Pension funds in Romania not affected by international financial turmoil
North-American financial giant AIG has recently filed for aid from the US Central Bank, for a 75 billion dollars loan and the Dutch insurer Aegon announced on Tuesday it has an exposure of 265 million euros as a result of Lehman Brothers bankruptcy.
Standard & Poors and Moodys down rated AIG, which makes less likely that FED would grant the loan asked for by the largest world insurer, now on the brink of bankruptcy.
If it is not doing so, the investors can ask for damages. The depository bank is fully responsible in solidarity with the fund administrator in case of a financial crash.
As well, according to the legislation in force, no operation with fund assets can be carried out without the depository accord, institution which is held accountable with the administrator by the participants in the fund and which is supervised and controlled by BNR. Other safety elements of the private pension system in Romania include financial auditing, transparency and reporting obligations, actuarial report, technical provisions, steady supervision and control activity conducted by CSSPP.