LEGE no. 311 311 of 4 December 2015 on deposit guarantee schemes and the Bank Deposit Guarantee Fund
ISSUER
PARLIAMENT
Published in OFFICIAL MONITOR no. 918 918 of 11 December 2015
The Romanian Parliament adopts this law + Title I Deposit guarantee schemes + Chapter I Scope and definitions + Section 1 Scope of application + Article 1 (1) This title regulates the establishment and operation of deposit guarantee schemes as officially recognized schemes on the territory of Romania for the purpose of guaranteeing deposits. ... (2) The official recognition of deposit guarantee schemes shall be carried out by law or may be granted by the National Bank of Romania as designated authority, in compliance with the requirements imposed by this title. ... (3) The National Bank of Romania is the authority designated on the territory of Romania and the competent administrative authority with the classification of deposits as unavailable according to 3 3 para. ((6) lit. a). ... ((4) The guarantee of deposits placed with credit institutions established in other Member States, operating in Romania, has the regime provided by the applicable law of the home Member State of the credit institution. ... + Article 2 ((1) This title applies to the guarantee schemes of officially recognized deposits on the territory of Romania and credit institutions participating in them. ... (2) Provisions art. 11 11 para. ((1) and of art. 82 shall also apply accordingly to the contractual guarantee schemes and institutional protection systems which do not benefit from official recognition in accordance with art. 1 1 para. ((2). ... (3) Provisions art. 54 54 and 56 shall apply to credit institutions, as appropriate, including where they participate and in contractual guarantee schemes or institutional protection systems which do not receive official recognition in accordance with the with art. 1 1 para. ((2). ... + Section 2 Definitions + Article 3 (1) For the purposes of this title, the following terms and expressions have the following meanings: ... a) low-risk assets-items falling within the first or second category set out in Table 1 of art. 336 336 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 or any assets that are considered as safe and liquid by the National Bank of Romania as competent authority and are provided for in the regulations issued in application of this Title; ... b) payment commitments-any payment commitments of a credit institution towards a deposit guarantee scheme that are fully guaranteed, provided that the guarantees comply with the requirements laid down in par. ((4); ... c) designated authority-the public body administering a deposit guarantee scheme or, where the operation of the deposit guarantee scheme is administered by a private entity, the public authority designated for supervision of that scheme; ... d) compensation-the amount of money determined according to this title, within the limit of the cover ceiling, which a deposit guarantee scheme pays to each depositor guaranteed for the unavailable deposits, regardless of their number; ... e) joint account-the account opened in the name of two or more persons or the account on which two or more persons have rights and on which operations under the signature of at least one of these persons may be ordered; ... f) depositor-holder or, in the case of a joint account, each of the holders of a deposit; ... g) guaranteed depositor-holder of an eligible deposit or, in the case of a joint account, holders of an eligible deposit or, as the case may be, the person entitled to amounts from an eligible deposit; ... h) deposit-any creditor balance, including interest due, resulting from funds in an account or transient situations deriving from current banking operations and which the credit institution must repay, according to the conditions applicable legal and contractual terms, including term deposits and savings accounts, which are not found in any of the situations referred to in par. ((5); ... i) covered deposits-that part of the eligible deposits that does not exceed the coverage ceiling provided for in art. 61 61 para. (3) or, as the case may be, art. 62 62; ... j) eligible deposits-deposits not excluded from the guarantee according to Annex no. 1 1; ... k) unavailable deposit-deposit due and chargeable that has not been paid according to the legal and contractual conditions applicable by a credit institution located in any of the situations provided in par. ((6); ... l) credit institutions authorized by the National Bank of Romania-credit institutions Romanian legal entities and branches in Romania of credit institutions from third countries; ... m) target level-the amount of financial resources to be ordered by the deposit guarantee scheme, according to art. 13 13, expressed as a percentage of the covered deposits of the credit institutions participating in it; ... n) coverage ceiling-maximum level of guarantee per guaranteed depositor and per credit institution, applicable according to art. 61 61 para. (3) or, as appropriate, according to art. 62 62; ... o) available financial resources-cash, deposits and other low-risk assets that may be liquidated within a period not exceeding the deadline provided for in art. 65 65 para. ((1); ... p) deposit guarantee scheme-the statutory deposit guarantee scheme, established under the law, as well as the contractual deposit guarantee scheme and the institutional protection system, officially recognized as the guarantee scheme of the deposit guarantee scheme. deposits; ... q) institutional protection systems-the institutional protection systems provided for in art. 113 113 para. ((7) of Regulation (EU) No 575/2013 . ... (. For the purposes of this Title, the terms and expressions: credit institution, home Member State, host Member State, competent authority and branch shall have the meaning provided for in art. 4 4 para. ((1) of Regulation (EU) No 575/2013 . ... (3) The terms and expressions used in this title, the definition of which is not provided in par. (1) and (2), have the meaning provided for in art. 7 7 para. (1) of Government Emergency Ordinance no. 99/2006 on credit institutions and capital adequacy, approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, to art. 4 4 para. ((1) of Regulation (EU) No 575/2013 ,, as well as in the legislation on the recovery and resolution of credit institutions and investment firms. ... (4) The guarantees provided in par. ((1) lit. b) must comply with the following conditions: ... a) be represented by low-risk assets; ... b) not to be encumbered by any tasks in favour of a third party and to be at the disposal of the deposit guarantee scheme. ... (5) Do not enter the category of deposits defined in par. ((1) lit. h) the creditor balances for which: ... a) their existence can only be proven by a financial instrument, as defined in art. 2 2 para. ((1) pt. 11 11 of Law no. 297/2004 on the capital market, with subsequent amendments and completions, unless it is a savings product attested by a nominal deposit certificate existing on July 2, 2014; ... b) the principal is not refundable at face value; ... c) the principal may be repaid at face value only under a certain guarantee or agreement provided by the credit institution or a third party. ... ((6) The situations referred to in paragraph 1. ((1) lit. k) are the following: ... a) The National Bank of Romania, as the competent administrative authority with the classification of deposits as unavailable, found that the credit institution in question is not capable, for reasons directly related to its financial situation, to pay the warehouse and has no immediate prospects of being able to do it; ... b) a court decision was delivered to open the procedure of bankruptcy of the credit institution, before the National Bank of Romania found the situation provided for in lett. a). ... + Chapter II Minimum access and activity requirements for deposit guarantee schemes + Section 1 General provisions + Article 4 (1) For the purpose of guaranteeing deposits, in Romania the Bank Deposit Guarantee Fund operates, as the statutory deposit guarantee scheme established by Government Ordinance no. 39/1996 on the establishment and functioning of the Deposit Guarantee Fund in the banking system, republished, with subsequent amendments and completions, officially recognized on the territory of Romania, the functioning of which is regulated by Title II of the this law. Without prejudice to the provisions of Title II, the provisions of this Title shall be duly applicable to the Bank Deposit Guarantee Fund, with the exception of Art. 33 33, art. 35 35 para. ((1) lit. b) and c) and para. ((3), art. 36 36, art. 37 37 para. ((1) and art. 38 38 para. ((2), art. 42 42 para. ((5) and art. 82. ... (2) On the territory of Romania, contractual guarantee schemes and institutional protection systems can be officially recognized. Contractual deposit guarantee schemes and officially recognised institutional protection systems shall be legal persons who may carry out activities other than that of deposit guarantee under this Title and, respectively, activities specific to institutional protection systems, according to Regulation (EU) No 575/2013 . ... (3) The official recognition of the contractual guarantee schemes and the institutional protection systems is within the competence of the National Bank of Romania as designated authority. ... (4) The National Bank of Romania officially recognizes a contractual guarantee scheme only if the scheme meets the conditions established in order to ensure the performance of the activity in compliance with the requirements of this Title and the regulations given in its application. ... (5) The National Bank of Romania officially recognizes an institutional protection system only if it is entrusted that the system can ensure the activity in compliance with the criteria provided in art. 113 113 para. ((7) of Regulation (EU) No 575/2013 and the requirements of this Title and the regulations given in its application. For the purpose of official recognition of an institutional protection system, the National Bank of Romania ensures the collaboration of the supervisory supervisory function of credit institutions, as competent authority, with the supervisory authority of the the deposit guarantee scheme as designated authority. ... ((6) If the scheme no longer meets the conditions set out in order to ensure the performance of the activity in compliance with the requirements of this Title and the regulations given in its application, including in the event its size and structure can no longer ensure proper functioning, the National Bank of Romania may order the withdrawal of official recognition granted to the contractual guarantee scheme or to the institutional protection system. ... (7) The National Bank of Romania publishes on its official website the list of guarantee schemes of officially recognized deposits on the territory of Romania. ... + Article 5 (1) In order to obtain official recognition, the contractual guarantee schemes and the institutional protection systems must submit to the National Bank of Romania an application for official recognition, together with the necessary documentation. ... (2) The National Bank of Romania shall establish by regulations the documentation that must accompany an application for official recognition as a deposit guarantee scheme. ... + Article 6 (1) The National Bank of Romania decides on an application for official recognition of a contractual guarantee scheme or of an institutional protection system within 3 months from the date of receipt of the application for recognition accompanied by documentation established according to art. 5. ... (2) Within 5 working days from the receipt of the request, the National Bank of Romania shall communicate to the holder, if any, the documents provided in art. 5 which were not presented according to par. (1), in order to submit them. The holder of the application has a period of 3 months from the date of receipt of the communication of the National Bank of Romania for the completion of the documentation 5. ... (3) The National Bank of Romania may request in writing, during the term provided in par. ((1), but no later than the passage of a period of 45 days from the receipt of the request for recognition that meets the requirement provided in par. ((1), any additional information or documents, if those submitted are not sufficient or relevant to carry out the assessment or if the documentation shows other deficiencies. ... (4) The holder of the application has a period of one month from the date of communication of the request made according to par. (3), for the presentation of the information and/or the requested documents, respectively for the remediation of the deficiencies found, during which the 3-month period provided in par. ((1) shall be suspended. The holder may provide on his own initiative any other information and/or documents considered relevant, but they must be presented no later than 30 days before the expiry date of the term in which the National Bank of Romania must rule on the application for recognition. ... ((. The information and documents presented with exceeding the time limits provided for their submission shall not be taken into account when assessing the application for recognition and shall be returned to the holder of the application. ... (6) Within the period provided in par. (1), the National Bank of Romania shall communicate in writing to the holder of the application its decision, indicating the reasons behind it in case of rejection of the request for recognition. ... + Article 7 The National Bank of Romania rejects an application for official recognition as a deposit guarantee scheme if the assessment of meeting the requirements of this chapter results in one of the following situations: a) the entity cannot ensure the achievement of the objectives proposed in compliance with the requirements of this Chapter, including from the perspective of its size and structure; ... b) the organization of the entity, the business administration framework, the risk management and monitoring procedures, the internal control mechanisms and the systems that the entity has, including the IT, are not comprehensive and appropriate the achievement of the objectives for which the entity was established; ... c) the administrator of the deposit guarantee scheme does not meet the requirements of art. 33-38 33-38; ... d) the members of the supervisory board and the members of the directorate of the company managing the deposit guarantee scheme do not have a good reputation or do not have adequate knowledge and experience of the activity ... e) the documentation submitted according to art. 5 is incomplete or presents other deficiencies or additional information provided in art. 6 6 para. (3) were not provided according to the request of the National Bank of Romania. ... + Article 8 (1) The merger of a deposit guarantee scheme in Romania with a deposit guarantee scheme from another Member State, resulting in the establishment of a scheme operating on the territory of Romania, as well as the operation on the territory of Romania Deposit guarantee schemes operating in other Member States are subject to the prior approval of the National Bank of Romania as designated authority. ... (2) The approval provided in par. (1) is based on the proof of compliance by the deposit guarantee scheme that will operate on the territory of Romania of the requirements of this title and of the regulations given in its application. ... ((3) After approval by the National Bank of Romania, the deposit guarantee scheme operating in other Member States shall carry out activity on the territory of Romania according to the provisions of this Title and the regulations given in application it. ... + Article 9 Changes in the situation of the officially recognized deposit guarantee scheme according to art. 4 4 para. (2) for which it is necessary to obtain the prior approval of the National Bank of Romania, namely those for which the subsequent notification is sufficient shall be established by regulations issued by it in application of this title. + Article 10 (1) In exercising the supervisory powers of the deposit guarantee scheme administered by private entities, the National Bank of Romania may carry out on-the-spot checks and request the deposit guarantee scheme and credit institutions participating in this information and data necessary to verify that they comply with the requirements of this Title. ... (2) The on-site checks shall be carried out by the staff of the National Bank of Romania empowered in this regard. ... (3) The deposit guarantee schemes are obliged to allow the personnel of the National Bank of Romania to carry out the verification, to examine their systems for collecting the information necessary to determine the compensations, records, accounts and operations and provide all documents and information related to the conduct of the business, as requested by him. ... (4) The deposit guarantee schemes shall provide the National Bank of Romania with any information requested by it, necessary for the assessment of their compliance with the requirements of this Title and of the regulations issued in its application. The internal control mechanisms and the accounting and administrative procedures of the deposit guarantee schemes shall allow the verification at any time of compliance with these requirements. ... (5) The deposit guarantee schemes are obliged to report to the National Bank of Romania the data