Law No. 101 Of 26 May 1998 Concerning The Statute Of Banca Naţională A României

Original Language Title:  LEGE nr. 101 din 26 mai 1998 privind Statutul Băncii Naţionale a României

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Law No. 101 of 26 May 1998 (* updated *) on the Statute of Banca Naţională a României (updated until November 17, 2003)-PARLIAMENT ISSUING — — — — — — — — — — — *) originally was published in MONITORUL OFICIAL nr. 203 of 1 June 1998. This is the updated form of S.C. "territorial Center of Electronic Computing" Piatra Neamt until 17 November 2003, with amendments and additions to law No.: 156 of 12 October 1999; EMERGENCY ORDINANCE No. 273 of 7 December 2000 rejected by law nr. 341 of 6 July 2001; EMERGENCY ORDINANCE No. 136 of 18 October 2001.
Romanian Parliament adopts this law.


Chapter 1 General provisions Article 1 legal status (1) Romania's National Bank is the Central Bank of the Romanian State, having legal personality.
  

(2) the National Bank of Romania is headquartered in Bucharest and may have branches and agencies in the capital and in other towns in the country.
  


The basic aim of article 2 (1) the ultimate objective of the National Bank of Romania is to ensure stability of the national currency, in order to contribute to the stability of prices.
  

(2) to achieve the objective or fundamentally, National Bank of Romania develop, apply and is responsible for monetary policy, currency, credit, payment, and authorizing and supervising the banking prudentiala, within the general policy of the State, following the normal functioning of the banking system and participation in the promotion of a specific financial system market economy.
  


Article 3 cooperation with other authorities (1) the National Bank of Romania co-operates with Central and local public authorities for the fulfilment of its objectives.
  

(2) in order to fulfill the objective or fundamental, National Bank of Romania will be asked their views on the regulatory acts of the public authorities, which relate directly to monetary policy, banking activity, currency regime and public debt.
  

(3) The preparation of draft budgets of central public administration, National Bank of Romania shall be consulted regarding the conditions of the loans for the public sector.
  

(4) For their own needs and of the public authorities, National Bank of Romania elaborates studies and analyses regarding currency exchange rate regime, the banking system and credit transactions and payments.
  

(5) For the fulfilment of the commitments arising from the agreements, treaties, conventions to which Romania is part of Romania's National Bank cooperates with the competent authorities in the country and abroad by providing information, taking appropriate measures or in any other way.
  

(6) in order to strengthen the stability and integrity of the financial system for National Bank of Romania may collaborate with other institutions and authorities in the country and abroad, these including, without being limitative, pregnant with authorities supervision of financial institutions, insurance and financial markets.
  

(7) the collaboration will be achieved through information exchange or in any other way, according to the law and/or agreements signed with these institutions for the purposes of the time authorities fulfill their specific duties and reciprocity and ensuring the confidentiality of the information thus provided.
  

(8) the institutions and public authorities will provide the National Bank of Romania the information it considers necessary or that are required in order to achieve effective supervision and fulfill the objectives of the National Bank of Romania.
  

— — — — — — — — — — — — the title art. 3 was amended by EMERGENCY ORDINANCE nr. 136 of 18 October 2001 published in the Official Gazette No. 671 of 24 October 2001.
Paragraphs 1 and 2. (5), (6), (7) and (8) of article 1. 3 have been introduced by EMERGENCY ORDINANCE nr. 136 of 18 October 2001 published in the Official Gazette No. 671 of 24 October 2001.


International Co-operation article 4 (1) of the National Parliament, the Government of Romania may participate in international organizations, but also with a financial, banking, payment or monetary and may become a member.
  

(2) the National Bank of Romania may participate, on behalf of the State, the negotiations and the negotiations in financial matters, monetary, foreign exchange, credit and finance, as well as in the field of banking supervision and authorization.
  

(3) the National Bank of Romania to exercise rights and fulfill obligations incumbent on Romania's membership of the International Monetary Fund, including the use of facilities this institution to finance medium and long term needs for balance of payments and strengthen the international reserves of the country.
  

(4) the National Bank of Romania may negotiate and conclude agreements, conventions or other agreements relating to short-term loans and other financial operations with international financial institutions, central banks, banking and non-banking companies, provided their refund within a period of one year.
  

(5) the National Bank of Romania may conclude on their own behalf or on behalf of the State, and from its disposal, settlement agreements and payments or any other contracts having the same purpose with public or private institutions which have their registered office abroad.
  


Chapter 2 monetary policy and currency Article 5 monetary policy monetary policy that promotes a National Bank of Romania uses specific tools and procedures for money market operations, lending banks and controlling liquidity through the reserve.


