Special administration term of three banks extended by three months

Chisinau, 26 August /MOLDPRES/- Special administration and moratorium period for Banca de Economii (Savings Bank), Banca Sociala (Social Bank) and Unibank was extended by 3 months, according to a decision adopted today by the executive committee of the National Bank of Moldova (BNM). This is the maximum term seen in the law on financial institutions for special administration.

The management tasks of one of the largest bank from Moldova- Savings Bank have been taken over by a special manager, named by the central bank by late November 2014. The central bank set up special administration at the Social Bank and Unibank, as there were suspect transaction of billion lei between the three financial institutions.

Subsequently, in order to avoid a crisis situation at the three banks, BNM gave two credits amounting to 9.5 billion and 5.6 billion lei. In case these means are not refunded by the banks, they will be transformed in state debt. 

BNM also says that "action plan elaborated by the National Committee of Financial Stability on liquidation of banks will be implemented in mid-October, as scheduled". Earlier, it was announced that a decision on liquidation of the three banks will be adopted before 16 October. Starting from 1 September, social payments resumed by Banca de Economii and Social Bank will be transferred to the Moldovan Post Office.

(Reporter V. Bercu, editor M. Jantovan)