and information necessary for the assessment of compliance with the provisions contained in this title and in the regulations issued in its application. ... (6) The National Bank of Romania shall establish by regulations the deadlines and the format for reporting the data and information provided in par. ((5). ... (7) The National Bank of Romania may order measures against deposit guarantee schemes to improve the management framework, internal processes for the identification, administration and monitoring of risks and control mechanisms internal and to ensure a proper organisation of the work carried out. The deposit guarantee schemes must communicate to the National Bank of Romania the actions taken to comply with the measures ordered, within the deadlines set by it. ... (8) In exercising the powers provided for in art. 1 1 para. (3), the National Bank of Romania shall ensure the cooperation of prudential supervision functions, supervision of deposit guarantee schemes, resolution of credit institutions and that regarding the classification of deposits as unavailable and cooperate with other authorities in Romania and other competent authorities and resolution authorities in other states, as well as with designated authorities and competent administrative authorities with the classification of deposits as unavailable from other states. ... (9) For the purpose of supervision of the cross-border deposit guarantee schemes referred to in art. 8, the National Bank of Romania, as designated authority, shall submit due diligence for the conclusion of cooperation agreements with the designated authorities of the other Member States in which the credit institutions participating in the scheme are authorized, in which will be detailed how to carry out the supervision of deposit guarantee schemes through the representatives of the designated authorities of the Member States concerned. ... + Section 2 Financial resources of deposit guarantee schemes + Article 11 (1) The available financial resources of deposit guarantee schemes shall be proportionate to their potential obligations. ... (2) In determining these obligations, deposit guarantee schemes must have adequate systems, including information. ... + Article 12 (1) The financial resources of a deposit guarantee scheme shall be made up of: ... a) annual contributions and extraordinary contributions of participating credit institutions; ... b) proceeds from the recovery of claims of deposit guarantee schemes; ... c) income from the investment of available financial resources ... d) loans contracted by deposit guarantee schemes; ... e) payment commitments within the meaning of art. 3 3 para. ((1) lit. b); ... f) other resources, according to the act establishing the deposit guarantee scheme. ... (2) Deposit guarantee schemes must have adequate alternative financing arrangements enabling them to obtain, within a short period of time, the financing necessary to fulfil their obligations under this Title. ... + Article 13 The available financial resources of a deposit guarantee scheme shall be at least 0,8% of the amount of covered deposits of participating credit institutions. + Article 14 (1) Each credit institution participating in the deposit guarantee scheme shall pay it an annual contribution whose value is obtained by applying the percentage share established by the deposit guarantee scheme, with the approval of the Bank National of Romania, on the basis of calculation representing the equivalent in lei of the balance of deposits covered by the respective deposit guarantee scheme in the accounts of the participating credit institution, determined on December 31, the previous year of payment of the contribution. In the case of cooperative credit organizations, the balance of the covered deposits shall be calculated on the basis of the aggregate situation of the balances representing the covered deposits in the records of the central house and the credit cooperatives affiliated to it. For the purpose of approving the percentage share established by the deposit guarantee scheme, the National Bank of Romania ensures the collaboration of the supervisory supervisory function of credit institutions, as competent authority, with the supervision of the deposit guarantee scheme, as designated authority. ... (2) Credit institutions shall pay contributions to the deposit guarantee scheme in national currency-leu. ... + Article 15 ((1) As of January 1, 2016, annual and extraordinary contributions due to a deposit guarantee scheme shall be determined on the basis of the volume of deposits covered by the degree of risk associated with each credit institution participating. ... (2) For the purpose provided in par. ((1), deposit guarantee schemes shall use their own methods for determining the contributions according to the risk assumed by each participating credit institution, taking due account of the relevant guidelines issued by the European Banking Authority. ... (3) Contributions determined according to the methods provided in par. ((2) must reflect the risk taken by each participating credit institution, taking due account of the risk profile of different business models. ... (4) The methods provided in par. ((2) may also take into account the level, structure and quality of the balance sheet assets of each credit institution as well as other risk indicators such as capital adequacy and liquidity. ... (5) Each method used by deposit guarantee schemes is subject to the approval of the National Bank of Romania according to the procedure established by the National Bank of Romania through regulations. For the purpose of approving the methods of determining the contributions according to the risks, the National Bank of Romania ensures the collaboration of the supervisory supervisory function of credit institutions, as competent authority, with the supervision of deposit guarantee schemes, as designated authority, and inform the European Banking Authority of the approved methods. ... + Article 16 In the case of credit institutions permanently affiliated to a central house according to art. 10 10 para. ((1) of Regulation (EU) No 575/2013 , determination of risk according to art. 15 15 is carried out on a consolidated basis, for the central house and its affiliated entities. + Article 17 ((1) The payment of annual contributions to the deposit guarantee scheme can be suspended only with the agreement of the National Bank of Romania, to be resumed when the level of available financial resources falls below the target level, at least until restoring it. With the consent of the National Bank of Romania or its provision, the payment of contributions is resumed before this moment. ... ((. Where the level of available financial resources falls to a value of less than two-thirds of the target level, the deposit guarantee scheme shall set the annual contribution to a level that allows the target level to be restored within the period of time. years. ... (3) In carrying out the duties provided in par. (1), the National Bank of Romania ensures the collaboration of the prudential supervision function of credit institutions, as competent authority, with the supervision of deposit guarantee schemes, as designated authority. ... + Article 18 When determining the level of the annual contribution of the participating credit institutions, the deposit guarantee scheme shall take into account the business cycle phase and the negative impact of the pro-cyclical contributions. + Article 19 (1) With the approval of the National Bank of Romania as designated authority, the deposit guarantee schemes may establish that part of the annual contribution of each participating credit institution may be in the form of payment commitments, in meaning art. 3 3 para. ((1) lit. b), given in favour of the deposit guarantee scheme. The proportion of payment commitments may not exceed 30% of the total available financial resources of that deposit guarantee scheme. ... (2) For the purpose provided in par. ((1), the guarantee schemes shall take into account the relevant guidelines issued by the European Banking Authority. ... + Article 20 ((1) Where the available financial resources of a deposit guarantee scheme are insufficient to ensure payment of compensation to depositors in the event that deposits become unavailable, each credit institution the participant pays the extraordinary contribution deposit guarantee scheme, the level of which, established by the deposit guarantee scheme with the approval of the National Bank of Romania, cannot exceed by calendar year 0,5% of the deposits volume covered by that credit institution as determined on 31 December of the year Precedent. ... (2) By exception to the provisions of par. (1), with the agreement of the National Bank of Romania, the deposit guarantee scheme may require the participating credit institutions, in exceptional situations, extraordinary contributions above the maximum level provided in par. ((1). ... (3) In carrying out the duties provided in par. (1), the National Bank of Romania ensures the collaboration of the prudential supervision function of credit institutions, as competent authority, with the supervision of deposit guarantee schemes, as designated authority. ... + Article 21 (1) At the request of a credit institution, the National Bank of Romania as competent authority may postpone, in whole or in part, for no more than 6 months, its obligation to pay the extraordinary contribution provided in art. 20 20 where that payment would jeopardise the liquidity or solvency indicators of the credit institution concerned. ... (2) At the request of the credit institution, a new postponement may be granted by the National Bank of Romania if the risk provided in par. ((1) shall be maintained. ... (3) The credit institution has the obligation to pay the deferred contributions under par. ((1) and (2) as soon as the payment no longer jeopardises its liquidity and solvency. ... + Article 22 (. For the purpose of applying art. 14, 15 and 20, the National Bank of Romania issues regulations. ... ((2) Contributions paid to deposit guarantee schemes by credit institutions shall be recognised as tax-deductible expenses. ... + Article 23 ((1) If a credit institution ceases to participate in a deposit guarantee scheme to participate, in compliance with the provisions of art. 44 44 para. ((1), on another deposit guarantee scheme, the deposit guarantee scheme to which the credit institution ceases its participation is obliged to transfer the deposit guarantee scheme to which the participation of the contributions is initiated. paid by the credit institution in the last 12 months preceding the cessation of participation, except for the extraordinary contributions provided for in art. 20, within 15 calendar days from the receipt of the information provided in par. ((3). This provision shall not apply if the credit institution has been excluded from a deposit guarantee scheme pursuant to art. 85 85 para. ((3). ... ((2) If a part of the activities of a credit institution is subject to transfer to another entity and, as a result of this transfer, another deposit guarantee scheme takes over the responsibility of guaranteeing the deposits related to the activities in question, the deposit guarantee scheme to which the credit institution has paid contributions prior to the transfer shall transfer within 15 calendar days from the receipt of the information referred to in paragraph 1. ((3), in proportion to the amount of covered deposits transferred, the share of the contributions paid by the respective credit institution in the 12 months preceding the transfer, except for the extraordinary contributions provided for in art. 20, to the deposit guarantee scheme that takes over the responsibility of the deposit guarantee. ... (3) Credit institutions in the situations referred to in par. (1) or, as the case may be, in paragraph (2) are responsible for making available to the two deposit guarantee schemes involved the information necessary for determining the amount of covered deposits transferred and the contributions required to be transferred to the scheme of guarantee of deposits according to this article. ... (4) The available resources of a deposit guarantee scheme which has been withdrawn official recognition on request or as a sanction, under this Title, shall be transferred to deposit guarantee schemes taking over responsibility. the guarantee of deposits, in proportion to the amount of covered deposits whose responsibility for the guarantee takes over each of the deposit guarantee schemes. ... (. For the purposes of the application of this Article, the deposit guarantee schemes shall be carried out in accordance with the cooperation agreements concluded according to art. 76 76 para. ((1). ... + Article 24 If they intend to transfer to another deposit guarantee scheme, in accordance with the provisions of this Title, credit institutions shall notify the deposit guarantee scheme in which they participate in the intention, with at least 6 months before the transfer. In the period between the date of notification and the date of the transfer, credit institutions shall continue to contribute to the deposit guarantee scheme in accordance with art. 14 14 and 20, in terms of annual contributions and extraordinary contributions. + Section 3 Use of the financial resources of the deposit guarantee scheme + Article 25 Financial resources constituted according to art. 11 11-24 shall be used as a priority to pay compensation for covered deposits, as provided for in this Title. + Article 26 (1) The financial resources of the deposit guarantee scheme shall also be used to finance the resolution of the credit institutions participating in the deposit guarantee scheme in question, in compliance with the recovery and resolution legislation. credit institutions and investment firms. ... (2) The deposit guarantee scheme shall be liable within the resolution of a credit institution for the amount established, after consulting it, by the National Bank of Romania, as the resolution authority. ... ((3) Where eligible deposits constituted at a credit institution under resolution are transferred to another entity in the context of the application of the instrument for the sale of the business or the right-deck institution instrument the legislation on the recovery and resolution of credit institutions and investment firms, depositors shall not be entitled to compensation under this Title for the part of the deposits constituted with the credit institution under resolution which is not transferred, where the transferred funds are at least equal to the coverage ceiling provided for in art. 61 61 para. ((3) and art. 62. If the eligible deposits constituted at a credit institution in resolution have a value at least equal to the coverage ceiling, and the funds transferred are lower than the coverage ceiling, depositors shall be entitled to compensation representing the difference between the coverage ceiling and the amount transferred. ... + Article 27 (1) A deposit guarantee scheme may grant loans to another deposit guarantee scheme only if the applicant deposit guarantee scheme meets the following cumulative conditions: ... a) may not meet its obligations under art. 65 65 para. ((1) or, as the case may be, of the national legislation of the relevant Member State transposing art. 8 8 para. ((1) of Directive 2014 /49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (recast), due to the lack of financial resources available within the meaning of art. 12 12 para. ((1) or, where appropriate, the provisions of the national law of the relevant Member State transposing art. 10 10 of Directive 2014 /49/EU ; ... b) appealed to the extraordinary contributions provided in art. 20 20 or, where appropriate, in the provisions of the national law of the relevant Member State transposing art. 10 10 para. ((8) of Directive 2014 /49/EU ; ... c) assumes the obligation to use the funds thus borrowed only to pay the receivables in accordance with art. 65 65 para. ((1) or, where appropriate, with the provisions of the national law of the relevant Member State transposing art. 8 8 para. ((1) of Directive 2014 /49/EU ; ... d) does not already have the obligation to repay a loan contracted under this Article and art. 28 28 and 29 times, where applicable, the provisions of the national law of the relevant Member State transposing art. 12 12 of Directive 2014 /49/EU ; ... e) accurately declare the amount of money requested; ... f) inform the European Banking Authority without delay and declare the reasons for which the conditions set out in this paragraph and the amount of money requested are met; ... g) the total amount lent to the applicant deposit guarantee scheme does not exceed 0,5% of the deposits covered by it. ... (2) Grant of the loan according to par. (1) is subject to prior approval of the National Bank of Romania. For the purpose of fulfilling the powers provided for in this paragraph, the National Bank of Romania shall ensure the collaboration of the supervisory supervisory function of credit institutions, as competent authority, with the supervision of the scheme Deposit guarantee as designated authority. ... (3) The National Bank of Romania rejects the request provided in par. (2) if the conditions provided in par. ((1), as well as when it considers that the level of available resources of the borrowing scheme is not adequate for the fulfilment of its potential obligations. ... + Article 28 A deposit guarantee scheme may apply for loans to another deposit guarantee