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Study programme
Finance and Banking,
IIIrd Year, 2nd Semester

Prof. PhD. Mirela CRISTEA


Chapter 1. General organization of banking system and banking accounting 3

1.1. The structure of banking system in Romania 3
1.2. The organization of credit institutions 8

Chapter 2. Settlement Mechanisms - The Electronic Payment System in 10

2.1. Overview regarding bank transfer payments (cashless payments) 10
2.2. Settlement mechanisms of interbank payments 13
2.3. Target - An Eurosystem payment service (Trans-European Automated Real-
time Gross settlement Express Transfer) 14
2.4. SEPA - Single Euro Payments Area 19

Chapter 3. Electronic Payment System (EPS) in Romania compared with the 22

European one
3.1. The components of EPS in Romania 22
3.2. Real Time Gross Settlement (Large-value payments) 23
3.3. Retail cashless payments 24
3.4. SEPA Program: SEPA-RON; SEPA-EURO 26

Chapter 4. Payment instruments 29

4.1. Payment instruments in bank transfer payments: credit payment instruments 30
4.2. Payment instruments used for bank transfer payments: debit payment 32
instruments - checks, bills of exchange and promissory notes

Chapter 5. Accounts of banking customers 34

5.1. Type of accounts opened at the banks 34
5.2. Deposits accounts 35
5.3. Loans accounts 35

Bibliography 37


1.1. The structure of the banking system in Romania

The banking system represents a complex interlocking structure composed of

governmental and private mechanisms, that are given the freedom to carry out banking
operations within the borders of a particular state, every country having the freedom of
choosing its own banking system with structures adapted to its particular needs. The entities that
comprise the banking apparatus use techniques, procedures and instruments specifically used in
that field and make use of specific methodologys, all inclusive by their content, but which can
be separated according to the specialization proposed by every individual country.
The organizing structure of the banking system in Romania is built upon the experience
of other countries, as well as recommendations given by the International Monetary Fund. The
system is organized as follows:
National Bank of Romania, as Central and Issue Bank;
Credit institutions - abbreviated CI.
The National Bank of Romania, founded in 1880, ensures the process of money
printing, establishes and implements the monetary and credit policy of Romania. The operations
performed by NBR can be grouped in correlation with its specific attributes as follows:
Establishing and implementing the monetary and the exchange rate policy;
Authorising, overseeing and prudential supervision of credit institutions
(banks), promoting and monitoring a smooth functioning of payment system to
ensure the financial stability;
The issuance of banknotes and coins as legal tender within Romania;
Establishing the foreign exchange regime and to oversee its observance;
Management of the international reserves of Romania.

The National Bank of Romania upholds the general economic policy, without
compromising its fundamental objective of ensuring and mantaining the price stability.
As part of the the monetary policy promoted, the NBR utilizes specific procedures and
instuments tageted for the monetary market and credit instituions, as well as the mechanism of
requirement reserves.
The National Bank of Romania keeps in its records the general current account of the
State Treasury, opened on behalf of the Ministry of Public Finance. In keeping with the law,
direct financing of public institutions by the monetary authority and privileged access of the
public sector to financial institutions' resources are prohibited. The NBR is allowed to operate on
te secondary market by performing REPO and Reverse REPO operations, direct acquisitions and
sales or taking into possession as a security with the purpose of covering exposure to C.D.Os,
debts on/or state bonds, central and local government organisations, self-governing institutions,
national forms and companies and other companies where the state is a major shareholder, credit
institutions or other legal entities, can engage in foreign currency swaps, issuance of certificates
of deposit and collecting deposits from credit institutions under such conditions as it deems
necessary to achieve monetary policy objectives.
It is also prohibited for the central bank to offer loans and overdrafts or any other type of
credit to the state, central government and local autonomous administrations, national
corporations, national companies and other majority state-owned companies.
NBR is the only institution authorized to issue currency in the form of banknotes and
coins as legal tender in Romania.
In its monetary and exchange rate policy, the Central Bank may grant loans to credit
institutions with maturities no longer than 90 days, guaranteed by:
state bonds from public issue, by remitting them to the portfolio of the NBR;
or deposits made with the Central Bank or other legal entities approved by the Central
Bank however, without limitation thereto.
NBR establishes the conditions and costs of credit, opens and operate accounts on behalf of
credit institutions, State Treasury, clearing houses and other resident and non-resident entities,
established by regulations of the NBR.
The statute of the NBR provides a framework for conducting assets operations and
liability and equity (passive) operations. Included among the assets operations of the NBR are:
gold and foreign claims (the acquisition of monetary gold and currencies available on demand
abroad); claims on the state (the amounts provided to the state to cover current and direct costs or
to cover budget deficits); receivables from refinancing operations (resulting from the refinancing
operations carried out in favor of credit institutions: rediscount bills, purchases of Government
securities); other assets. NBR pasive operations (those which are recorded under liabilities and
equity) refers to the banknotes or other forms of leageal tender in circulation; external
commitments and external accounts payable (availability of external accounts for CI from
abroad). This category includes loans held by the Central Bank and the foreign banks and short-
term liabilities resulting from swap operations; the current account of the State Treasury; CI
current accounts (these accounts must contain a minimum amount representing the minimum
reserve requirement of each CI); capital and reserve funds; other liabilities.
NBR1 is member of the European System of Central Banks (ESCB) starting with 1st
of January 2007, when Romania had joined to the European Union, the NBR became part of the
European System of Central Banks (ESCB), and the NBR's Governor became member of
General Council of the European Central Bank (ECB).
The European System of Central Banks (ESCB)2 consists of the European Central
Bank (ECB) and the National Central banks (NCBs) of all 28 Member States of the European
Union (EU).
The ESCB is not the monetary authority of the Eurozone, because not all EU Member
States have joined the euro. That role is performed by the Eurosystem, which includes the
National Central Banks of the 19 Member States that adopted the euro. The ESCB's objective is
insuring the price stability throughout the European Union. Secondarily, the ESCB's goal is to
improve monetary and financial cooperation between the Eurosystem and the Member States
outside the Eurozone.
Credit institutions (CI), according to the law, may be constituted as:
Banks (according to the Law, banks are credit institutions with universal
vocation): at 25.07.2016, in Romania there were registered 26 banks;
Credit Cooperative Organizations (credit institutions incorporated as autonomous
associations of natural persons whose activities are undertaken, in particular, on
the principle of the pooling of cooperative members) - 41 credit cooperative and
one central house: Central Cooperative Bank CREDITCOOP;
Savings and loan banks for housing - 2 banks: Raiffeisen Bank for Housing
(since 2004, and from nov. 2009 merged with HVB BANK for Housing) and
BCR Bank for Housing (since 2008);
Mortgage Banks none until 2017.

