Isărescu-Teodorovici meeting – two-week truce

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After about two and a half hours of heated talks, the meeting of the National Committee for Macro-prudential Supervision (CNSM), attended by BNR Governor Mugur Isarescu and Finance Minister Eugen Teodorovici, has concluded with the signing of a two-week truce, during which the tax on banks assets (so-called tax on greed – our note) will be decided. According to hotnews.ro, Government sources say that during the talks the question of giving up the tax indexation according to the ROBOR level was approached, the Finance Ministry having two weeks to analyse the issue. After the two weeks we will find out if the tax will remain the same, if it is removed or will remain without being indexed depending on the ROBOR index.

The CNSM release reads that “the General Council of the National Committee for Macro-prudential Supervision met on February 4, 2019, in an ordinary session. During the meeting the impact study carried out by the National Bank of Romania was presented, regarding the tax on financial asset of credit institutions, the lending activity and economic growth, introduced by Government Emergency Ordinance no. 114/2018 regarding the introduction of measures in the field of public investments and of fiscal-budgetary measures, the modification and completion of some normative acts and the extension of some deadlines. The members of the Council decided to establish a working group of the CNSM Technical Committee, consisting of representatives of the Ministry of Public Finance and of the National Bank of Romania. The conclusions of the working group will be discussed at the next session of the CNSM scheduled on February 18, 2019.”

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