scheme only if the applicant deposit guarantee scheme meets the conditions laid down in art. 27. + Article 29 Loans between deposit guarantee schemes shall be subject to the following conditions: a) the repayment term is a maximum of 5 years. The loan can be repaid in annual instalments, with interest due only on the date of repayment; ... b) the interest rate must be established at least at a level equivalent to that of the European Central Bank for the marginal credit facilities offered during the credit period; ... c) the loan guarantee scheme shall inform the European Banking Authority of the initial interest rate and the duration of the loan. ... + Article 30 ((1) The amounts related to the reimbursement of any loans contracted by the deposit guarantee scheme for the purposes provided in art. 25 and 26 will be borne from its financial resources constituted according to art. 11-24. ... ((2) If the deposit guarantee scheme has contracted a loan under art. 27 the contributions from the participating credit institutions shall be set at a sufficient level to ensure the repayment of the loan amount and to restore the target level as soon as possible. ... + Section 4 Investment of financial resources of deposit guarantee schemes + Article 31 (1) Deposit guarantee schemes are required to invest the financial resources available in a sufficiently diversified manner and to ensure a low degree of risk. ... (2) Deposit guarantee schemes in the form of institutional protection systems ensure that operations related to the establishment, investment and use of financial resources are highlighted in the accounts, distinct from that of other activities that they carry out. ... + Article 32 Deposit guarantee schemes have the obligation to periodically review, at least annually, the investment modality established according to art. 31 31 para. ((1). + Section 5-a Administration of contractual deposit guarantee schemes and officially recognised institutional protection systems as deposit guarantee schemes + Article 33 ((1) The administration of the deposit guarantee scheme shall be carried out by legal entities formed in the form of joint stock companies in accordance with Company law no. 31/1990 , republished, with subsequent amendments and completions. ... (2) The companies referred to in par. (1) have the exclusive object of activity administration of a deposit guarantee scheme and are administered in a dualistic system. ... (3) Shareholders ' shareholders referred to in par. ((1) may only be credit institutions authorised in Romania or another Member State. ... ((4) The members of the supervisory board and the directorate of the companies administering the deposit guarantee scheme must be individuals. ... ((5) The mandate of the members of the supervisory board and the members of the directorate of the companies administering a deposit guarantee scheme shall be 3 years and renewable. ... + Article 34 (. The members of the supervisory board and the members of the directorate of the companies administering a deposit guarantee scheme shall: ... a) to be resident in Romania; ... b) be licensed in the economic or legal field; ... c) meet the requirements of reputation and honorability provided in art. 35 35 para. ((1) lit. b). ... (. The members of the supervisory board and the members of the directorate of the companies administering a deposit guarantee scheme shall not: ... a) to be spouses, relatives or afini up to the second degree between them; ... b) to hold in any credit institution the status of shareholder, employee or director, member of the board of directors, supervisory committee or directorate, as the case may be; ... c) to be part of political parties or to carry out public activities of a political nature; ... d) to have been convicted in the last 5 years for the commission of a crime provided by this law or by the legislation in the financial-banking field, the legislation on insolvency or consumer protection; ... e) have been withdrawn in the last 5 years by the supervisory authority, resolution authority or approved to exercise management responsibilities and/or management in a credit institution, financial institution or a company insurance/reinsurance, a deposit guarantee scheme or another entity operating in the financial sector or has been replaced from the function exercised in such entities for reasons that may be imputed to it; ... f) to have been prohibited, by a legal provision, a final court decision or a decision of another authority, to exercise responsibilities of administration and/or management in an entity of the nature of those provided in lett. e) or carry out activity in one of the areas specific to these entities. ... (3) Members of the supervisory board and members of the directorate of companies administering a deposit guarantee scheme may not participate in decision-making on a credit institution in which a person with whom they are located in one of the relations listed in par. ((2) lit. a) holds one of the qualities provided in art. 108 108 para. (1) of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions. ... (4) The members of the supervisory board and the members of the directorate of the companies administering a deposit guarantee scheme must be approved by the National Bank of Romania, as designated authority, before the start of the exercise of responsibilities. ... + Article 35 (1) Deposit guarantee schemes must have sound and transparent governance practices that take into account at least the following principles: ... a) the framework for the administration of deposit guarantee schemes, internal processes of identification, administration, monitoring and reporting of risks, internal control mechanisms established in the act of establishment or, as the case may be, in the regulations they are comprehensive and appropriate to achieve the purpose of the present title; ... b) members of the supervisory board and members of the directorate of companies administering a deposit guarantee scheme have a good reputation and have professional knowledge and experience appropriate to nature, expansion and complexity the targeted activity and responsibilities entrusted, in order to ensure a prudent and healthy management of the deposit guarantee scheme; ... c) the deposit guarantee scheme is organized in a manner that ensures operational independence, transparency, accountability and avoidance of conflicts of interest by removing political interference and banking industry in its activity. ... (2) The fulfilment of the requirements of professional knowledge and experience, provided in par. ((1) lit. b), involves the demonstration of adequate theoretical and practical knowledge regarding the activities to be carried out by the deposit guarantee scheme, according to the criteria established in the regulations issued by the National Bank of Romania. ... (3) For the purpose provided in art. 34 34 para. (4), the National Bank of Romania has the authority to analyze to what extent the minimum conditions provided for in this title and the regulations given in its application are observed, to assess all the circumstances and information related to the activity, the reputation, moral integrity and experience of designated persons as members of the supervisory board and members of the directorate of companies administering a deposit guarantee scheme and deciding whether, both at the level individually and collectively, the requirements laid down are met. ... + Article 36 The National Bank of Romania establishes by regulations: a) the requirements to be considered for compliance with the principles provided for in art. 35 35 para. ((1); ... b) changes in the situation of deposit guarantee schemes and companies that manage them for which there is an obligation to obtain the prior approval of the National Bank of Romania, namely those for which there is an obligation to notify Subsequent. ... + Article 37 (1) The organization and management of accounting of deposit guarantee schemes shall be carried out according to the provisions Accounting Law no. 82/1991 , republished, with subsequent amendments and completions. ... (2) The annual financial statements of the deposit guarantee schemes are subject to the statutory audit carried out by an audit firm, a legal entity authorized by the Chamber of Financial Auditors in Romania. ... (3) The audit firm that audits the financial statements of the deposit guarantee schemes must meet the requirements and obligations of the art. 152-158 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, which shall apply accordingly. ... + Article 38 (1) Deposit guarantee schemes produce an annual activity report, which together with the annual financial statements and the audit report will be published on the official website of the deposit guarantee scheme, within 150 days of the deposit guarantee scheme. the financial year. ... (2) The deposit guarantee scheme shall transmit to the National Bank of Romania the annual activity report and the audit report within the period referred to in par. ((1). ... + Section 6 Exchange of information and professional secrecy + Article 39 (1) Deposit guarantee schemes ensure the confidentiality and protection of data related to depositors and credit institutions participating, the information obtained may be used exclusively for the performance of their duties. ... (2) The deposit guarantee schemes shall ensure the processing of the data referred to in par. ((1) in accordance with Law no. 677/2001 for the protection of individuals with regard to the processing of personal data and the free movement of such data, with subsequent amendments and completions. ... (3) When exchanging information with the European Banking Authority, deposit guarantee schemes shall be subject to professional secrecy obligations in accordance with art. 70 70 of Regulation (EU) No 1.093/2010 of the European Parliament and of the Council of 24 November 2010 establishing the European Supervisory Authority (European Banking Authority), amending Decision no. 716 716 /2009/EC and repealing the Decision 2009 /78/EC of the Commission ... + Article 40 Deposit guarantee schemes shall have adequate procedures to enable the exchange of information and effective communication with other deposit guarantee schemes, with participating credit institutions, with the National Bank of Romania. and, where appropriate, with relevant authorities, including other jurisdictions, according to this Title. + Article 41 Members of the management of companies administering deposit guarantee schemes, as well as employees and any persons employed by them or by deposit guarantee schemes are required not to disclose professional secrecy over the information obtained in the course of their activity only under the conditions Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions. + Section 7 Testing of own systems of deposit guarantee schemes + Article 42 (1) Deposit guarantee schemes are required to have systems in place to enable them to collect the information necessary to determine their compensation, to verify and capitalize on their obligations within the time limits. applicable under this Title. ... (2) The deposit guarantee schemes shall periodically carry out stress tests on the capacity of their own systems to ensure that the objectives set out in paragraph 1 are met. ((1). ... (3) These simulations must be performed at least every 3 years or more frequently when the deposit guarantee schemes deem necessary or when the National Bank of Romania, as the designated authority, requests this. ... (4) The deposit guarantee schemes operating on the date of entry into force of this Title shall carry out the first simulation by 3 July 2017 at the latest. ... (5) The deposit guarantee schemes shall transmit to the National Bank of Romania, as designated authority, the conclusions of the simulations carried out within the time limits and in the form requested according to the regulations given in application of this title ... + Article 43 Deposit guarantee schemes shall use the information received under this Title for the crisis testing of their own systems only for carrying out those tests and shall not keep such information longer than necessary. for that purpose. + Chapter III Requirements applicable to credit institutions + Section 1 Obligations of credit institutions in relation to deposit guarantee schemes + Article 44 (1) Credit institutions authorized by the National Bank of Romania shall be obliged to participate in a scheme to guarantee officially recognized deposits on the territory of Romania, including for deposits attracted by their branches abroad. ... (2) In the case of cooperative credit organizations, the central house participates in the deposit guarantee scheme, including for deposits attracted by credit cooperatives affiliated to it. ... (3) By exception to the provisions of par. (1), the credit institutions Romanian legal entities do not participate in the deposit guarantee schemes provided in par. ((1) for deposits attracted by their branches in third countries which require the obligation to participate in a deposit guarantee scheme in that third country. ... + Article 45 The National Bank of Romania shall indicate in the notifications sent to the European Banking Authority on authorisations, in accordance with art. 36 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, the deposit guarantee scheme in which each credit institution participates. + Article 46 (1) The credit institutions participating in the deposit guarantee scheme are obliged to have adequate systems, including information, to ensure that a complete and accurate record of the data relating to the guaranteed depositors, their eligible deposits, including information on the aggregate amount of each depositor's eligible deposits, the credit institution's chargeable claims to them, and any other information required determining the amount of compensation due to each guaranteed depositor and drawing up the list of compensation payable. ... ((2) The credit institutions are required to mark the eligible deposits, as well as the deposits for which no transaction has taken place in the last 24 months, in a manner that allows their immediate identification as such. ... + Article 47 (1) Within 3 working days from the end of each semester, the participating credit institutions shall report to the deposit guarantee scheme in which the information referred to in art. 46 46 para. ((1), on the format set by the deposit guarantee scheme. ... (2) In addition to the reports provided in par. (1), the participating credit institutions shall transmit to the deposit guarantee scheme, within 3 working days from its request, the information provided in art. 46 46 para. ((1). ... + Article 48 The participating credit institutions shall report annually to the deposit guarantee scheme in which they participate the information necessary for the purpose of determining their contributions to the deposit guarantee scheme according to the format and the term of reporting established by the Deposit Guarantee Scheme. + Section 2 Informing depositors + Article 49 (1) The credit institutions authorized by the National Bank of Romania shall be obliged to make available to the existing depositors and potential information necessary for the identification of the deposit guarantee scheme in which the institution participates that and its branches and the categories of deposits excluded from the protection of the deposit guarantee scheme. ... (2) Before the conclusion of a deposit contract, the credit institutions shall provide the depositors with the information provided in par. ((1) and shall keep the proof of that information for 5 years from the date of termination of that contract. For the purpose of fulfilling the obligations referred to in this Article, credit institutions shall use the form set out in Annex 2. ... + Article 50 Credit institutions shall inform the depositor, prior to the conclusion of any contract, of the fact that their debts to the credit institution are taken into account in the calculation of the compensation due under the terms of this Title. + Article 51 (1) Credit institutions are required to confirm to depositors the classification of their deposits in the category of eligible deposits in each statement of account, which must also include a reference to the form in Annex no. 2. Form in Annex no. 2 shall be communicated to depositors at least annually. ... (2) For the purpose of informing the depositors of participating credit institutions, deposit guarantee schemes are required to publish on their official website the information necessary for depositors, including those relating to legal provisions applicable to the operation of deposit guarantee schemes and deposit guarantee conditions as laid down in this Title. ... (3) The credit institutions shall make available to the depositors the information provided in par. ((1) and (2) in the language agreed at the opening of the account or, if it has not been agreed, in the official/official language/languages/of the Member State in which the branch is established. ... (4) The information provided in par. ((2) and art. 49 49 para. ((1) must be available at all the premises of a credit institution and their presentation must be made clear, fluent and easy to understand, without equivocal passages, according to the rules developed by the deposit guarantee schemes. ... + Article 52 A credit institution operating with the use of different brands as defined in art. 2 2 of Law no. 84/1998 on trade marks