Article 6 money market operations National Bank of Romania can be expected, acquire, take in pledge or sell debt securities, or other valuables on the State, banks and other legal entities and can attract deposits from banks, under conditions which it considers necessary to achieve the objectives of monetary policy.


Article 7 Operations of crediting (1) the National Bank of Romania may grant loans in repayment, guarantee and interest, which shall be determined by its own regulations, in accordance with the provisions of this law.
  

(2) Crediting by the Bank National of Romania on the overdraft is prohibited.
  


Article 8 minimum reserves (1) Romania's National Bank establishes the minimum reserves that banks are required to keep accounts open.
  

(2) for deposits in foreign currency reserve shall be constituted only in foreign currency.
  

(3) minimum reserves, National Bank of Romania will there at least at the level of interest rate of interest on deposits repayable on average charged by commercial banks.
  


Currency Policy article 9 (1) of the National Bank of Romania to elaborate and enforce policy on the exchange rate, sets and follows the application of currency on Romanian territory.
  

(2) the National Bank of Romania is an agent of the State in terms of the application of the legal regulations concerning the control of foreign legal persons to whom he has granted permission and to which it is entitled to request and to receive all information and any documents necessary to fulfill the duties incumbent upon them, being empowered to take action to enforce compliance with its regulations.
  


Article 10 establishment of currency regime in administering foreign arrangements, National Bank of Romania is responsible for: a) issue regulations concerning operations with external assets and gold, in order to protect the national currency;
  

b balance of payments) drafting and other papers relating to international investment position of the country;
  

c) fixing exchange rates for the currency market's own operations, calculating and publishing environments for obvious statistics;
  

(d) authorization and withdrawal of authorization) as well as the supervision of legal entities which have obtained a permit to carry out foreign exchange transactions;
  

e) establishing platforms and other limits on foreign ownership of assets and transactions with gold and foreign assets for legal and physical persons;
  

f) ceiling and external borrowing conditions of natural and legal persons fall under foreign arrangements;
  

g) keeping and management of international reserves of the country.
  


Article 11 National Bank currency Regulations to elaborate regulations on monitoring of Romania, control of foreign exchange transactions in the country and issue authorisations for transfers in foreign currency markets, transactions and other operations.


Article 12 monitoring and reporting for monitoring foreign exchange transactions, the legal entities authorised to carry out foreign exchange operations reports to the National Bank of Romania on the transactions performed through documents whose form and content shall be determined by it.


Chapter 3, article 13 of the money Issue has exclusive issue of Romania's National Bank is the only institution authorized to issue monetary regalia, in the form of notes and coins as legal tender on the territory of Romania.


Article 14 national currency currency Unit is the lion, and its subdivision, the ban.


Article 15 monetary Signs (1) National Bank of Romania is only entitled to establish nominal value, size, weight, and other technical features of banknotes and coins.
  

(2) the Governor's signature gate Notes National Bank of Romania and the central cashier.
  

(3) the falsification or counterfeiting of banknotes and coins shall constitute an offense and shall be punished according to the law.
  


(4) legal Provisions regarding bearer titles lost or stolen are not applicable to banknotes and coins issued by the National Bank of Romania.
  

(5) Graphics of banknotes and coins is protected by registration with the State Office for inventions and brands in Romania. Any reproduction of their color, 1/1, whole or in part, for the purpose of advertising, information or for other commercial purposes can only be made with prior consent, in writing, of the National Bank of Romania.
  


Article 16 issue monetary Program (1) the National Bank of Romania elaborates program broadcast of banknotes and coins, so as to ensure the necessary cash in strict accordance with the real needs of the circulation of money.
  

(2) the total amount of euro banknotes and coins in circulation, which excludes cash reserve stands out as passive in the accounts of the National Bank of Romania.
  

(3) the cash reg. Trance, issued by the National Bank of Romania over the level of international reserves established and maintained in accordance with the provisions of art. 31, should be covered in full by the following assets: a) bonds held in the portfolio of investments;
  

b) arising from assets loans to banks and other legal entities in accordance with the law;
  

c) cheques, bills and other debt securities held in the portfolio or anticipated.
  


Article 17 payment Means related to euro banknotes and coins from circulation and issued winnings not withdrawn by the National Bank of Romania, representing the monetary regalia to be accepted at par for wages of all public and private obligations.


Article 18 the issuance and putting into circulation of insemnelor (1) the National Bank of Romania secure printing of banknotes and the minting of coins and take steps to maintain the security of those who are not put into circulation, as well as for custody and destruction, where this is necessary, the moulds, inks and counterfeit notes and coins are withdrawn from circulation.
  

(2) the National Bank of Romania distribute monetary issue made and manage cash reserve in the form of banknotes and coins.
  

