Central Bank Postpones Collecting Bank Resolution Fund Contributions for Three Months

Romania's central bank board held an emergency meeting Friday and analyzed a series of relevant measures from the perspective of bank resolution, amid the economic effects of Covid-19 pandemic and other decisions on the functioning of the banking system functioning.

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With a view to concentrating resources to household and corporate financing and mitigating the impact on the financial statements or the operations of credit institutions, the central bank decided to postpone the deadline for collecting annual contributions to the bank resolution fund for 2020 by 3 months, with the possibility of extension to up to 6 months.

It also decided to delay the reporting deadlines of some information on resolution planning, in line with the approach communicated by the European Banking Authority, and to correlate the terms and conditions on the minimum requirements for own funds and eligible liabilities (MREL) with the decisions adopted by the Supervisory Committee in the meeting of 20 March 2020.

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