and indications, republished, as amended, is required to inform depositors clearly of this circumstance and that the coverage ceiling applies to aggregate deposits. held by the guaranteed depositor at that credit institution. + Article 53 (1) The credit institutions shall have the obligation, in the event of the merger, of the conversion of branches into branches or of other operations with similar effect, to notify depositors of the intention at least one month before the operation produces legal effects, unless the National Bank of Romania as competent authority allows a shorter period, for reasons related to trade secret or financial stability. ... (2) Depositors whose eligible deposits, following operations of the type referred to in par. (1), would exceed by cumulation the level of the coverage ceiling provided in art. 61 61 para. (3) or, as the case may be, art. 62 62 have at their disposal a period of 3 months from the notification of the merger or conversion or of operations with similar effect to withdraw or transfer to another credit institution, without any penalty, those amounts from the eligible deposits, including all interest and accrued benefits thereof, which exceed the coverage ceiling. ... + Article 54 A credit institution that retreats or is excluded from a deposit guarantee scheme is required to inform its depositors of this situation within one month of withdrawal or exclusion. + Article 55 Where a depositor carries out banking operations over the internet, the credit institution may transmit the information to be provided under this Title by electronic means. At the express request of the depositor, the information is communicated to him on paper. + Article 56 Credit institutions may not use the information provided in art. 49 49 and art. 51 51 para. (1) and (2) for advertising purposes only in the form of a mere mention of the deposit guarantee scheme which guarantees the product to which the advertising material relates. + Chapter IV Freezing of deposits + Article 57 (1) A credit institution authorized by the National Bank of Romania to which it was requested to reimburse a deposit due and chargeable and was not able to fulfill its payment obligation according to the applicable contractual and legal conditions must notify the National Bank of Romania this fact within two working days from the date of receipt of the request. ... ((2) The notification will include information on the reasons for non-payment and the immediate prospects for carrying out this obligation. ... + Article 58 (1) The National Bank of Romania shall consider whether the credit institution is found in the situation referred to in art. 3 3 para. ((6) lit. a) as soon as possible, but no later than 5 working days from the date on which it was entrusted for the first time that the credit institution did not pay a deposit due and chargeable and, if the credit institution's classification is confirmed in that situation, it shall inform the credit institution concerned and the deposit guarantee scheme to which it participates in the finding that the deposits have become unavailable. ... (. For the purposes of paragraph 1. (1) it is considered that the National Bank of Romania was entrusted for the first time that the credit institution did not pay a deposit due and chargeable, in the following situations: ... a) The National Bank of Romania was notified by the credit institution according to the provisions of art. 57 57 para. ((1); ... b) The National Bank of Romania, during its own investigations, although it was not notified according to the provisions of art. 57 57 para. (1), finds that the credit institution is found in the situation described in par. ((1). ... + Article 59 (1) The credit institution whose deposits have become unavailable according to the provisions of art. 3 3 para. ((6) lit. a) or, as the case may be, the liquidator appointed by the court shall transmit to the deposit guarantee scheme responsible for the payment of compensation, at the latest on the day following the finding of unavailability of deposits, the information 46 46 para. ((1). ... ((. Within a maximum of 3 working days from the date on which the deposits become unavailable, the credit institution concerned or, as the case may be, the liquidator appointed by the court shall submit to the deposit guarantee scheme responsible for payment compensations for any amending or additional information likely to contribute to ensuring the accuracy of the information transmitted according to par. ((1). ... (3) The credit institution concerned or, as the case may be, the liquidator appointed by the court shall submit to the relevant deposit guarantee scheme the information of which it was not aware within the period provided for in ((2) as soon as they are known. ... + Article 60 In order to ensure the fulfilment of the legal obligations of a deposit guarantee scheme, the National Bank of Romania as competent authority or, as the case may be, shall inform the deposit guarantee scheme, as soon as possible possible, with regard to situations in which they identify at the level of a credit institution difficulties that may lead to the need for the intervention of that deposit guarantee scheme. + Chapter V Determination of compensation + Article 61 (1) Deposit guarantee schemes shall guarantee, within the limits and conditions laid down in this Title, deposits with a participating credit institution in any currency, with the exception of deposits falling within the categories of deposits in the list of non-eligible deposits in Annex no. 1. ... (2) In application of para. (1), where deposits constituted at a participating credit institution become unavailable, deposit guarantee schemes shall ensure that compensation is paid, within the coverage ceiling. ... (3) The coverage ceiling is set at the equivalent in lei of the amount of 100,000 euros. ... (4) Deposit guarantee schemes ensure payment of compensation in lei. ... (5) The equivalent in lei of the cover ceiling and the amounts in foreign currency that are taken into account in determining the compensations shall be calculated by using the currency exchange rates for the respective currencies, communicated by the Bank National of Romania on the date on which the deposits became unavailable. ... (6) For deposits constituted in currencies other than those for which the National Bank of Romania communicates exchange rates, the equivalent in lei of amounts in foreign currency that are taken into account when determining the compensations shall be calculated on the basis of the official exchange rate of that currency communicated, on the date on which the deposits became unavailable, by the issuing central bank of that currency, relative to the euro or, if it is not communicated in relation to the euro, relative to the dollar American. ... + Article 62 (1) Guaranteed depositors, individuals, who hold deposits classified in the categories provided below benefit from a level of guarantee by the deposit guarantee scheme above the guarantee ceiling established in art. 61 61 para. ((3), for a period of 12 months from the date on which the amount was credited to the credit institution concerned or from the date on which the deposits can be legally transferred to another credit institution: ... a) deposits resulting from real estate transactions relating to residential immovable property; ... b) deposits resulting from the event of retirement, redundancy, disability or death of the depositor; ... c) deposits resulting from the collection of insurance indemnities or compensation for damages resulting from crimes or for wrongful convictions. ... (2) The level of guarantee provided in par. (1) is established and reconsidered periodically on the basis of the evolution of statistical indicators relevant by the National Bank of Romania and published on its official website. ... + Article 63 (1) The level of compensation shall be determined by deducting from the sum of all eligible deposits held by the guaranteed depositor at that credit institution on the date on which deposits became unavailable to the total amount of receivables chargeable to the same date of the credit institution on that depositor, insofar as the contractual provisions between the credit institution and the depositor do not provide otherwise. The compensation to be paid is limited to the level of the applicable coverage ceiling provided for in art. 61 61 para. (3) or, as the case may be, art. 62. ... (2) In order to determine the level of compensation, the interest accrued and uncredited until the date of freezing of deposits is added to the value of the deposit. ... + Article 64 (1) In the case of a joint account, the level of compensation shall be determined for each depositor guaranteed that holds a share of the account balance, taking into account the share to which it is entitled according to the contractual and/or legal provisions. In the absence of such provisions, for the purpose of determining compensation, the balance of the common account will be divided into equal parts between the depositors concerned. ... (2) If a depositor is not entitled to amounts in an account, the amounts for which he is not entitled shall be included in the calculation of the compensation due to the person entitled to them, provided that the person entitled to be identified or identifiable prior to the date on which the deposits became unavailable. If there are several persons entitled, in order to determine the compensation due to each, the provisions of par. ((1), accordingly. ... ((3) In the case of a joint account, on which several persons have rights in their capacity as members of a lucrative association, associations or groups of the same nature, without legal personality, for the determination of the level of compensation, the deposit found in the joint account will be treated as if it belongs to a single depositor. ... + Chapter VI Payment of compensation to depositors + Article 65 (1) Deposit guarantee schemes are required to make available to depositors the amounts of compensation due, within a period of no more than 7 working days from the date on which the deposits became unavailable. ... (2) If it is not certain whether a person has the right to receive the compensation or if the deposit is the subject of a dispute, the deadline for making the compensation provided in par. ((1) is extended until the situation is clarified or, as the case may be, until the dispute is resolved. ... ((3) In the case of payment of compensation to depositors from branches established in other Member States by participating credit institutions, according to art. 71 71 para. ((1), the deadline for making available the compensation provided in par. ((1) may be extended in accordance with the guidelines in the field of cooperation between deposit guarantee schemes issued by the European Banking Authority. ... ((4) The compensation is made available to the guaranteed depositor without the need for a request to the deposit guarantee scheme. ... (5) The right of depositors guaranteed to receive the amounts representing due compensation shall be prescribed within 5 years from the date on which the deposit guarantee schemes make the compensations available to depositors. ... (6) By exception to the provisions of par. (5), if the bankruptcy procedure of the credit institution exceeds the deadline provided in par. ((5), the right of depositors guaranteed to receive the amounts representing due compensation shall be prescribed on the closing date of the bankruptcy procedure. ... + Article 66 (1) For the fulfilment of the obligation provided for in 65 65 para. ((1), no later than two working days from the date on which the deposits become unavailable, the deposit guarantee scheme ensures the publication on its official website, as well as the transmission for publication to two national news agencies of information required by depositors to take possession of due compensation. The information shall be transmitted within the same period and to the credit institution whose deposits have become unavailable, for the purpose of fulfilling the obligation provided in par. ((2). ... (2) The credit institution whose deposits have become unavailable has the obligation to publish the information communicated by the deposit guarantee scheme according to par. (1), within one working day from the date of their receipt, at the headquarters of all its territorial units. ... + Article 67 By exception to the provisions of art. 65 65 para. ((1), on the basis of the information transmitted by the credit institution or, as the case may be, by the judicial liquidator, on the fact that a guaranteed depositor is on trial for the crime of money laundering or for an offence related to money laundering, the deposit guarantee scheme suspends the payment of the compensation until the date on which it receives proof of payment or, where applicable, the termination of the criminal proceedings relating to the case in question, definitively determined. + Article 68 (1) No compensation is paid for deposits that cumulatively meet the following conditions: no transaction has taken place in the last 24 months and their value is lower than the administrative costs that would be incurred. of the deposit guarantee scheme for making the payment of the compensation. ... (2) For the application of para. (1), the deposit guarantee schemes set the minimum amount from which compensation is paid for deposits of this type and, together with the related foundation, communicate it to the National Bank of Romania within 5 working days from establishment. At the same time the minimum fixed amount shall be published by the deposit guarantee schemes on their official website. ... + Article 69 ((1) Depositors who have grievances related to compensation may refer the deposit guarantee scheme, in writing, to settle their situation. ... (2) The deposit guarantee scheme is obliged to respond to these complaints within 5 working days from the date of their receipt. ... (3) If the persons referred to in par. ((1) are not satisfied with the solution contained in the response of the deposit guarantee scheme, can be addressed to the competent court. ... + Article 70 (1) The deposit guarantee schemes shall be subroted in the depositors ' rights to the credit institution for an amount equal to the amount of the compensation made available to them. ... (2) If the deposits have become unavailable according to the provisions of art. 3 3 para. ((6) lit. b), the deposit guarantee schemes register, according to the provisions Law no. 85/2014 on insolvency and insolvency prevention procedures, in the register of the court Registry the amount of compensation made available to the guaranteed depositors. ... ((3) If the deposit guarantee scheme makes payments related to the fulfilment of its obligations regarding the financing of resolution measures, in accordance with art. 26 26, the deposit guarantee scheme has a claim on the relevant credit institution, corresponding to an amount equal to the amount paid. That claim is of the same rank as those coming from deposits covered according to Law no. 85/2014 . ... + Article 71 (1) Deposit guarantee schemes in Romania pay compensation to depositors from branches established in other Member States by participating credit institutions, by means of a deposit guarantee scheme in the Member State host, acting on behalf of the deposit guarantee scheme in Romania, in compliance with the guidelines in the field of cooperation between deposit guarantee schemes, issued by the European Banking Authority. ... (2) In order to make the payment of the compensation, the deposit guarantee scheme in Romania provides the deposit guarantee scheme in the host Member State with the necessary financing and pays it the value of all the expenses incurred. ... (3) The deposit guarantee scheme in Romania ensures the information of the depositors provided in par. ((1) by means of the deposit guarantee scheme of the host Member State and shall receive correspondence through it. ... + Article 72 Payment of compensation to depositors from branches established in Romania by credit institutions established in another Member State on behalf of the deposit guarantee scheme of the home Member State shall be ensured through the guarantee of bank deposits, in accordance with the provisions of Title II and guidelines in the field of cooperation between deposit guarantee schemes, issued by the European Banking Authority. + Article 73 (1) The correspondence between deposit guarantee schemes and depositors shall be drawn up: ... a) in the official language used by the credit institution to which the covered deposit is located to communicate with the depositor; or ... b) in the official language or languages of the Member State in which the covered deposit is placed. ... (2) For the purpose provided in par. ((1), the deposit guarantee scheme requires the necessary information to the credit institution or the designated judicial liquidator. ... + Article 74 ((. Where a credit institution provides services directly in another Member State, without having open branches, the deposit guarantee scheme shall provide the information in the language chosen by the depositor at the opening of the account. ... (2) For the purposes of para. ((1), the deposit guarantee scheme requires the necessary information to the credit institution or the designated judicial liquidator. ... + Chapter VII Cooperation at European Union level + Article 75 The deposit guarantee schemes in Romania send to the deposit guarantee