{
  "title": "Romania: Financial Sector Assessment Program-Technical Note-Crisis Preparedness and Safety Net",
  "publication": "IMF Staff Country Reports, June 8, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/06/08/romania-financial-sector-assessment-program-technical-note-crisis-preparedness-and-safety-net-45968",
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  "summary": "This Technical Note assesses the state of crisis preparedness and safety net in Romania. The bank resolution and crisis management toolkit has been significantly revamped since the last Financial Sector Assessment Program.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- This Technical Note assesses the state of crisis preparedness and safety net in Romania.\n- The bank resolution and crisis management toolkit has been significantly revamped since the last Financial Sector Assessment Program.\n- Implementation of the Bank Resolution and Recovery Directive in Romania enhanced the National Bank of Romania’s (NBR) powers to deal with failing banks.\n- The Bank Deposit Guarantee Fund gained greater involvement in these processes.\n- The NBR has been charged with new responsibilities that flow from its ongoing role as supervisory and resolution authority, namely:\n  - the enforcement and analysis of recovery planning requirements, and\n  - the preparation of resolution plans.\n- Some elements needed for the effectiveness of the crisis management framework are still work-in-progress."
    },
    {
      "heading": "Key findings",
      "content": "- Significant revamp of the bank resolution and crisis management toolkit since the previous FSAP.\n- Enhanced NBR powers through implementation of the Bank Resolution and Recovery Directive.\n- Greater involvement of the Bank Deposit Guarantee Fund in crisis management and resolution processes.\n- New NBR responsibilities include enforcement and analysis of recovery planning requirements and preparation of resolution plans.\n- Certain elements required for an effective crisis management framework remain incomplete."
    },
    {
      "heading": "Relevant subjects and keywords",
      "content": "- Subjects: Bank resolution, Bank resolution framework, Bridge bank, Crisis management, Crisis management framework, Crisis prevention, Financial crises\n- Keywords: bank deposit Guarantee Fund, bank Recovery, Bank resolution, Bank resolution framework, central bank, CR, Crisis management, Crisis management framework, Crisis prevention, Global, investment policy, ISCR, liquidation procedure, NBR order No., NBR remit, NBR's repo facility, order No., repo facility, resolution college, resolution framework, resolution planning, resolvability assessment methodology\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 8, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484360743.002",
    "This Technical Note assesses the state of crisis preparedness and safety net in Romania.",
    "The bank resolution and crisis management toolkit has been significantly revamped since the last Financial Sector Assessment Program.",
    "Implementation of the Bank Resolution and Recovery Directive in Romania enhanced the National Bank of Romania’s (NBR) powers to deal with failing banks.",
    "The Bank Deposit Guarantee Fund gained greater involvement in these processes.",
    "The NBR has been charged with new responsibilities that flow from its ongoing role as supervisory and resolution authority, namely:",
    "Some elements needed for the effectiveness of the crisis management framework are still work-in-progress.",
    "Significant revamp of the bank resolution and crisis management toolkit since the previous FSAP.",
    "Enhanced NBR powers through implementation of the Bank Resolution and Recovery Directive.",
    "Greater involvement of the Bank Deposit Guarantee Fund in crisis management and resolution processes.",
    "New NBR responsibilities include enforcement and analysis of recovery planning requirements and preparation of resolution plans.",
    "Certain elements required for an effective crisis management framework remain incomplete.",
    "Subjects: Bank resolution, Bank resolution framework, Bridge bank, Crisis management, Crisis management framework, Crisis prevention, Financial crises",
    "Keywords: bank deposit Guarantee Fund, bank Recovery, Bank resolution, Bank resolution framework, central bank, CR, Crisis management, Crisis management framework, Crisis prevention, Global, investment policy, ISCR, liquidation procedure, NBR order No., NBR remit, NBR's repo facility, order No., repo facility, resolution college, resolution framework, resolution planning, resolvability assessment methodology",
    "**Country Report**"
  ],
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