Moldovan parliament makes amendments to law on redressing, resolution of banks

Chisinau, 4 October /MOLDPRES/ - The National Bank of Moldova (BNM) will be able to extend, exceptionally, the period of appointing a temporary manager whenever necessary. The provisions are contained in a draft on amendment of the law on redressing and resolution of banks, adopted with the votes of 52 lawmakers in the final reading today.

Under the draft, BNM, in its capacity of competent authority, is in charge of determining to what extent the conditions for keeping a temporary manager and for justifying such a decision before shareholders are fulfilled.  

Thus, after the amendment of the legislation, the period of appointing a temporary manager will not exceed one year. At present, this period can be renewed exceptionally, if the conditions concerning the appointment of the temporary manager continue to be fulfilled. The legislation in force does not see how many times the period of appointing a temporary manager can be extended.  

(Reporter A. Zara, editor L. Alcaza)