Banca Naţională a României

• Earned income at the National Bank of Romania

The NBR Board decided, on 27 August 2016, the manner to disclose the minutes of the monetary policy meetings and the salaries of senior executives, pursuant to the provisions of Article 33 para. (1) letters a) and d) of Law No. 312 on the NBR Statute and the Board decision of 3 August 2016.

1. Starting with the NBR Board meeting of 30 September 2016, the account (minutes) of discussions underlying monetary policy decisions will be posted in the “Monetary Policy” section on the NBR website within 7 calendar days after each Board meeting dedicated to monetary policy issues. The aim is to provide the general public with the rationale and economic data behind monetary policy decisions. The minutes will include the outcome of the vote, without citing any names.



2. As of today, 1 September 2016, the “Organisation” section on the NBR website will include information on the National Bank of Romania remuneration policy. The information will be updated on an annual basis.
   
   
   1. for senior executives (governor, first deputy governor, deputy governors), the following information will be disclosed:
      • standard net monthly income, consisting of the net monthly salary and the net monthly emolument as chairman, vice-chairman or member of the Board;
      • other entitlements, paid annually, totalling up to 2.6 net monthly salaries;
      • retirement benefit, on a case by case basis, depending on the years of service at the NBR (up to 12 salaries, after at least six years of service);
      • participation in the NBR profit-sharing scheme, depending on the annual financial results, after taxation and meeting other obligations, in line with the provisions of Article 43 para. (5) letter c) of Law No. 312/2004 (up to one net monthly salary).

      The above-mentioned salaries, except for the monthly Board meeting emoluments, are paid to every bank staff member pursuant to the laws in force. Senior executives are not paid performance bonuses, as they are granted solely to highly-achieving staff members on an exceptional basis. Furthermore, senior executives are not paid, nor are any other members of the lawfully-established committees of the NBR, for chairing or participating in the meetings of these analysis and decision-making bodies (the Monetary Policy Committee, the Supervisory Committee, the Foreign Reserve Management Committee, the Committee for Preparing the Changeover to the Euro, the Audit Committee, etc.).

   
   
   2. For the non-executive Board members, the following information will be disclosed:
      • net monthly emoluments; and
      • other income, in compliance with the law (e. g. in 2015, non-executive Board members were individually paid an amount equivalent to the monthly emolument).
   
   
   3. For holders of management positions (director, deputy director, head of division), the following information will be disclosed:
      • standard salary bands for the net monthly salaries, by specifying the entry point and the band maximum.

The NBR Board has decided that the Board members’ statements on personal assets will include the annual income in a non-anonymous form starting with their next release on the institution’s website.

Salaries are paid from the NBR’s own funds, and not from the public budget, while the remuneration policy is formulated by the Board, pursuant to Article 33 of Law No. 312/2004. Over the past ten years, following Board decisions, the senior executives’ gross income increased at a pace lower than the inflation rate. Significant changes in terms of net income emerged as a result of taxation changes with a major impact (such as the cut in income tax following the introduction of the 16% flat tax rate in 2005 and the reduction in social security contributions after a ceiling was set on such contributions in 2011).