(3) euro banknotes and coins or inadequate waste will be removed from circulation and destroyed by the National Bank of Romania, replacing it with the banknotes and/or coins to us.
  

(4) the National Bank of Romania replaces, without taxes and fees, banknotes and coins issued and the winnings not withdrawn from circulation.
  

(5) the National Bank of Romania may refuse to replace banknotes and coins which shows deformation, illegible or if you miss more than 40 percent of their surface. These monetary means shall be withdrawn from circulation and destroyed without providing compensation, except for holders of special cases referred to in the regulations.
  

(6) the National Bank of Romania may not be obliged to pay compensation for banknotes or coins that have been lost, stolen, destroyed, falsified or counterfeited.
  


Article 19 Change insemnelor (1) the National Bank of Romania may decide to cancellation or withdrawal from circulation any banknotes or coins that have been issued and, in their place, putting into circulation and other monetary symbols.
  

(2) the manner and period of renewal shall be published in the Official Gazette and in at least two newspapers of national circulation.
  

(3) upon expiry of the period of displacement, banknotes and coins withdrawn from circulation without entering into conflict with the provisions of art. 17, can no longer be used for the payment of public and private.
  

(4) the total amount of euro banknotes and coins withdrawn from circulation, but the nepreschimbate within the period prescribed, shall be deducted from the total cash in circulation recorded in the accounting records and recorded as revenue of the National Bank of Romania.
  


Chapter 4 operations with banks Lending banks article 20 In its monetary policy, currency, credit and payment, National Bank of Romania may grant loans on time limits what banks can not exceed 90 days, guaranteed with: a) Government bonds coming from public shows with payment due within one year from the date of lodging of the security deposit through remission in their portfolio of Banca Naţională a României;
  

b) bills of Exchange and promissory notes drawn or subscribed to pay services commercial, industrial or agricultural legal person eligible according to the rules issued by the National Bank of Romania;
  

c) warrants or receipts of deposit issued concerning goods fungible goods or other valid provided against risks of loss, destruction or damage;
  

d) deposits pledged to the National Bank of Romania or other legal persons approved by the National Bank of Romania, consisting of any assets it can sell, buy times trade.
  


Article 21 conditions and credit costs (1) the National Bank of Romania sets and make public the conditions of lending, minimum interest rate on loans to be granted to banks and what criteria must be fulfilled for banks to be able to request loans on competitive bases.
  

(2) the National Bank of Romania may establish credit ceilings, levels of interest rate, repayment terms and other conditions in which it may grant loans or competitive basis of discretion.
  

(3) For all operations performed, National Bank of Romania sets and receives interest, commissions and other forms of operating costs and risks, with the exception of operations carried out through the general Treasury current account State.
  


Article 22 bank accounts (1) the National Bank of Romania opens a current account for the State Treasury, for each bank for each branch of a Bank, a foreign legal person, authorized to operate in Romania.
  

(2) the National Bank of Romania can open current accounts and other accounts settlement for interbank compensation homes resident, as well as for central banks and international institutions the non-resident.
  

(3) Through current accounts shall be made final and irrevocable settlement of receipts and payment transactions between holders of accounts.
  


Article 23 National Bank payments systems of Romania shall issue general regulations concerning payment instruments, coordinate and supervise the payment systems of national interest and establishes the necessary measures to prevent and eliminate any situations that tangible assets the smooth functioning of payment systems.


Article 24 compensation Services, storage and payment (1) the National Bank of Romania can secure compensation services, storage and payment via accounts held in its records.
  

(2) the National Bank of Romania may, on its own or in the name and on account of the State, to participate in the compensation arrangements, storage and payment or other contracts concluded for this purpose with the central institutions with specialized organizations collective, public and private, located in foreign countries.
  


Article 25 the prevention and limitation of risks in order to prevent and limit the risks of payment and credit, National Bank of Romania provides services for collection and dissemination, upon request, for a fee, the data and information on incidents of payment and credit risks in the banking system, in terms of ensuring banking secrecy.


Chapter 5 Banking Supervision article 26 Authorisation and surveillance of prudentiala Bank (1) the National Bank of Romania has the exclusive competence of the authorized banks and officials responsible for the supervision of banks on prudentiala has authorised to operate in Romania, in accordance with the provisions of the Banking Law.
  

(2) to ensure the viability of the banking system, and officials of the National Bank of Romania shall be empowered: (a) to issue regulations), to take action to enforce compliance with them and apply legal sanctions in cases of non-compliance;
  

b) to control and to verify on the basis of reports received and through on-site inspection registers, accounts and other documents of the authorized banks, which it considers necessary for the fulfilment of its duties.
  

