The Financial Oversight Authority (ASF) oversees three important markets, the private pension market, the insurance market and the capital market, and the share of these markets in the Romanian GDP has reached at the end of the second trimester around 12.5 pct, said, on Wednesday Nicu Marcu, the chairman of the institution, during the conference to present the Report regarding the stability of financial markets - Q2 2020, according to AGERPRES.
"The Financial Oversight Authority has an extremely important role in Romania's economy. It oversees three important markets: the private pension market, the insurance market and the capital market. The share of these markets' assets in the Romanian GDP some may say is large, or small, but it's an important share. As you well know, from our report you can see clearly that it has reached at the end of Q2 around 12.5 pct. So it's nearing 13 pct of the GDP. It's important especially given the fact that this market that we oversee generates both economic growth and a rather large labor insertion. Meaning they are fairly consistent employers in the labor market," said Nicu Marcu.
He mentioned that the report is in its third edition and that it is a document that reflects the reality of financial markets overseen by the ASF.
Nicu Marcu stated that the capital market has already made an important step by going to the status of emerging market.
In what regards the private pension sector, the ASF head said that it is well regulated. The growth rate of the assets of private pension funds has reached 19 pct and the sector tends to hold a share of approximately 7 pct of the GDP at the end of the third quarter.