Press release: Convergence Report of ECB 2016 (
European System of Central Banks -
On the Romanian banking market activate also 8 branches of credit institutions from
other MS of EU such as ING Bank (Olanda), Bank of Cyprus, BNP Paribas (Belgia), BLOM
BANK (France), CITIBANK EUROPE (Irlanda), TBI Bank EAD Sofia (Bulgaria), VENETO
Any company stands out in terms of main business, as a distinct clause in the founding
document, taking into account the classification division and code type of activity. The main
activity of a bank in Romania, according to the NACE code (Nomenclature statistique des
activits conomiques dans la Communaut europenne) in force is that of monetary
intermediation (NACE code 641).
Credit institutions shall carry out their activity under both the banking law, but also under
regulations issued by the Central Bank regarding the monetary policy, currency, credit payments
and from the point of view of the accounting officer. CIs play the role of intermediary between
operators, natural persons, on the one hand, and the banking system, on the other hand.
In order to achieve this role, CIs fulfill the following functions:
To facilitate the mobilization of monetary assets available in the economy;
The use of own and attracted resources to grant loans to its financial and non-
financial corporations customers;
Settlement between account holders.
For fulfillment of these functions, CIs carrie out of active and passive operations. The
active operations of CIs (assets) consist in operations carried out with: cash and ATMs,
Automated Currency Exchange, disponibilities; fixed assets (tangible, intangible and financial);
credits granted to financial and non-financial customers, including form of bills - claims. The
most representative passive operations (liability and equity) are: deposits, current accounts of
non-financial customers: deposits and accounts of other CIs as well as other financial companies:
loans obtained from the NBR (rediscount and refinancing loans) or from other Cis; capital
formation, which includes the reserves and other funds established; debts to the employees; debts
owed to the state and other creditors or suppliers.
From the point of view of the place where various banking operations can be
carried out, they can be:
Front office operations;
Back office operations.
Front office operations represent an interaction with bank customers, as well as access to
the accounts and information about the services offered by the bank. The Back Office includes
the operations which are not transparent for bank customers, but which provide the vital
functions of a bank.
The ratio between the front office operations and back office operations vary
significantly from one bank activity to another. On the other hand, for the proper functioning of
the bank, there are a number of basic tasks that have exclusively back office character, such as:
internal accounting, administration, account management and the calculation of interest,
packaging and storage of cash etc.
Like any other company, CIs have their own patrimony, which differs by its nature from
other companies. The assets of banks are managed autonomously, bank taking full responsibility
for the risk, and three fundamental principles must be honored:
The principle of prudence: the management of banking risks, such as: the credit risk,
interest rate risk, the liquidity risk, the currency risk, the operational risk (discounting,
communication), the risk of banking fraud, reputational risk, management risk, to which
shall be added the specific risk inherit to the market economy;
The principle of financial balance: the equality between the maturity of the placements
in banking assets (credits) and liabilities of the banking sector (deposits), according to
which the term of the placements must be in accordance with the term of the the source of
financing (deposits);
The principle of profitability: banking activities must be carried out in accordance with
the needs of customers and in cost-effectively conditions considered as normal.
Lending activity in Romania shall be carried out both by CIs defined in accordance with
the banking law and also by non-banking financial institutions - with the abbreviation NBFC.
From the point of view of the customer, the main difference between credit institutions
(CIs) and non-banking financial institutions (NBFC) consists in that a NBFC may grant
credits, but may not attract deposits. The attraction of deposits can be carried out only by credit
In the countries with a tradition rooted in the market economy, in the structure of the
banking system can be also paralel-banking institutions, which have a complementary role in
the development of the banking processes itself, such as: houses of compensation, insurance and
reinsurance companies, pension funds, financial corporations of investments, the fund of
guarantee the bank deposits, and others.

1.2. The organization of credit institutions

The organization and management of the CIs are determined by its constituent act, in
accordance with the commercial and banking legislation. Thus, any CI carries out the activities
based on its own internal rules of operation, approved by the statutory bodies through which
they are laid down: the organizational structure; the tasks of individual organizational structures
and the relationships between them; the tasks of the management; the system of internal control
and the organization and operation of the activity of the internal audit function.

The organizational structure of an CIs is developed on two levels:

The horizontal structure of a CI varies The vertical structure of a CI gives the

from bank to bank, being influenced on the configuration of a network which imposes
one hand, by the policy of each bank, and on the demarcation of the activities in the light
the other hand, by all human and material of its nature and content on two levels of
means at its disposal. In the light of the organizational basis, namely:
objectives proposed by the governing board, the Head Office coordinates all the
a CI is classified by four different functions: branches, has no direct relationships with
(1) The general management function, which clients and meets the following tasks: the
provides the management of the bank and orientation of the bank as an active system in
the orientation of its activity; (2) The the market structures; the definition and
commercial function, which ensures the implementation of the market strategies; the
regulatory framework of customer relations; guidance and control of all activities of the
(3) The execution function, which assures banking institution; the development of
the completion of the operations specific to methodologies, rules and regulations, with
the bank activities generated by the their unitary application in the all branches;
commercial function; (4) The administrative The territorial operative
function, which shall ensure the proper units: branches, which under the banking
conduct of all other functions. The four law, are branches and secondary offices:
functions generate the organization of the agencies and working points.
bank departments.

Credit institutions shall carry out daily, via the operative units, a multitude of operations
which shall be entered in the accounts for the banking sector on the basis of the documents
drawn up for this purpose.
Banking documents may have as their object: cash and interbanking operations;
operations of the customers: credit records or charges of loans, sale and repurchase transactions
in the current account, formation of sight and term deposits; operations with securities:
securities, government securities, negotiable debt; miscellaneous operations; capital and
assimilated reserves and provisions; revenues, expenditures, and final results; foreign currency
operations; operations in off-balance sheet items.
The documents in the framework of the branches of credit institutions are represented by
the successive movement, for the purpose of carrying out and recording of the operations which
they contain, throughout and in between the time of placing them in the banks and the time of
their being filed at the end of each day.
The file involves the placement of the documents into a set order with the aim
of safeguarding and ease of identification. For this pourpose, the use of both the historical
criterion, and of the economic criterion are applied. Thus, the current documents are organised
every day for the accounts in ascending order of the code symbols, with the purpose for the
operative day file, having a control band that represents the list of archives. The file of the
operative day is tied, stamped, and numbered sheet by sheet, after that it is deposited in the
current archive. At the end of the year, the operative documents are handed over to the General
Archive, where they are kept for different periods of time in accordance with the instructions
given by the Central Bank, as well as by the State Archives.
The actions to improve the banking documentation has pursued rationalization and
simplification of the records and forms making it possible to obtain data with maximum
efficiency and the extension of the automatic data processing of information using the
personal computer has helped that process.


