President Klaus Iohannis on Thursday signed a decree promulgating a law concerning deposit guarantee schemes and the Bank Deposit Guarantee Fund, the Presidential Administration reports.
The main novelties in this piece of legislation are: recognizing two administration regimes for bank deposit guarantee schemes; regulating the law of protective institutional systems and contractual schemes concerning guarantees, (…) regulating the procedure of official recognition of privately-managed deposit guarantee schemes by the National Bank of Romania as the authority designated to supervise such deposit guarantee schemes; introducing the option of deposit guarantee schemes from various European Union member states merging together; imposing an explicit supervision regime on continual bases by the National Bank of the activities of the privately-managed deposit guarantee schemes officially recognised in Romania.
The law says the Bank Deposit Guarantee Fund will continue to be a deposit guarantee scheme, administrator of the bank resolution fund as well as shareholder in a bridge loan institution. In order to preserve its functions, the Bank Deposit Guarantee Fund is crated into a publicly administered entity in its turn administered by the National Bank of Romania (BNR). More…