Banks, insurance companies and the capital market should be monitored by a single body, according to Varujan Vosganian, chairman of the budget-finances commission of the Chamber of Deputies.
"In my opinion, financial market surveillance must be unified and there should be a single authority in this area. There is an imbalance between the NBR (National Bank of Romania), on one hand, and the CSA (Insurance Surveillance Commission) and the CNVM (National Securities Commission), on the other," said Vosganian while at Bucharest Stock Exchange (BSE) on Monday.
As an example, he gave the trading of government bonds on the BSE, which has been delayed for several years.
The National Bank, which currently organises the market for government bonds, has for several years been reluctant to accept that at least a part of government bonds should be traded on the stock exchange, and discussions with the CNVM and the BSE have as yet yielded no agreement.
CNVM representatives believe unified surveillance would be beneficial.
"This has been the practice in other countries as well, including European Union countries. A decision in this respect is likely to have some positive effects because in many instances a decision for one segment of the financial market also affects other segments as well. I think an analysis of the effects of a unified surveillance system is necessary, and if the effects turn out to be favourable, then the decision must be adopted," Gabriela Anghelache, CNVM chairman, told Ziarul Financiar.
Vosganian made it clear that if a single body is created to monitor the financial markets, then the National Bank would only retain the role of drawing up and implementing monetary policy.
This opinion, however, is not shared by Adrian Vasilescu, who is an advisor to the NBR governor.
"I do not have a formal point of view, but I can tell you personally that in Europe, even in countries where there are consolidated surveillance institutions, the central bank still performs some surveillance tasks," said Vasilescu.
According to the chairman of the CSA, Nicolae Crisan, the insurance industry would not benefit from a consolidated surveillance system.
"Distinct monitoring of this area is important to the development of the insurance market, which needs to be encouraged in Romania. The existence of the CSA gives this industry visibility and credibility. We should understand that the insurance industry has its own importance and should not lag behind other industries," said Crisan.
sorin.pislaru@zf.ro ; cristian.hostiuc@zf.ro ; vlad.nicolaescu@zf.ro
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