This year’s third meeting of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 22 October 2026.

During the meeting, Board members examined analyses and adopted measures concerning macroprudential policy and systemic risk, namely: (i) the regular analysis on the recalibration of the countercyclical capital buffer, (ii) the regular analysis on the systemic risk buffer, (iii) the regular analysis on the identification of systemically important institutions, (iv) the analysis on the Romanian banking sector’s exposures to Denmark, considering the ESRB Recommendation on the recognition through voluntary reciprocity of the macroprudential policy measure adopted by this country, and (v) ESRB Warning on systemic cyber risks stemming from frontier artificial intelligence models (ESRB/2026/3).

In addition, the NCMO General Board was informed of: (i) the systemic risks to financial stability identified by NCMO member authorities as per their specific area of competence, (ii) the impact of credit institutions’ funding plans on the flow of credit to the real economy, (iii) the results of the analysis on the likelihood of an overlap between capital buffers and other minimum requirements applied to credit institutions, and (iv) the solvency stress test results for the banking sector (2026 Q1 – 2028 Q4).

The NCMO General Board approved NCMO Recommendation No. R/3/2026 on the countercyclical capital buffer. The buffer rate is kept at 1 percent, amid high cyclical systemic risks and the persistence of geopolitical tensions.

The NCMO General Board also approved NCMO Recommendation No. R/4/2026 on the capital buffer for other systemically important institutions in Romania. Thus, the National Bank of Romania is recommended to implement, starting 1 January 2027, at the highest level of consolidation, the new buffer rates resulting from the data reported as at 31 December 2025. These rates will be posted on the NCMO website 30 days after submitting the notification to the ESRB, according to the provisions of the European regulatory framework.

The NCMO members decided not to apply through voluntary reciprocity the macroprudential policy measure adopted by Denmark, given the level of the local banking sector’s exposures to this country, well below the materiality threshold proposed by the competent authorities.

The NCMO recommendations and decisions were unanimously approved by the NCMO General Board.

During the meeting, the NCMO members discussed matters related to the ESRB Warning on cyber risks stemming from frontier AI models, underlining the importance of the permanent monitoring and of the prevention measures across the financial system. The Warning has a precautionary nature and does not point to any impending crisis, the steps taken by the authorities aiming to strengthen the safety and resilience of the financial system.

The NCMO was established by virtue of Law No. 12/2017 on the macroprudential oversight of the national financial system, thus ensuring that Recommendation of the European Systemic Risk Board (ESRB) No. 3/2011 on the macroprudential mandate of national authorities was implemented. The NCMO brings together representatives of the National Bank of Romania, the Financial Supervisory Authority and the Government of Romania. The NCMO’s mission is to ensure coordination in the field of macroprudential oversight of the national financial system by setting the macroprudential policy and the appropriate instruments for its implementation.