schemes in the host Member States the information provided in art. 46 46 para. ((1) and art. 60, under the conditions laid down in this Title. + Article 76 ((1) In order to facilitate cooperation between deposit guarantee schemes, in particular as regards art. 23 23, art. 27-29, respectively art. 71 71 and 72, deposit guarantee schemes or, if they do not reach an agreement, the designated authority shall enter into written cooperation agreements with deposit guarantee schemes or, where applicable, the relevant designated authorities, in accordance with the guidelines in the field issued by the European Banking Authority. Such agreements shall take into account the requirements laid down in art. 39 39 para. ((1) and (2). ... (2) The National Bank of Romania, as designated authority, shall notify the European Banking Authority of the existence and content of such agreements. For this purpose, the deposit guarantee schemes shall inform the National Bank of Romania accordingly. ... ((3) If the designated authorities or deposit guarantee schemes cannot reach an agreement or if there is a dispute regarding the interpretation of an agreement, the National Bank of Romania, as the designated authority, may refer the matter to the European Banking Authority, in accordance with art. 19 19 of Regulation (EU) No 1.093/2010 . ... (4) The absence of such agreements does not affect the rights of depositors or credit institutions as participating in the deposit guarantee scheme which owes compensation. ... + Article 77 (1) The National Bank of Romania shall cooperate with the European Banking Authority in accordance with the provisions of this Title and of Regulation (EU) No 1.093/2010 . ... (2) The National Bank of Romania shall inform the European Commission and the European Banking Authority of its quality of authority designated under this title. ... + Chapter VIII Administrative measures and sanctions + Section 1 General provisions + Article 78 (1) The finding of the facts provided in art. 82, 83 and 85 are made by the staff of the National Bank of Romania empowered in this regard, based on the reports made by the credit institution or the deposit guarantee scheme, according to the law or at the express request of the National Bank of Romania, or during the checks carried out at their premises. ... ((2) Acts with regard to a credit institution or deposit guarantee scheme, by which measures are ordered and/or sanctions are applied according to this title, shall be issued by the Governor, the First Deputy Governor or Deputy Governor. National Bank of Romania, except for the sanction of withdrawal of approval granted to persons referred to in art. 108 108 para. (1) of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, according to art. 85 85 para. ((2) lit. d), as well as the withdrawal of official recognition of a deposit guarantee scheme, the application of which is within the competence of the board of directors. ... + Article 79 ((1) Acts adopted by the National Bank of Romania according to the provisions of this title and of the regulations issued in its application, with regard to a credit institution or a deposit guarantee scheme, including those with regard to persons referred to art. 108 108 para. (1) of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, can be challenged, within 15 days from the communication, to the Board of Directors of the National Bank of Romania, which is pronounced by reasoned decision within 30 days from the date of referral. ... (2) The decision of the Council of Administration of the National Bank of Romania can be appealed to the High Court of Cassation and Justice, within 15 days of communication. ... (3) The National Bank of Romania is the only authority able to rule on the considerations of opportunity, of the qualitative assessments and analyses underlying the issuance of its acts. ... (4) In case of appeal in court of the acts of the National Bank of Romania, the court shall rule on the legality of these acts. ... + Article 80 (1) Provisions art. 79 shall apply accordingly and if the National Bank of Romania does not rule, within the time limits provided by law, on a request made in accordance with this Title which includes all the data and information required according to legal provisions in force. ... (2) Until the adoption of a decision by the Board of Directors of the National Bank of Romania, according to art. 79 79 para. (1), and, as the case may be, until a final judgment by the court, according to art. 79 79 para. (2), the execution of acts issued by the National Bank of Romania is not suspended. ... + Article 81 (1) The measures provided in art. 82 82 para. ((1) and art. 84 may be applied simultaneously with the disposition of sanctions or independently thereof. ... (2) Application of the measures and sanctions provided in art. 82, 84 and 85 are prescribed within one year of the date of the finding, but not more than 3 years after the date of the act. ... (3) The sanctions provided for in art. 82 82 para. ((4) lit. a), b), c) and d) and in art. 85 85 para. ((2) applies also to persons to whom the act may be imputed, since it would not have occurred if those persons had properly exercised their responsibilities arising from the duties of their office. ... (. For the application of art. 82 and 84, the National Bank of Romania ensures the collaboration of the supervisory supervisory function of credit institutions, as competent authority, with the supervision of the deposit guarantee scheme, as an authority Designated. ... + Article 82 (1) If a deposit guarantee scheme supervised by the National Bank of Romania does not comply with its obligations according to the provisions of this title and the regulations given in its application or measures ordered according to art. 10 10 para. (7), the National Bank of Romania has the competence to order the restriction of the acceptance of new participating credit institutions. ... (2) The National Bank of Romania has the competence to apply sanctions in cases where it finds that a deposit guarantee scheme supervised by the National Bank of Romania is guilty of the following facts: ... a) violation of the provisions requiring the subsequent notification of changes in the situation, of art. 32, 38, art. 51 51 para. ((2), art. 67, 68, art. 69 69 para. ((2) and art. 87 87 para. ((2); ... b) violation of the provisions that require obtaining prior approval or agreement of the National Bank of Romania, art. 10 10 para. ((4) and (5), art. 23 23 para. ((1) and (2), art. 25 25, art. 27 27 para. ((2), art. 31, 37, art. 39 39 para. ((1) and (3), art. 41, 42, 43, art. 65 65 para. ((1), art. 66 66 para. ((1), art. 71, 73, 74, 75 and art. 76 76 para. ((1); ... c) violation of art. 10 10 para. ((3), art. 12 12 para. ((2), art. 13 13, art. 17 17 para. ((2), art. 26 26 para. ((2), art. 42 42 para. ((1) and art. 88 88 para. ((2); ... d) non-compliance with the measure ordered by the National Bank of Romania ((1). ... ((3) Persons who provide the management and/or administration of the contractual guarantee scheme or the institutional protection system that do not receive official recognition are responsible for carrying out the scheme the contractual guarantee or by the institutional system of protection of all applicable requirements provided for in this Title and by the regulations issued in its application, according to their respective powers and duties provided for by the legislation applicable and their internal regulations. In this regard, for non-compliance with art. 11 11 para. ((1), art. 23 23 para. (4) or the reporting obligations established in the regulations issued by the National Bank of Romania according to art. 89 89, penalties may be applied to the contractual guarantee scheme or to the institutional protection system that does not benefit from official recognition and/or to individuals who provide their management and/or administration, to whom they may be imputed the act, as it would not have occurred if those persons had properly exercised their powers and duties arising from the functions entrusted. ... (4) In the cases provided in par. (2) and (3), the National Bank of Romania has the competence to apply the following sanctions: ... a) written warning; ... b) public warning indicating the natural person or the scheme to guarantee the responsible deposits and the act committed; ... c) fine applicable to the natural person, up to the equivalent in lei of 5 million euros at the exchange rate of July 17, 2013; ... d) withdrawal of approval granted to persons provided in art. 33 33 para. ((4); ... e) withdrawal of official recognition of the deposit guarantee scheme. ... (5) The deposit guarantee scheme to which the recognition has been withdrawn remains responsible for the payment of the compensation for deposits constituted with the credit institutions participating in it until the date on which they become participating in another the deposit guarantee scheme. ... + Section 2 Measures and sanctions applicable in relation to credit institutions + Article 83 If a credit institution authorized by the National Bank of Romania does not comply with its obligations according to the provisions of this title and the regulations given in its application, the deposit guarantee scheme will notify this Work of the National Bank of Romania, in order to enforce their compliance by the disposition of measures and/or the application of sanctions. + Article 84 In the situation provided in art. 83, the National Bank of Romania, as competent authority, after consulting the deposit guarantee scheme, has the competence to order measures to restrict or limit the activity, operations or network of branches of the credit institution, including the withdrawal of the approval granted for the establishment of branches abroad. + Article 85 (1) The National Bank of Romania, as competent authority, after consulting the deposit guarantee scheme, has the competence to apply sanctions in cases where it finds that a credit institution authorized by the National Bank of Romania is guilty of the following facts: ... a) violation of art. 47 47 para. ((1) and (2), art. 48 48 and 56; ... b) violation of art. 14 14, 20, art. 23 23 para. ((4), art. 46 46, art. 49 49, 50, art. 51 51 para. ((1), (3) and (4), art. 54 54 and art. 66 66 para. ((2); ... c) violation of art. 44 44 para. ((1), art. 52, 53, art. 57 57 para. ((2), art. 59 59 para. ((2) and (3) and art. 88 88 para. ((2); ... d) non-compliance with the measures ordered by the National Bank of Romania 84. ... (2) In the cases provided in par. (1), the National Bank of Romania has the competence to apply the following sanctions: ... a) written warning; ... b) public warning indicating the natural person or the responsible credit institution and the act committed; ... c) fine applicable to the legal person, up to 10% of the total net amount of turnover made in the previous financial year, which includes gross income consisting of interest receivable and other similar income, income from shares and other securities with variable or fixed yield, as well as fees or charges to be collected as provided for in art. 316 316 of Regulation (EU) No 575/2013 ; if the legal person has the status of a subsidiary of a parent company, the relevant gross income is the one resulting from the consolidated financial statements of the parent company of the highest rank in the preceding financial year or the fine applicable to the natural person, up to the equivalent in lei of EUR 5 million at the exchange rate of 17 July 2013; ... d) withdrawal of approval granted to art. 108 108 para. (1) of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions; ... e) fine up to twice the amount of the benefit obtained by committing the act, if it can be determined. ... ((3) If the measures/sanctions imposed pursuant to paragraph 1, (2) do not lead to the enforcement of obligations by the credit institution, with the express agreement of the National Bank of Romania, the deposit guarantee scheme notifies its intention to exclude the credit institution from the guarantee scheme of deposits, at least one month before the exclusion. Deposits placed with the credit institution prior to the expiry of the period in question continue to be covered entirely by the deposit guarantee scheme. If, at the expiry of this period, the credit institution has failed to comply with its obligations, the deposit guarantee scheme excludes that credit institution. For the purpose of this paragraph, the National Bank of Romania ensures the collaboration of the supervisory supervisory function of credit institutions, as competent authority, with the supervision of the deposit guarantee scheme, in Quality of designated authority. ... ((. The deposits held on the date on which the credit institution is excluded from participating in the deposit guarantee scheme shall continue to be guaranteed, under this Title, by the deposit guarantee scheme up to the moment in which it becomes a member of another deposit guarantee scheme. ... (5) If a deposit guarantee scheme in a third country, in which a branch of a credit institution participates in Romanian legal person, is participating, under the conditions of art. 44 44 para. (3), notifies the National Bank of Romania regarding the failure to fulfill the obligations of the branch concerned, in its capacity as participant in the respective deposit guarantee scheme, the National Bank of Romania has the competence to apply the credit institution the measures and/or sanctions provided for in par. ((2) and art. 84, cooperating in this respect with that guarantee scheme. ... (6) The credit institution to which the measures and/or sanctions provided for in art. 84 84 and in this Article is not exempted from the payment of the corresponding obligations in the financial year during which these sanctions were applied, in the event of exclusion being obliged to pay the contributions proportionally to the period in which he held the status of participant in that deposit guarantee scheme. ... + Chapter IX Offences + Article 86 (1) Failure to comply with art. 57 57 para. ((1), regarding the obligation to notify the incapacity for reimbursement, and, respectively, of art. 59 59 para. (1), regarding the obligation to transmit information to the deposit guarantee scheme, constitutes a crime and is punishable by imprisonment from 6 months to 3 years or with a fine. ... (2) If the act provided in par. (1) was committed at fault, the sentence is imprisonment from 3 months to 2 years or fine. ... + Chapter X Transitional and final provisions + Article 87 (1) The National Bank of Romania informs the European Banking Authority annually, until March 31, on the volume of deposits covered on the territory of Romania and on the amount of available financial resources of guarantee schemes of officially recognized deposits on the territory of Romania existing on December 31 of the previous year. ... (2) The deposit guarantee scheme shall transmit to the National Bank of Romania the information provided in par. (1) at the term and in the format and manner provided by the regulations issued by it. In order to fulfill its functions as administrator of the bank resolution fund, the National Bank of Romania informs the Bank Deposit Guarantee Fund on the volume of covered deposits on the territory of Romania. ... + Article 88 (1) The National Bank of Romania shall consider the guidelines and recommendations issued by the European Banking Authority on deposit guarantee and issue, as the case may be, regulations, instructions and/or clarifications establishing the application regime the respective guides and recommendations and adapt them, if necessary, to the conditions specific to the banking system in Romania. ... (2) The credit institutions, Romanian legal entities, as well as the deposit guarantee schemes envisage compliance with the guidelines and recommendations issued by the European Banking Authority, according to the instructions and/or clarifications issue, as appropriate, the National Bank of Romania. ... + Article 89 For the purposes of art. 11 11 para. (1) in the case of contractual schemes for the guarantee of deposits and institutional protection systems that do not benefit from official recognition, the National Bank of Romania establishes by regulations the way of reporting the information on the deposit guarantee activity which they carry out. + Article 90 The National Bank of Romania shall be empowered to issue the necessary regulations to implement the provisions of this Title. + Title II Bank Deposit Guarantee Fund + Chapter I General provisions + Section 1 Legal status + Article 91 (1) The bank deposit guarantee fund, established on the basis of Government Ordinance no. 39/1996 on the establishment and functioning of the Deposit Guarantee Fund in the banking system, republished, with subsequent amendments and completions, is the statutory deposit guarantee scheme recognized on the territory of Romania and has quality of legal person of public interest in the sense Accounting Law no. 82/1991 , republished, with subsequent amendments and completions. ... (2) The organization and functioning of the Bank Deposit Guarantee Fund, hereinafter referred to as the Fund, shall be established by own statute elaborated in compliance with the provisions of this Title and approved by the National Bank of Romania, The Board of Supervisors. ... (3) The Fund's headquarters is in Bucharest. ... + Section 2 Main objective and other competences of the Fund + Article 92 (1) The Fund, as the statutory