LAW OF THE REPUBLIC OF MOLDOVA

of December 12, 2002 No. 1530-XV

About indexation of money deposits of citizens in Savings bank

The parliament adopts this organic law.

Chapter I General provisions

Article 1. Subject of the law

This law provides obligations of the state to the citizens of the Republic of Moldova who had money deposits in Savings bank as of January 2, 1992 and establishes the basic principles of indexation, amount and payment procedure of the indexed amounts.

Article 2. Indexation

The deposits of citizens of the Republic of Moldova in Savings bank as operating, and renewed for July 29, 1994 proceeding from their remaining balance as of January 2, 1992 are indexed:

a) in the ratio 1 ruble: 1 leu the first thousand total rubles of remaining balance on all accounts of one physical person (investor);

b) in the ratio 2, ruble: 1 leu on the remaining balance exceeding the amount specified in Item and), for one physical person (investor).

Chapter II Payment of the indexed amounts

Article 3. Payment procedure

The indexed amounts specified in Article 2, are paid step by step since 2003.

Article 4. Financial resources for payment

(1) Payment of the indexed amounts is performed at the expense of means of the government budget.

(2) In the annual law on the budget the amount of the financial resources intended for payment of the indexed amounts for the corresponding year is established.

(3) For payment of the indexed amounts the Government can raise funds of special grants.

Article 5. Stages of indexation and payment

(1) Indexing of the amounts and payment of the indexed amounts are performed at the request of investors step by step, originally the first thousand rubles, and then - on the remaining balance exceeding the first thousand rubles depending on year of birth of the investor.

(2) Payment of the indexed amounts is performed less the amounts paid according to the Resolution of Parliament on indexation of deposits of the population in organizations of Savings bank of Moldova No. 201-XIII of July 29, 1994.

Article 6. Payment of the indexed amounts to heirs

In case of the death of the investor the unpaid remaining balance of the indexed amount is paid according to part provisions (1) Article 5 to his legitimate heirs.

Chapter III Transitional and final provisions

Article 7

To the government:

a) in a month to approve Regulations on indexation and payment procedure of the indexed amounts on money deposits of citizens in Savings bank;

b) annually, proceeding from the amounts provided in the government budget for indexation to specify categories of citizens which deposits are subject to indexation;

c) bring the regulations into accord with this law.

Article 8

To savings bank:

a) in a month from the date of approval of the Provision, stipulated in Item and) Articles 7, to specify data on the number of accounts and remaining balance of deposits on them as of January 2, 1992, for investors who shall receive the indexed amounts in 2003;

b) annually till December 1 according to Item b) Article 7 to specify the database of receivers of the indexed amounts the next year.

Article 9

Questions of indexation and payment of money deposits of citizens of the Republic of Moldova in organizations of Savings bank in settlements of left bank of Dniester will be considered after recovery of the financial and budget relations of these settlements with the government budget of the Republic of Moldova.

Article 9-1

Due to the revocation of license on implementation of financial activities and initiation of process of involuntary liquidation of Banca de Economii S.A bank.:

a) reception of applications for indexation and payment of the indexed amounts are performed through the state company "Posta Moldovei";

b) the expenses connected with reception of applications for indexation and payment of the indexed amounts, suffered by the state company "Posta Moldovei" are settled at the expense of the government budget.

Article 10

From the date of entry into force of this law the Resolution of Parliament on indexation of deposits of the population in organizations of Savings bank of Moldova No. 201-XIII of July 29, 1994 is declared invalid.

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