The National Securities Commission (CNVM), the capital market'sruling and supervisory authority, has used a large part of thealmost 25m-RON surplus it hoarded in the years before the crisis tocover its current expenditures and salary payments in 2009 and2008. Over the past two years, the capital market arbiter has spentaround 22m RON (5.5m euros) of the 25m RON surplus piled up in2005, 2006 and 2007, peak years for the Bucharest Stock Exchange.Both in 2008 and 2009, the Commission's revenues were belowexpenses, on the diminished activity on the capital market and onthe tax and fee cuts that dragged revenues down. In 2009, theCommission's reserves registered the steepest depreciation, ofaround 14m RON, with the amount reported at the end of 2009standing at 2.7m RON, according to the 2009 annual activity report."(...) The accumulated reserves had been originally earmarked forinvestments, but also for crisis periods," said Paul Miclaus,vice-president of the Commission.
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