Paper
Regulation No. 6 of 24, July 2002 on Reserve Requirement
Decree on maintenance of reserves by financial institutions in Romania
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6 pages
This document enunciates about the decree that was passed by the National Bank of Romania (NBR) for the kind and amount of reserves the central and cooperative banks in Romania were to maintain in its account.
The articles of the regulation are categorized under various chapters, these provide information on the:
- General provisions, outlining the scope and definitions of specific terms used in the regulation;
- Required reserve base, currencies in which the reserves were to be maintained, reserve ratio details, reporting and checking mechanism and periodicity;
- Remuneration, the banks maintaining such reserves were likely to receive from NBR;
- Penalties that would be charged, and actions that would be taken, for non-adherence to the provisions of the decree;
- Transitory provisions that would come into force under special circumstances such as in cases of bank restructuring and emergency situations.
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