deposit guarantee scheme recognized on the territory of Romania, is mainly aimed at guaranteeing deposits, an activity that is carried out in accordance with the provisions of this law. ... (2) The Fund carries out the activity of administrator of the bank resolution fund, in compliance with the legislation on the recovery and resolution of credit institutions and investment firms and of this title. ... ((3) The Fund may also carry out activities as: ... a) temporary administrator, special administrator for a credit institution under resolution and, where applicable, shareholder in a bridge institution or asset management vehicle, according to the recovery and resolution legislation credit institutions and investment firms; ... b) sole liquidator of credit institutions, according to the provisions art. 256 256 para. (2) of Government Emergency Ordinance no. 99/2006 on credit institutions and capital adequacy, approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions. ... + Section 3 Definitions + Article 93 (1) Within the meaning of this Title, the terms and expressions of payment commitments, compensation, depositor, depositor guaranteed, deposit, deposit covered, deposit unavailable, target level, financial resources available and deposit guarantee scheme have the meaning provided in art. 3 3 para. ((1). ... (. For the purposes of this Title, the terms and expressions of the credit institution, the Member State of origin, the host Member State, the competent authority and the branch shall have the meaning provided for in Article 4 4 para. ((1) of Regulation (EU) No 575/2013 . ... (3) The terms and expressions used in this title, the definition of which is not provided in par. (1) and (2), have the meaning provided for in art. 7 7 para. (1) of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, art. 4 4 para. ((1) Regulation (EU) No 575/2013 ,, as well as in the legislation on the recovery and resolution of credit institutions and investment firms. ... + Chapter II Fund management and administration + Article 94 (1) The Fund shall be administered by a Supervisory Board of 7 members and a Steering Committee consisting of at least 3 members, appointed under the terms of this Title. ... (. The Supervisory Board shall be composed of: ... a) 5 representatives of the National Bank of Romania, one of whom will be appointed the chairman of the Supervisory Board of the Fund; ... b) 2 representatives of the Ministry of Public Finance ... (3) The members of the Supervisory Board of the Fund shall be appointed from among the employees of the institutions they represent for a term of 3 years, which may be renewed. ... (4) Members of the Supervisory Board whose mandates have reached the deadline will remain in office until the appointment of their successors. ... (5) The Chairman of the Supervisory Board of the Fund shall be replaced, in case of absence or temporary impossibility to perform his duties, by a member of the Supervisory Board appointed by him among the members appointed by the National Bank of Romania or, in the absence of this appointment, the oldest of those members. ... ((6) In case of termination of the mandate of one of the members of the Supervisory Board of the Fund before the deadline, the appointment of the replacement shall be made, as soon as possible, in compliance with the (2), for the remaining term of office. ... (7) Members of the Supervisory Board of the Fund receive a monthly allowance of 20% of the remuneration of the Managing Director of the Fund. ... + Article 95 (. The members of the Supervisory Board of the Fund shall meet the requirements laid down in art. 34. ... ((2) Members of the Supervisory Board of the Fund shall not be in any of the situations referred to in art. 6 6 para. ((2) of Law no. 31/1990 , republished, with subsequent amendments and completions. ... + Article 96 ((. The membership of the Supervisory Board of the Fund shall cease in the following situations: ... a) at the end of the mandate, except as provided in art. 94 94 para. ((4); ... b) by resignation; ... c) in case of incompatibility, resulting from the failure to meet the requirements provided in art. 34 34 para. ((1) lit. c) and para. ((2); ... d) in case of impossibility to exercise the mandate for 90 consecutive days; ... e) by revocation; ... f) the termination of the quality of employee of the institution he represents. ... (2) The return from office of any member of the Supervisory Board of the Fund shall be made by the institution which appointed him, for failure to perform or defective the mandate entrusted, the replacement being appointed within no more than 10 days. ... + Article 97 (. The Supervisory Board shall meet at the regular meeting whenever necessary, but at least once a month. The President shall convene the Supervisory Board and chair the meeting. ... (. The Supervisory Board may be convened at an extraordinary meeting by the President, on his own initiative, at the request of any member of the Supervisory Board or at the request of the Steering Committee. ... (3) The Supervisory Board must be convened in writing, at least 5 working days before the date of the meeting, except for situations involving urgent actions when the prohibitive term may be waived. ... ((4) The convocation must contain the agenda, the date and the subjects subject to discussion together with the related documents, as well as the venue of the meeting. ... ((5) The meetings will be held at the Fund's headquarters or in any other place where it was agreed by the members of the Supervisory Board of the Fund. ... (. The Board of Supervisors shall, in the presence of at least 5 of its members, deliberate in the presence of ... (7) Members who are not present may participate and vote on the basis of a written mandate given to a present member, the represented members being taken into account in assessing the achievement of the quorum. A present member cannot represent more than one absent member. ... ((. The decisions of the Supervisory Board shall be taken by a simple majority of votes from the total of its members ... (9) The minutes of the hearing, which shall contain the order of deliberations, decisions taken, the number of votes met and, where appropriate, separate opinions, shall be signed by all the members present at the meeting. ... + Article 98 (. The Supervisory Board of the Fund shall supervise the work of the members of the Steering Committee and how to meet their objectives set out in the entrusted mandates ... (2) The Supervisory Board of the Fund shall analyze, endorse and propose to the National Bank of Romania for approval: ... a) the Fund's status ... b) the remuneration policy of the employees, including the indemnity of the members of the ... c) the revenue and expenditure budget, drawn up distinctly for each of the activities provided in art. 92 92 para. ((1) and (2) and separately for those provided in art. 92 92 para. ((3); ... d) the annual target level of the Fund's financial resources, as the deposit guarantee scheme, the establishment of the level of the annual contribution of each participating credit institution, according to art. 14 14 and 15, as well as the proposal and proportion of the use of payment commitments under the annual contribution of each participating credit institution, according to art. 19 19 para. ((1); ... e) the suspension and resumption of the payment of the annual contributions to the Fund, as the deposit guarantee scheme, in accordance with the provisions of art. 17 17; ... f) the imposition of extraordinary contributions to the Fund, as the deposit guarantee scheme, their level and the payment deadline, in accordance with the provisions of art. 15 15, 20 and 21; ... g) granting loans requested to the Fund by other deposit guarantee schemes, according to art. 27-30, the request of the loans by the Fund, as the deposit guarantee scheme, according to Title I, as well as those requested by the Government Fund, according to art. 119 119 para. (2), with the proper substantiation of their need, according to this title; ... h) granting, according to the procedure and under the conditions established by the legislation on the recovery and resolution of credit institutions and investment firms, of the loans requested to the Fund, in its capacity as administrator of the fund of bank resolution, resolution funding mechanisms in other Member States, as well as the request for loans by the Fund as the bank resolution fund manager, according to the recovery and resolution legislation credit institutions and investment firms with the proper foundation of their necessity, according to this Title; ... i) the annual strategy on the investment of the Fund's resources, as a deposit guarantee scheme, according to art. 31 31 para. (1), which has as main objectives the minimization of the risk and the liquidity of the placements, and as a complementary objective their yield; ... j) the annual strategy on investing the resources of the bank resolution fund, according to the legislation on the recovery and resolution of credit institutions and investment firms; ... k) the difference to be paid back to the Fund when the amount with which it has participated, at the request of the resolution authority, for the financing of the resolution actions at a participating credit institution exceeds the maximum set the provisions of the legislation on the recovery and resolution of credit institutions and investment firms, together with the appropriate substantiation thereof; ... l) the quarterly report on the implementation of the revenue and expenditure budget, with the distinct highlighting of each of the activities provided for in art. 92 92 para. ((1) and (2) and separately of those provided in art. 92 92 para. ((3); ... m) the annual activity report that distinctly highlights each of the activities referred to in art. 92 92 para. ((1) and (2) and separately those provided in art. 92 92 para. ((3); ... n) individuals appointed to exercise the quality of members of the Steering Committee and of these persons to be appointed Managing Director; the Fund's proposals will be accompanied by the foundation of the fulfilment by the designated persons of the requirements of art. 100 100; ... o) the mandate of each member of the Steering Committee, which contains specific objectives and tasks, as well as the deadlines for their fulfilment; ... p) the audit firm carrying out the statutory audit of the Fund and verifying compliance with the obligations regarding the investment and use of the resources related to the deposit guarantee scheme and related to the bank resolution fund, respectively; the proposal will be accompanied by the substantiation of the fulfilment by the audit firm of the conditions art. 152-158 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions; ... q) individuals designated by the Fund to exercise, according to the legislation on the recovery and resolution of credit institutions and investment firms, the quality of special administrator at a credit institution subject to resolution measures, on the temporary administrator under the early intervention measures decided by the National Bank of Romania as competent authority, as well as the members of the management body of an institution; the proposals of the Fund will be accompanied by the foundation of the designated persons meeting the requirements relevant to the art. 101-110 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions; ... r) the audit firm or, as the case may be, the statutory auditor appointed by the Fund for a bridge institution, as well as the audit firm designated by the Fund for the purpose of carrying out the checks at the credit institutions participating in the Fund according to the provisions of art. 105; the Fund's proposals will be accompanied by the foundation of the performance by the audit firm or the statutory auditor, as the case may be, of the conditions art. 152-158 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions; ... s) the share of the annual profit participation fund of employees, members of the Steering Committee and members of the Supervisory Board, which may not exceed 1% of the net profit for the period; ... t) the mandate for the negotiation of cooperation agreements provided in art. 76 76; ... u) the conclusion of the negotiated cooperation agreements according to the mandate provided for in t); ... v) the proposal to conduct an audit at a participating credit institution; ... w) the rules of the Fund for the methods of risk-based determination of contributions to the deposit guarantee scheme; ... x) any regulation issued by the Fund in law enforcement, opposable to third parties. ... (. The Supervisory Board of the Fund shall review and approve: ... a) the maximum ceilings, terms and conditions for the investment of the financial resources of the deposit guarantee scheme, in accordance with the strategy referred to in par. ((2) lit. i) and requirements of art. 31 31 para. ((1); ... b) the organizational and personnel structure, as well as the staff pay scale; ... c) maximum ceilings, deadlines and conditions for the investment of financial resources of the bank resolution fund, in accordance with the strategy referred to in par. ((2) lit. j) and the requirements of the legislation on the recovery and resolution of credit institutions and investment firms; ... d) designation of persons who ensure the exercise by the Fund of the quality of sole liquidator of credit institutions, under the conditions provided by Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , as amended and supplemented, as well as the terms of their mandate; ... e) contracting, with natural and legal persons, Romanian or foreign, of services regarding the activities carried out according to art. 92, in compliance with public procurement legislation; ... f) periodic reports, at least annually, of the members of the Fund's Steering Committee on how to ensure the achievement of the Fund's objectives, as well as how to carry out their duties and responsibilities, established in the entrusted mandate, drawn up separately for each of the activities referred to in 92 92 para. ((1) and (2) and separately for those provided in art. 92 92 para. ((3); ... g) own rules on the internal control system, including internal audit; ... h) the strategy of liquidation of a credit institution, in the exercise by the Fund of the competence of liquidator, proposed by the Steering Committee in compliance with the legislation in force; ... i) the procedure applicable for the purpose of making available to the depositors guaranteed compensation, including the establishment of time limits and the persons responsible for each action to be taken, as the case may be, from the date on which the Fund is informed by the National Bank of Romania regarding the occurrence of any situation that may lead to the freezing of deposits at a credit institution; ... j) the procedures for carrying out the stress tests provided for in art. 42 42; ... k) reports of the Steering Committee on the results of stress tests; ... l) the internal regulations of the Fund, other than those provided in lett. g), i) and j), which details the way of carrying out the activity on the 3 categories of activities provided in art. 92 92; ... m) information and reports on the activity of sole liquidator of the Fund, as well as reports prepared in carrying out the other activities provided in art. 92, according to the present law, the legislation on the recovery and resolution of credit institutions and investment firms and the mandate received from the National Bank of Romania; ... n) other reports on the Fund's activity ... o) the mandate of the Director General for the annual negotiation of the collective agreement ... p) appointment of members of the Audit Committee of the Fund, in accordance with art. 103 103 para. ((3); ... q) other materials requested by the Supervisory Board of the Fund. ... (4) The Supervisory Board of the Fund shall exercise any other tasks given by the Board of Directors of the National Bank of Romania in application of the incident legislation to the categories of activities provided in art. 92. ... + Article 99 (. The Chairman of the Supervisory Board of the Fund shall have the following ... a) coordinate the work of the Supervisory Board ... b) sign the mandate contracts with the members of the Steering Committee approved by the Board of Directors of the National Bank of Romania; ... c) informs the Board of Directors of the National Bank of Romania on the fulfilment of decisions of the Supervisory Board of the Fund and, as the case may be, of the Board of Directors of the National Bank of Romania; ... d) exercise other powers entrusted by the Board of Directors of the National Bank of Romania or by the Supervisory Board of the Fund. ... (2) The Chairman of the Supervisory Board of the Fund shall submit and submit, as the case may be, together with the member of the Steering Committee of the Fund designated as Managing Director, to the Board of Directors of the materials to substantiate the proposals on the subjects provided in art. 98 98 para. ((2). ... + Article 100 (1) The Statute of the Fund shall be established, in compliance with 94 94 para. ((1), the number of members of the Fund's Steering Committee, one of which shall be appointed as Director-General and the duration of their The members of the Steering Committee are not part of the Fund's Supervisory Board, are empowered to provide, on a warrant contract basis, the Fund's operative management and are responsible for how