk cost

Private: To improve the tools for monitoring financial stability


October 2007

October 2007


Consumer Education

A plan for a nation-wide financial literacy campaign.

Public: To improve the relationship with consumers, the customer goodwill,and the image of the banking system

Private: To increase consumers' capability to manage their financial affairs more effectively


November 2007

September 2008


Creation of a Banking Ombudsman, backed by evidence of benefits for banks and consumers in the experience of other countries.



Public: To improve the relationship with consumers, the customer goodwill, and the image of the banking system.

Private: To increase consumers capability to manage their financial affairs more effectively by helping them to have as much proper information as possible.

April 27,2007

Expected in the 1st half of 2008


Take a look at our activity reports to learn about the stage of implementation of each project.

The following table gives a summary of the stage of enactment of projects already endorsed by the SPI Committee.