Moldovan parliament votes new powers for National Bank of Moldova

Chisinau, 26 December /MOLDPRES/ - The legislation on the redressing and resolution of banks will be adjusted to the European Union’s legislation and the National Bank of Moldova (BNM) will have new powers.  

The parliament has voted a draft law to this effect in the second reading. The document was elaborated by BNM, with the participation of World Bank’s experts and was consulted with the International Monetary Fund.   

The legislative initiative specifies the conditions of financing within the enforcement of the resolution instruments, at the expense of the resolution fund and of the fund for covering the bank deposits.  

Respectively, the authors proposed to complete the legislation on the redressing and resolution of banks with two distinct notions – ‘’debts which can be object of internal recapitalization’’ and ‘’eligible debts.’’  

Also, the document provides for a string of additional powers for the National Bank of Moldova, in its capacity of resolution authority. The institution will be able to prohibit the banks to distribute their own funds, in certain conditions. Thus, a new reference indicator will be introduced – maximal sum distributed. It will be calculated by BNM. Another power regards the imposing of the suspension of the obligations of payment or of delivery from any contract to which the bank is party, in certain specific conditions, at a stage precursory to the resolution actions.