ECB sources say no opinion has been issued on ‘amended’ GEO 114, despite Fin Min’s claims

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The European Central Bank (ECB) did not send to the Finance Ministry any opinion regarding the draft ordinance ‘amending’ GEO 114/2018, sources close to the issue have told on Thursday.

Romanian officials requested, in the letter which included the new draft ordinance (written in Romanian language), that they should receive a reply by Wednesday.

The source argues that there is no release posted on the ECB website and hence no opinion has been released.

The ECB representative seemed disturbed by the 3-day deadline from the Romanian officials, adding that such opinions need – besides the translation of the document – analyses that can go beyond the ‘generously’ mentioned deadline from the Finance Ministry.

“We do not answer to anyone’s orders. We will release our viewpoint after carefully analyzing the draft we received,” the sources said, according to

Finance Minister Eugen Teodorovici said on Wednesday that the draft to amend GEO 114 has received the opinions of the National Bank of Romania and from the European Central Bank.

“Yesterday (Tuesday, March 26 – our note) we received the answer from the European Central Bank, a positive opinion on the draft,” Teodorovici said by phone for Digi 24 TV private broadcaster.

Regarding the older draft, the ECB mentioned that ‘it should have been consulted in an adequate period which allows the initiating authority to consider the ECB opinion, before making a decision regarding the fund. The ECB was not consulted by the Romanian Government before the adoption and the coming into force of GEO 114. Furthermore, GEO 114 had not been accompanied by an assessment of the impact showing the consequences of the tax on the banking system,” a letter received by Finance Minister Eugen Teodorovici from the ECB reads


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