to comply with the Board of Directors. Fund supervision. ... (2) Provisions art. 34, as well as art. 95 95 and 96 shall also apply accordingly to the members of the Fund's Steering Committee. ... ((. During the term of office, the members of the Steering Committee may not conclude with the Fund a contract of employment. If they have been designated among the employees of the Fund, the individual employment contract is suspended during the term of office. ... (4) The remuneration of the members of the Steering Committee and of the Supervisory Board of the Fund, obtained under the mandate contract, shall be treated as tax revenue from salaries and shall be taxed according to the relevant legislation. ... + Article 101 ((1) The members of the Fund's Steering Committee shall conduct its current activity and shall take measures to ensure that the decisions of the Supervisory Board of the Fund, as well as of the Board of Directors of the National Bank of Romania, adopted under art. 98 98 para. ((2). ... (. The Steering Committee of the Fund shall ensure the following tasks: ... a) submission for approval, respectively for approval to the Supervisory Board of the Fund of proposals provided for in art. 98 98 para. ((2) and (3); ... b) ensuring the implementation of the strategy provided in 98 98 para. ((2) lit. i) in compliance with the requirements of art. 98 98 para. ((3) lit. a); ... c) ensuring the implementation of the strategy provided in 98 98 para. ((2) lit. j) in compliance with the requirements of art. 98 98 para. ((3) lit. c); ... d) execution of the approved revenue and expenditure budget, in compliance with the legal provisions in force and within the limits of the approved ceilings, for each of the activities provided in art. 92 92; ... e) ensuring the application of the necessary procedures for the making by the Fund of payments provided for by this Law and the legislation on the recovery and resolution of credit institutions and investment firms; ... f) ensuring the activities of the Fund provided in art. 92 in compliance with the obligation to clearly highlight their income and expenses, for the purpose of complying with the provisions on the use of the resources of the deposit guarantee scheme provided for in Title I and those concerning the use of the resources of the bank resolution fund provided for by legislation on the recovery and resolution of credit institutions and investment firms; ... g) the conclusion, modification and dissolution of individual labor contracts of the employees of the Fund; ... h) employment of expenses related to the operation of the Fund, for each of the qualities in which it acts according to 92, within the limits of the approved revenue and expenditure budget; ... i) ensuring the organization of internal control, in accordance with the rules issued by the Fund; ... j) the representation of the institution at the conclusion of service contracts on the activities of the Fund 92 92; ... k) representation of the institution at the negotiations for the conclusion of the agreements 76 76 para. (1), within the mandate approved by the Board of Directors of the National Bank of Romania, informing the Supervisory Board of the Fund and the National Bank of Romania in connection with the occurrence of the situation provided in art. 76 76 para. (3) and the transmission to the National Bank of Romania of the information necessary for the notification provided in art. 76 76 para. ((2); ... l) transmission to the National Bank of Romania of reports on the results of stress tests; ... m) transmission to the National Bank of Romania of requests according to art. 117 117 para. ((3) and art. 118 118 para. ((1), as well as the notification regarding the non-payment by credit institutions of contributions to the bank resolution fund according to the provisions of the legislation on the recovery and resolution of credit institutions and investment firms; ... n) informing the Supervisory Board of the Fund on how to carry out the decisions of the Supervisory Board of the Fund, as well as of the Board of Directors of the National Bank of Romania, adopted according to art. 98 98 para. ((2); ... o) the exercise of any other task provided by law for each of the activities provided in art. 92 92 or given by the Supervisory Board of the Fund, within the mandate. ... (3) The duties and responsibilities of each member of the Fund's Steering Committee shall be specified in the entrusted mandate. ... (4) The Director-General shall represent the Fund in relation to third parties. ... + Article 102 ((1) The members of the Supervisory Board, the Steering Committee and the employees of the Fund, as well as the other persons with whom the Fund contracts the provision of services are required not to disclose any information of the nature of the professional secrecy obtained in the course of their activity only under the conditions laid down by the legislation governing that activity, namely Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, or, as the case may be, under the conditions laid down in Title I, by the legislation on the recovery and resolution of credit institutions and investment firms and by Law no. 85/2014 . ... ((2) The members of the Supervisory Board, those of the Steering Committee and the staff of the Fund entrusted to exercise duties under this law, the legislation on the recovery and resolution of credit institutions and investment firms, or Law no. 85/2014 civil or criminal liability, as the case may be, only for the performance or omission of the performance, in bad faith or gross negligence, of any act or fact in connection with the exercise of the duties provided for by this law, the legislation on recovery and the resolution of credit institutions and investment firms, or Law no. 85/2014 . ... + Chapter III Annual financial statements and internal control systems + Article 103 (1) The Fund has the obligation to organize and maintain accounting, according to the Accounting Law no. 82/1991 , republished, with subsequent amendments and completions, and of specific regulations in the field developed by the National Bank of Romania with the opinion of the Ministry of Public Finance ... ((2) As an entity of public interest, the Fund shall be properly applicable to the provisions of the Government Emergency Ordinance no. 90/2008 on the statutory audit of the annual financial statements and the consolidated annual financial statements and the public interest supervision of the accounting profession, approved with amendments by Law no. 278/2008 , with subsequent amendments and completions. ... (3) The Audit Committee of the Fund shall be composed of 3 members of the Supervisory Board of the Fund. ... + Article 104 In order to carry out its tasks, the Fund shall have adequate internal control mechanisms established by its own rules in accordance with the provisions of art. 35 35 para. ((1) lit. a), and subject to evaluation and, where appropriate, annual review. + Article 105 (1) The Fund, as the deposit guarantee scheme, shall verify at the participating credit institutions both the reality of the data reported according to art. 47 and 48, as well as compliance with the legal provisions on the information of depositors by credit institutions, in accordance with the provisions of art. 49-56. For this purpose, the Fund may conclude contracts with audit firms, legal entities, members of the Chamber of Financial Auditors in Romania, for the verification of the accounting records of those credit institutions. The proposals of the Fund for the approval of an audit shall be submitted to the approval of the Board of Directors of the National Bank ... ((2) The checks at the headquarters of the credit institutions participating in the Fund shall be carried out by the staff of the Fund empowered in this regard or, as the case may be, by the audit firm designated in compliance with the provisions of 98 98 para. ((2) lit. r). ... (3) The credit institutions participating in the Fund shall be obliged to allow the staff of the Fund and other persons mandated according to par. (1) the second sentence to carry out the verification, to examine their records, accounts and operations and to provide all the documents and information related to the deposits, as requested by them. ... (4) In the examination referred to in paragraph ((1), the Fund or the person mandated by him may request the management of the credit institution, as well as the audit firm that carries out its statutory audit any information necessary for verification, relevant from the perspective of the purpose Title I. ... (5) The Fund may make recommendations to the verified credit institution to remedy the deficiencies found. The credit institution shall communicate to the Fund the measures undertaken within the time limits set by it. ... (6) If the deficiencies found are not remedied, the Fund shall proceed according to art. 83. ... + Article 106 (1) The financial statements of the Fund are subject to statutory audit, in which compliance with the legal obligations regarding the investment and use of the resources related to the deposit guarantee scheme and related to the fund of bank resolution. For this purpose, the Fund concludes a contract with an audit firm, according to the provisions of art. 37 37 para. ((2) and (3). ... (2) The audit report prepared according to par. ((1) will be presented to the Supervisory Board of the Fund and the Board of Directors of the National Bank of Romania. ... + Article 107 The Fund's financial year begins on 1 January and ends on 31 December of each year. + Article 108 The annual activity report, together with the Fund's annual financial statements, as well as the audit report shall be transmitted to the National Bank of Romania and shall be published on the official website of the Fund within 150 days from the end of the year Financial. + Article 109 The Fund shall ensure that the operations related to the establishment, investment and use of financial resources for the activity referred to in art. 92 92 para. ((1) and, respectively, for the activity provided for in art. 92 92 para. ((2). + Article 110 Expenditure of the Fund which cannot be specifically allocated to the work carried out by it as a deposit guarantee scheme or as administrator of the bank resolution fund or in the exercise of the other powers of the The fund provided in art. 92 92 para. (3) shall be distributed among the 3 categories of activities having as a basis the share of the income of that activity in the total income of the Fund. + Article 111 The Fund's direct expenditure is incurred as follows a) for the activity as a deposit guarantee scheme, from the financial resources provided in art. 12 12 para. ((1) lit. c); ... b) for the management activity of the bank resolution fund, from the income from the investment of available financial resources of the bank resolution fund, according to the provisions of the legislation on recovery and resolution of credit and investment firms; ... c) for the activities provided in art. 92 92 para. (3), from the income obtained from those activities. ... + Article 112 The profit, except the part that has been allocated, according to the provisions of this Title, for the establishment of the annual profit participation fund, shall be used to supplement the resources related to each of the activities provided in art. 92 92 para. ((1) and (2), as well as those provided in art. 92 92 para. ((3). The share of distribution between the 3 categories of activities is determined according to the share of the profit of each category of activities. + Chapter IV Deposit guarantee + Section 1 Financial resources + Article 113 The Fund, as the deposit guarantee scheme, operates in compliance with the provisions of this law and, as the case may be, of the legislation on the recovery and resolution of credit institutions and investment firms. + Article 114 The Fund, as the Deposit Guarantee Scheme, has the following financial resources: a) the accumulated financial resources and those provided in art. 12 12; ... b) loans from credit institutions, from financial companies, other deposit guarantee schemes and from other institutions; ... c) loans from the Government, according to art. 119 119 para. ((2) and (3); ... d) other resources-donations, sponsorships, financial assistance. ... + Article 115 (. For the purpose of applying the provisions of Article 13 The Fund, with the approval of the National Bank of Romania, establishes annually: ... a) the target level of financial resources in that year, calculated as a ratio between the amount of the Fund's required financial resources and the total amount of covered deposits; ... b) the percentage share for determining the annual contribution of the participating credit institutions, according to art. 14 14 and 15. ... ((2) The determination of the annual contributions according to the risk profile of the credit institutions participating in the Fund shall be made according to the Regulation issued by the Fund in application of this Title, in compliance with the provisions of art. 98 98 para. ((2) lit. w). ... + Article 116 The financing by the Fund, as the deposit guarantee scheme, of the resolution measures is carried out according to Title I and the legislation on the recovery and resolution of credit institutions and investment firms. + Article 117 (1) The Fund shall communicate to each participating credit institution no later than the end of February of the year of payment, the degree of associated risk, determined in compliance with the provisions of art. 15, and the amount of annual contribution due ... (2) The annual contribution of each credit institution shall be determined on the basis of the information submitted by this Fund through the form of which the format and the reporting date shall be determined by the Fund by Regulation this title. ... (. Each participating credit institution shall be obliged to pay, no later than 30 April of the year of payment, the corresponding annual contribution communicated by the Fund. If the payment of the annual contribution is not made within the deadline set, at the request of the Fund, the National Bank of Romania will debit the current account of the credit institution concerned with the amounts due. ... + Article 118 ((1) At the request of the Fund, the Board of Directors of the National Bank of Romania may approve the payment of extraordinary contributions by the participating credit institutions, if it is necessary to restore or, where appropriate, supplement the resources The Fund in order to ensure the prerequisites for its fulfilment of its obligations as a deposit guarantee scheme, according to the law. Without prejudice to the provisions of art. 21, if the participating credit institutions do not make the payment of the extraordinary contribution within the term communicated by the Fund, at its request, the National Bank of Romania will debit the current account of the credit institution concerned with the amounts due. ... ((2) The determination of the extraordinary contributions of the participating credit institutions shall be made in accordance with the Regulation issued by the Fund for the application of this Title, in compliance with 15 15 and 20 and the provisions of art. 98 98 para. ((2) lit. w). ... + Article 119 (1) The Fund may require the Government to guarantee its loans, which must take a decision in this regard within 5 days from the date of receipt of the request. ... (2) In exceptional circumstances where the Fund's available financial resources, as a deposit guarantee scheme, are insufficient to cover payment of compensation or financing, according to the obligations of the guarantee of deposits, resolution measures of participating credit institutions according to the legislation on the recovery and resolution of credit institutions and investment firms, as well as where the resources of the fund of Bank resolution under the Fund is insufficient to finance measures resolution of credit institutions according to the legislation on the recovery and resolution of credit institutions and investment firms, the Government, through the Ministry of Public Finance, provides the Fund with the necessary amounts in the form of a loan, within a maximum of 5 working days of their request by the Fund. The source of the funds is represented by the privatization points in lei and foreign currency recorded in the State Treasury account. At the request of the Fund, the Government shall make available to it the amounts, on the basis of a convention concluded between the parties in which these amounts are specified and the general conditions for granting/reimbursement of the loan granted to the Fund ... (3) If the terms of privatization are insufficient, the Ministry of Public Finance may launch state loans, by way of derogation from the provisions Government Emergency Ordinance no. 64/2007 on public debt, approved with amendments and additions by Law no. 109/2008 ,, as amended. The financial conditions of the subloan granted by the Ministry of Public Finance to the Fund will be established by convention concluded between the two parties. The necessary amounts will be made available to the Fund within a maximum of 5 working days from their request. ... + Section 2 Payment of compensation + Article 120 (1) The Fund has the obligation to take all necessary measures to make available to the guaranteed depositors, through credit institutions mandated according to par. (2), of the amounts representing due compensation, according to the provisions of