Confidential regime applied by National Bank of Moldova regarded as equivalent to those applied in EU countries

Chisinau, 9 November /MOLDPRES/ - The European Banking Authority (EBA) has included the National Bank of Moldova (BNM) in the list of authorities of supervision from the non-EU countries, the confidentiality regime of which can be considered as equivalent to those applied in the European Union countries. The decision was taken after both institutions in last June had agreed that Moldova would participate in an exercise of assessing the confidentiality regime, in order to facilitate the cross-border cooperation.   

The positive evaluation by EBA will facilitate the exchange of information between BNM and the EU supervision authorities and will open possibilities to the Moldovan Central Bank’s participation in colleges of supervisors which monitor the banking groups from the European Union. Five of them (Banca Transilvania from Romania, Societe Generale of France, Intesa Sanpaolo from Italy, Procredit of Germany and Erste Group of Austria) operate in Moldova. Additionally, the National Bank will be able to start the process of joining the Cooperation Agreement between EBA and the supervisory authorities of the Central and South Eastern Europe (The Vienna Initiative).      

„EBA’s positive evaluation is an additional stage in strengthening Moldova’s cooperation with the European Union and the countries of the region, as well as the recognition of the effort of strengthening the legislative and regulatory framework in the banking sector of Moldova,” BNM Governor Sergiu Cioclea said.

Governor Sergiu Cioclea and Deputy Governor Cristina Harea discussed prospects of cooperation with the EBA management represented by EBA President Andrea Enria and Head of Banking Markets, Innovations and Products Slavka Eley. At a meeting held at the headquarters of the organization in London, the BNM officials presented the progress in the implementation of the EU Directives in the financial and banking sector and carrying out the reforms promoted by the national authorities.     

EBA is an independent authority of the European Union, set up in 2011, in order to ensure an efficient and consistent framework for the regulation and prudential supervision in the entire banking sector of EU. EBA is part of the European System of Financial Supervision and its main goals are to maintain the financial stability in EU and ensure the integrity, efficiency and good work of the banking sector.   

(Reporter V. Bercu, editor A. Raileanu)