2.1. Overview regarding bank transfer payments (cashless payments)

The traditional means used for the discharge of a payment obligation is the cash (the
currency), which provides the individual and immediate settlement. Whenever the payment is
made in other forms than cash, the settlement is made, as a general rule, through the accounts
opened at credit institutions. In these cases, the holders of bank accounts give instructions to
their credit institutions to transfer funds from an account holder the payer - to another account
holder - the beneficiary - usually, there is a gap in the time between the issuing payment
instructions and the final settlement, into the beneficiary account.

The dual nature, driven by a flow of records into the

bank accounts (the proper transfer of monetary funds)
and a flow of messages between the parties which
contains the payment instructions and the notification
of receipt thereof;
The main features of the
The lag time between the initiation and completion
cashless payments are: of payment, even in the case of using the electronic
payment instruments;

The existence of one or more intermediaries, the

banks having a dominant position in the execution of
cashless payments, due to the large number of
customers they work and the expansion of the

The operations between the banking branches, which represent the transfers
operations of funds through the payment system, are generated either by the
for the
own operations of the banks, or operations ordered by the holders of
transfers of
funds the bank accounts (clients).
For the settlement of payment obligations between account holders the settlement
occurs, usually, through the current accounts at the credit institutions
(banks). Depending on the bank at which the current accounts are open, the
following situations may occur in practice:
- both the payer and the beneficiary of the amount have accounts at the
same operative banking unit (branch), the transfer of the funds
shall reflect simultaneously on the the debit of to the payers account
and on the credit of the account of the beneficiary (payee), by the
following accounting registration:

The current account of the payer = The Current account of the payee The amount

the payee (beneficiary) of the amount has the account opened at another branch (unit)
from the same bank with the payer, the transfer of funds taking place in the network of the
territorial branches of the bank, being known as intrabank settlement or operations between
the bank premises:

The two partners have the current accounts at different banks, the execution of a
payment instruction requiring that the bank of the payer to transfer the funds to the
beneficiarys bank unit, following that, the payment is completed when the amount is
transferred into the account of the beneficiary. These transfers of monetary funds are
called interbank settlements, the banks themselves being at the same time both initiators and
receivers of the funds by the discharge of their obligations which they have one of each
other. Thus, a single payment instruction is completed by several successive transfers of
funds, which determine to extinguish the accounting and legal obligation of the payer in
relation to his partner.

In the banking practice there are two main methods of the interbank settlement for transfers the

1. The first method consists in crediting 2. In Romania there is applied the

or debiting, on the basis of the second transfer method, through the current
payment instructions, of the accounts which credit institutions open at
correspondent accounts of which the the National Central Bank, the method
credit institutions have to each other which involves the execution of interbank
(nostro and loro accounts ). This transfers by debiting and crediting of these
method is not permitted to credit accounts. Through the current accounts
institutions from Romania for the which credit institutions open and keep them
fund transfer in RON, being used at the NCB, the fund transfers can be
exclusively for fund transfers completed for each payment (instruction
denominated in foreign exchange. with instruction), in which case we have to
deal with a system of gross interbank
settlements. The interbank transfers may be
carried out, also, by using a compensation
procedure, which esteblishes the so-called
net positions, debit or credit, resulting from
the exchange of multiple funds transfer
instructions. The system which applies a
procedure between several participants is
called the net settlement system.

Note: After the technology involved, the fund transfers may be categorized either by way the
payment instructions are presented - on paper or electronic, or after the channels of
transmission from the client to the credit institution and from one credit institution to
another credit institution - by courier, phone, telegraph or electronically. In the category
of payment instruments on paper there are included checks, bills of exchange, promissory
notes and a part of the payment orders, and as electronic payment instruments are used
cards, payment instruments with remote-access as internet banking, home banking,
mobile banking and payment instruments known as electronic money (E-money),
rechargeable or not, other than payment instruments with remote-access, such as a chip-
card, a memory of a computer or other electronic device, on which are stored monetary

2.2. Settlement mechanisms of interbank payments

The execution of interbanking operations involves the transfer of funds based on the
instructions for payment from the holders, either individually (instruction after instruction) or
on a gross basis, either through the exchange of messages for payments under the
arrangements for clearing and settlement on a net basis. Settlement systems are differentiated
between them through the operating procedures which deal with distinct transfers of funds
according to the value, the payment instruments used and the nature of the transactions which
give rise to interbank transfers.
As such in the modern systems of payments there are two types of
completion interbank settlements used, namely:
of interbank
settlements The gross system of settlements (RTGS - Real Time
Gross Settlement);
The net system of settlements (NEOD - Net End of the DAY).

In Romania, the implementation of procedures of distinct processing was based on

international theory and practice which holds firm, on the one hand, the advantages of gross
operation for payments of great value, and on the other hand, the advantages of net operation for
payments of high volume but with an individual low value.

Categories of The consequence of such way of thinking consists in the separation of the
interbank payments in the following three major categories:
Ordinary payments, with a low individual value (below 50 thousand
lei at present), but in a number/very high volume and which, as a
rule, are the result of transactions concluded in the real economy;
Individual high value payments (over 50 thousand lei at present),
but in a number/small volume and which are also the result of
transactions from the real economy;
Any value payments, which come from transactions made on the
capital market or with bank cards, as well as from transfers of funds
from credit institutions in the special arrangements for settlement.

Risk Through the establishment of procedures for distinct settlement,
prevention of
depending on the individual value of the transfer of funds and taking into
account the operating costs, it is necessary to prevent the risk of
settlement, i.e. the situations where interbank payments may not be able to
be completed due to a shortage of funds of one or more credit institutions
that take part in the interbank settlement system.

