NBM Deputy Governor about banking system transparency

Government has approved amendments and additions to the current legal framework to increase the transparency of the shareholders in the banking sector. The NBM Deputy Governor Cristina Harea was in the Government meeting. 

"This draft law was prepared with local experts and in consultation with international experts. The project comes to streamline the transparency framework for shareholders in the banking system.

The project aims few main things: the introduction of clear steps and particularly, final process of cancellation, reissue and sale of shares of banks in breach of banking legislation on ownership. The project involves the use of different market mechanisms to increase the chances of selling these shares.

Thus, the sale of the shares by the shareholders themselves, which violated the legislation, comes first, after which comes the cancellation, re-issuance and single-sale phase.

If both of these steps are unsuccessful, then the retail stage is being carried out and a clear cut of the price is also envisaged. Different methods have been attempted to sell these shares to ensure that quality investments are invested in the system.

The importance of this law is great. This law is meant to bring clarity and finality to the term in which Moldovan banks will complete this process of shareholder transparency.

They will be able to restore full corporate governance and will be able to do even more by returning to lending activities, customer service activities. This project has been developed and consulted with the International Monetary Fund specialists, "said Cristina Harea, deputy governor of the NBM.

The Government has also endorsed a legislative initiative to amend and supplement certain legislative acts in order to clarify the provisions of the legal norm applicable to the ongoing processes at the time of adoption of the law on how to determine the term and the selling price of the bank's shares .

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