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11.12.2012

Regulation no.38/08-01 on Guaranteeing of Credits extended by the National Bank of Moldova to Banks, approved by the CA of the NBM. Minutes No. 51 of November 15,1996

Published in the Official Monitor of the Republic of Moldova no.83 of 26.12.1996, art.110

Registered
at Ministry of Justice
of the Republic of Moldova
no.723 of 08.12.2009

COORDINATED:
Ministry of Justice of the
Republic of Moldova
No. 3660 of 22.11.1996

APPROVED:
Council of Administration
of the National Bank of Moldova
Minutes no. 51 of 15.11.1996
 

Regulation No. 38 / 08 - 01
on Guaranteeing of Credits extended by the National Bank of Moldova to Banks

Amended by:

DCA of the NBM no.196 of August 02, 2007, Official Monitor of the Republic of Moldova no.131-135/24.08.07 art.521,
DCA of the NBM no.256 of November 27, 2009, Official Monitor of the Republic of Moldova no.181-183/11.12.09 art.831.

I. General Provisions

1.1. This Regulation is worked out based on the Law on the National Bank of Moldova no. 548-XIII of 21 July 1995 and the legalisations in effect. The scope of the Regulation covers guarantee procedures aimed at insuring the reimbursement of credits extended by the National Bank of Moldova to banks.
(P 1.1 modified following the Decision of CA of NBM no.196 of 02.08. 2007, in force on 09.09.2007)

1.2. To receive credits from the National Bank of Moldova (hereinafter referred to as NBM) bank shall place at NBM eligible collateral in an amount sufficient to cover the total value of credits extended by NBM, interest and other related payments. Within this Regulation the notion of collateral shall refer only to pledge.
The collateral shall be considered as eligible if NBM accepts such collateral as in accordance with stipulations provided in Chapter II of this Regulation.
The value of the pledged good shall be determined based on the evaluation methods established by NBM for each separate type of pledged good.
(P. 1.2 modified following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)
(P. 1.2 modified following the Decision of the CA of NBM no.196 of 02.08. 2007, in force on 09.09.2007)

1.3. The good pledged by the bank for guarantee of reimbursement of received credits, assessed by NBM, shall be owned by NBM or/and shall be available to NBM for the whole duration of NBM credit use until full payment of credit principal, interests and other related payments.
All banks shall, upon credit provision, maintain eligible collateral in sufficient value as determined in accordance with Chapter I, p. 1.2 of this Regulation.
(P. 1.3 modified following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)

1.4. Commercial banks shall vest to NBM the right to act on their name in event of the sale of pledged good.
(P. 1.4 modified following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)

1.5. With the view to receiving credits, banks shall conclude with NBM a General Collateral Pledge Contract, which shall have an indefinite validity term and a Collateral Pledge Contract, to be signed whenever banks receive new credits from NBM.

1.6. The Bank shall submit to NBM all relevant documents, specimens of signatures and authorizations necessary for constituting the collateral over a good, and, by the case, over the profits on the pledged good, as well as to ensure the control over the pledged good.
(P. 1.6 modified following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)

(P. 1.7 excluded following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)

1.8. Partial repayment of credit principal and related interest shall not have as effect the partial cessation of collateral, if parties do not agree otherwise.
(P. 1.8 modified following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)

1.9. NBM shall remove encumbrances on pledged good the date of payment or at the latest the first working day after the integral payment of credit, interests and other related payments.
(P. 1.9 modified following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)

1.10. In the event the claim rights – object of collateral constituted in favour of the National Bank come due within the term of use of credits extended by BNM, NBM shall have the right as follows:

1.10.1. To require the substitution of the pledged good with another good acceptable to NBM and the bank shall unconditionally do so, except if the bank does not dispose of acceptable collateral, in such a case the National Bank shall have the right to require the execution of the obligations secured by collateral before the term; or

1.10.2. To use profits on pledged good to pay credits, interests and other related payments, if the contract does not provide otherwise.
(P. 1.10 modified following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)

1.11. Action terms of guaranteed credits shall be subject to prolongation following prolongation of Collateral Pledge Contract, paying due consideration to conditions stipulated under this Regulation with regard to credit extension by NBM.

