Law No. 34 From 29 March 1991 Concerning The Statute Of Banca Naţională A României

Original Language Title:  LEGE nr. 34 din 29 martie 1991 privind Statutul Băncii Naţionale a României

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LAW No. 34 of 29 March 1991 concerning the Statute of Banca Naţională a României, published in PARLIAMENT ISSUING the OFFICIAL GAZETTE NR. 70 of 3 April 1991, the Parliament of Romania adopts the following law.


Chapter 1 General provisions Article 1 of the Romanian National Bank establishes and directs monetary policy and credit in economic and financial policy of the State, in order to maintain the stability of the national currency. National Bank of Romania is the organ of the State and shall have legal personality.
National Bank of Romania based in Bucharest. She may have branches in all cities and County residence may create branches and agencies, and in other localities.


Article 2 of the National Bank of Romania, on behalf of the State, to the negotiations and negotiations in financial matters, monetary and finance; National Bank of Romania may negotiate and conclude agreements on short-term loans and swap transactions with central banks, commercial banks and international monetary institutions, provided their refund within one year and the filing of prospectuses in the annual report of the National Bank of Romania.
National Bank of Romania may, with the authorization of Parliament to participate in the international financial organizations, banks and money and to become a member of them.


Article 3 National Bank of Romania has the right to ask all credit and financial institutions to provide the documents and information necessary for exercising its functions.
For their own needs and of the public authorities, National Bank of Romania develops studies and analyses regarding currency, credit and banking operations.


Chapter 2 resources of the National Bank of Romania Article 4 capital of Banca Naţională a României is 5,000 million lei and belongs entirely to the State.


Article 5 reserve fund of the National Bank of Romania consists of profit highlighted in the annual review, after covering the full costs.


Article 6 of the gross profit recorded in the Bank's balance sheet, 20% is used for the Reserve Fund of the Bank, intended to cover eventual losses. This quota will be reduced to 10 percent when assets reach the reserve fund are equal to the Bank's capital and 5% when such assets reach twice the capital.


Article 7 the profit remaining after allocation to the Reserve Fund and other funds provided by law shall be used in accordance with the decision of the Administrative Council of the National Bank of Romania.


Article 8 where the National Bank of Romania's balance sheet value of the assets falls below the amount of commitments and capital or Finance Ministry, will transfer to the National Bank of Romania, at its request, the Government debt securities negotiable at market interest, the amount needed to cover this shortfall. Within five years, these bonds will be redeemed by using the profits of the Bank or re-negotiated.


Chapter 3-National Bank of Romania Operations section I Issue monetary article 9 National Bank of Romania is the only institution authorized to issue banknotes and coins throughout the country.


Article 10 the Romanian monetary Unit is the lion, with the subdivision of the ban.


Article 11 National Bank of Romania manages directly reserve banknotes and coins issue program, develop and ensure the regular issuance of banknotes and coins to meet cash needs of the country.


Article 12 banknotes and coins from circulation and issued winnings not withdrawn by the National Bank of Romania, representing the monetary means to be accepted at face value in order to pay all obligations of both public and private.


Article 13 National Bank of Romania is the only have the right to determine the face value, size, weight, and other technical features of banknotes and coins. Notes will be signed by the Governor and central cashier.


Article 14 National Bank of Romania secure printing of banknotes and the minting of coins and take steps to preserve the security of those who are not put into circulation, as well as for custody and destruction, when it is necessary, of moulds, machines and inks and coins withdrawn from circulation.


Article 15 National Bank of Romania, on demand, without taxes and fees, banknotes and coins issued by it.
National Bank of Romania may refuse to exchange banknotes and coins if they are illegible, deformations, missing or if are perforated by more than 40 per cent of their surface. These banknotes and coins will be withdrawn and destroyed without awarding compensations to owners, excepţind cases specified in regulations by National Bank of Romania.
National Bank of Romania may not be obliged to pay any compensation for banknotes or coins that have been lost, stolen or destroyed.


Article 16 banknotes and coins worn or defective will be withdrawn and destroyed by the National Bank of Romania and replaced with the new banknotes and coins.


Article 17 National Bank of Romania may decide to cancel or withdraw from circulation any banknotes or coins that have been issued by it and to put into circulation in their other banknotes or coins; the rules are to specific period and manner in which banknotes and coins will be presented to the renewal; such a period of renewal will not exceed 180 days.
On expiry of the renewal: a) euro banknotes and coins withdrawn from circulation without entering into conflict with the provisions of art. 12, can no longer be used for the payment of public and private;
  

b) total amount of banknotes and coins withdrawn from circulation, but nepreschimbate, it will subtract from the total cash in circulation in the evidence, National Bank of Romania and will be treated as income of the National Bank of Romania.
  