(3) fulfillment of or omission to fulfill in good faith and without negligence of any other act or fact in respect of the exercise, according to the law, the duties of supervision may result in civil or criminal liability, where applicable, the members of the Board of directors or staff in charge of National Bank of Romania in this respect.
  

— — — — — — — — — — — —-. (3) art. 26 was introduced by EMERGENCY ORDINANCE nr. 136 of 18 October 2001 published in the Official Gazette No. 671 of 24 October 2001.


Article 27-Protection against the risk of the banking system for the purpose of reducing the risk of a banking and payment system, only exceptionally and on a case by case basis, the National Bank of Romania may grant banks and other secured or unsecured loans other assets than those laid down in article 21. 20. Chapter 6 Operations on behalf of the State Treasury's account of article 28 (1) the National Bank of Romania in its overall current account records of the Treasury, on behalf of the Ministry of finance opened to the public.
  

(2) the operation of the current account of the State Treasury and general registration operations in this account shall be established through the Convention concluded between the National Bank of Romania and the Ministry of public finance.
  


Article 29


Operations with State Treasury (1) National Bank of Romania receives the proceeds for current account-general of Treasury and payments made in limited availability in this account.
  

(2) the National Bank of Romania does not charge fees at settlement of current account transactions through general of Treasury, open its records, and pays interest to the availability of this account.
  

(3) during the annual exercise to cover the temporary gap between receipts and payments on account of current general of the Treasury, the National Bank of Romania may grant loans with repayment terms of less than 180 days and interest at market level, on the basis of conventions concluded with the Ministry of public finance.
  

(4) the total amount of loans granted may not exceed in any annual financial exercise the equivalent of 7% of the State budget incomes made in the previous year, and the balance of loans granted and outstanding may not exceed at any time the total amount resulting from a doubling of capital and reserve fund of the National Bank of Romania.
  

(5) the National Bank of Romania may act as an agent of the State in determining eligible banks to receive the Treasury deposits, under conditions to be determined in conjunction with the Ministry of public finance.
  


Article 30 operations with state securities (1) on the basis of previously concluded agreements with the Ministry of public finance and in accordance with their own regulations, National Bank of Romania may act as an agent on behalf of the State, in terms of: a) placing broadcasts bonds and other negotiable debt effects of Romanian State;
  

b) exercise of functions for recording, storing and transfer of securities;
  

c) payment of capital, interest, fees and charges;
  

(d) enforcement of settlements) in the current account-general of Treasury;
  

e) other operations in accordance with the objectives and responsibilities of the Central Bank;
  

f) payments related to those above through the accounts opened in its records, including those related to issuers and debt servicing costs and trading operation.
  

(2) Loans on the basis of Government securities is carried out according to the conventions concluded between the National Bank of Romania and the Ministry of public finance, setting out at least the following elements: the loan amount, interest rate, maturity date and the calculation of interest throughout the duration of the loan, debt service costs, as well as data on State titles, completed for each loan.
  


Chapter 7 operations with gold and foreign Reserves assets article 31 (1) the National Bank of Romania, while respecting the General rules concerning liquidity and risk-specific assets, settles down and maintain international reserves in such conditions still to be able to determine their exact size regularly, comprised of the following cumulative times selective elements: the gold hoard) owned in the country or stored abroad;
  

(b) foreign assets) in the form of banknotes and coins or available in accounts at banks or other financial institutions abroad, expressed in those currencies and held in those countries which it establishes the National Bank of Romania;
  

c) any other reserve assets recognised internationally, including the right to make and sell at the International Monetary Fund within their possessed trances, and detinerile special drawing rights;
  

d) bills of Exchange, cheques, promissory notes, as well as bonds and other securities, negotiable or not, issued or guaranteed by a non-resident legal entities, classified in the first category of the risk assessment agencies, recognized internationally as expressed in foreign currency and payments in places acceptable to the National Bank of Romania;
  

e) Treasury bills, bonds and other securities issued or guaranteed by foreign Governments or international financial institutions, negotiable or not, expressed in foreign currency and payments in places acceptable to the National Bank of Romania.
  

(2) the National Bank of Romania, follows, together with the Ministry of public finance, maintain international reserves at a level that you appreciate as suitable external transactions of the State.
  

(3) If there is a danger of decreasing international reserves to a level that would jeopardize the international transactions of the State, and where the product has been decreasing, 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 may lead to such a reduction. The report will contain recommendations and proposals on measures of the National Bank of Romania, necessary to prevent or remedy the situation.
  