 

II. Object of Collateral

2.1 NBM shall extend credits to commercial banks under conditions established periodically and if guaranteed as follows:

a) publicly issued state securities within banks’ portfolios, materialized and/or dematerialised maturing within 1 year from the date of their acquisition by NBM/or delivery as collateral in favour of NBM;

b) securities issued by NBM within banks’ portfolios;

c) bills of exchange or promissory notes, drawn and made for bona fide commercial, industrial or agricultural purposes, bearing two or more signatures, at least one of which must be that of a bank and maturing within nine months from the date of their acquisition by NBM/ or delivery as collateral in favour of NBM;
NBM shall accept under collateral only bills of exchange issued based on credits classified as standard in accordance with the NBM normative acts.
To allow NBM due time to examine documents related to standard credits, which stand at the basis of bills of exchange, and accept bills of exchange as collateral, banks shall submit such documents before the date of credit provision.
The bank shall supervise standard credits standing at the basis of bills of exchange pledged with NBM and shall, at least once per month, submit to NBM written confirmations on compliance of these credits to the relevant group of standard credits.
In event standard credits at the basis of bills of exchange pledged with NBM shall, within the term of NBM credit use, be, on certain reasons, classified in a lower category, the bank shall unconditionally substitute relevant bills with different object of collateral acceptable to NBM within two days at maximum.

d) documents of title issued in respect of staple commodities or other goods duly insured against risk or loss damages at the level set by NBM;

e) deposits and other accounts with NBM or any other financial institution accepted by NBM, representing any other assets the National Bank can buy, sell and negotiate.

(P. 2.1 modified following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)
(P.2.1 modified following the Decision of the CA of NBM no.196 of 02.08. 2007, in force on 09.09.2007)

 

III. Way of determining the value of pledged good

(Title of Chapter III modified following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)

(P. 3.1 excluded following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)

3.2. BNM shall select, upon its reasonable discretion, goods that can be pledged of all types of goods of a bank available to be put in pledge.
(P. 3.2 modified following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)

3.3. NBM shall assess the pledged good in compliance with its own procedures, taking into account the market price of the pledged good (if such a price exists), implied risks and other factors, applying haircuts or evaluation coefficients that will be made public by placing them on the official Web-site of the National Bank.
(P. 3.3 modified following the Decision of the CA of NBM no.256 of 27.11.2009, in force on 11.12.2009)
(P. 3.3 modified following the Decision of the CA of NBM no.196 of 02.08. 2007, in force on 09.09.2007)
(P. 3.4 excluded following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)

3.5. NBM shall periodically assess the pledged good and, in event of its insufficiency to guarantee the obligations, shall require the constitution of additional collateral.
(P. 3.5 modified following the Decision of the CA of NBM no.256 of 27.11.2009, in force on 11.12.2009)

3.6. Upon NBM request, banks shall submit all data with regard to pledged goods.
(P. 3.6 modified following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)

 

IV. Collateral Constitution

(Title of Chapter IV modified following the Decision of the CA of NBM no.256 of 27.11.2009, in force on 11.12.2009)

4.1. The bank requesting credits from NBM according to provisions of this Regulation shall furnish all relevant documents allowing NBM to conclude due rights over pledged goods as indicated in Chapter II, including, by the case, over profits on pledged good.
(P. 4.1 modified following the Decision of the CA of NBM no.256 of 27.11.2009, in force on 11.12.2009)

4.2. Upon provision of NBM credits, banks shall work out the following documents:
a) General Collateral Pledge Contract.
The General Collateral Pledge Contract shall provide as follows:

  • names and legal addresses of parties;
  • date and place of General Collateral Pledge Contract conclusion;
  • object of collateral to include goods provided in chapter II of this Regulation;
  • rights and obligations of parties;
  • signatures of senior executives authorized to sign the General Collateral Pledge Contract;
  • other conditions established following common agreement of parties.

b) Collateral Pledge Contract.
The Collateral Pledge Contract shall provide as follows:

  • names and legal addresses of parties;
  • date and place of conclusion of the General Collateral Pledge Contract and of the Collateral Pledge Contract;
  • specification of pledged good type and its due characteristics;
  • value of pledged good determined by NBM;
  • date and number of credit contract;
  • amount of credit guaranteed with collateral;
  • place of collateral keeping;
  • signatures of persons authorised to sign the Collateral Pledge Contract;
  • execution term of the Collateral Pledge Contract;
  • other conditions established following common agreement of parties.

NBM shall place on its official Web-site the models of contracts mentioned above.
(P. 4.2 modified following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)

4.3. The bank shall submit to NBM the document that authorizes official persons to sign the General Collateral Pledge Contract and the Collateral Pledge Contract and the record with specimens of their signatures.
(P. 4.3 modified following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)

 

V. Collateral Recording

5.1. All collateral placed by banks as guarantee for credits extended by NBM shall be recorded in accordance with the legislation in effect.
(P. 5.1 modified following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)
(P.5.1modified following the Decision of the CA of NBM no.196 of 02.08. 2007, in force on 09.09.2007)

5.2. The National Bank of Moldova shall keep the bookkeeping of the pledged/purchased good in its registers, at the price determined by NBM, carrying out periodically its assessment.
(P. 5.2 introduced following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)

