A MARKET OF 10-15 BILLION EUROS Romanian Parliament to approve the members of the Romanian Financial Supervision Authority today

The members of the Parliament have made it their schedule to validate today the membership of the Financial Supervision Authority, which will incorporate the Romanian National Securities Commission (CNVM), the Insurance Supervision Commission (CSA) and the Commission for the Supervision of the Private Pension System (CSSPP), after its members were validated yesterday by the specialized commissions of the parliament.

Following yesterday's hearings, Dan Radu Ruşanu was validated as president of the ASF, and Daniel Dăianu for the position of first vice-president.

BURSA has announced since back in December 2012 that Ruşanu is backed by the PNL for the presidency of the Financial Supervision Authority.

For the positions of vice-presidents, were validated Daniel Tudor, Mircea Ursache and Ion Giurescu have been validated.

The authority will be completed with Dorina Mihăilescu, Gheorghe Marcu, Gavrilă Alexe, Gheorghe Albu, Lorand-Istvan Kralik, Marian Mîrzac, Marian Sârbu, Cornel Moldoveanu, Tudor Baltă, Doru Frunzulică, Nina Puiu and Cornel Coca Constantinescu.

For the non-executive of the FSA 18 applications have been submitted. It would seem that political "careerism" has done its job once again, as some of the candidates have changed their political affiliation, depending on the number of positions in the FSA allocated to each political party.

• Ruşanu: "The non-banking market that the FSA will handle is worth 10-15 billion Euros"

Dan Radu Ruşanu yesterday said that the non-banking market that the Authority will handle is worth 10-15 billion Euros and this market can grow if the economy were to grow substantially.

When asked whether the FSA would cover a market that is worth 20 billion Euros, Ruşanu said that the figure is far too big.

"I think this number is too big. As you know, after 2008 the non-banking market experienced a significant fallback. I can tell you that at the end of 2013, the private pension funds can reach about 3 billion Euros, the insurance market will be of an approximately similar size, and the stock market will follow the evolution of the economy. The non-banking market will be closely correlated with the economic growth in Romania", Ruşanu said.

He also said that his salary will be set by the Board of the Financial Supervision Authority, in compliance with the regulations for organization and operation of the institution, and will be compliant with the wages of the members of the board of directors of the NBR.

According to Ruşanu the merger of the Romanian National Securities Commission (CNVM), the Insurance Supervision Commission (CSA) and the Commission for the Supervision of the Private Pension System (CSSPP) into the FSA was requested in the letter of intent agreed with the IMF.

• Dăianu: "The regulation of the financial markets is necessary given the bitter lesson of the crisis"

During the hearings of the budget commissions of the Parliament, Daniel Dăianu claimed that the regulation of the financial markets is necessary due to the "bitter lesson" that the crisis gave us when it comes to the fact that the markets are "self-regulating".

Before the commissions, Dăianu said that he doesn't feel "a great comfort" as a person who has submitted his candidacy for the position of first vice-president of the Financial Supervision Authority.

"Perhaps what would qualify me for a position on the board (ed. note: of the FSA) is an activity which I have conducted especially over the last few years given the reform of the regulation and supervision of the financial systems. For many years now I have theorized that the financial system has gone off the rails. The deregulation process which began two decades ago is a financial system which for the most part no longer served the economies in any way", Dăianu said.

• Antonescu: "It is with pain in our hearts that we say goodbye to Ruşanu, but we wish him good luck at the ASF"

On Tuesday, the president of the National Liberal Party, Crin Antonescu, said that the liberals say goodbye to deputy Dan Radu Ruşanu "with pain in their hearts", after very many years, and they wish him luck at the helm of the Financial Supervision Authority (ASF), a position the liberals are supporting him for, according to Mediafax.

He also said that the National Liberal Party has several alternatives to ensure the helm of the Budget and Finance Commission of the Chamber of Deputies, as well as of the parliamentary group of the PNL in the Chamber of Deputies.

The Parliament has approved the law for the creation of the ASF once again, last week, after president Traian Băsescu had sent back for reexamination. The law was passed yesterday.

The Parliament rejected the observations of the president, and according to the Constitution, the president no longer had the right to send the law back to the Parliament.

According to the final draft of the law which the Parliament passed, the members of the Financial Supervision Authority are not allowed to be relatives or in-laws of up to the third degree to the members of the Government and of the Board of Directors of the National Bank of Romania. The individuals holding executive positions in the ASF must have at least seven years of professional experience.