Article 32 the management of international reserves of the National Bank of Romania shall be authorized, under the conditions which it sets and can change periodically, carry out the following operations: a) to buy, sell and make other transactions with bullion and coins made of gold and other precious metals;
  

b) to buy, sell and make other transactions with currencies;
  

c) to buy, sell and make other transactions with Treasury bills, bonds and other securities issued or guaranteed by foreign Governments or international financial organizations;
  

d) to buy, sell and make other transactions with securities issued or guaranteed by central banks, international financial institutions, banking and non-banking companies;
  

e) to open and maintain accounts with central banks and monetary authorities, companies, banking and the international financial institutions;
  

f) to open and to keep accounts and carry out the corresponding operations for international financial institutions, central banks and monetary authorities, financial and banking companies, financial organizations abroad, as well as intergovernmental and for foreign Governments and their agencies.
  


Chapter 8 the leadership and administration of Article 33 the leadership of the National Bank of Romania (1), National Bank of Romania is led by a Board of Directors.
  

(2) the Executive Leadership of the National Bank of Romania shall be exercised by the Governor, first Deputy Governor and two viceguvernatori, under the conditions laid down in the internal rules approved by the Board of Directors.
  

(3) the Board of Directors is regulated by the provisions of this law and the regulations of the National Bank of Romania.
  


Article 34 the Executive Committee (1) the Board of Directors of the National Bank of Romania decides, according to the law: a) policies in the monetary, foreign exchange, credit and finance, aiming at bringing out;
  

(b) measures in the field of authorization) and prudential supervision of banks which it has authorized;
  

c) the main directions in the management of the operations and responsibilities devolving upon the staff of Banca Naţională a României;
  

d) internal organization, severance pay, wages and other monetary duties of staff;
  

e temporary delegation of competences) its the executive leadership, when special circumstances may require it.
  

(2) the Administrative Council of the National Bank of Romania is composed of 9 members, as follows: a) a President, who is also Governor of the National Bank of Romania;
  

b) a Vice-President, who is also first Deputy Governor;
  

c) seven members, two of whom are viceguvernatori, and the other five members are not employees of Banca Naţională a României.
  

(3) members of the Board of Directors of the National Bank of Romania, with the nomination of executive management, are appointed by the Parliament, at the proposal of the standing committees of the two chambers of Parliament.
  

(4) Appointments shall be made for a period of 6 years, with the possibility of renewal of their mandate.
  

(5) in the case of descompletarii Board of Directors, filling vacant posts shall be made on the respective function and only for the period remaining until expiry of those replaced, in compliance with the provisions of paragraphs 1 and 2. (3) and (6) Revocation of any member of the Board of Directors shall be made by the Parliament, at the proposal of the standing committees of the two chambers of Parliament, for each case, if: (a)) no longer is eligible in accordance with the provisions of art. 35;
  

b) against him was handed down a life sentence with penal punishment serving sentences and if the judgment is final;
  

c) while in Office has engaged in actions regarding inadequate 31.6 substantially in the interests of the National Bank of Romania.
  

(7) no member of the Board of Directors of Banca Naţională a României will not be changed from Office for other reasons or through another procedure than that provided for in paragraph 1. (6) and (8) Appointments, withdrawals and revocarile from Office of members of the Board of Directors of the National Bank of Romania shall be published in the Official Gazette of Romania.
  

(9) The meetings of the Board of Directors of the National Bank of Romania may participate in public finance Minister and Treasury Director, without the right to vote.
  


Article 35 incompatibilities and conflicts of interest (1) members of the Board of Directors of the National Bank of Romania may not be members of Parliament or members of a political party and may not be part of the judicial authority or public administration.
  


(2) members of the Board of Directors and employees with managerial functions of Banca Naţională a României shall be prohibited to represent, directly or indirectly, any financial, commercial or other that i would put into a position where their personal interests would conflict with the oblibaţiile and their duties towards the National Bank of Romania.
  

(3) Without the express approval of the Board of Directors of the National Bank of Romania: a) during their term of Office, Governor, first Deputy Governor and current Vice Governors do not devote their professional abilities other interests than those of the National Bank of Romania and will not be able to occupy any other remunerated position, holds the honorary mayoral sash, or in companies, financial institutions, banking or with the exception of teaching;
  

b) as it is engaged with the individual contract of employment at the National Bank of Romania, any employee thereof will not be able to function at the same time another owns, or holds the honorary mayoral sash, a company or other entity which, through his work "basis, aims to obtain profit.
  


Article 36 powers of the Governor of the National Bank of Romania (1), Governor of the National Bank of Romania has measures for enforcement of laws, decisions of the Board of Directors, as well as other regulations relating to the National Bank of Romania. The Governor may delegate to the Deputy Governor and Prime viceguvernatorilor some of its tasks, under the conditions laid down by the Board of Directors.
  

(2) the Governor appoints the staff of the headquarters of the National Bank of Romania and the managers of branches and agencies.
  

(3) the Governor of Romania's National Bank represents the relationships with third parties, submitting, either directly or through persons empowered by him, all the treaties or conventions concluded.
  

