mugur isarescu : international financial reporting standards – international experience and implementation by the banking sector in romania in 2012 opening speech by mr mugur isarescu, governor of the national bank of romania, at the ifrs conference “ international experience and implementation by the romanian banking sector in 2012 ”, bucharest, 20 june 2011. * * * ladies and gentlemen, distinguished audience, it is an honour to have the opportunity to open the proceedings of the conference titled “ international financial reporting standards : international experience and implementation by the banking sector in romania in 2012 ”. this is a topical and, at the same time, a hotly - debated issue that we are going to discuss together with the institute of chartered accountants in england and wales ( icaew ). economic and financial developments tending towards internationalisation of banking operations in the context of globalisation of financial markets have highlighted the importance of financial information provided by companies, especially in terms of assessing and presenting the results and risks attached to their activity. moreover, in the aftermath of the past years ’ financial crisis, stronger pressures for harmonising accounting rules worldwide as a basis for the published financial information have emerged. under the circumstances, the national bank of romania, in its capacity as the regulatory and supervisory authority of the romanian banking system has steadily sought to harmonise its rules and practices with the best practices in the field so as to increase transparency and ensure comparability of information across the entire banking sector. the actual implementation of the international financial reporting standards is part of the central bank ’ s area of concerns, since relevant and adequate assessments of credit institutions ’ assets, debts and shareholders ’ equity are essential prerequisites for the calculation of real prudential indicators. in order to fulfil this objective, the nbr has steadily cooperated with the commercial banks and the romanian banking association and has enjoyed the support of leading consulting and audit firms in romania. the institute of chartered accountants in england and wales, an institution famous for its rich experience regarding international financial reporting standards, has recently provided the nbr support to carry on / complete the implementation of financial reporting standards. today, its experts will present useful information and recommendations to accurately comprehend and implement the international financial reporting standards. within the process of accounting reform intended for credit institutions in romania, following the transposition of the eu acquis – given that european standards did not establish any rules –, the nbr has contributed to the enlargement of the european regulatory framework by adopting solutions consistent with

##ing scale of the payments industry in our economy, regulators are increasingly focused on payments to ensure their reliability, efficiency, and that there ’ s a level playing field supporting innovation and inclusion while protecting economic and social good. aotearoa ’ s regulatory payments frameworks are being enhanced, notably through : the financial market infrastructures act 2021 created a comprehensive regulatory designation regime covering key payments infrastructures ; the updated rbnz act 2021 has refreshed our role, structure and payments mandate ; the retail payment system act 2022 has given the commerce commission the mandate to regulate the retail payment system and its participants such as merchants, banks, nonbank merchant acquirers and card schemes. the upcoming consumer data right is anticipated to strengthen and support aotearoa ’ s open banking regime. regulators are increasingly cooperating with one another and coordinating their respective payments regulatory activities. the council of financial regulators ( cofr ) – now with statutory status - is an active forum for exchanging information on new business models and identifying any regulatory gaps. one of the objectives of cofr ’ s digital and innovation working group is to nz ’ s changing payments landscape and potential responses to it ref # x909373 v3. 0 provide a one - stop - shop for fintechs seeking guidance on regulation11. for those fintechs unsure of navigating their way through the regulatory landscape, speaking with cofr about their plans at an early stage could provide some regulatory clarity. but there is undoubtedly more that can be done to promote alignment across government and regulators, help provide focus, and to work with industry on a strategic vision for payments. reserve bank work supporting payments innovation so what is the reserve bank doing to improve the new zealand ’ s payments system? we have a programme of work under a ‘ future of money and payments ’ banner. this work marks something of an evolution of focus at the reserve bank. traditionally, we have been the issuer of cash, a regulator of payment systems, and the operator of the exchange settlement account system ( esas ) which along with real - time gross settlement ( rtgs ) allows individual transactions between financial institutions to be settled electronically as the transactions happen, and of nzclear which provides financial markets with clearing and settlement services for high - value debt securities and equities. as stated earlier, we are now taking a more unified outlook across money and payments, which includes taking an increased interest in retail payments. as we take forward our own future of money and payments