Moldovan finance ministry to issue state securities against guarantees for credits given to three robbed banks
11:31 | 31.03.2016 Category: Economic
Chisinau, 31 March /MOLDPRES/- The Finance Ministry will issue state securities (VMS) for periods up to 25 years, with a 5 per cent- interest rate, against the guarantees offered by state for the credits given by the National Bank of Moldova (BNM) to the three robbed banks, which are under liquidation.
The text of guarantees expressly stipulates replacing the latter by VMS issued by the Finance Ministry. The issuance will be made only after the Moldovan parliament approves a law to this effect, according to an informative communiqué by the ministry.
On 9 March 2016, the National Bank of Moldova signed a memorandum of understanding with the Finance Ministry, comprising conditions agreed between institutions for fulfilling the guarantees issued under the government decisions from November 2014 and March 2015. Under the document, “the Finance Ministry did not take new commitments; it just specifies mechanisms of implementing the commitments assumed by the previous governments”.
The government offered guarantees to BNM for providing emergency credits amounting to 9.5 billion lei in November 2014 and respectively, 5.34 billion in March 2015, with a 0.5 per cent-interest rate, respectively to the Banca de Economii (Savings Bank), Banca Sociala (Social Bank) and Unibank.
The independent auditor Deloitte, after carrying out the audit of BNM, ascertained that “according to the conditions of the memorandum of understanding between the Bank and Finance Ministry, signed on 9 March 2016, the state securities will be issued starting from 1 April 2016. On 31 December 2015, the balance of these mature credits amounts to 13 billion 689.2 million lei”.
(Reporter V. Bercu, editor M. Jantovan)
