{"ok":true,"entity":{"id":"bank-system:romania","kind":"BANK","name":"Romanian banking system","asOf":"2022-12-31"},"binding":{"entityId":"bank-system:romania","breached":[],"primitive":"LIQUIDITY","horizonDays":75.1,"bindsOn":"2026-12-27","consequence":"High-quality liquid assets are exhausted inside the supervisory stress scenario: the system must draw on central bank facilities or sell assets into the shock.","evidence":"STRUCTURAL","unmeasured":[],"noHorizon":["DEPENDENCIES"],"notBinding":["REFINANCING"]},"claim":{"entityId":"bank-system:romania","statement":"Romanian banking system exhausts its liquid resources on or before 2026-12-27 (75.1 days) unless new resources arrive. Consequence: High-quality liquid assets are exhausted inside the supervisory stress scenario: the system must draw on central bank facilities or sell assets into the shock.","settlesOn":"2026-12-27","settlementSource":"ecb:CBD2","refutedIf":"the buffer behind LIQUIDITY is observed at or above its 2022-12-31 level on 2026-12-27, measured from ecb:CBD2","evidence":"STRUCTURAL"},"primitives":[{"primitive":"LIQUIDITY","bufferDays":75.1,"notBinding":false,"measured":true,"hasHorizon":true,"drainMultiplier":1,"horizonDays":75.1,"evidence":"STRUCTURAL","consequence":"High-quality liquid assets are exhausted inside the supervisory stress scenario: the system must draw on central bank facilities or sell assets into the shock.","inputs":[{"name":"liquidityCoverageRatio","value":250.39604543314618,"unit":"pct","source":"ecb:CBD2/I3017","asOf":"2026-03-31","evidence":"STRUCTURAL"}]},{"primitive":"REFINANCING","bufferDays":null,"notBinding":true,"measured":true,"hasHorizon":true,"drainMultiplier":1,"horizonDays":null,"evidence":"STRUCTURAL","consequence":"Deposit-funded at 69.4% loans to deposits: the system has no wholesale market to be shut out of, so there is no refinancing date to count down to.","inputs":[{"name":"loanToDeposit","value":69.40464814634848,"unit":"pct","source":"ecb:CBD2/I3006","asOf":"2026-03-31","evidence":"STRUCTURAL"}]},{"primitive":"DEPENDENCIES","bufferDays":null,"notBinding":false,"measured":true,"hasHorizon":false,"drainMultiplier":1,"horizonDays":null,"evidence":"IDENTIFIED","consequence":"Foreign interbank funding of these banks is as concentrated as 3.9 equal counterparties, though 15 are reported. The largest, IT, holds 34.9% (1,391 mn USD); the three largest hold 85.8% between them. This is the side of the book that can be withdrawn rather than the side that can be called in, which is why it, and not the lending, sets the liquidity dependency.","inputs":[{"name":"crossBorderFundingUsdMillions","value":3989.1089999999995,"unit":"USD mn","source":"bis:WS_CBS_PUB/Q.S..4R.U.C.A.A.TO1.B.RO","asOf":"2022-12-31","evidence":"IDENTIFIED"},{"name":"effectiveForeignFunders","value":3.85,"unit":"count","source":"bis:WS_CBS_PUB/Q.S..4R.U.C.A.A.TO1.B.RO","asOf":"2022-12-31","evidence":"IDENTIFIED"},{"name":"largestFunderShare","value":34.8733,"unit":"pct","source":"bis:WS_CBS_PUB/Q.S..4R.U.C.A.A.TO1.B.RO","asOf":"2022-12-31","evidence":"IDENTIFIED"}]},{"primitive":"RESPONSE","bufferDays":8410.5,"notBinding":false,"measured":true,"hasHorizon":true,"drainMultiplier":1,"horizonDays":8410.5,"evidence":"STRUCTURAL","consequence":"CET1 reaches the 4.5% regulatory floor: distributions stop well before this point and the supervisor takes the decisions.","inputs":[{"name":"cet1Ratio","value":19.237218302443306,"unit":"pct","source":"ecb:CBD2/I4008","asOf":"2026-03-31","evidence":"STRUCTURAL"},{"name":"yearOverYearChange","value":-0.64000456533158,"unit":"pp_per_year","source":"ecb:CBD2/I4008 2025-Q1→2026-Q1","asOf":"2026-03-31","evidence":"STRUCTURAL"}]}],"dependencies":[{"nodeId":"GLOBAL.CAPITAL_SUPPLY","affects":"LIQUIDITY","drainPerSigma":0.25954,"direction":"negative_hurts","evidence":"STRUCTURAL","source":"cross-border interbank funding equivalent to 3.9 equal funders (15 reported, largest 34.9%) — bis:WS_CBS_PUB/Q.S..4R.U.C.A.A.TO1.B.RO"},{"nodeId":"GLOBAL.TERM_PREMIUM","affects":"RESPONSE","drainPerSigma":0.2764698290956431,"direction":"positive_hurts","evidence":"STRUCTURAL","source":"government paper 27.6% of assets (ecb:CBD2/I3170/S13)"},{"nodeId":"GLOBAL.RISK_APPETITE","affects":"RESPONSE","drainPerSigma":0.058504908602776996,"direction":"negative_hurts","evidence":"ESTIMATED","source":"NPL stock 2.93% of loans (ecb:CBD2/I3632)"}],"banking":{"tier":"ECB_CBD2","stressDaysCovered":75.1,"sovereignExposurePctOfAssets":27.64698290956431,"nplPct":2.9252454301388497},"fetchFailures":["ecb:CBD2/Q.MT.W0.67.S13._Z.A.F.I3170._Z._Z._Z._Z._Z._Z.PC TimeoutError: The operation was aborted due to timeout"],"note":"Horizons are buffer ÷ drain at the dates shown on each input. They say when a buffer runs out on the current trend, not that distress will occur: new financing or policy action resets them. Primitives reported as unmeasured are absent from the published statistics, not assumed to be comfortable — and a primitive under `noHorizon` is the other case entirely: it was measured, and the measurement is not a duration. Concentration is the standing example, since there is no rate at which a Herfindahl drains."}