Article 18 the amount of banknotes and coins in circulation will be highlighted in the accounts of the National Bank of Romania as passive and will not include banknotes and coins that are in reserve cash.
Tranche of cash issued by National Bank of Romania over the level of international reserves established and maintained pursuant to art. 35 will need to be fully covered for the following assets: a) advances the State of Romania's National Bank and the loans guaranteed by it in accordance with this Statute;
  

b) securities held in the investment portfolio of the National Bank of Romania;
  

c) asset arising from bank loans to companies and other institutions in terms of this Statute;
  

d) cheques, bills of Exchange, and credit National Bank of Romania expected them or hold them in the portfolio.
  


Section II operations with banking companies and other credit institutions article 19 In its monetary policy and credit National Bank of Romania: sconteze and has to) to resconteze effects of Commerce and House bills presented by banking companies and other credit institutions;
  

b to grant the credit companies) banking and other credit institutions.
  


Article 20 of the Romanian National Bank opens current accounts and other banking firms and credit institutions performing cash transactions and payments between them.


Article 21 National Bank of Romania can provide, through the accounts opened in its evidence, clearing and settlement services among banking companies.


Article 22 of Romania's National Bank may be expected, receiving take in pledge or sell receivables from the Bank, the State companies and other corporations, in conditions which they consider necessary in order to attain the objectives of monetary policy, taking into account the specific situation of the market.


Article 23 establishes the National Bank of Romania official fee discount, the conditions for carrying out operations, and discount rate of refinancing of banking companies.
For operations, the Bank may charge interest and fees.


Article 24 of the Romanian National Bank may buy, sell or accept as security headlines and other values, the list of which shall be determined by the Board of Directors.


Article 25 establishes the National Bank of Romania minimum reserves regime on which banking companies are obliged to keep them in special accounts opened in the evidence, National Bank of Romania.


Article 26 of the Romanian National Bank is responsible for licensing and supervision of all entities operating as banking companies in Romania. To this end, the National Bank of Romania shall be empowered: (a) to issue regulations) and to take measures, in accordance with the provisions of law, to ensure the viability of the banking system;
  

b) to control the spot and check registers, accounts and other documents of the banking firms and other legal entities, to obtain Bank acts on the national team of Romania deems necessary for the performance of supervisory duties adequately.
  


Article 27 National Bank of Romania will act as lender of last instance court for distressed banking companies for payment, under the conditions laid down by it.


Section III operations with State Treasury Article 28


National Bank of Romania in its records for the current account of the State Treasury. Methods of recording of transactions in this account are laid down in the Convention between the Ministry of finance and the National Bank of Romania.


Article 29 for all operations carried out for the State Treasury, the National Bank of Romania will not charge any Commission and, at the same time, it will not pay interest for availability. Fund of the State Treasury is interest-bearing.


Article 30 National Bank of Romania will act directly or through other banks, as the agent of the State in relation to the issuance of bonds and other State records, sale and redemption and payment of interest and other related expenses.


Article 31 of Romania's National Bank may grant the Central Administration budget of State loans to cover the temporary gap between revenue and expenditure.
The total amount of such loans shall not exceed in any fiscal year the equivalent of up to 10% of the total approved budget. Sub-loans granted the rule of National Bank of Romania may not exceed twice the National Bank of Romania's capital and reserve fund set up under the provisions of art. 5 and 6.


Section IV operations with foreign currency and gold Article 32 establishes National Bank of Romania and the foreign exchange policy of the state drive, cooperind with other bodies. National Bank of Romania will act as an agent of the State pursuant to the provisions of any law concerning the control of foreign exchange.
Income statements, accounting data and information necessary for the application of any legislation on the control of foreign exchange must be submitted by National Bank of Romania, at the latter's request.


Article 33 National Bank of Romania shall be responsible for: (a) issuance of regulations) with respect to operations with foreign currency and gold, to protect the national currency;
  

b) elaboration of external balance of payments and external claims and liabilities;
  

c) establishment and publication of the conversion rates at which the National Bank of Romania and other legal persons carrying out their operations approved with gold and currency;
  

d) authorization and withdrawal, as well as the regulation and supervision of legal persons who have obtained authorization to effect transactions;
  

e) establishing ceilings on assets in gold and currency authorized legal entities may keep in storage;
  

f) keeping and management of international reserves of the State;
  

g) establishing limits on foreign currency net positions of the banking companies, as well as the conditions and foreign borrowing ceiling of the company.
  


Article 34 National Bank of Romania is likely to conclude on their own behalf or on behalf of the State, and from its available, clearing arrangements and payments or any other contracts may be signed with the same purpose, with central clearing institutions, public and private, who have their headquarters abroad.


