Moldovan cabinet approves first drafts of normative acts on stabilizing financial, banking sector

Chisinau, 25 May /MOLDPRES/ - The government, at a today’s meeting, approved some normative drafts included in the package on approximation of the national legislation in the financial and banking sector to the EU directives, the government’s communication and media relations department has reported.

The draft law on the definitive character of discount in the systems of payment and discount of financial institutions establishes a single legal framework, which will regulate the system of payments and discount of financial instruments through the information system of inter-banking payments of the National Bank of Moldova (BNM). The draft is aimed at reducing the systemic risk related to the transactions from the payments’ system, will ensure the definitive character of the discount, protection of the money and transfer orders, will standardize and systematize the regulations applicable in the payments and discount systems.   

The second draft law regards the public institutions and legal entities, such as banks, investment companies, and will regulate the legal regime applicable to the contracts of financial guarantee, making available and execution of financial guarantees, right to use them, etc.  

The draft’s goal is to ensure the certainty and efficiency of the guarantee contracts in case of loans, reduce formalities in the delivery and acceptance of financial guarantees and to facilitate the execution of the guarantee, if the procedure of liquidation on the provider of the guarantee was started. The economic impact of this draft consists in facilitating the use by banks of money debts as guarantees within the operations of crediting the central bank. This will improve banks’ access to liquidity as a result of the volume of money debts in their portfolio, and hence, will favour the financing of business projects.  

(Editor L. Alcaza)