art. 65. ... (2) For the fulfilment of the obligation provided in par ((1), no later than two working days from the date on which the deposits become unavailable, the Fund shall establish the mandated credit institutions, among those selected according to art. 122 122, the date of commencement of payments and the period during which payments are made through mandated institutions, as well as the arrangements for payment of compensation and ensure the publication of the information necessary for the entry into possession of under art. 66. At the same time the Fund also transmits to the credit institutions mandated the information necessary to pay the compensation. ... (3) Information published by the Fund, according to par. (2), shall include at least the following elements: ... a) credit institutions that are mandated to make payment of compensation, including their territorial units; ... b) the starting date of the payments and the period during which the payment of compensation is made through the units of the credit institutions ... c) the procedure for obtaining compensation by depositors who did not appear to take possession of them during the period provided in lett. b); ... d) the payment methods, documents and formalities necessary for obtaining the compensation. ... (4) The credit institution whose deposits have become unavailable and the credit institutions mandated for the payment of the compensation shall be required to publish, within one working day of their receipt, the information provided for in para. ((3) at the headquarters of all their territorial units. The publication of the information is carried out under the conditions provided 73 73 and 74. ... + Article 121 On the basis of the information submitted to the Fund by the participating credit institution or, as the case may be, by the liquidator appointed by the court, 59 59 para. ((2) and (3), the Fund shall verify the list of compensation payable by the credit institution or the designated liquidator and draw up the final list, which it shall send to the credit institutions mandated to make payments to the depositors guaranteed, at least 24 hours prior to the start of payment of the compensation. + Article 122 (1) In order to mandate the payment of compensation, the Fund shall select one or more credit institutions, on the basis of criteria established by the regulations issued by it. ... ((2) By the end of February of each year, the Supervisory Board of the Fund shall determine for the period of the following 12 months, with the approval of the Board of Directors of the National Bank of Romania, the credit institutions selected to be mandated according to art. 120 120 para. ((2). ... + Section 3 Cooperation of the Fund with other deposit guarantee schemes + Article 123 ((1) The Fund shall ensure the payment of compensation to depositors from branches established in Romania by credit institutions established in another Member State on behalf of the deposit guarantee scheme of the home Member State, in accordance with the instructions received from the deposit guarantee scheme of the home Member State after the necessary funding is made available to it. The Fund shall submit to the deposit guarantee scheme in the home Member State the request for payment of the amount of the expenses incurred by it in connection with the payment of the compensation. ... ((. The Fund shall in no way be responsible for the acts carried out in accordance with the instructions of the Deposit Guarantee Scheme of the Member State of origin. ... (3) By derogation from the provisions of art. 61 61 para. (4), the Fund makes payment of compensation, according to the obligation provided in par. (1), in the currency in which the financing by the deposit guarantee scheme of the home Member State was granted. ... + Article 124 In application of art. 123 123, the Fund shall, on behalf of the deposit guarantee scheme of the Member State of origin, inform the interested depositors and shall be entitled to receive correspondence from depositors on behalf of the deposit guarantee scheme of the Member State of origin. + Chapter V Transitional and final provisions + Article 125 Deposits and other instruments the holder of which is a mutual aid house, which have due maturity, constituted or issued before 2 July 2014 and which are due after the date of entry into force of this Law shall continue to be guaranteed by Fund according to Title I until the date of that maturity. + Article 126 Within one month from the date of entry into force of this law the credit institutions participating in the Fund shall inform depositors of deposits or categories of deposits or other instruments that are no longer covered by the Fund or follow to be covered only for a limited period. + Article 127 Until the date of appointment of the members of the Supervisory Board, its duties shall be exercised by the Board of Directors existing on the date of entry into force of this Law. The members of the Supervisory Board will be appointed by the authorities they represent within 6 months from the date of entry into force of this Law. + Article 128 (1) Until the date of fulfilment of the condition provided in art. 101 101 para. (3), the exercise of the duties provided for in 101 101 para. (2) shall be carried out by the members of the executive management according to the date of entry into force of this Law The Fund has 12 months from the entry into force of this Law to fulfill the formalities necessary to terminate the employment contracts concluded with the members of the executive management and the conclusion of the mandate contracts with the members of the Committee director, according to this title. By way of derogation from provisions art. 56 56 para. ((1) of Law no. 53/2003 -The Labor Code, republished, with subsequent amendments and completions, the employment contracts concluded with the members of the executive management ceases by law at the end of the 12-month The mandate contracts of the Steering Committee will be concluded in compliance with the conditions provided in art. 100 100 and 101. ... (2) Within 6 months from the entry into force of this Law, the Fund shall ensure that persons exercising the powers referred to in art. 98 98 para. ((2) lit. p) and r) meet the conditions that are appropriate to him art. 152-158 of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions, the requirements of this title, as well as, in the case of persons referred to in art. 98 98 para. ((2) lit. p), the requirements of art. 37 37 para. ((2) and (3). Contracts concluded prior to the entry into force of this Law with persons who do not meet these requirements shall cease to be legal once the new contracts are concluded ... + Article 129 The Fund and the National Bank of Romania, as the case may be, shall be empowered to issue the necessary regulations for the implementation of the provisions of the legislation relating to the The regulations developed by the National Bank of Romania and those developed by the Fund that are opposable to third parties shall be published in the Official Gazette of Romania, Part I. + Article 130 On the date of entry into force of this Law, the following provisions of Government Ordinance no. 39/1996 on the establishment and functioning of the Deposit Guarantee Fund in the banking system, republished in the Official Gazette of Romania, Part I, no. 587 of August 19, 2010, with subsequent amendments and completions: art. 1 1 para. ((2) and (3), art. 2 2-69 and Annex. + Article 131 Annexes no. 1 and 2 are an integral part of this law. * Title I transposes the provisions Directive 2014 /49/EC of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (recast), published in the Official Journal of the European Union, L series, no. 173 173 of 12 June 2014, except for the provisions of art. 19 and partly of art. 14 14 para. ((2) paragraph 1. Title II translates the provisions of art. 2 2 para. ((2), art. 4 4 para. ((1) paragraph 1, art. 4 4 para. ((12), art. 10 10 para. ((9), art. 14 14 para. ((2) paragraph 1 and art. 19 19 of Directive 2014 /49/EC of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (recast), published in the Official Journal of the European Union, L series, no. 173 173 of 12 June 2014. This law was adopted by the Romanian Parliament, in compliance with the provisions of art. 75 75 and art. 76 76 para. (1) of the Romanian Constitution, republished. CHAMBER OF DEPUTIES PRESIDENT VALERIU-STEFAN ZGONEA SENATE PRESIDENT CĂLIN-CONSTANTIN-ANTON POPESCU-TARICEANU Bucharest, December 4, 2015. No. 311. + Annex 1 List of deposits excluded from the guarantee 1. Deposit of a credit institution made in its own name and account, in compliance with the provisions of art. 64 64 para. ((2) 2. Instruments falling within the definition of own funds, as defined in art. 4 4 para. ((1) pt. 118 118 of Regulation (EU) No 575/2013 3. The deposits resulting from transactions in connection with which final court decisions were handed down for the crime of money laundering, according to the legislation in the field of prevention and combating money laundering. The classification of deposits in this category is carried out by the deposit guarantee scheme, based on the information received from the competent authorities, from the credit institution whose deposits have become unavailable or from the liquidator appointed by the court, as appropriate. 4. deposits of financial institutions, as defined in art. 4 4 para. ((1) pt. 26 26 of Regulation (EU) No 575/2013 5. Warehouses of investment firms, as defined in art. 4 4 para. ((1) pt. 2 2 of Regulation (EU) No 575/2013 6. The deposits for which the identity of the holder has not been verified until they become unavailable, according to the legislation in the field of prevention and combating money laundering 7. Deposit of insurers and reinsurers, as defined in art. 2 lit. A section 5 5 and 39 of Law no. 32/2000 on insurance and insurance supervision, as amended and supplemented 8 8. deposits of collective investment undertakings, as defined by the capital market legislation 9. Deposit of pension funds 10. Warehouses of central, local and regional public authorities 11. Securities of the nature of the debt issued by the credit institution, as well as obligations that arise from own acceptances and promissory notes + Annex 2 Form for information provided to depositors *Font 8 * ┌ ------------------------------------------------------------------------------------------------------ | Basic information on the protection of the warehouse | ├ ------------------------------------------------- -------------------------------------------------------------------- | Deposits constituted at (insert name | | | credit institution) are protected by: | [insert relevant SGD name] * 1) | ├ ------------------------------------------------- -------------------------------------------------------------------- | Cover cap: | The equivalent in lei of the amount of 100.000 EUR per | | | | depositor per credit institution * 2) [as applicable:] | | | The following brands belong to your institution | | credit [insert all marks which | | | | operates on the same license]. | | | Minimum amount from which compensation is paid | | | | | for deposits related to which no | | | transaction in the last 24 months is [insert | | | | minimum corresponding value]. | ├ ------------------------------------------------- -------------------------------------------------------------------- | If you have multiple deposits placed at the same | All deposits placed at the same institution by | credit institution: | credit are "aggregated" and the total amount is subdued | | | coverage ceiling set at the equivalent in | | | lei of the amount of 100,000 EUR* 2). | ├ ------------------------------------------------- -------------------------------------------------------------------- | If you have a joint account with another person (other | Apply the coverage ceiling set at | persons): | the equivalent in lei of the amount of EUR 100,000 separately, | | | for each depositor * 3). | ├ ------------------------------------------------- -------------------------------------------------------------------- | Period of making available compensation | 7 working days * 4) [to be replaced by another term | due in case of freezing of | if applicable] | deposits placed at the credit institution: | | ├ ------------------------------------------------- -------------------------------------------------------------------- | Payment currency of the compensation: | RON | ├ ------------------------------------------------- -------------------------------------------------------------------- | Contact details: | [insert contact details of relevant SGD | | | | (address, phone, email, etc.)] | ├ ------------------------------------------------- -------------------------------------------------------------------- | Further information: | [insert relevant SGD website] | ├ ------------------------------------------------- -------------------------------------------------------------------- | Acknowledgement of receipt by the depositor: | | | ├ ------------------------------------------------- -------------------------------------------------------------------- | Additional information (all information below or part thereof) | └ ------------------------------------------------------------------------------------------------------ Note ... ---------- * 1) The scheme responsible for the protection of your deposit [[only if applicable:] Your deposit is covered by a contractual scheme officially recognised as a deposit guarantee scheme. In case of freezing of deposits placed at your credit institution, deposits are covered within the coverage ceiling set at the equivalent in lei of the amount of EUR 100,000. [[only if applicable:] Your credit institution is affiliated to an institutional protection system officially recognised as a deposit guarantee scheme. This means that all institutions affiliated to this scheme give each other support to avoid the deposit freezing situation. In case of deposit preservation, the deposits are covered within the limit of the coverage ceiling set at the equivalent in lei of the amount of EUR 100,000. [only if applicable:] Your deposit is covered by a statutory deposit guarantee scheme and a contractual deposit guarantee scheme. In case of freezing of deposits placed at your credit institution, deposits are covered, in any case, within the limit of the coverage ceiling set at the equivalent in lei of the amount of EUR 100,000. [only if applicable:] Your deposit is covered by a statutory deposit guarantee scheme. In addition, your credit institution is affiliated to an institutional protection system whose members give each other support to avoid the deposit freezing situation. In case of deposit preservation, the deposits are covered within the limit of the coverage ceiling set at the equivalent in lei of the amount of EUR 100,000. * 2) The overall coverage ceiling If a deposit is unavailable because a credit institution is unable to meet its payment obligations under applicable contractual and legal conditions, the payment of compensation to depositors shall be made by the scheme. Deposit guarantee. Each compensation has a maximum ceiling set at the equivalent in lei of the amount of EUR 100,000 per credit institution. This means that all deposits at the same credit institution are aggregated for the determination of the coverage in the coverage cap. For example, if a depositor has a savings account worth EUR 90,000 and a current account in which he has EUR 20,000, he will receive only the equivalent in lei of the amount of EUR 100,000. [[only if applicable:] This method will also be applied if a credit institution operates under several brands; [insert name of the credit institution to which the account is opened] carries out activities and under the following marks [insert all other brands of the same credit institution). This means that all deposits in one or more entities with these brands are covered up to a maximum ceiling set at the equivalent in lei of the amount of EUR 100,000. * 3) Coating ceiling applicable to common accounts In the case of joint accounts, the coverage ceiling set at the equivalent in lei of the amount of EUR 100,000 shall apply to each depositor. [[only if applicable:] However, deposits in an account whose beneficiaries are two or more persons in their capacity as members of a lucrative association, associations or groupings of the same nature, without legal personality, are aggregated and treated as if they had been placed by a single depositor, for the calculation of the limit of EUR 100,000. In certain cases [the cases defined in the national legislation are inserted], the deposits are covered above the equivalent in lei of the amount of EUR 100,000. Further information is available at [insert the address of the relevant SGD website]. * 4) Payment of compensation The responsible deposit guarantee scheme is [insert name and address, telephone number, e-mail address and website address]. It will provide you with due compensation (up to the equivalent in lei of the amount of EUR 100,000) within 7 working days from the date on which the deposits became unavailable. If the compensation has not been made available to you within this period, we recommend that you contact the deposit guarantee scheme, as the term in which you can claim the compensation payment may be limited. Further information is available at [insert the address of the responsible SGD website]. Other important information ---------- -----
