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Project
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Objective
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Main Drivers
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Endorsement
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Implementation
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BUSINESS DEVELOPMENT
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Expansion of Positive Credit Information Sharing
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Achievement of banking system-wide sharing of positive credit information either through market incentives or regulatory solutions.
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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
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December 2006
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September 2007
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Law on Bank Guarantees
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Proposal for a law on bank guarantees, based on similar laws in EU countries.
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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
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N/A
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N/A
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Rural Lending
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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.
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Public: To diversify products and create new lending opportunities within acceptable risk parameters.
Private: To promote the growth of credit to the agricultural sector.
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July 25, 2007
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1st half of 2008
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INDUSTRY COMPETITIVENESS
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Anti-money Laundering Law
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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.
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Public: To optimize the trade-off between AML aims and cost of regulation
Private: To improve accounting and reporting systems
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April 27,2007
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April 2008
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Electronic Processing of Debit Instruments
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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.
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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.
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April 27,2007
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March 2008
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IFRS Loan Loss Provisioning
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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.
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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
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July 25, 2007
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Expected in 2010
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Law on goods safeguard, values and persons protection
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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.
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Public: to improve organizational structure and reduce operational costs
Private: to optimize the trade off between banks' security and cost of regulation
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December 20, 2006
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Expected in 2008
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Loan Loss and Mortgage Loan servicing database
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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.
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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
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May 2008
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End of 2009
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MiFID
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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.
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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.
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July 25 , 2007
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December 2007
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Rating Agencies Development
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Draft regulations for the undertaking of rating activities, with particular emphasis on implementation constraints and criticalities.
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Public- To lower capital requirements
Private- To improve customers' accessibility to lending without impairing the soundness of the banking industry
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N/A
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N/A
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Stress test methodolgy for households and firms
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A proposal for risk scenarios and methodology that would inform the stress testing exercise of households and corporate by individual banks and NBR.
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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
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October 2007
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October 2007
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INDUSTRY REPUTATION
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Consumer Education
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A plan for a nation-wide financial literacy campaign.
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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
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November 2007
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September 2008
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Ombudsman
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Creation of a Banking Ombudsman, backed by evidence of benefits for banks and consumers in the experience of other countries.
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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.
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April 27,2007
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Expected in the 1st half of 2008
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