Article 35 National Bank of Romania, while respecting the provisions on specific risk and liquidity of such assets, will establish and maintain, in such conditions that they can determine their exact size regularly, developing international reserves from all or some of the following elements: (a));
  

(b) foreign assets) in the form of banknotes and coins or balances of accounts in banks abroad, expressed in those currencies and held in those countries on the National Bank of Romania approve them for the purposes of this article;
  

c) any other reserve assets internationally, including the right to make purchases from the International Monetary Fund within their possessed trances, and the detinerile State of special drawing rights;
  

d) bills of Exchange, cheques and promissory notes payable denominated in foreign currency and also in places approved by the National Bank of Romania to achieve the aim of this article;
  

e) Treasury bills and other securities issued or guaranteed by foreign Governments or international financial institutions, expressed in foreign currency and payable and in places approved by the National Bank of Romania for the purposes of this article;
  

f) other active National Bank of Romania approve them for the purposes of this article.
  


Article 36 of the National Bank of Romania will keep track of the maintenance of international reserves. 35 at the level that she considers as suitable external transactions of the State.
In the event of a fall in international reserves or if, according to the National Bank of Romania assessments, there is the danger of weakening the reserves up to levels that would jeopardize the international transactions of the State, National Bank of Romania shall submit a report to the Government and Parliament on the situation of international reserves and the causes which have led or could lead to such a reduction. The report will contain recommendations of the National Bank of Romania needed for retention or remedy the situation.


Article 37 of the National Bank of Romania shall be authorized, under conditions which it shall determine and may change periodically, carry out the following operations: a) to buy, to sell their and make other transactions with coins and gold bullion and other precious metals;
  

b) to buy, to sell their and make other transactions in foreign currencies;
  

c) to buy, to sell their and make other transactions in Treasury bills and other securities issued or guaranteed by foreign Governments intergovernmental financial institutions times;
  

d) to open and maintain accounts at financial institutions, intergovernmental central banks, monetary authorities and financial organizations from abroad;
  

e) to open, to keep accounts and to act as an agent or correspondent for intergovernmental financial institutions, central banks, monetary authorities and financial organizations from abroad, foreign Governments and their agencies.
  


Article 38 the differences recorded in the annual review of the National Bank of Romania from the changes in the evaluation of assets or liabilities expressed in gold, special drawing rights and foreign currencies, as a result of the change in the value or rate in lei, will be settled with the Central Administration of the State budget.


Section V-of the currency Control Article 39 National Bank of Romania shall issue regulations concerning the control of foreign exchange transactions in the country. Regulations may relate to the issuance of orders and circulars regarding: the making and control foreign exchange transactions; issuance of authorizations for transfers abroad; transactions in currency markets and other specific operations.


Article 40 legal entities authorized to conduct foreign exchange operations will report to the National Bank of Romania over the foreign exchange transactions carried out. National Bank of Romania will determine the form and content of documents in order to have a proper reporting.


Chapter 4 Leadership and management of the National Bank of Romania Article 41 National Bank of Romania is led by a Board of Directors. Daily management is delegated to the Governor.
The work of the Board of Directors shall be governed by the provisions of this law and the regulations of the National Bank of Romania.


Article 42 the Board of Directors of the National Bank of Romania decides on the measures in the field of monetary policy, currency, credit and finance. He sets the main directions in the management of the operations and responsibilities of the National Bank of Romania's apparatus. At the same time, the Board of Directors of the National Bank of Romania decides on the internal organization and its staff wages.


Article 43 the Board of Directors of the National Bank of Romania is composed of:-the Governor of the National Bank of Romania-President-the first Deputy Governor of the National Bank of Romania-Vice President-two viceguvernatori Banca Naţională a României ai-five other members.


Article 44 members of the Board of Directors of the National Bank of Romania shall be appointed by the Parliament, at the proposal of the Prime Minister. Appointments are made for a period of 8 years. The term of Office shall be renewable.


Article 45 in the case of descompletarii Board of Directors, filling vacant posts shall be made on the function and only for the period remaining until expiry of those replaced, in compliance with the provisions of art. 44. Article 46 Cancellations from Office of members of the Board of Directors shall be made by the Parliament, at the proposal of the Prime Minister.


Article 47 Appointments, withdrawals and cancellations from Office shall be published in the Official Gazette of Romania.


Article 48 Board members cannot be members of Parliament and may not participate in the judiciary or administration of the State. They also cannot be part of a company's administration, without the delegates of the Board of Directors of the National Bank of Romania.


Article 49 the Governor has measures for enforcement of laws and regulations relating to the National Bank of Romania, as well as for the execution of the decisions of the Board of Directors.
The Governor appoints the staff depending on the focus of the Bank's branches and subsidiaries, directors and agents.
The Governor of the National Bank of Romania shall represent in dealing with third parties, the signing itself or by persons authorized by him, all the treaties or conventions concluded by it.

