Theodor Stolojan: "Marcu's team did not pass the class"

Marcu's team did not do its duty regarding the activity of the Financial Supervisory Authority and that is why it does not receive a passing grade, former prime minister Theodor Stolojan, who was also president of the PNL, told us.

Theodor Stolojan stated for the newspaper BURSA: "The Financial Supervisory Authority's object of activity is to supervise the financial markets in Romania, so everything that exists in these markets, with the exception of commercial banks whose supervision is carried out by the National Bank of Romania. Regarding this object of activity, which includes insurance companies, reinsurance companies, mutual funds, investment funds, etc., we can say that ASF failed to live up to our expectations, it did not create the necessary tools. I have had claims made by some of the Authority's management that they could only find out the situation of an insurance company after a year, which is difficult to explain. Under these conditions, I am sure that we had failures in this market without anyone being able to foresee and prevent them in time, with severe consequences, which hundreds of thousands of people who put their trust in the respective companies are still suffering today insurances. From my point of view, the Marcu team deserves grade 4, that is, it did not pass the class. This does not mean that there are not people within the Authority who have done their duty, but if the management appointed by the Parliament does not have a vision, there is no professionalism, surely the apparatus within the ASF cannot perform well either".

Mr. Stolojan has high expectations from the future management team of ASF and relies primarily on the creation of an efficient IT system for that institution.

Theodor Stolojan pointed out: "When you form a market, you have to create a functional IT sector, which is very operative. That is, in a maximum of one month, to know what is happening in the market of the companies you supervise, to see their behavior. ASF must create the necessary tools to be able to really carry out a competent and timely supervision, because if you find out in a year what is happening in your area, it is a little late. Then, a series of anomalies must be eliminated. For example, I was informed that the ASF does not give the right to private funds that administer Pillar II of pensions to invest in companies that produce wine or beer, companies that are listed on the BSE. I find such a decision taken by ASF incomprehensible. There are many such things, which I think need to be fixed there".

The former president of the PNL mentioned that he hopes that the future team at the head of the Authority will do their duty much better and justify the salary incomes which are very high, even for a developed country.