2.3. Target - An Eurosystem payment service (Trans-European Automated

Real-time Gross settlement Express Transfer)

TARGET2, acronym from Trans-European Automated Real-time Gross settlement

Express Transfer, is the system with settlement on the basis of the real-time gross (Real Time
Gross Settlement - RTGS) for payments in euro currency, put at the disposal of the Eurosystem
(the European Central Bank and the central banks of the EU member states that have adopted the
The system is used for the settlement of central bank operations, large-value euro
interbank transfers as well as other payments in euro.
Since the establishment of the European Economic Community in 1958 there has been a
progressive movement towards a more integrated European financial market. This movement has
been marked by several events:
- In the field of payments, the most visible were the launch of the euro in 1999
and the cash changeover in the euro area countries in 2002. The establishment of the large-
value central bank payment system TARGET was less visible, but also of great importance. It
formed an integral part of the introduction of the euro and facilitated the rapid integration of the
euro area money market.
A unique feature of TARGET2 is the fact that its payment services in euro are available
across a geographical area which is larger than the euro area. National central banks which
have not yet adopted the euro also have the option to participate in TARGET2 to facilitate the
settlement of transactions in euro. When new Member States join the euro area, the participation
in TARGET2 becomes mandatory. The use of TARGET2 is mandatory for the settlement of any
euro operations involving the Eurosystem.

Figure 2. Countries connected to TARGET2

From Figure 2, the countries connected to TARGET2 are:

- 24 central banks of the EU;
- the 19 euro area central banks (including the ECB);
- and five central banks from non-euro area countries: Bulgaria, Denmark, Lithuania,
Poland and Romania.

In the mid-1990s, Europe was pursuing a single currency and EU countries were
preparing for the change from their national currencies to the euro. There was an urgent need to
develop a payment service to serve the needs of what would be the single monetary policy and,
at the same time, to facilitate the settlement of euro payments across national borders in the EU.
At the time, the majority of Member States already had their own RTGS systems, but
only for the settlement of transactions in their national currencies. Therefore, in March 1995, the
Council of the European Monetary Institute (EMI) decided that all current EU national central
banks should be ready to connect to TARGET by 1999.

At the national level, central banks continued to function as they did for the settlement of
payments within their banking community. This approach kept the changes that the banks and
central banks had to undergo to a minimum. This was important at a time when they were
already heavily involved in the changeover to the euro and the single monetary policy.
The TARGET system was built by linking together the different RTGS structures that
existed at the national level. TARGET, the first-generation RTGS system for the euro,
commenced operations on 4 January 1999 following the launch of the euro.
Evolution of TARGET
On 24 October 2002 the Governing Council of the ECB decided on the principles and
structure of the next-generation TARGET system: TARGET2.
The Governing Council decided that TARGET2 would:
offer harmonised core services;
which would be provided by a single technical platform;
and would be priced according to a single price structure.
The first-generation TARGET system had a decentralised technical structure. The
migration to the second-generation system (TARGET2) was started in November 2007. At that
time, TARGET consisted of 17 national RTGS. These were interlinked to provide a technical
framework for the processing of payments across national borders in the EU.
Large-value payments
TARGET was originally intended for the processing of large-value payments in euro
with the objective of reducing systemic risk throughout the EU. Payments related to operations
involving the Eurosystem or to the final settlement of systemically important payment and
settlement systems had to be made via TARGET (now by TARGET2).
Other payments
TARGET users also began to use the system for other types of transaction, including
retail payments. Users welcomed the benefits and advantages of TARGET in terms of speed,
liquidity management and security. Owing to its attractive pricing scheme, even smaller credit
institutions in the EU were now able to offer their customers an efficient cross-border payment
There is a strong motivation for central bank involvement in payment, clearing and
settlement issues. Modern economies are dependent on the safe and efficient flow of
transactions. The smooth functioning of payment, clearing and settlement systems increases
users confidence in those systems and, ultimately, public confidence in the currency.

The functioning of these systems also has an impact on the stability of financial
institutions and markets, and may affect systemic stability. Such systems are also essential for
the implementation of monetary policy. Payment, clearing and settlement systems are important
for financial markets and the functioning of the economy as a whole, and are therefore important
for the welfare of society.
Role of central banks payment systems
As the operator of a payment system, a central bank offers settlement in central bank
money. The central bank allows financial institutions to transfer funds which are held in accounts
with that central bank among themselves. Central banks payment systems are typically used for
the final settlement of claims originating from interbank operations and so-called ancillary

Figure 3. The flow of fund transfers under RTGS System


Ancillary systems include the following systems:

retail payment systems,
large-value payment systems,
foreign exchange systems,
money market systems,
clearing houses,
central counterparties
and securities settlement systems.

To put in a nutshell, TARGET2 is the real-time gross settlement (RTGS) system owned
and operated by the Eurosystem. TARGET stands for Trans-European Automated Real-time
Gross settlement Express Transfer system. TARGET2 is the second generation of TARGET.
The system is used for the settlement of the operations of central banks (including of
Eurosystem monetary policy operations), for the interbank transfers of high value in euro and
other payments in euro. Also, through the system there shall be settled and transferd funds in the
auxiliary systems (payment systems and systems of compensation-settlement with the operations
of the financial instruments).
The system ensures the processing in real time of payments and the settlement of
accounts immediately with the national central banks. The TARGET2 system has been
operational since November 19, 2007, replacing the TARGET system, what was put into
operation in January 1999.
From a legal point of view, the TARGET2 system is structured like a multitude of
domestic systems of payment (components called national TARGET2), with harmonized rules
and procedures.
The technical infrastructure and common platform for TARGET2 is made available and
operated from a technical point of view, in the name of the Eurosystem, by the Banca d'Italia,
Banque de France and Deutsche Bundesbank.
Although the implementation of a national component for the TARGET2 system
represents an obligation only for those Member States which adopt the euro, the National Bank
of Romania has decided in january 2010 to connect its financial system to TARGET2, prior to
the adoption of the euro.
Payment transactions in TARGET2 are settled one by one on a continuous basis, in
central bank money with immediate finality. There is no upper or lower limit on the value of
payments. TARGET2 settles payments related to monetary policy operations, interbank and
customer payments, and payments relating to the operations of all large-value net settlement
systems and other financial market infrastructures handling the euro (such as securities
settlement systems or central counterparties). In terms of the value processed, TARGET2 is one
of the largest payment systems in the world.

