The current Rules on Liquidity Ratio, no. 317/2006, date from 2006. The aim of the Rules is to ensure that credit institutions always have sufficient liquidity to meet foreseeable and potential payment obligations during a specified period of time. Credit institutions are obliged to send the Central Bank monthly reports providing information underlying the calculation of their liquidity ratios. Claims and obligations that are included in the calculations are classified by type, maturity, and risk, and are assigned differing weights. The liquidity ratio is calculated for four periods: < 1 month; 1–3 months; 3–6 months; and 6–12 months. The ratio of assets and liabilities that mature or can be converted to cash within one month and within three months shall not be lower than 1, or 100%. If the credit institution cannot fulfil this requirement, the Rules provide for sanctions in the form of per diem fines on the shortfall. Credit institutions shall disclose their liquidity ratios for other periods as well, even though there are no requirements concerning specific ratios for those periods.
The Central Bank has initiated a review of its liquidity rules. The revised liquidity rules will incorporate the Basel III criteria, including the liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR). The LCR measures short-term liquidity, whereas the NSFR is to contribute to stable long-term funding. The criteria are international, but the rules provide for flexibility at the national level.
1. Rules on Liquidity Ratio No. 317, April 25 2006