The expenditure reduction project prepared by the PSD-PNL coalition will not apply to the National Bank. The head of the National Bank of Romania, Mugur Iserescu, explained why.

National Bank of Romania – BNRPhoto: Hotnews / Florin Barbuta

“Many times we are mistaken for budget institutions, but we are not them. We do not consume a single penny from the Government. On the contrary, we pay all our taxes, plus last year we were one of the few central banks in Europe that also made a profit,” he said.

He also reminded that 80% of this net profit goes to the budget.

“We contribute funds to the budget. Our income is also discussed. They are connected with the fact that we are in the system of central banks of Europe, where the movement of personnel is free. We cannot reduce the salaries of NBR specialists below what other central banks offer, because they will leave. This is free movement,” explained the Voivode of the BNR.

  • “We are talking about several hundred people, the rest are support staff who are paid on market terms.”

According to him, ]the BNR has very strict rules regarding salaries.

If it weren’t for these strict rules, we wouldn’t be profitable. We do not know if (project number) is also addressed to NBR. We have our own law, it is European,” he said.

How the former president of the ECB scolded BNR on the topic of salaries

The governor of the BNR told how the institution he heads was scolded by Jean-Claude Trichet for cutting salaries:

“In 2009, when salaries were cut, we also voluntarily decided to reduce them as well. Trichet (Jean-Claude Trichet – former president of the ECB) came and told us: no, you violated the European Treaty!

I said: how did I break it? This is a voluntary matter. We decided it, the board of directors.

Later I found out that a female employee had complained.

You have breached the European Treaty because:

1. It says you don’t have instructions to pick up.

2. You have financed the budget.

“You are only allowed to finance the budget with this net profit,” Trichet told them.

We took out the money, did not put it in the budget, but put it in the consolidation fund so that we would not be blamed anymore.

He came to celebrate our 130th anniversary. Instead of celebrating us, he teased us about taking a pay cut. This is European law. We are in the EU, we respect European law.”