2.3. SEPA - Single Euro Payments Area

For the settlement of payments on the basis of the net weight, of small value (retails
payments), in the euro area there is active a common area of payments in euro (Single Euro
Payments Area - SEPA), for payment instruments in euro.
Initially, SEPA corresponded to a geographical space composed of the 27 Member States
of the European Union plus Iceland, Liechtenstein, Norway, Switzerland and Monaco. At
present, the SEPA includes 34 member states of Europe but also territories situated outside the
European Union, as a result of agreements which affect the participation in the SEPA system of
financial institutions/financial communities from outside the EU/EEA.
The Single Euro Payments Area (SEPA) initiative aims to overcome technical, legal and
market barriers between countries in order to create a single market for retail payments in
euro. SEPA enables customers to make cashless euro payments to anyone located anywhere in
Retail payments are everyday payments between individuals private persons,
companies, NGOs, government agencies of relatively low value and typically not of a time-
critical nature. For instance, retail payments are made by consumers to retailers, or to utility or
media providers. Salary payments, tax payments and social contributions made by businesses
also belong to this category.
Conceptually, SEPA means an area in which all payments are made in euro, including
transboundary movements, are treated as domestic payments (without a differentiation between
domestic and cross-border payments).
SEPA comprises three components, depending on the payment instruments used for
payments in euro, namely:
- SEPA Credit Transfer (for orders of payment);
- SEPA Direct Debit;
- and SEPA for card payments.
SEPA was reglemented at 14 March 2012, having rules that require, among others, the
states in the SEPA area, a time limit for the completion of the migration process to the SEPA
standards. The term was initially, the date of 1 February 2014, for transactions of credit transfer
type and direct debit in euros. Subsequently, this period was extended up to the date of 1 August
2014. Taking effect from this date the established providers of payment services in the euro area

were forced to use SEPA standards for domestic payments and cross-border credit type and
direct debit in euro transfers.
In the context of payments, the compulsory standards are IBAN (The International Bank
Account Number) and the BIC (Bank Identifier Code).
Providers of payment services authorized to provide these services outside the member
states are under obligation to comply with the requirements of regulations until 31 October 2016.
SEPA credit transfer was introduced in 2008 and provides customers with a single
means of transferring funds, regardless of whether its within a single country or involves a
cross-border payment.

SEPA direct debit was introduced in 2009 and makes it possible, for the first time, to
charge directly an account in one European country for services provided by a company based
in another country.

SEPA for cards will enable consumers to use the same cards they use in their own
country for purchases everywhere in Europe more conveniently. For merchants, accepting cards
will become easier and more attractive.

Main figures of SEPA

Table 1
SEPA indicators at a glance (euro area)
SEPA credit transfers as % of total transactions 99.4 % (*)
SEPA direct debit as % of total transactions 99.9 % (*)
EMV transactions as % of total transactions at POS terminals 77.9 % (**)
(*) August 2014, (**) June 2014

EU Regulation No 260/2012 establishes the technical and business requirements for

credit transfers and direct debits in euro. The regulation is also referred to as the SEPA end-
date regulation and defines the deadlines for the migration to the new SEPA instruments. The
deadline for the euro area is 1 February 2014 and for non-euro area Member States, 31 October
2016. As of these dates, the existing national euro credit transfer and direct debit schemes will
be replaced. A proposal amending the SEPA end-date regulation introduces a further transition
period of six months that can be applied in euro area countries.

60 Card payments
Credit transfers
30 Direct debits

Figure 1. Growth in electronic payment instruments per capita per year in the EU


3.1. The components of the Electronic Payment System in Romania - EPS

The electronic payment system in Romania - SEP is administered and monitored by

the central bank, NBR, as provided by Law No. 312 on the status of the NBR

EPS comprises the following three components:
components of
EPS - for the processing in real time of payments of urgent and/or great value,
named at the international level Real-Time Gross Settlement System -
RTGS, in Romania has been set up ReGIS, acronym from Romanian
electronic Gross Interbank Settlement - the settlement on the basis
of the real-time gross, on 8 April 20053;
For the settlement of payments on the basis of the net weight, i.e. the
components of the Automated Clearing House - at international
level, in Romania there has been established the Electronic
Settlement on a Net Basis, become functional on 13 May 2005 only
for credit payment instruments (payment orders) and registered in
Romania with the brand name SENT4. For processing the debit-
based payment instruments (checks, bills of exchange, and
promissory notes), was launched the last part of the EPS, Automatic

established by Regulation no. 1 /23 febr. 2005 on payment systems which provide for the
compensation of funds, published in M.Of. No 265/31 March 2005, repealed by Regulation No9/23 sept.
2005 for changing and completing the BNR Regulation No 1/2005 concerning payment systems, which
provide for compensation for the funds, published in M.Of. No 881/30 SEP. 2005.
BNR Regulation No 1/23 febr. 2005 on payment systems which provide for compensation for
the funds and Regulation No 3/23 febr. 2005 on Direct Debit performed by the house of the automatic
compensation, M. Oh no. 265/31 March 2005.
Processing of Instruments of Debit, on 10 October 2008, EPS thus
becoming a complete electronically system;
A storage and settlement system for transactions in securities state,
hae entered into service on the 3rd of October 2005, hereinafter
known as SaFIR system - Settlement and Financial Instruments
Registration, having two systems of compensation/securities
settlement RoClear - and SIBEX, which settles through ReGIS.

The National Bank of Romania is the owner and the system administrator of ReGIS and the
SaFIR, while the SENT system is administered by TransFonD.
TransFonD is a company founded by the banking community (NBR and 23 credit institutions)
who carries on its activity as an authorised agent of NBR
In order to ensure the continuity of the activities of the settlement in the event of occurrence of
unforeseen events, the NBR has implemented a system of back-up and recovery in the
event of disasters.
Along with these components, in Romania operates a system of payments of high value in euro,
The national component of the TARGET2 system in Romania is called TARGET2-Romania and
is successfully operated by the National Bank of Romania since July 2011.
At present, the TARGET2-Romania system has registered as participants: 21 credit institutions,
the National Bank of Romania, an auxiliary system (Account Holders PM - Payments
Modules, i.e. an account opened by a participant in TARGET2) and the Central
The rules of the TARGET2-Romania system are contained in NBR order nr.4/2015 regarding
the operation of the TARGET2-Romania system of payments.

