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ORDER OF THE GOVERNMENT OF THE REPUBLIC OF MOLDOVA

of November 13, 2014 No. 938

About ensuring macroeconomic stability in the context of regional environment

(as amended on 17-04-2018)

1. Based on Item f) parts (1) Articles 3, parts (2) Articles 3, Item c) Article 27 and part (1) article 35-1 of the Law No. 419-XVI of December 22, 2006 on public debt, the state guarantees and the state recrediting, with subsequent changes and amendments, based on the protocol No. 2 of November 7, 2014 of meeting of National committee on financial stability to accept the offer of National committee on financial stability on provision, in case of need, by National Bank of Moldova to licensed banks of the emergency credits to the amount to 9500 million lei for the purpose of ensuring stability of financial system and release of the state guarantee (guarantees) for guaranteeing the emergency credits issued by National Bank of Moldova.

2. Issue to the Ministry of Finance on behalf of the Government the above-stated state guarantee (guarantees) not later than 2 working days from the date of the publication of this Resolution which attracts legal consequences from the moment of organization with National Bank of Moldova of special bank management, according to article 37-4 of the Law No. 550-XIII of July 21, 1995 on financial institutions.

3. The state guarantee will be replaced with the government securities issued by the Ministry of Finance in time, established by the Ministry of Finance in coordination with National Bank of Moldova.

4. The government securities specified in Item 3, are issued in situations of system financial crisis or risk of its origin, for guaranteeing the emergency loans granted by National Bank of Moldova according to provisions of parts (3) and (4) article 351 of the Law on public debt, the state guarantees and the state recrediting No. 419-XVI of December 22, 2006, with subsequent changes and amendments.

5. Conditions of release of government securities are established by the Ministry of Finance in coordination with National Bank of Moldova.

6. The emergency credits issued by National Bank of Moldova and guaranteed by the Government of the Republic of Moldova will be used by special managing directors of banks for compensation if necessary:

(a) means of physical persons;

(b) the debt obligations on loans received from the Government for the purpose of recrediting;

(c) debt obligations on loans from international financial institutions;

(d) means of National medical insurance company and National cash desk of social insurance;

(e) means of divisions on implementation of investment projects from grants and external credits;

(f) special means and special funds of the public organizations financed from the government budget;

(g) means of budgets of territorial administrative units;

(h) means of diplomatic missions, consular establishments, other official representations of the foreign states accredited in the Republic of Moldova, the international organizations founded according to international treaties which use diplomatic or consular immunities and privileges, and representative offices of the international organizations accredited in the Republic of Moldova.

(i) public funds (municipal) companies and commercial societies in which the state owns at least 25% of the authorized capital;

(j) debt obligations of creditors of banks on compensation, pensions, the alimony, grants, social benefits in the limits set by the special managing director;

(j) means of commercial societies with private equity, sole proprietor companies, bailiffs, notaries, lawyers and managing directors of insolvency process;

(l) means of financial resident organizations.

7. To the Ministry of Finance together with National Bank of Moldova, the Ministry of Economics, the Ministry of Internal Affairs, Security service and information and the National center for fight against corruption to create the Special commission for the analysis of account balances of physical persons and legal entities with private equity, and also commercial societies in which the state owns no more than 25% of the authorized capital opened in banks, except for financial resident organizations which in total exceed the amount of 500 thousand lei for establishment in 2-month time from the date of when the state guarantee entails legal consequences, the list of physical persons, legal entities and sole proprietor companies which are affiliates of banks, according to determination of article 3 of the Law on financial institutions No. 550-XIII of July 21 1995, and also according to legislation provisions in the field of the prevention and anti-money laundering and terrorism financing. The special commission can involve any public organization (The State Tax Service, the Agency of the state services, etc.) in the activities.

In case of need, including in case of receipt of the additional information, the Commission shall enter changes or amendments in the list of affiliates and information on their compliance to provisions of the legislation on the prevention and anti-money laundering and terrorism financing even after two-month term.

8. The state guarantee does not cover means of physical persons and legal entities which were identified as affiliates of banks and/or inappropriate to the legislation in the field of the prevention and anti-money laundering and terrorism financing, according to Item 7 of this resolution, debt obligations of financial institutions – nonresidents and other debt obligations.

9. Means of physical persons which value in total exceeds 500 thousand lei for each depositor except for of means of affiliates of banks and/or inappropriate to the legislation in the field of the prevention and anti-money laundering and terrorism financing, established according to Item 7, can be returned by use of the emergency credits guaranteed by the Government of the Republic of Moldova according to Item 1 of this resolution, for up to 3 months from the moment of issue of the emergency credits.

Prime Minister

Iurie Leanca

Countersign:

Deputy Prime Minister, Minister of Economic Affairs

 

Andrian Kandu

Minister of Finance

Anatol Arapu

Minister of Justice

Oleg Efrim

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

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