On behalf of the Board, the Governor shall submit annually to the European Parliament putting into account with regard to the monetary and credit situation.
In case of absence or inability to act of the Governor, it will be substituted by the first Deputy Governor.


Article 50 the Board of Directors shall appoint a Committee of censors, consisting of 5 members, one of whom is the President.
The Audit Committee shall verify compliance with the legal rules concerning the valuation of assets and liabilities of the Bank, house values in existence, as well as securities or property received in pledge, bail or custody.
Annually, the Board of censors shall draw up the report or on the balance sheet and the profit and loss account.


Chapter 5 final provisions Article 51 Banca Naţională a României's operations are subject to the laws of trade, insofar as the law concerning banking activity and this law does not otherwise have.


Article 52 acts of National Bank loan concluded by Romania constitute enforceable in the event of non-payment of the entire balance of the receivable paid.
The State or court are obliged to execute the National Bank of Romania issued only on the basis of notifications from it.


Article 53 where the debtor does not honour its commitments, the National Bank of Romania has the right to proceed to the sale of all or part of the securities, and the effects of which have been given to guarantee, within three days, after a simple summons through an extra-judicial act.
National Bank of Romania recovered its advances, interest costs and net revenue resulting from the sale. Any surplus is forwarded to the borrower.


Article 54 of the National Bank of Romania will be able to perform some operations in favour of third parties only under the terms of the submission documents to which National Bank of Romania deems necessary. It may, whenever necessary, to consider the creation of real or personal collateral.


Article 55 the capital of Banca Naţională a României, reserve fund, silicon and precious metal coins, precious and semi-precious stones as well as technological facilities and raw materials owned or imported by the State Printing Office and Mint National Bank of Romania are exempt from the tax.
National Bank of Romania shall be exempt from any fees for transactions that you make, including stamp duty.


Article 56 Banca Naţională a României's operations are accounted for according to the chart of accounts, on the annual exercises starting January 1, and December finished with 31.
For any errors in payments or accounts holders record, Romania's National Bank respond only up to the limit of the amount erroneously paid or credited to an account, including the penalties attaching to what shed at central State administration budget for account holders in the cases provided by law, unless it is proved that the errors in question occurred due to the holders. Banca Naţională a României's liability shall cease if no claim is seised as written until expiry of the deadline and communicated to account holders.


Article 57 Board members and employees of the National Bank of Romania are obliged to keep secret any information not intended for publication, which has come to the knowledge of their functions during exercise and will not use this information for personal advantages any deviation being punished according to law.


Article 58 members of the Board of Directors of the National Bank of Romania and the censors shall receive compensation.


Article 59 National Bank of Romania can not participate, directly or indirectly, with the capital at any firm or directing autonomous, except its own businesses to print their tickets from the Bank and hammering of the coinage and other companies that can contribute to the achievement of his powers.


Article 60 National Bank of Romania cannot buy real estate other than those with which they are necessary for its operation and staff needs.


Article 61 of the annual balance sheet and profit and loss account of the National Bank of Romania will be published as soon as they are confirmed by the auditing Commission and adopted by the Board of Directors.


Article 62 All regulations issued by the National Bank of Romania shall be published in the Official Gazette of Romania.


Article 63 National Bank of Romania shall periodically publish a bulletin regarding the evolution of the currency and credit.


Article 64 legal provisions regarding bearer titles lost or stolen are not applicable to banknotes of the National Bank of Romania. Counterfeit coins and banknotes is punished by law.


Article 65 the present law shall enter into force 30 days after its publication in the Official Gazette of Romania.


Article 66 on the date of entry into force of the present law shall repeal the Decree nr. 124 of 17 March 1970 concerning the Organization and functioning of the National Bank of the Socialist Republic of Romania, published in Official Gazette No. 23 of 18 March 1970, Decree nr. 504 of 16 December 1970 for the approval of the Statute of the National Bank of the Socialist Republic of Romania, published in Official Gazette No. 143 of 16 December 1970, and any other provisions to the contrary.
This law was adopted by the Senate at its meeting on 25 March 1991.
Academic SENATE PRESIDENT ALEXANDRU BÂRLĂDEANU this law was adopted by the Assembly of deputies at its meeting on 25 March 1991.
The PRESIDENT of the ASSEMBLY of DEPUTIES MARTIAN D under article 13. 82 lit. m) of Decree-Law No. 92/1990 to elect the Parliament and President, promulgăm law on the Statute of Banca Naţională a României and we have its publication in the Official Gazette of Romania.
ROMANIAN PRESIDENT ION ILIESCU — — — — — — — — — — — — — — — — — —