(4) on behalf of the Board of Directors, the Governor shows Parliament no later than 30 June of the following year, the annual report of the National Bank of Romania, comprising: a main economic developments), financial, monetary and foreign exchange;
  

b) monetary policy during the previous year and the guidelines for the following year;
  

c regulation and supervision) prudentiala Bank;
  

d) activities of the National Bank of Romania, the annual balance sheet and profit and loss account.
  

(5) in case of the absence or inability to act of the Governor, it will be substituted by the first Deputy Governor.
  


Article 37 the auditing Commission (1) the Auditors ' Commission, consisting of five members, one of whom is President, is called pursuant to article. 34 para. (3) and (4).
  

(2) the Auditors ' Commission verify compliance with legal norms concerning the evaluation of the National Bank of Romania heritage, drawing up the balance sheet and the profit and loss account, in accordance with the values of the registers, the existence in the House, as well as securities or property received in pledge, bail or custody, as well as the implementation of the budget of revenue and expenditure.
  

(3) every year, the auditing Commission shall draw up a report on the balance sheet and the profit and loss account and the execution of the budget of revenue and expenditure.
  


Article 38 the expertise of external accounts and evidence, National Bank of Romania will be subjected to the analysis of some financial audit, which will be selected by the Board of Directors based auction.


Chapter 9 financial statements Article 39 National Bank of Romania's capital (1) capital of Banca Naţională a României is 100 billion lei and belongs to the whole State. The capital increase will be carried out through the use of annual net profits, up to a level equivalent to 5% of the aggregate monetary liabilities balance at the end of each annual financial exercise.
  

(2) the share capital of 100 billion dollars be set up through the acquisition of share capital registered on 31 December 1997, 5 billion dollars, and by allocating the amount to 95 billion lei from the Reserve Fund of the National Bank of Romania.
  

(3) the liabilities of the monetary aggregates of the National Bank of Romania shall be determined that the amount of banknotes and coins in circulation and securities issued and the credit balances of all accounts opened, on his evidence, the holders.
  


Article 40 Fund reserve Reserve Fund of the National Bank of Romania are limited to a quota of 20% of gross profit until it arrives to be equal to the capital, after which that share is reduced to 10% until the reserve fund reaches to equal twice the equity and, subsequently, the rate is set at 5%.


Article 41 chart of accounts (1) the operations of the National Bank of Romania are accounted for according to the plan of accounts, endorsed by the Ministry of public finance, on annual financial exercises, starting on 1 January and ending on 31 December.
  

(2) the National Bank of Romania will maintain accounts and obvious and will prepare annual reports to reflect operations and financial results, including provisions established for non-performing loans, in accordance with the legislation in the field and with internationally accepted principles for central banks.
  


Article 42 the revenue and expenditure Budget annual budget of revenue and expenditure shall be approved by the Board of Directors of the National Bank of Romania and check the execution of auditing Commission.


Article 43 the profit and loss Account for each financial exercise, the profit or loss of the National Bank of Romania is calculated, in accordance with international accounting standards, as the difference between income and expenditure in operational activity.
  

(2) where the National Bank of Romania's balance sheet value of the assets falls below the amount of the reserve fund liabilities and equity, the Ministry of public finance will transfer to the National Bank of Romania, at its request, negotiable Government securities at market price, the amount needed to cover this shortfall. Within 5 years, these bonds will be redeemed by using the net profits made by the National Bank of Romania or will have to be renegotiated.
  


Article 44 revaluation of assets and liabilities of the National Bank of Romania carries out annual revaluation of assets and liabilities denominated in gold, silver, other precious metals and stones, special drawing rights and foreign currencies, as a result of the change in the value or rate in lei, and the resulting differences are highlighted in a special account of reevaluari.


Article 45 the determination and use of net profit (1) Gross Profit of Banca Naţională a României shall be formed only of net revenues from operational activity.
  

(2) net Differences favourable reevaluari, after deduction of net losses from operations, allocating special account of reevaluari.
  

(3) the net profits of the National Bank of Romania shall allocate and is used in the following order of priority: a) for raising equity to a level equivalent to 5% of the liabilities of the monetary aggregates, recorded in the balance sheet at the end of each annual financial exercise;
  

b) for government securities redemption transferred to National Bank of Romania by the Ministry of public finance, as provided in article 13. 43 para. (2);
  

c) for the Development Fund;
  

d) to fund the participation of employees in profits, up to a limit of 10%;
  

e) for other destinations which are established by the Board of Directors of the National Bank of Romania;
  

f) profit left turns fully in line with the State budget, no later than 1 June of the next financial exercise.
  


