RESOLUTION OF ADMINISTRATIVE BOARD OF NATIONAL BANK OF THE REPUBLIC OF MOLDOVA

of December 21, 2000 No. 392

About approval of Regulations about procedure for disclosure by licensed banks of the Republic of Moldova for information on the financial activities

Based on the Art. 5, 11 and 44 Laws on National Bank of Moldova and the Art. 13, 30 and 35 Laws on financial institutions, and also for the purpose of establishment of the mechanism and procedure for disclosure by commercial banks of the Republic of Moldova for information on the financial activities Administrative council of National Bank of Moldova DECIDED:

1. Approve Regulations about procedure for disclosure by licensed banks of the Republic of Moldova for information on the financial activities it (is applied).

2. Control over the implementation of this decision to assign to Department of regulation and banking supervision (Mr. R. Mustyatse).

3. This decision becomes effective from the date of publication in Monitorul Oficial al Republicii Moldova.

Regulations about procedure for disclosure by licensed banks of the Republic of Moldova for information on the financial activities

I. Basis

1. These regulations are developed according to the powers of National Bank of Moldova provided by the Art. 5, 11 and 44 Laws on National Bank of Moldova and the Art. 25, 30 and 35 Laws on financial institutions.

II. Application

2. Provisions of these regulations extend to all banks licensed by National Bank of Moldova (further banks).

3. The purpose of these regulations is ensuring disclosure by licensed banks (further - banks) information on the financial activities stimulating market discipline and competitiveness and strengthening financial stability by increase in transparency of activities of bank and its risk exposure and also providing wide range of users with information on financial condition of bank.

4. In these regulations criteria and procedure for disclosure by bank of information on the financial activities and other information for the benefit of the public, including the minimum requirements to disclosure of information under the terms of issuance of credits, adoption of deposits and information under the terms of release and servicing cash cards are established.

III. Concepts

5. For the purpose of these regulations the following concepts are used:

Bank office - premises of division of bank (the central office, branch, representation and other additional offices).

Interest rate - the loan interest rate (deposit) expressed as the fixed or floating percent applied annually to remaining balance on the credit (deposit).

Average interest rate - the amount of interest rates for each credit (deposit) divided into the amount of granted loans (the accepted deposits) for quarter.

Bulletin board - board on which information for the public which is located at bank office on the place, visible to prospective clients, is hung out.

The physical person - the consumer - any physical person having intention to receive or receiving banking services for satisfaction of the certain needs which are not connected with business or professional activity.

IV. Quality characteristics of information, necessary for disclosure

6. The adequate information reflecting real condition of bank and giving the chance quickly to estimate financial condition of bank, the received results, operating activities and the related risks is provided to the public.

7. The main characteristics of information promoting transparency of banking activity are:

- completeness and variety - submission of the aggregated, consolidated information which can be estimated proceeding from types of operating activiies;

- importance and timeliness - timely and operational submission of the essential information necessary in decision making process;

- reliability - submission of the real, checked, neutral, complete information reflecting economic essence of events and the performed transactions;

- comparability - submission of information for determination of tendencies in dynamics of data;

- materiality - submission of information excluding the omission of essential data which can lead to change of assessment and the decision of the user.

V. REQUIREMENTS FOR AUTHENTICATION AND DISCLOSURE OF INFORMATION

8. The published information (data) make sure the signature of the head (and in case of creation based on accounting information - and the chief accountant) and seal of bank. Originals of this information, are stored in the bank location at the contractor.

9. At bank offices on boards copies of originals of information (data) are hung out.

10. According to the current legislation and these regulations the main responsibility for creation and publication of information is born by the head of bank. In case of publication by bank of the distorted information (data) which does not conform to requirements of National Bank of Moldova and the current legislation the bank publishes confutation with correction of information (data) according to requirements of National Bank of Moldova.

11. Information published according to these regulations is not exposed to audit and if the bank decides to subject this information to audit, also the audit opinion is published.

VI. Publication of information on financial activities

12. The published information (data) does not interfere with information published according to Art. 35 of the Law on financial institutions.

13. Quarterly the bank publishes information on the financial activities:

"-FIN 1 - balance, FIN 2 - the profit and loss statement (constituted according to the Instruction about the financial reporting FINREP at the individual level, applied to banks), constituted in dynamics - the current period and the end of the year previous reporting.

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