Document from CIS Legislation database © 2003-2022 SojuzPravoInform LLC

The document ceased to be valid since  June 30, 2020 according to Item 2 the Resolution of National Bank of the Republic of Moldova of December 19, 2019 No. 343

Approved by Administrative board of National Bank of Moldova of November 15, 1996 No. 51

Regulations about the mechanism of guaranteeing the credits issued by National Bank of Moldova to banks

(as amended on 27-11-2009)

I. GENERAL PROVISIONS

1.1. This Provision is developed according to the Law on National Bank of Moldova N548-XIII of July 21, 1995 and the current legislation for the purpose of regulation of the procedure of pledge for ensuring return of the credits issued by National Bank of Moldova to banks.

1.2. For receipt of the credits from National Bank of Moldova (in further NBM), the bank shall provide NBM acceptable pledge in sufficient amount for covering of total amount of the obtained credits from NBM, percent and other receivable payments. In this Provision the term "pledge" belongs only to pledge. Pledge the accepted NBM stipulated in the Section II of this provision is considered acceptable.

The cost of pledge is determined according to the evaluation methods established by NBM for each type of pledge separately, provided in the Section III of this provision.

The cost of pledged property is determined according to the evaluation methods established by NBM for each type of pledged property separately.

1.3. The property pledged by bank for ensuring return of the obtained credits, the estimated NBM, shall be at the disposal of NBM and/or to be available to NBM for the entire period of use of the credits obtained from NBM before complete repayment by bank of accounts payable, percent and other receivable payments.

At the time of receipt of the credit each bank will support acceptable pledge in the sufficient amounts determined in the amount of, item 1.2 specified in the Section I. this provision.

1.4. In case of sale of pledged property the bank will grant to NBM the right to be effective on its own behalf.

1.5. For the purpose of receipt of the credits, the bank signs with NBM the General agreement on pledge pledge which affects the unrestricted term and the Agreement on registration of pledge pledge which is signed every time when the bank obtains the credit from NBM.

1.6. The bank submits NBM all documents, specimen signatures and powers necessary for establishment of pledge on property, and, if necessary, on the income of pledged property, and also for ensuring control of pledged property.

1.7. It is excluded 

1.8. Partial repayment of the credits and the corresponding percent does not attract the partial termination of pledge if the parties do not provide other.

1.9. In repayment day or the latest in the first working day after complete loan repayment, percent and other receivable payments of NBM stops encumbrance of pledged property.

1.10. If during use of the credit issued by National Bank there comes term for rights to claim which are subject of the pledge established for benefit of NBM, NBM can take the following actions:

1.10.1 Demand replacement of pledged property with other property acceptable for NBM, and the bank shall replace it in unconditional procedure, except for case when the bank has no such pledge, in this case the National Bank has the right to require early obligation fulfillment, guaranteed by pledge, or;

1.10.2. Use the income from pledged property for repayment of the credits, percent and other receivable payments if the agreement does not provide other.

1.11. Prolongation of effective period of the credits provided with pledge requires prolongation of the duration of the agreement about registration of pledge with observance of all conditions provided by this Provision in case of receipt of the credits from NBM.

II. PLEDGE SUBJECT

2.1. NBM can grant the loans to banks on periodically established conditions and guaranteed:

a) the government securities issued publicly and which are in portfolios of banks, materialized and/or dematerializovanny, with repayment period no more than one year from the date of their acquisition of NBM or their transfer as pledge for benefit of NBM;

b) the securities issued by NBM and which are in portfolios of banks;

c) simple or the bills of exchange issued and exposed for the fair commercial, industrial or agricultural purposes, having two or more endorsements from which at least one belongs to one of banks, with payment due date no more than 9 months from the date of their acquisition of NBM or their transfer as pledge for benefit of NBM.

NBM will accept as a deposit only promissory notes issued on the basis of the credits classified according to regulations NBM as standard.

Documents on the standard credits which stand at the heart of promissory notes shall be represented by banks before day of receipt of the credit by them to allow NBM to consider them and to accept promissory notes as pledge.

The bank exercises supervision of the standard credits which stand at the heart of the promissory notes pledged by NBM and reports in writing NBM at least once a month about compliance of these credits to group of the standard credits.

If the standard credits which are in basis of simple eyelids of the mudflows pledged by NBM during use of the credit obtained from NBM will be for some reason classified in lower category, bank unconditionally, in time no later than 2 days, will replace the corresponding bills of exchange with other subject of pledge acceptable for NBM.

d) the title documents issued based on inventory items, completely insured against risk and losses in the amount established by NBM;

e) deposits and other accounts in NBM or in other financial institution, accepted by NBM, the representing any assets which the National Bank can purchase, sell or negotiate.

III. PROCEDURE FOR COST DETERMINATION OF ZALO-ZHENNOGO OF PROPERTY

3.1. It is excluded

3.2. Chooses from all types of property, available bank, NBM, at the reasonable discretion, property which can be pledged.

3.3. NBM estimates pledged property according to own procedures, considering market price of pledged property (if such price exists), neighboring risks and other factors, applying the protective margins or coefficients of assessment which are subject to publication on the official web page of National Bank.

3.4. It is excluded 

3.5. NBM estimates periodically pledged property, and in case of its insufficiency for providing obligations additional pledge requires.

3.6. On demand NBM bank shall provide any information on pledged property.

IV. PLEDGE ESTABLISHMENT

4.1. Bank the person interested to obtain the credit from NBM in accordance with the terms of this provision shall submit all documents necessary for registration of NBM of the rights to the pledged property specified in the Section II, including, as necessary, the income of pledged property.

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