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16.11.2012

Regulation no 33/09-01 on credit extension to banks employees, approved by the CA of the NBM, Minutes no. 43, September 18, 1996

Note: The translation is unofficial, for information purpose only

 

Published in the Official Monitor of the Republic of Moldova, 64 of October 3, 1996, art.81

Approved
by the Council of Administration of the
National Bank of Moldova,
Minutes no. 43, September 18, 1996

 

REGULATION NO. 33/09-01
ON CREDIT EXTENSION TO BANKS’ EMPLOYEES

Amended by:

DCA of the NBM, no. 44”a”/09-01 of 23.12.96, Official Monitor of the Republic of Moldova no.3 of 09.01.1997
DCA of the NBM, no. 6 of 10.01.02, Official Monitor of the Republic of Moldova no.11-12 of 17.01.2002
DCA of the NBM, no. 360 of 28.12.06, Official Monitor of the Republic of Moldova no.203-206 of 31.12.2006
DCA of the NBM, no. 194 of 09.10.08, Official Monitor of the Republic of Moldova no.204-205 of 14.11.2008

DCA of the NBM, no. 196 of 23.08.12, Official Monitor of the Republic of Moldova no.237-241 of 16.11.2012
DCA of the NBM, no. 131 of 21.05.15, Official Monitor of the Republic of Moldova no.166-176 of 03.07.2015

I. Authority

This regulation is elaborated pursuant the authority vested in the National Bank of Moldova, based on Articles 31 and 40 of the Law on Financial Institutions.

 

II. Limitation of credit extension

A bank shall grant credits to its employees within the following limits:
1. Credit extension to bank’s employees that are related parties of the bank, according to the definition provided for in the Regulation on transactions with banks' affiliated persons, approved by the Decision of the Council of Administration of the National Bank of Moldova no. 240 of December 9, 2013 (Official Monitor of the Republic of Moldova, 2014, no.17-23, art.97) with further amendments and completions, shall be in compliance with the conditions provided for in the mentioned regulation.
 (Item 1 amended by the Decision of the CA of the NBM no.6 of 10.01.2002)
(Item 1 amended by the Decision of the CA of the NBM no.194 of 09.10.2008)
(Item 1 amended by the Decision of the CA of the NBM no.196 of 23.08.2012)
(Item 1 amended by the Decision of the CA of the NBM no.131 of 21.05.2015)

2. Other bank’s employees:
a. For personal needs – total contracted credits shall not exceed the maximum limit of 20 (twenty) minimum wages (per function) (according to the definition given in Article 2 of the Law on remuneration), up to a ceiling of MDL 200 thousand;
b.For real estate investments – total contracted credits shall not exceed the maximum limit of 100 (one hundred) tariff rates (as per function).
(Item 2  amended by the Decision of the CA no.360 of 28.12.2006)
(Item 2 amended by the Decision of the CA no. 131 of 21.05.2015

3. A bank shall consider the work experience in the banking system and namely in the respective bank, the importance of employee’s subdivision and his merits in accomplishing the bank’s objectives when extending credit to an individual.

4. Amount of interest on credit extension is established in compliance with the by-laws of the bank, approved by the bank’s board.

 

III. Reimbursement period

1. Credit for personal needs is granted for a period of less than five years.
(as amended by the Decision of the CA of the NBM no.131 of 21.05.2015)

2. Credit for real estate investments is granted for a period of maximum 20 years.
(as amended by the Decision of the CA of the NBM no.360 of 28.12.2006)

 

IV. Requirements and restrictions

1. The total exposure of bank to its employees, except those listed in Section 1 of Chapter II, shall not exceed 10 % (ten percent) of the Total Regulatory Capital.
(Item 1 amended by the Decision of the CA of the NBM no. 196 of 23.08.2012)

2. According to this regulation, the bank shall elaborate an internal regulation on the procedure and conditions of credit extension to its employees, which shall be approved by the bank’s board.

3. The bank shall keep a separate record of all credits granted to its employees, showing the amounts and reimbursement periods.

31. Banks shall present to the National Bank information on loans granted to bank’s employees as required by the regulations of the National Bank for reporting.
(Item 31 amended by the CA of the NBM no. 196 of 23.08.2012)

 

V.Exceptions for granted credits

Credits granted before the effective date of this regulation and which are not in accordance with its provisions, remain in the limits and conditions of their extension until reimbursement.
The aforementioned credits shall be included in the total credits extended by the bank to its employees and shall be adjusted to the restrictions mentioned inchapter IV until March 1, 1997 (according to the wording ofDecember 23,1996, with amendments and completions no.44 "a"/09-01).

(Chapter VI excluded by the Decision of the CA of the NBM no. 196 of 23.08.2012)

 

VI.Final provisions

This Regulation becomes effective on the date of its publication in the Official Monitor of the Republic of Moldova.