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Central bank seeks exception allowing Board members to carry on beyond age 70


Governor of the National Bank of Romania (BNR) Mugur Isarescu sent Parliament a letter requesting the introduction in the bill adopted by the government that prohibits public employees from collecting both wage and pension, of an exception allowing the members of the BNR Board to work beyond the age of 70.

"In our opinion, this bill instates the rule according to which public servants who are appointed to positions within the central and local public authorities or institutions, regardless of their method of financing and subordination, may carry out their activity only until the date of the law's coming in force - if they have turned 70, or until they reach the age of 70 - if this happens after the law's coming into force. As the law allows no exception to this rule, this also applies to the members of the BNR Board, starting with the moment the law enters into force, which makes it impossible for some of the BNR Board members to carry through their term," the letter mentions.

The document states that the provisions of the bill would lead to the interpretation that the members of the BNR Board can carry out their activity only until the date of the law's coming into force - if they have reached the age of 70, or until this age, which which would contradict the provisions of the Treaty on the Functioning of the EU and of Law No. 312/2004 on the central bank's statutes.

"Having regard to the aforementioned aspects, we consider that it is necessary to introduce in the bill an exception to the provisions regarding the terms under which the persons who meet the retirement requirements can continue their activity, allowing the members of the BNR Board to continue beyond the age of 70," the letter reads.

Also, the BNR governor considers that the European Central Bank needs to be consulted about this bill, having in view its implications on the length of the term of BNR Board members.

BNR governor Mugur Isarescu turns 72 this August.


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