Government sets up Financial Stability Committee

“A platform for dialogue among the agencies responsible for public finance administration aimed to ensure macroeconomic and financial stability” – this is how State Minister Victor Bodiu defined the National Committee for Financial Stability, which was established by a Government decision on May 26, Info-Prim Neo reports. Chaired by Prime Minister Vlad Filat, the committee includes National Bank Governor Dorin Dragutanu; Economy Minister Valeriu Lazar; Finance Minister Veaceslav Negruta; chair of the parliamentary committee for economy and finance Veaceslav Ionita; chairman of the National Financial Market Commission Mihai Cibotaru; and general director of Reserve Requirement Fund Eduard Usatii. “It is not that this committee will substitute the institutions whose heads are members of the committee. But sometimes it happens that, due to inadequate coordination between various agencies, interventions in difficult situations are delayed and in those cases we need to allocate more human and material resources than if the interventions were prompt”, said Victor Bodiu. Under the Government decision, the Financial Stability shall administrate extraordinary as well as systemic financial situations; shall submit to the Government policy and action recommendations to protect customer deposits, capitalization and re-capitalization of banks; shall issue periodical public statements to prevent misinformation; shall contribute to the restoration of trust in banks. State Minister Victor Bodiu said that, when necessary, the committee could propose bailout plans to be considered by Parliament.