house " ( % gdp ) gross saving ( % gdp ) ( rhs ) source : nbr, fngcimm, world bank dec. - 16 mar. - 16 iun. - 15 sep. - 14 mar. - 13 dec. - 13 iun. - 12 sep. - 11 dec. - 10 mar. - 10 mortgage credit ( % gdp ) iun. - 09 sep. - 08 share of outstanding ron mortgage - backed credit ( % ) share of new ron mortgage - backed credit ( % ) source : nbr, credit bureau figure 16. macroprudential measures february 2004 : dsti caps ( 30 % for consumer loans and 35 % for mortgage loans ) and ltv cap ( 75 % ) october 2006 : extending the prudential measures to nbfis august 2005 : maximum total dsti limit at 40 % august 2008 : requirements regarding the dsti caps should be set taking into account interest rate risk and fx risk january 2007 : higher risk - weight ( 100 % ) for commercial real - estate march 2007 : self - regulation regime ( banks establish dsti and ltv maximum levels in their internal norms ) december 2012 : extending the measures to nonfinancial companies lending october 2011 : ltv caps ( 60 % - 85 % ) and stress test parameters for dsti caps january 2016 : - ccob buffer of 0. 625 % - > gradual increases in equal steps until 2019 - o - sii buffer of 1 % for systemically important banks - ccyb buffer of 0 % source : nbr

mugur isarescu : establishment of a new 15 - county imf - wb constituency that already includes romania speech by mr mugur isarescu, governor of the national bank of romania, at the establishment of a new imf - wb constituency that includes romania, at the annual meeting of the international monetary fund and the world bank group, tokyo, 12 october 2012. * * * your excellences, ministers, governors, ladies and gentlemen, i am honored to have the opportunity to address you all on this special occasion and to welcome our new partners from belgium and luxembourg. this moment, when the establishment of a new, 15 - country constituency, is formally announced, has several historical meanings, already presented by minister de jager. let me add something from the experience of my country. romania joined the international monetary fund and the world bank in 1972 and has been a member of the dutch constituency ever since. it is worth mentioning that this constituency had only five members in those days : the netherlands, israel, cyprus, yugoslavia and romania. after 1990, i saw how, in a few years, the memberships grew to 13 countries. despite this rapid enlargement with such diverse configuration and the huge transformation happening in all the countries in the last two decades, our constituency has remained remarkably stable and has operated well. this is why i share the views of minister de jager that we have been able to find strength in our diversity. more than this, i could say that based on diversity and stability, this constituency has gradually emerged, as one supporting the interests of small open economies such as our countries. and today, with belgium and luxembourg joining, we are one of the largest and diverse constituencies among european chairs, with a substantially higher voting weight and a voice to play an even stronger role in the imf board in the future. not only do we count nearly a quarter of all the eu members, but we have among us countries with broad experience in the world of finance. i wish to remind you that the first managing director of the international monetary fund was camille gutt, the distinguished belgian economist. the fifth managing director, johannes witteveen, was a dutch national. the first deputy managing director for a long period of time, during the last twenty years, was stanley fischer. the historical lesson that a country like romania has learned for the past forty years as a member of the dutch constituency is the importance of continuity. continuity has given us the feeling of belonging to a great