5.3. The securities in book-entry form and Certificates of the National Bank of Moldova (CNB) accepted by NBM as collateral for the extended credits shall be registered in the NBM book-entry system (BES).
(P.5.3 introduced following the Decision of the CA of NBM no.256 of 27.11.2009, in force on 11.12.2009)

 

VI. Procedures on obtaining the collateral right by NBM

(Title of Chapter VI modified following the Decision of the CA of NBM no.256 of 27.11.2009, in force on 11.12.2009)

6.1. The collateral in favour of NBM shall be constituted as follows:

  • the bank shall sign with NBM the General Collateral Pledge Contract and the Collateral Pledge Contract and shall furnish to NBM any other relevant documents upon NBM request with the view to convey to NBM full and unconditional rights over pledged good, including, by the case, over profits on pledged good;
  • dematerialised securities registered in the NBM book-entry system shall be transferred from the banks’ own portfolios – account no. I in BES to account no. III in BES – securities pledged with NBM, as stipulated in the Regulation on Book Entry System of Securities;
  • materialised state securities shall be passed under NBM ownership and shall be kept under NBM custody. The bank shall fill in the relevant table as indicated in Attachment no. 3, specifying that state securities have been passed to NBM and accepted as collateral. The table shall be concluded in three copies, of which one copy shall be returned to the bank.
    The bank shall substitute state securities maturing within three days with collateral acceptable to NBM in event the maturity of these securities expires before the term of guaranteed credit.
  • bills of exchange and promissory notes shall be duly endorsed by bank’s authorised senior executives and shall be delivered to NBM in original. Copies shall not be accepted.
    To receive credits secured with bills of exchange or promissory notes, the bank shall submit to NBM such bills of exchange or promissory notes together with a register (Attachment no. 4) concluded in three copies. A copy of such register, bearing the NBM relevant notes and stamp shall be returned to the bank. The banks shall, six days prior the due date of pledged bills of exchange or promissory notes, substitute them with another collateral acceptable to NBM in event the maturity of these titles expires before the term of secured credit; respectively, these bills of exchange or promissory notes shall be excluded from the above-mentioned register.
    The register as provided in Attachment no. 5 shall be concluded when NBM sends pledged bills of exchange or promissory notes back to the bank upon full payment of credit principal and related interest.
  • documents of title issued in respect of staple commodities or other goods shall be duly endorsed to NBM by bank’s authorised senior executives and shall be delivered to NBM in original;
  • banks’ deposits shall be put in pledge in favour of NBM.
    The bank pledging at NBM a deposit kept with another bank shall send to the bank holding the deposit a relevant notification about the pledge of this deposit and shall request the holding bank to certify that the pledged deposit shall be kept under NBM supervision and at NBM disposal. This certificate shall be worked out as in accordance with Attachment no. 6. The original certificate shall be delivered to, and kept at, NBM.

(P.6.1 modified following the Decision of the CA of NBM no.256 of 27.11.2009, in force on 11.12.2009)
(P.6.1 modified following the Decision of the CA of NBM no.196 of 02.08. 2007, in force on 09.09.2007)

 

VII. Exercising of the Collateral right

(Title of Chapter VII modified following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)

7.1. NBM shall exercise the collateral right if as follows:
- the bank fails to pay in due time the principal and related interest of credits guaranteed with the relevant collateral;
- the bank fails to fulfil conditions of collateral object substitution upon NBM request;
- any other cases provided in the legislation in effect.
(P.7.1 modified following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)
(P. 7.2 excluded following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)

7.3. In event means gained following the exercising of collateral right over collateral object exceed the value of bank’s pledged collateral, the difference shall be returned to the bank.
(P.7.3 modified following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)
(P. 7.4 excluded following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)

7.5. NBM shall exercise its preferential right to deduct relevant debts from bank accounts and to sell other assets at reasonable prices, thus covering relevant claims with net income from sales. No legal action shall be needed for NBM to exercise this right. No competition between claims, including between claims based on property right, shall impede NBM exercising its preferential right, except cases when there are explicit grounds that the NBM staff was, or should have been, aware that such assets, except those in money terms, did not belong to the relevant debtor upon the moment of these assets’ transfer under NBM possession.
(P. 7.5 modified following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)
(Chapter VII modified following the Decision of the CA of NBM no.196 of 02.08. 2007, in force on 09.09.2007)

(Attachment no. 1 excluded following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)
(Attachment no. 1 modified following the Decision of the CA of NBM no.196 of 02.08. 2007, in force on 09.09.2007)

(Attachment no. 2 excluded following the Decision of the CA of NBM no.256 of 27.11. 2009, in force on 11.12.2009)
(Attachment no.2 modified following the Decision of the CA of NBM no.196 of 02.08.2007, in force on 09.09.2007)

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