3.2. Real Time Gross Settlement (Large-value payments)

Within this system, the settlement of interbank transfers of funds shall be

on a gross made individually for each payment instruction and not on the
basis of net weight, in accordance with the rules and procedures laid
down by mutual agreements between the credit institutions taking
part and the administrator of the system.
The national ReGIS subsystem, the first part of the EPS, founded on the 8th
system of April 2005, ensures the the final and irrevocable settlement, in
real time, of interbank payments of high value and urgent (over
50,000 lei) initiated with payment orders, as well as payments of
high value and urgent between credit institution and the State
Treasury initiated with payment orders with the Treasury.

ReGIS The ReGIS system is managed by the central bank and uses the SWIFT
operating network for sending payment instructions from the participants and
is available to participants for any type of transaction. The central
bank performs the last debiting and crediting transactions in the
accounts of the participants and generates daily balance of the
account (the statement), to be placed at the disposal of credit
institutions participating and the State Treasury. Daily balance of the
account shall include payments and receipts to be paid that are final
and irrevocable, awaiting settlement at the end of each day of
operation for each institution participating in the system of
Interbank payments of high value (over 50,000 lei) or urgent initiated with payment orders for
payments shall be carried out in the system of settlement on a gross basis, via
headquarters of the banks participating to the settlement.

3.3. Retail cashless payments

Multilateral Multilateral clearing is a system used for the liquidation of claims and
debts on a reciprocal basis by concentrating all debts for all debtors
and all claims for all creditors to a single debtor and creditor (the
compensation house), which runs different operations obtained for
each of the participants a simple and single debit or credit balance,
depending on the nature of the operations which are compensated
In accordance with the definition of the houses of compensation given by the Committee of
Governors of the Central Banks of the EU member states, "the compensation system is a set of
procedures on the basis of which in one place (the clearing house), financial institutions shall
submit and exchange data and/or documents relating to the transfer of funds to other financial

Automated Many clearing houses of compensation (including in Romania) are in

Clearing accordance with this description, while for others, the transfer
instructions of funds are delivered on magnetic media, diskettes, or
in the form of electronic messages. In the case of the latter, the
calculation of the net position of each participant is entered in the
accounts opened at a third party shall be carried out by a central
computer, known under the name of Automated Clearing House,
abbreviated ACH.
The banks which register the final net positions covers its obligations for the transfer of funds
corresponding to the house of compensation found in the records of a third party, usualy the
central bank. In turn, the clearing house pays the funds to the banks which register at the end of
session credit net positions.
Remark: At its origin, the clearing house was just a meeting place of bank messagers which
changed checks drawn on other banks. Subsequently, clearing houses begun to record
obligations and interbank claims for payment, where for each participant there shall be
calculated the net multilateral position in cooperation with all other participants accordingly.
Thanks to this great advantage, the interbank clearing house of the
The Romanian
House of the National Bank of Romania started operating since 1995, as a
Compensation structure which has permitted the transition from an intermediate
- TransFonD system of settlements (on a net basis) of interbank payments initiated
with payment instruments on paper to the system of settlements on
multilateral compensation, after a break of more than 50 years. The
organizational compartiments of the NBR invested to carry out the
operations of multilateral compensation have been the Central House
of Compensation and Clearing Houses established at county level
(within branches and agencies of the NBR). Since 2001, multilateral
netting of interbank payments has been taken over by another
operator - TransFonD. At present, TransFonD manages and
operates the (sub)system SENT - electronic system of multilateral
compensation of interbank payments of retail value transmitted

between participants (credit institutions and the State Treasury),
during three sessions daily.
SENT is distinguished by the large number of instructions processed daily (approximately
95% of the total interbank payments) and the reduced individual value of them (under 50,000
The basic functions of the SENT system are:
- to ensure the exchange of instructions for payment between the participants (payment orders,
direct debits, checks, bills of exchange, and promissory notes submitted for payment);
- automatic management of the unilateral guarantees established by the participants;
- the calculation of the net positions of the participants through multilateral compensation
(continuously during each of the three daily sessions) and the generation of an instruction
for the settlement of the net positions;
- automatic initiation of the final settlement in the ReGIS system of net end of day positions by
transmitting these positions in the ReGIS system to be operated in the accounts of the
participants in the settlement.
Specific to the SENT system is the fact that the giving instructions by the participants to the
system shall be in the form of files (packages), each file containing a maximum of 1,000
instructions. The compensation to the instructions shall be carried out at the level of the
file, watching that debtor net positions of the participants to be covered by unilateral


In Romania, the implementation of SEPA is coordinated by the Romanian Association of

Banks which shall represent the national bank community in the framework of the European
Council of Payments, who has assumed the role of authority of governance of the national
systems of payment known as SEPA RON.
The two SEPA components for Romania promoted and monitored by the central bank
NBR, are:
- The national scheme of payment known as SEPA-RON used for credit
transfer transactions, launched in June 2012;

- The national scheme of payment known as SEPA-RON for the direct debit
transactions, launched in December 2013.
In Romania, SEPA project is carried out in accordance with the provisions set out in the
National SEPA Implementation and Migration Plan. This plan encompasses the strategy
elaborated and adopted by the local community for the implementation of SEPA and the
migration towards the use of the new payment instruments (SEPA project organisation at
national level, the components related to project planning, organisation and management, as well
as the commitments and cut-off dates assumed by all stakeholders in order to complete the
The last version of the National SEPA implementation and migration plan was finalized
and approved by the National SEPA Committee in October 2009.
The governance structure of SEPA project at national level is the following
SEPA National Committee, a decision-making body having responsibilities in
drafting the strategy of SEPA and coordinating its implementation across the entire local
community. It was established in March 2008 with the participation of the Romanian Banking
Association, the Ministry of Public Finances and TRANSFOND. The committee is responsible
inter alia for the approval of the SEPA National Implementation and Migration Plan;
SEPA Commission, established at the level of the Romanian Banking
Association in March 2007, in charge of organising debates on the issues pertaining to the
manner of implementing SEPA at national level;
SEPA project team, founded under the auspices of the Romanian Banking
Association, with a structure similar to that of the European Payments Council, responsible for
the roll-out of SEPA project at national level and, most notably, for drafting the SEPA National
Implementation and Migration Plan.
NBR acting as a catalyst for private sector activities in the field of retail payment systems
support the implementation of SEPA in Romania by participating as an observer in activities
performed by SEPA Commission and SEPA National Committee.
NBR has assumed the following tasks related to SEPA:
to guide and foster the expectations of Romanian stakeholders regarding SEPA;
to cooperate with the public administration which is expected to be among the
frontrunners in using SEPA products in Romania;
to cooperate with consumers in general so that their expectations be made known
to SEPA National Committee;
to contribute to the co-ordination of communication efforts at national level; and
to monitor the progress in implementing SEPA at national level.
Based on its statutory tasks concerning the promotion and monitoring of payment
systems, in June 2012, the National Bank of Romania sanctioned the adoption and
implementation of the SEPA RON credit transfer national payment scheme, and in December
2013, it approved the SEPA RON direct debit national payment scheme. The national payment
schemes use the standards and rules applicable to European payment schemes based on the
authorisation granted by the European Payments Council.


