The European Central Bank (ECB) approved the draft modification of the credit granting regulation devised by BNR and requested the institution led by Mugur Isarescu to enforce all the elements included in Recommendation CERS/2011/1 of the European Committee for Systemic Risk. In essence, the document sets in place very strict norms for extending bank loans. According to the European institution, the ECB appreciates the draft regulation meant to promote a responsible crediting activity by credit institutions, also with regard to foreign currency loans and to reinforce discipline in the market. In evaluating the draft regulation, the ECB also took into consideration the documentation for the consulting procedure which served to issuing the ECB opinion CON/2011/74. The ECB reiterates the mentions made in this opinion, reads the document issued by the ECB.According to the document, the draft regulation implements only some sections of Recommendation CERS/2011/1. The ECB considers that one should consider implementing all the elements of the Recommendation CERS/2011/1.The main modifications of the draft regulation are aimed at: improving the current mechanisms which make sure that the risks implied by foreign currency are understood, in view of aligning them with the Recommendation CERS/2011/1; adding requirements on granting foreign currency loans to non-financial entities. The draft regulation is scheduled to come into force on January 1, 2013 when BNR Regulation 24/2011 will be abrogated.