ASF President Misu Negritoiu: At this moment, it would be impossible to resign

Financial Supervisory Authority (ASF) President Misu Negritoiu stated on Tuesday that at this moment it would be impossible for him to resign, bearing in mind that a Parliamentary procedure to have him dismissed has started.

Misu Negritoiu listed a series of accomplishments he allegedly has had at the helm of the Financial Supervisory Authority and said he would stick to his decision not to resign. “I said I won’t resign and now I believe it would also be impossible for me to resign, given the existence of a Parliamentary procedure. I am waiting for this procedure to produce its effect. In fact, I don’t believe it makes any difference anymore,” Misu Negritoiu said, according to

The ASF President also stated he fully assumes the commitment he had, understands that his term is coming to an end and is leaving ASF “with the fulfilment of having done what I promised to do before the parliamentary commissions and what I had to do.”

“I fully assume the commitment I had, to set both the institution and non-banking financial markets in line with European norms. I fulfilled this commitment and I consider myself lucky for the two and a half years of activity spent at the ASF. An enriched experience. I met courageous, determined people. I enjoyed support. I took over a gridlocked institution, I answered a political invitation to bring it out of a state of impasse and I carried through the institutional construction. (…) In two years’ time, I contributed to the adoption of ten fundamental laws that completely changed the legal framework of both the insurance and capital markets. Today, the challenge resides in executing, implementing these laws and market regulations. A market from which the majority should benefit, not a market that a minority would discretionarily use. It is probably too much for a single person to resist in this position with these challenges for longer than two and a half years and I understand that my term is coming to an end, but I leave with the fulfilment of having done what I promised to do before the parliamentary commissions and what I had to do. There are effects that will be seen in the medium and long run, but I laid the groundwork for a healthy market and in doing so I collaborated with international financial institutions, with European authorities and I sought integration with the European market. If this approach was mistaken then, obviously, I will be judged for what I did,” Negritoiu said, Agerpres informs.

The ASF President claimed the institution he leads managed to save over 100 million Lei. Moreover, he took responsibility for the “shock therapy” that the decisions adopted in recent years generated in the market.

“In two and a half years I continued cutting back the contributions to the institution’s budget and I saved over 100 million Lei. I expected – and I publicly said so – to reach these two moments. These two moments are two fundamental reports for institutional transformation and the transformation of markets. These are the reports that my lawmaker colleagues should have analysed. In two and a half years I did what they probably should have done in the last ten years, since joining the European Union. Similarly, I take responsibility for the shock therapy I generated in the market. I lifted the veil from financial-banking markets; the establishment of the ASF was determined precisely by the dysfunctionalities existing on the insurance market and the capital market. Today we reached negative capital in the insurance market, from over 2.5 billion three years ago to a financial balance that lays the groundwork for consumer protection. The payment of insurance claims has to be an automatic process that comes naturally, but couldn’t be done until we set the market on solid financial grounds,” Misu Negritoiu emphasised.

The ASF President’s statements came after four Senate and Lower Chamber commissions, convening in a joint meeting on Monday, almost unanimously voted to revoke him from office, and PSD lawmaker Mihai Tudose, Chairman of the Lower Chamber’s Economy Commission, announced the actual start of the dismissal procedure.


“He lost his ‘good reputation.’ He was bowing before us, now he holds us in contempt”


The members of the joint commissions were fuming because ASF President Misu Negritoiu did not attend the hearings on Monday and agreed that, given the dissatisfactions that resulted in street protests, Negritoiu lost his ‘good reputation,’ a condition he had had to meet to be appointed in office.

“Have you ever seen such contempt? Mr. Misu Negritoiu was appointed by us. I remember how he was approaching each of us, shaking hands, bowing in front of us. We appointed him trusting that Romanian voters, Romanian consumers would be represented at the highest level by a professional. It’s total, revolting contempt,” PSD-affiliated Senator Ioan Agrigoroaie said at the start of the debates.

Misu Negritoiu’s managerial failure was invoked by PNL Lower Chamber MP Daniel Zamfir, the latter supporting inside PNL the dismissal of the former and PNL’s need to assume this overture.

“With a single point on the order of the day, the revocation of Mr. Misu Negritoiu, I believe we shouldn’t waste too much time. (…) A month ago the commission pointed out some aspects to him, he took the commitment to come up with answers, I understand he hasn’t. Both we and the members of PSD have asked for his resignation, he hasn’t resigned. He will categorically not resign. Only for us to now remain stuck, in the idea that we would have to pay some severance salaries because that is how that contract was made and Mr. Negritoiu will categorically speculate this and will not resign; I believe we should get over this aspect. The way those contracts were made will be verified (…), but we are doing a mistake by delaying the dismissal of this man. I believe he must leave because of what he has done so far, his poor management (…), utmost managerial failure. If he doesn’t want to leave on his own, we’ll dismiss him,” Daniel Zamfir said.

Lower Chamber MP Virgil Guran was another Liberal who censured Negritoiu’s absence.

“It’s contempt and we are mostly to blame because we consented, throughout the years, to being the Government’s appendage. Some ministers took the liberty to believe that in fact Parliament cannot summon, hear, and they did not show up on many occasions. (…) All of this is taking place because some believe they are a state within a state, that they are not subordinated to Parliament,” Virgil Guran said.

He claimed that the future Parliament should set up a commission of inquiry.

“We no longer have the time for this now, but I believe the future Parliament should set up a parliamentary oversight commission because I am convinced there are many secrets, we would discover many things at the ASF, starting from the way it is organised, the salary grid, the way the money is spent,” Guran added. “In other countries, when the head of an agency is summoned for hearings he is scared when he enters the room and he respects Parliament because Parliament passes legislation, votes on appointments and exercises oversight,” the Liberal added.

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