ECB sends letter to Fin Min Teodorovici, argues it hasn’t been consulted on GEO 114

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The European Central Bank (ECB) has sent a letter Finance Minister Eugen Teodorovici, in order to stress that Romanian authorities should have consulted the bank before the adoption of Emergency ordinance 114/2018 regarding taxes on banking assets

According to the European legislation, national authorities have to consult the ECB in regard to any draft bill within the institution’s competence, among them applicable laws for financial institutions, when they significantly influence the stability of financial institutions and markets, informs.

The document mentions article 4 of Decision 98/415/CE of the Council.

ECB argues that GEO 114/2018 was not accompanied by an impact assessment on the banking sector, with the risk of having a significant impact on the banking system stability. The letter also includes a guide regarding the way ECB is consulted by the national authorities.

Other financial institutions have also sent letters to the Government on the issue of GEO 114: EBRD, IFC, complaining officially to the Romanian Government about the new taxes for the banking system.

EBRD and IFC sent a letter to the Government on February 1, stressing the concern about the new plans regarding the banking system.

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