The most used retail payments in the euro area are payment cards, credit transfers, direct
debits and banknotes and coins (cash). There are payments that require the physical handling of
paper, such as cash and cheques, but an increasing number of payments can be done entirely
electronically (e.g. mobile, online banking or contactless card payments).
A payment instrument is a tool or a set of procedures enabling the transfer of funds from
the payer to the payee.
The most common distinction is between cash and non-cash payment instruments:

Cash payments (i.e. payments made using banknotes and coins) are usually associated
with face-to-face transactions of low value between individuals or between an individual
and a merchant. If the parties do not exchange information on their identity, a cash
payment is said to be anonymous. A cash payment is an immediate and final transfer
of value, and the recipient can immediately use the cash received for further payments.

Non-cash payments, by contrast, involve the transfer of funds between accounts. A non-
cash payment instrument is therefore the means by which a payer gives its bank the
authorization for funds to be transferred or by which a payee gives its bank instructions
for funds to be collected from a payer. The accounts of the two parties may be held at the
same bank or at different banks.

Non-cash payment instruments can be further classified on the basis of the following:

I. Physical form:

- paper-based instruments;

- or electronic instruments.

Payments are increasingly being initiated electronically, using standardized formats

(including, for example, the bank account number of the recipient and the Bank Identifier Code
of the recipients bank).

II. The party submitting the payment instrument for processing:

- credit instruments;

- or debit-based instruments.

Credit-based (credit push) instruments are submitted for processing by the payer, while
debit-based (debit pull) instruments are submitted for processing by the payee.
The main credit-based instruments are credit transfers (also called direct credits or
wire transfers or payment orders).
The main debit-based payment instruments are direct debits, card payments, bill of
exchange, promissory notes, and cheques.
Electronic money (or e-money) is a monetary value represented as a claim on the
issuer which is stored on an electronic device and accepted as a means of payment by
undertakings other than the issuer (by contrast with single-purpose prepaid instruments, where
the issuer and acceptor are one and the same).
E-money can be either hardware-based (i.e. stored on a device, typically a card) or
software-based (i.e. stored on a computer server).
E-money can be regarded as a means of settlement rather than a payment instrument,
since the creation or reimbursement of e-money is effected using one of the core payment
instruments cash, payment cards, direct debits or credit transfers.

4.1. Payment instruments in bank transfer payments: credit payment


In the case of credit transfer orders, named also giro instructions, the payer is the one
who initiates the payment through the instructions given to his credit institution to transfer the
funds to a beneficiary (payee).

Credit transfer orders are payment orders by which the credit institution of
definition of the payer receives the instructions to put at the disposal of the
transfer contracting authority the monetary funds for a specific amount.
The participants in the circuit of payment orders are: the issuer, payer
(which in general is the issuer), the beneficiary, credit institutions
participating in the settlement (the unit of the initiator of credit
institution, the unit of the destination of credit institution, and
intermediate credit institutions, namely the head offices of the credit

The operations involved in the conduct of the transfer orders on the basis of the payment
order bears the name of credit transfer and credit institutions must carry out the following

Reception - procedure whereby a unit of a credit institution recognizes the

receiving a payment order;
Authentication - the procedure by which the credit institution determines that a
payment order was issued by the account holder;
Acceptance - the procedure by which the credit institution recognizes a payment
as a valid for the purposes of enforcement;
The refusal - the procedure by which the credit institution decides that it is not
possible to execute a payment order given by the issuer;
Execution - the procedure by which the credit institution shall bring into force the
payment order as accepted.

Remark: The completion of the credit transfer is carried out when the destination of a
credit institution shall credit the account of the beneficiary (the payee).

When this tool is used for payments that happen with regularity at fixed dates, such as the
credit rate, insurance premiums or invoices of utilities, the name of the payment instrument
is standing order. For these payments, the paying customer signes a committed order by which
he authorizes the credit institution to debit out of his account and to transfer the amounts on
behalf of a third party. In our country, there is no uniform set of rules for standing orders, but it
is less used by the account holders.
Also for bank transfer of availability from an account to another, thresholds for the
minimum or maximum can be laid down by the customers to the bank, to remain permanently in
the account, use shall be made of facilities referred to sweep in or sweep out (sweep means to
move from one place to another). With sweep in, the current account can be completed from
another one with money when the sum falls below a certain level. Example: suppose that for
a current card account, of which shall be paid, usually, shopping at the supermarket, purchases of
fuel supply for the car or the payments of monthly facilities, there shall be a fixed threshold of
300 lei per week. When the balance of the account falls below this amount, there is
marginal sweep in, i.e. there is automatically transferred cash from another account chosen by
the customer. The marginal sweep out executes the reverse operation: transfering from the
account the surplus of money above the maximum threshold established by the customer into

another account, for example, into an account of saving or an account opened at an investment

