Romania's Financial Supervisory Authority sees revenues go down, cuts costs

Romania’s Financial Supervisory Authority (ASF) posted revenues of almost EUR 35 million last year, down 5.2% year-on-year. The drop was due to the decline of several types of fees that supervised companies pay. The ASF takes a 1% quota of the mandatory car insurance (RCA) sold by insurance companies. It also takes a percentage from the value of all stock market transactions. Investment funds and pension funds also pay contributions based on the value of their assets. The insurance - reinsurance sector generated revenues that slightly exceeded EUR 14 million, up 26% over 2014. The growth was generated by the collection of outstanding debts from the bankrupt insurer Astra of almost EUR 1 million. The financial investments sector accounted for revenues of EUR 11.2 million, down 35% year-on-year, due to lower transactions on the local stock market. The private pensions sector generated revenues worth EUR 9 million, up 17% year-on-year. ASF reduced its personnel expenses by 21.5% last year, to EUR 21.9 million. The authority thus ended the year with a EUR 8 million surplus. editor@romania-insider.com