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LAW OF THE REPUBLIC OF MOLDOVA

of December 26, 2003 No. 575-XV

About guaranteeing deposits in bank system

(as amended on 28-02-2020)

The parliament adopts this organic law.

Chapter I General provisions

Art. 1. - The purpose of this law is guaranteeing deposits in banks.

Art. 2. - (1) on the date of entry into force of this law the Fund of guaranteeing deposits in bank system (further - Fund is established).

(2) the Fund is established as the legal entity of the public law.

(3) the Location of Fund is the municipium of Chisinau.

(4) Banks are allowed to forming of fund and shall participate in it.

(5) the Main objectives of Fund are protection of depositors and assistance of financial stability of the country due to timely payment of the guaranteed deposits and accumulating of necessary means for the bank resolution.

Art. 3. - In this law the following basic concepts are used in value:

bank - the bank, affiliated enterprise and bank department of other state having the license of National Bank of Moldova for implementation of the activities permited banks;

preferential terms - conditions under which the depositor acquires from bank the right to the interest rates or other pecuniary benefits exceeding the level applied by this bank on deposits of the same type, the same category with the same term and in the same currency;

date of approach of unavailability of the deposit - acceptance date National Bank of Moldova decisions on use of tools of the resolution or revocation of license and initiation of process of involuntary liquidation of bank;

the deposit - any credit balance relating to the funds which are on accounts of physical persons or legal entities, or resulted from the transit situations created by banking activities which shall be returned by bank according to applicable legal and contractual conditions, and also any debt of physical person or legal entity which is drawn up in the form of debt obligation of the relevant bank. The credit balance serving as guarantee on the operating transactions performed on behalf of the depositor by the relevant bank is not considered the deposit;

the unavailable deposit - the deposit which cannot be returned by bank to which tools of the resolution are used or is initiated process of involuntary liquidation;

the joint deposit - the deposit created by two or more physical persons and/or legal entity or the deposit which two or more persons have the right to operate on receipt one or more persons who created the deposit;

governing body of bank - governing body in sense of article 3 of the Law on activities of banks No. 202/2017;

guaranteeing limit - the guaranteed absolute value of deposits of one depositor in one bank.

Chapter II the Guaranteed deposits

Art. 4. - The fund guarantees the deposits in national and foreign currency which are in ownership:

a) physical persons - residents and nonresidents;

b) legal entities of private law.

Art. 5. - The following deposits are not guaranteed:

a) deposits of members of governing bodies of bank;

b) deposits of persons owning directly or indirectly including as the vygodopriobretayushchy owner or the owner owing to the approved activities, essential ownerships in the authorized capital of bank (certain article 3 of the Law as such about activities of banks No. 202/2017);

c) deposits of former owners of ownerships in the authorized capital of bank which shares were cancelled according to part provisions (3) article 156 of the Law on financial institutions No. 550/1995 or article 52 of the Law on activities of banks No. 202/2017;

d) deposits of legal entities over which control is exercised by persons specified in Items a), b) and c) this Article;

e) the deposits placed by other banks, including the companies from other countries performing comparable with bank activities on the name and at own expense;

f) deposits of spouses and relatives of the first and second degree of relationship of persons specified in Items a), b) and c) this Article;

g) deposits of the third physical persons acting on behalf of persons specified in Items a), b) and c) this Article;

h) the deposits placed by non-bank credit institutions, including leasing companies and the organizations of mortgage lending;

i) the deposits placed by savings and loan associations and the central associations;

j) the deposits placed by insurance companies;

k) the deposits placed by investment firms;

l) the deposits declared by the judgment illegal. The fund stops payment of deposits to persons concerning which the suit for establishment of legality of deposits in which decision did not come into final force is brought;

m) deposits which holder was not identified for date of approach of unavailability of deposits;

n) debt obligations to bearer;

o) all tools relating to concept of own means of bank.

Chapter III Level of guaranteeing deposits

Art. 6. - (1) In case deposits of bank become unavailable, the Fund according to Article 19 guarantees their repayment to each depositor irrespective of the number, the size or currency of deposits according to guaranteeing limit in the amount of 50000 Moldovan lei.

(2) Foreign currency deposits are guaranteed by payment of their equivalent in Moldovan lei expected on the official rate of Moldovan leu established by National Bank of Moldova in relation to the corresponding currency date of establishment of unavailability of deposits.

(3) the guaranteeing Limit provided in part (1), it can be changed by the decision of Administrative board of Fund for the purpose of its reduction in compliance with the size of the available financial resources of Fund. The guaranteeing limit set according to this part becomes effective after three months from the date of publication in the Official monitor of the Republic of Moldova of the decision of Administrative board of Fund on change of limit of guaranteeing.

Art. 7. - (1) the Total amount of obligations of bank to one depositor is estimated by summing of all its deposits, including receivable and unpaid interests, for date of establishment of situation when deposits cannot be paid by bank.

(2) V sluchaye, kogda bank owns debt obligation of the depositor, the total amount of obligations of bank to this depositor decreases by the amount of unsettled and unpaid debt of the depositor to this bank.

(3) in case of the joint deposit the part of each owner of the deposit stipulated in the agreement is considered when calculating total amount of obligations of bank according to the guaranteeing limit provided in Article 6. In case of absence in the deposit agreement of such provision the joint deposit is divided into parts, equal for each owner.

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