Moldovan top court turns down Communists' notification on appealing National Bank's measures in court

Chisinau, 6 November /MOLDPRES/ - The Constitutional Court (CCM) today turned down a notification by a group of MPs from the faction of the Party of Communists (PCRM) on the control of constitutionality of an article from the law on financial institutions, which provides for the maintenance of the effects produced by the acts of the National Bank of Moldova (BNM) in case of an action at law.     

The PCRM’s notification refers to appealing in court measures and sanctions applied by the National Bank, particularly in cases of banks’ liquidation. “Thus, even if BNM’s actions as to the withdrawal of the licence are ascertained as illegal, the harmed person will not be reinstated and only the material damage will be recovered. Therefore, the decision under which the lawlessness of BNM’s actions is found out will be deprived of any legal effects,” the authors of the notification said.    

The Court ruled that, according to the law on financial institutions, the measures and sanctions applied by the National Bank can be appealed in the competent court. At the same time, in case these actions are recognized by the court as illegal, BNM will remedy the material damage; yet, all effects produced on the basis of the cancelled act, including the withdrawal of the licence, remain in force. According to the article appealed at CCM, “the action at law does not influence the process of liquidation and cannot suspend the fulfillment of the acts imposed by BNM.”  

CCM also said that, on 1 October 2013, “the Court issued its ruling on similar criticism,” which maintains its validity in the present case too. As a result, CCM rejected the notification and did not consider on the merits the provisions on appealing BNM’s measures in court.   

The Constitutional Court declared as inadmissible the notification in the part dealing with the control of constitutionality of the provisions of the Law on financial institutions, which see that the action at law does not influence the process of liquidation and cannot suspend the fulfillment of the acts imposed by BNM.   

At the same time, the magistrates turned down the Communists’ application on postponing the notification’s examination, until their initiative on a simple motion against the CCM judges is exhausted.

(Reporter V. Bercu, editor L. Alcaza)