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Amendments to the banking legislation

Order no. 26/2011 issued by the National Bank of Romania regarding certain provisions for the application of the banking prudential requirements was published in the Official Gazette no. 903 of December 20, 2011 with a view to implement the International Financial Reporting Standards at individual level [in Romanian, Ordin nr. 26 din 9 decembrie 2011 privind unele dispozitii de aplicare a cerintelor de prudenta bancara in contextul modificarilor legislative legate de implementarea Standardelor internationale de raportare financiara la nivel individual ce intra in vigoare la data de 1 ianuarie 2012].

The Order applies to: (a) credit institutions which are Romanian legal entities and to Romanian subsidies of credit institutions of non-EU states as regards all the banking prudential indicators and (b) to Romanian subsidies of credit institutions from EU member states as regards only the liquidity and the high liquidity risk indicators. The aforementioned credit institutions must convey to the National Bank of Romania – The Surveillance Division all the forms for the relevant prudential indicators until March 1, 2012, both in electronic format and hard copy.

In case of breach of the provisions of this Order, the credit institutions may be sanctioned based on art. 226, 227 and 228 of the Government Emergency Ordinance no. 99/2006 on credit institutions.