ASF, warning for the Government after the announcement of cuts and dishes. “We do not use financial resources from the state budget”

The reduction of human and wage resources at the ASF, proposed by the Government, could endanger the stability of the non-bank financial system and the alignment of Romania to the European standards, warns the institution.

ASF comes out to the ramp with a hard government warning / photo source: Mediafax

ASF warns that the draft law that provides for redundancies and wage reductions could weaken its ability to supervise non-bank financial markets. The project, says the institution, endangers the stability of the system and respecting European standards.

ASF defends and says it does not use financial resources from the state budget

“In view of the measures proposed in the draft law for the modification and completion of the Government Emergency Ordinance no.109/2011 on the corporate governance of public enterprises and some measures to make the activity of autonomous administrative authorities, we consider it necessary to clarify some essential aspects regarding the role and functioning of ASF.

The measures to restructure the ASF are imposed in the context of the effort of the Romanian Government to reduce the budget deficit, without them resulting in improving the macro-economic indicators, as the ASF does not use financial resources from the state budget. Moreover, ASF is a net contributor to the budget, turning contributions worth 53.5 million lei, in 2024, and estimating a total contribution of up to 85 million lei, in 2025, based on the obligation to pay 33% of the current revenues.

These proposed measures have the potential to induce systemic risks in fulfilling the fundamental functions of the authority, respectively regulation, authorization, supervision and control over the non-bank financial market and its alignment with the European standards in the field ” transmits ASF in a press release,

The announced cuts and dismissals will have devastating effects on the institution, says ASF

Currently, non-bank financial markets (insurance, capital market, private pensions), both at European level and in Romania, operate in a context of unprecedented complexity and interdependence, which requires integrated, permanent and independent supervision.

“In addition, the European normative framework has expanded substantially and continuously, including in areas such as digital operational resilience, sustainability, artificial intelligence and digital assets (small European regulations – the first European legislative framework dedicated to cryptocurrency regulation, Dora – aimed at strengthening the Digital Operational Resilience or the Financial Entries – responsible for artificial intelligence).

In such a context, the strictly quantitative imperative of reducing the human resources in ASF will inevitably and immediately affect the ability to ensure the stability of the non-bank financial system, given that the overwhelming majority of the expert profiles in ASF are in the specialty of the managed field and not of support type, in its classical meaning. This structuring is characteristic of the institutions of regulatory and financial supervision of the EU Member States (national banks, national surveillance authorities) ” draws attention to authority.

The decision to cut ASF wages would produce dangerous effects in the ASF field

Moreover, the institution shows that the substantial salary reductions would mainly affect the body of specialists, that is exactly that professional category that has accumulated over the years an indispensable expertise to manage financial markets of a special complexity. This expertise, a result of a long formation, is the basis of the institution in fulfilling its duties in relation to the non-bank financial market.

“Therefore, these administrative restructuring measures, proposed in the draft law, will lead to the deterioration of the functioning of the essential internal structures, endangering the fulfillment of the legal mandate and the obligations assumed under the law of the European Union, including those regarding the protection of investors and the control and prevention of money laundering,” the representatives also state.

The European Financial Supervisory System reacted to the Romanian Government's restructuring plan

The same concerns of the ASF have been clearly expressed by the authorities within the European Financial Supervisory System, in a common position addressed to the Ministry of Finance in Romania, in July 2025, as a reaction to the initiative of the Romanian Government to restructure the ASF. Through their intervention, the European authorities insisted on the importance of ensuring the independence of the ASF and the financial resources lined up to the operational needs and the markets of the market, aspects that are the object of the constant evaluation of these European institutions.

Several dozens of ASF stations have already been restructured

“ASF retains its firm commitment to the principles of good governance and will continue, in 2025, the process started in 2024 efficiency and institutional consolidation. This initiative has already been reflected in reducing the total number of positions to 493 (compared to 535 in 2023), a level comparable to the latter by a decade, as well as in the year 2024. Also, ASF has started the implementation of an extensive process of institutional digitization, funded from European funds, which will significantly improve the activity of all levels of action ” ASF also states.

ASF reaffirms its commitment for the exercise of professional, independent supervision and in accordance with European standards, meaning that has submitted amendments to the draft law on the restructuring of the institution, in order to strengthen the organizational optimization started since 2024. This approach aims to ensure the necessary exercise, responsibilities that will result from the development of the European regulatory framework in the field.

Nabab wages of ANRE, ASF and ANCOM will be reduced by 30%

A draft law put into public debate stipulates that very high salaries in state authorities, such as ASF, ANRE and ANCOM will be reduced by almost a third, although this will mean that instead of 75,000 lei, the head of ANRE will take “only” 50,000 lei.

The heads of the National Energy Regulatory Authority (ANRE), the Financial Supervisory Authority (ASF), the National Authority for Administration and Regulation in Communications (ANCOM) must present until September 30 new organizational charts and payroll grids, according to a draft law subject to public debate.