Romania’s commercial banks are currently implementing the new requirements of reporting and data publication under the third Basel Agreement.

The process started last year at European level, said Cristian Stefan, Director of Regulation and Licensing Department within the Romanian National Bank, cited by local Agerpres.

Many banks in Romania are part of international groups that are already implementing the new requirements at a group level. They transfer the knowledge to their subsidiaries in Romania, said Stefan.

However, these changes don’t affect the relationship between banks and customers, only the relationship between banks and the banking supervisor.

Basel III is a regulatory framework for bank capital adequacy, stress testing, and market liquidity risk.

editor@romania-insider.com