4.2. Payment instruments used for bank transfer payments: debit

payment instruments - cheques, bills of exchange, and promissory notes

Unlike credit transfer orders, in the case of debit transfer orders the settlement for the
flow of funds is requested by the recipient of the payment (the payee). In this category of debit
payment instruments there are: cheques, bills of exchange, and promissory note.
Cheques - A cheque is a written order from one party (the drawer) to another (the
drawee; normally a credit institution) requiring the drawee to pay a specified sum on demand to
the drawer or a third party specified by the drawer. Cheques are popular from the payers point
of view because there is often a delay between the drawing of the cheque and the debiting of the
payers bank account.
The initiative of the settlement using a check belonging to the beneficiary takes effect by
presenting the instrument to the bank where the account is opened.
A payer can issue a check only under the conditions of the existence of the available
funds at the time of their issuance, which will make it possible for the payments to be covered.
The available funds must be fluid, certain and chargeable, i.e. that there is no legal or material
impediment to prevent payment is met.
In the case when the payer issues a check without having at its disposal the necessary
funds to withdraw from, at the time of issue, he attracts civil or penal consequences. This does
not result in the check becoming void, it can still be operated and a request for the withdrawal of
funds can be made by presenting the check, if in the interval between issuance and presentation,
the necessary funds to cover the check are present.
However, as with all debit-based instruments, there is the potential problem of the
drawers creditworthiness, since at the time of acceptance the payee has no means of verifying
that the payer has sufficient funds in its bank account to cover the cheque.
Bill of exchange is a title of negotiable credit and a payment instrument which represents
the obligation assumed by a debtor to pay on demand or at a fixed maturity, to the beneficiary or
at his order, a determined sum of money.
In the process of its creation, the bill of exchange puts in connection three persons: payee,
payer and the beneficiary. The title created by the payee as a creditor, gives the order to the

payer, to pay an amount fixed at a determined date in time, either to a beneficiary or at the order
of the latter.
The promissory note is the payment instrument (or credit title) through which the issuer
shall take an undertaking to pay at a specific date, an amount to be determined to the beneficiary
or the legitimate holder of the instrument. The promissory note is a promise to pay and not a
mandate of payment. The promissory note implements in the process of its own creation two
persons: the payer and the beneficiary. The obligations that arise from a promissory note shall be
subject to the same general rules as those resulting from a bill of echange. The rules relating to
the payment, maturity, indorsements, protest, that are applicable to the draft also apply to the
promissory note.
Remark: from the category of debit transfer orders it can be included the the direct
debit, which is more a form of payment than a payment instrument. A direct debit shall be
conducted as follows: a payer shall authorize the credit institution to debit his account after a
beneficiary sends to the bank the invoices. Once the term of direct debit is given of the credit
institution, it is no longer necessary for the payer to give another instruction for the payment to
be made. The method of payment by direct debit is useful for the simplification of payments with
the character of regularity: invoices for the gas and electricity, phone bills and the premiums for
insurance. It also presents the advantage that it can be implemented with ease in electronic
format and processed by a automated clearing house (ACH). The transaction is initiated by the
supplier, by means of his bank, which subsequently transmits the details of the payment to the
systems managed by the ACH.


5.1. Type of accounts opened at the banks

A business relationship between a credit institution and a client starts in conjunction with
the opening of a current account and the day on which the first amounts are received into
account, the amount representing for companies the own equity (capital formation).
1. Current accounts are opened for all customers for: making financial liquidity for
withdrawals of cash; cashless payments with different payment instruments; payment of interest
and commissions, carrying out of further payments ordered by the account holders.
A statement of account is issued for each client to the periodicity established by the
convention of opening and operating the current account. The majority of customers, legal
persons have accounts opened at many credit institutions which give them more flexibility in the
progress of operations, but involve a high degree of complexity in the activity of the treasury and
availability of liquid assets in the bank accounts.
2. Deposits and savings accounts. Credit institutions offer a variety of deposits
(with fixed or variable interest rate, with interest paid monthly, renewable automatically,
capitalization of interest, an so on). In the group of deposit accounts are included also
the collateral deposits for: the guarantee of gestionar, the issue of letters of guarantee,
certificated cheques, and other collateral.
Remark: the common feature of the deposits and saving accounts is that they are
accounts of liabilities and equity, whose creditor balances signifies the obligations of credit
institutions to the clients. Current accounts make an exception, which may have also a debtor
balance, which is either an unauthorized overdraft account by a credit institution, or the part
engaged in a credit line, or part of a global operating credit granted directly through the current
account of the borrower, or treasury facilities granted to holders of credit cards, by acceptance of
subsequent coverage of the amounts.
3. Loan accounts granted to customers highlight the funds made available to
customers for financing from credit institutions. These accounts represent assets and their
balance means all claims held by a credit institution on its non-financial customers.

5.2. Deposits accounts

A deposit account is a savings account, current account or any other type of bank
account that allows money to be deposited and withdrawn by the account holder. These
transactions are recorded on the bank's books, and the resulting balance is recorded as a liability
for the bank and represents the amount owed by the bank to the customer. Some banks may
charge a fee for this service, while others may pay the customer interest on the funds deposited.
Major types:
1.Money market account
A deposit account that pays interest, and for which short notice is required for
withdrawals. In the United States, it is a style of instant access deposit subject to federal savings
account regulations, such as a monthly transaction limit.
2.Savings account
Accounts maintained by retail banks that pay interest but can not be used directly as
money (for example, by writing a cheque). Although not as convenient to use as checking
accounts, these accounts let customers keep liquid assets while still earning a monetary return.
3.Time deposit
A money deposit at a banking institution that cannot be withdrawn for a preset fixed
'term' or period of time. When the term is over it can be withdrawn or it can be rolled over for
another term. Generally speaking, the longer the term the better the yield on the money.

5.3. Loan accounts

In finance, a loan is a debt provided by one entity (organization or individual) to another

entity at an interest rate, and evidenced by a note which specifies, among other things, the
principal amount, interest rate, and date of repayment. A loan entails the reallocation of the
subject asset(s) for a period of time, between the lender and the borrower.
In a loan, the borrower initially receives or borrows an amount of money, called the
principal, from the lender, and is obligated to pay back or repay an equal amount of money to
the lender at a later time.
Types of loan:
1.Secured (with guarantees)

A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property)
as collateral.
A mortgage loan is a very common type of money, used by many individuals to purchase
things. In this arrangement, the money is used to purchase the property. The financial institution,
however, is given security until the mortgage is paid off in full. If the borrower defaults on the
loan, the bank would have the legal right to repossess the house and sell it, to recover sums
owing to it.
2.Unsecured (no guarantees)
These may be available from financial institutions under many different marketing
credit card debt;
personal loans;
bank overdrafts;
credit facilities or lines of credit;
corporate bonds (may be secured or unsecured).


1. Cristea, M., Gherghinescu, O., Avram, V., Gestiune i contabilitate bancar,

Universitaria Publishing House Craiova, 2014
2. Isrescu, M., Romania: Recent Macroeconomic & Banking System Developments, Banca
Naional a Romniei, octombrie 2014
3. National Bank of Romania,
4. Transfond,
5. European Central Bank,