Article 46 distribution of net losses if a financial exercise National Bank of Romania recorded a loss neta, it is allocated as follows: a) if the net loss is comprised of net loss from operations and unfavorable differences NET reevaluari, net losses from operations it supports, in order, from the Reserve Fund and own capital, amounting to unfavorable differences NET reevaluari allocating special account reevaluari;
  

b) if the net loss is comprised of net income from operations and net adverse reevaluari differences, net receipts from operations are gross profit, and unfavorable differences NET reevaluari will be allocated to the special account of reevaluari;
  

c) if the net loss is comprised of net loss arising from favourable differences and net reevaluari, net loss is covered, in order, from the Reserve Fund and own capital;
  

d) if net loss not covered by the reserve fund, equity and cash reevaluari special, for the remaining amount of the public finance Ministry will transfer to the National Bank of Romania, under the conditions laid down in article 21. 43 para. (2) article 47 registration Liability For any errors in payments or to record in the accounts of holders of National Bank of Romania, responds only to the extent the amount erroneously paid or credited to an account, including penalties relating thereto shall be paid from the State budget for account holders in the cases provided by law, if it is called with a written complaint until the expiry of the deadline and communicated to account holders.


Article 48 the publication of balance sheets

Annual balance sheet and profit and loss account of the National Bank of Romania, certified by the auditing Commission, after their adoption by the Board of Directors, shall be published in the Official Gazette of Romania.


Chapter 10 final provisions Article 49 applicable law (1) Banca Naţională a României's operations are subject to the general law, to the extent that the Banking Law and this law does not otherwise have.
  

(2) Commercial Operations carried out by the National Bank of Romania, which is reflected in the budget of income and expenditure in the annual balance sheet and the profit and loss account, are subject to subsequent verification of the Court of Auditors.
  


Article 50 the regulations of the National Bank of Romania (1), National Bank of Romania is authorized to issue the necessary regulations to implement and to enforce compliance with legal provisions.
  

(2) Regulations of the National Bank of Romania can be in the form of regulations, rules, orders and circulars, having binding for public and private legal entities, as well as for individuals.
  


Article 51 (1) statistical information National Bank of Romania shall contribute to the harmonization of the rules and practices concerning the collection, processing and distribution of statistical information in the areas of its competence.
  

(2) the National Bank of Romania collects primary statistical information which is necessary for the fulfillment of its duties, to the public authorities, banks, financial institutions and other legal and physical persons.
  

(3) Banks and other legal entities of public or private, which have been approved or have accounts at the National Bank of Romania are obliged to supply to the Commission any information required to accomplish the duties established by law.
  

(4) the National Bank of Romania may publish such data and information, in whole or in part, but only in aggregate form.
  


Article 52 special Warranties (1) Conventions, contracts or any other credit arrangements concluded by National Bank of Romania constitute enforceable in the event of non-payment for the entire balance of the debt, including interest, of paid or other costs.
  

(2) the State financial or judicial claims run the National Bank of Romania on the basis of notifications from its side.
  

(3) if the debtor is unable to fulfill the commitments, National Bank of Romania has the right to proceed to the recovery of the claims through the execution of guarantees, as follows: the total or partial sale), on account of the borrower, securities, and the effects of which have been given in the warranty, not later than 3 days after a simple summons through an extra-judicial act;
  

b) of income from sales recover debts, advances, interest and any other charges incurred by the National Bank of Romania and any remaining surplus shall be remitted to the borrower.
  


Article 53 operations in favor of third parties (1) the National Bank of Romania may perform some operations in favour of third parties, only the presentation of documents that it considers necessary. National Bank of Romania may, whenever considered necessary, to require the provision of personal or real guarantees.
  

(2) except where this Act expressly authorizes it, the National Bank of Romania will not provide financial assistance in the form of loans, resource commitments, taking over all or part of the obligations of a loan debt instrument times another, assuming the debt or of a liability in any other adjacent times.
  

(3) in compliance with the provisions of paragraph 1. (2) the National Bank of Romania, may: a) to invest its financial resources in securities with high liquidity, issued by borrowers with credit;
  

b) to acquire, in the course of enforcement of the claims on their behalf, any and all rights that may be recovered;
  

(c) to grant its employees) a credit for housing loans for goods and service, with interest at the level of the average monthly interest from commercial banks.
  


Article 54 (1) the tax capital of the National Bank of Romania, the Reserve Fund and risk provisions, coins and other objects of gold, silver and other precious metals and stones shall be exempt from dues and taxes.
  

(2) purchases of gold and silver traders are subject to the provisions of Ordinance No. 3/1992 *) on value added tax, approved and amended by the law No. 130/1992 and republished in the Official Gazette of Romania, part I, no. 288 of 12 December 1995, and its subsequent amendments.
  

