SPI Romania Accomplishments

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Summary of Operations 2006-2007

During 2007, 14 micro-structural projects were executed under the auspices of the SPI Committee by public-private working groups mobilizing more than 120 banking professionals.

As of June 30, 2008, 12 projects have been finalized, one has been abandoned and one will be finalized in 2008 by one of the local stakeholders. Achievements are summarized in this table.

The most important projects have been the following:

Other Activities

Regulatory Impact Assessment (RIA) Knowledge Transfer and Capacity Building Program
To help the Romanian financial sector regulatory authorities develop evidence-based regulatory design skills in support of continuing financial sector modernization, the Convergence Program had organized, with the support of SPI Romania, a RIA Capacity Building Program.

The program took place in the May-November 2007 period, and was designed to make regulators more familiar with RIA analytical steps, including consultation of interested parties, through a series of practical sessions led by international regulators and experts with focus on Romanian regulatory issues.

EC green paper consultations

To prepare Romania's submission on the European Commission Green Paper on Retail Financial Services in the Single Market, the SPI Secretariat organized on June 19, 2007 a Round Table at the Info Europa Center of the European Commission Bucharest Office to seek views by authorities , banking industry and consumers in the field of retail financial services.

SPI Romania 2008

In 2008 Romanian stakeholders have decided to take operational and financial responsibility for the SPI Program, placing it under RBI administration. The Boards of RBA and of the NBR have approved the institutional, organizational and financial arrangements proposed for 2008. As part of the transition arrangements, the Convergence Program has managed the SPI Secretariat until March 2008 and supported its activities through the secondment of one staff through June 2008. The Convergence Program has pledged continued support of SPI Romania for Better Regulation activities through June 2009.

Sharing SPI Romania Experience

In January 2008, the Association of Albanian Banks and Bank of Albania have jointly launched SPI Albania, based on the SPI Romania model, and have illustrated plans to organize a regional initiative linking neighboring countries, called SPI Adriatic. SPI Albania is operational since 15 May 2008.

The World Bank Group is actively disseminating the SPI Romania experience throughout its global network. SPI Bangladesh will be launched in late 2008. Contacts are underway to launch similar initiatives in East Asia and North Africa.

The European Banking Federation has highlighed the benefits of the SPI structure to promote financial sector modernisation in acordance with the EU Better Regulation principles in a letter to the European Central Bank.