Moldovan government rules re-organize National Committee on Financial Stability to better manage system's risks

Chisinau, 18 July /MOLDPRES/ - The cabinet today approved a draft law on the creation of the National Committee on Financial Stability. The authority will be in charge of coordinating the macro-prudential policy, managing risks threatening the financial stability and the situations of financial crisis, the government’s communication and protocol department has reported.    

The powers of the new structure regard, inter alia, the presentation by the government and other competent authorities of proposals of policies and measures to protect deposits, capitalize and re-capitalize banks; approval of actions meant to re-establish the reliability of the financial system; approval of the policy and plan of communication in crisis situations.

Also, the Committee will guarantee the transparentization of the decision-making process and enhancement of the degree of responsibility of decision-takers for the management and minimization of risks at the level of system. All theses aimed at providing a sustainable contribution of the financial sector to the economic growth.  

The Committee will be made up of the Governor of the National Bank of Moldova, Finance Minister, Economics and Infrastructure Minister, the head of the National Financial Market Commission, the director of the Fund of Guaranteeing Deposits in the Banking System and in the enlarged format – other decision-makers from the central bank.    

The creation of the National Committee on Financial Stability is provided for in the law on improvement and resolution of banks and is contained in the national action plan for the implementation of the Moldova-EU Association Agreement for 2017-2019.