ASF, surplus of RON 18.3 M last year from a deficit of almost RON 10 M in 2013

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Romanian Financial Supervisory Authority (ASF) closed its annual budget in 2014 with a surplus of RON 18.28 million from a deficit of RON 9.8 million in 2013, a press release informs.

Last year, ASF recorded revenues obtained from its core business of RON 165.9 million, up 18.67 percent as compared to the previous year, the degree of achievement being 112 percent by reference to the provisions of the annual budget.

The contribution of sectors to obtaining revenue was 47.26 percent by the capital market (up by 5.3 percent as compared to the share held in 2013), 29.97 percent by the insurance sector (down by 6 percent), and 20.57 percent by the private pensions sector (up by 2.21 percent).

ASF mentions that is financed entirely from its own extra-budgetary revenues, according to GEO No. 93/2012, approved by Law No. 113/2013. With effect from January 1, 2015, the level of ASF’s revenues is established by Regulation No. 16/2014.

According to Authority data, in 2014, the fees per transactions in shares on the capital markets were reduced by 25 percent of the share applied to the value of transactions in financial instruments carried out on regulated markets (from 0.08 percent to 0.06 percent). Starting with 2015, reductions continued with 6.02 percent to the net assets of investment funds, with 21 percent of the share applied to the value of gross contributions of pension funds, and with 2.5 percent of the monthly share of the net asset value of the privately managed pension fund. Other percentages and fees were limited or eliminated.

Total expenditure amounting to RON 147.6 million decreased in 2014 to 98 percent as compared to 2013 and to 86.44 percent in relation to the provisions of the annual budget. Salary costs were reduced to 92.88 percent, while those with goods and services to 87.20 percent as compared to 2013.

Except for payments for severance packages of the voluntary termination plan, total expenditure in 2014 decreased by 10 percent as compared to the previous year. “As a result of the review of the severance packages for employees in 2014 – although budgeted – the following were no longer paid: holiday bonuses, seniority bonuses, overtime, cumulative positions, allowances to persons from outside the institution, housing allowances,” ASF notes.

At the end of the year, performance bonuses were paid to the majority of the employees, up to an average of 60 percent of the monthly salary. Also, bonuses for 5 projects were paid to 35 employees, up to a gross salary. Substantial reductions were registered for travelling abroad (76 percent of the travel costs incurred in 2013), protocol and representation (33 percent), mail, telecommunications and the Internet (67 percent), and more.

Personnel costs incurred with the members of ASF’s Board in 2014 were reduced by more than 78 percent as compared to the budgets intended for such purpose to the members of the boards of the three previous authorities (CSA, CNVM and CSSPP).

ASF’s budget for 2015 provides further substantial reductions in personnel costs as a result of the completion of the restructuring process. When establishing the expenditure for 2015, the following were considered: the reduction of personnel as a result of the reorganisation measures adopted, and the allocation of considerably higher amounts in the 2015 budget for the improvement or modernisation of hardware infrastructure, software and IT services.

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