Moldovan parliament supports adjustment of banking sector legislation to EU standards

Chisinau, 30 June /MOLDPRES/ - The parliament backs the amendment of the national legislation in the banking sector and its adjustment to EU acquis. Parliament Speaker Andrian Candu made statements to this effect at the launch of a twinning project "Strengthening National Bank of Moldova (BNM) capacity in the field of banking regulation and supervision in the context of EU requirements" today, the parliament’s communication and public relations department has reported.

Candu said that the challenger of the banking sector, Moldova was dealing with, could be overcome easier, if Moldova had a better legislation in the concerned area and BNM capacities have been more strengthened.

”The banking sector crisis is due to flaws in legislation, as well as to less enhanced capacities of the National Bank as to banking supervision and regulation. Structural changes do not deal only with changing a document or a single action and cannot be made overnight; for this reason, by the contribution of our development partners, we hope to have a set of proposals on legislation amendment soon,” Candu said.

At the same time, the speaker emphasised the parliament’s commitment to amend the legislation in the banking sector and adjust the legal framework to EU documents and present European standards. ”The parliament shows interest in approximating the Moldovan legislation to the European one as to the banking system and BNM capacity-building. Just this week, the parliament’s agenda includes drafts on important amendments to legislation, respectively, the first elements to strengthen the National Bank, including by creation of a Supervision Council,” Candu said.

The concerned project is the first of this kind implemented within BNM, aiming at enhancing the bank’s capacities in the field of banking regulation and supervision in the context of EU provisions. The project will enforced during two years, with the financial support of the European Union (1.2 million euros) and technical assistance of 44 experts of the Romanian National Bank and Dutch Central Bank. The project’s goal is to improve prudent ial regulations of banks in order to strengthen a solid and competitive banking sector. Under the commitments taken by Moldova within the Association Agreement with EU, the Moldovan legislation is to be adjusted to the EU documents and present international standards till 2017.

(Editor M. Jantovan)