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Art. 54 was amended by law No. 156 of 12 October 1999, published in Official Gazette No. 500 of 18 October 1999.
Paragraphs 1 and 2. (1) of article 1. 54 was amended by EMERGENCY ORDINANCE nr. 273 of 7 December 2000 published in MONITORUL OFICIAL nr. 677 of 19 December 2000.
EMERGENCY ORDINANCE No. 273 of 7 December 2000 was rejected by the law nr. 341 of 6 July 2001 published in the Official Gazette No. 370 of 9 July 2001.
* The Government Ordinance No.) 3/1992 was abrogated by the EMERGENCY ORDINANCE nr. 17 of March 14, 2000, published in MONITORUL OFICIAL nr. 113 of 15 March 2000.


Article 55 of the banking secrecy (1) members of the Board of Directors and employees of the National Bank of Romania are obliged to preserve the secrecy of any information not intended for publication, which has come to the knowledge of the course of exercising their functions, and will not use this information for personal advantage, any deviation being punished according to law.
  

(2) providing information on the nature of those referred to in paragraph 1. (1) may be made under the signature of the Governor of the National Bank of Romania or of persons empowered for that purpose, in the following situations: a) in judicial proceedings, upon written request from judicial bodies empowered or, where appropriate, criminal research organs, with the authorization of the public prosecutor;
  

b) within the framework of the negotiation or performance of some international agreements to which Romania or National Bank of Romania is a party;
  

c) within the framework of cooperation agreements with other authorities or from the National Bank of Romania, in order to ensure the fulfillment of the specific duties of oversight and control over the observance of legal provisions.
  

(3) the persons entitled to request and receive information on the nature of professional secrecy in banking are bound to preserve the confidentiality thereof and may use them only for the purposes for which they have been applied for or has been provided under the law of the agreements concluded, times any failure being punished according to law.
  

(4) where the information originates in another Member State, they may be disclosed only with the express consent of the authority which provided the information and, where appropriate, solely for the purpose for which it was given to this agreement.
  

— — — — — — — — — — —-. (2) of article 9. 55 was amended by EMERGENCY ORDINANCE nr. 136 of 18 October 2001 published in the Official Gazette No. 671 of 24 October 2001.
Paragraphs 1 and 2. (3) and (4) of article 3. 55 were introduced by EMERGENCY ORDINANCE nr. 136 of 18 October 2001 published in the Official Gazette No. 671 of 24 October 2001.


Article 56 Members are obliged to Board of Directors of Banca Naţională a României and censors receive indemnities.


Article 57 equity stake in National Bank of Romania cannot participate with capital, directly or indirectly, to any commercial company or directing, 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 58 real estate National Bank of Romania can only make real estate investments for its operating needs and for the needs of the collective staff, established by the Council or the Board.


Article 59 Communication with the public (1) All regulations issued by the National Bank of Romania shall be published in the Official Gazette of Romania.
  

(2) the National Bank of Romania will open and will maintain a public register of its regulations published in the Official Gazette of Romania.
  

(3) the National Bank of Romania shall periodically publish annual report, reports on the balance of payments and international investment position of the country, ballots regarding the evolution of the currency and credit, studies and other materials including information intended for the public.
  


Article 60 (1) Penalties For non-compliance with regulations issued by the National Bank of Romania, in cases which do not fall within the scope of the Banking Law, the leadership of the Executive branch of the National Bank of Romania may apply the following sanctions: a) written warning;
  

b) fine from 1 million to 10 million lei; fines collected shall be made to the State budget income;
  

c) suspension for a period of up to 90 days, partial or total, of the authorization granted by the National Bank of Romania;
  

d the authorization granted) withdrawal of National Bank of Romania.
  

(2) Appeals may be made within 15 days from the date of communication of sanctions and shall be settled by the Board of Directors of the National Bank of Romania within 30 days of receipt.
  

(3) within 15 days after the communication, decisions of the Board of the National Bank of Romania can be appealed to the Supreme Court of Justice.
  


Article 61 entry into force this law shall enter into force 30 days after its publication in the Official Gazette of Romania.


Article 62 Abrogari

On the date of entry into force of the present law shall repeal the law. 34/1991 on the status of National Bank of Romania, published in the Official Gazette of Romania, part I, no. 70 of 3 April 1991, as well as any other provisions to the contrary.
This law was adopted by the Chamber of Deputies and the Senate in session on 5 May 1998, in compliance with the provisions of art. 74 para. (2) and of article 23. 76 para. (2) of the Constitution of Romania.
p. M. CHAMBER of DEPUTIES PRESIDENT PAULA IVANESCU p. SENATE CHAIRMAN MIRCEA IONESCU-QUINTUS-------------