Credit co-operative organisations are NOT subject to NBR's supervision
09.10.2000
The National Bank of Romania informs the general public, in particular the depositors of credit co-operatives - people's banks, that credit co-operative organisations are not subject to the effective supervision of the National Bank of Romania.
We specify this because a series of complaints of natural and legal persons, including depositors, from which results the non-observance of obligations by some credit co-operative organisations in their relations with natural or legal persons, have been transmitted either directly to the National Bank of Romania or via different institutions (the Presidency, the Government of Romania).
The National Bank of Romania cannot take into account these petitions since, by law, credit co-operative organisations are not subject to the supervision of the National Bank of Romania. Their becoming subject to the NBR's supervision is to take place only after the licensing of the credit co-operative organisations as provided for by Emergency Ordinance No. 97/2000 on credit co-operative organisations issued by the Government of Romania. The licensing process extends over a long period of time and it may end no sooner than next year.
The issues mentioned by some natural and legal persons, including depositors, will be however taken into consideration when the credit co-operative organisations will be approved and licensed.
The litigations arisen from the non-observance of obligations assumed by the credit co-operatives - people's banks can be directly solved by the competent courts.
We note that so far no licensing applications have been submitted to the National Bank of Romania, in accordance with Emergency Ordinance No. 97/2000 issued by the Government of Romania.