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Excerpt
from the Norms on the way of determining the value of assets accepted by the National Bank as guarantees while extending credits to banks
APPROVED
by the Decision of the Council of Administration
of the National Bank of Moldova
no.263 of 3.12.2009,
in force on 11.12.2009
5. The following haircuts are applied to state securities and Certificates of the National Bank accepted as guarantee on extended credits, depending on their term until maturity, as shown below:
Effective term until maturity1 |
Maximum haircuts |
Up to 6 months |
2.0% |
From 6 months to 1 year |
4.0% |
From 1 to 3 years |
7.0% |
From 3 to 5 years |
9.0% |
With the maturity more than 5 years |
It is determined dependant on the issuance conditions of government bonds. |
1 It is considered that the month has 30 days and the year – 365 days
(Item 5 amended by the Decision of the CA of the NBM no.111 of 30.05.2013, in force on 01.06.2013)
6. The haircuts can be used for other monetary policy operations as well, including state securities REPO buying transactions within open market operations. The haircuts are published on the official Web site of the National Bank with the view of organizing the monetary policy operations under transparent conditions.
11. The value of non-marketable guarantees accepted by the National Bank shall be determined through the assessment of each instrument accepted as guarantee, as follows:
a) for promissory notes or bills of exchange from within the bank’s portfolio:
b) for documents of title issued in respect of staple commodities or other goods duly insured against risk or loss that contain the endorser of a bank – not more than 20% of the nominal value, depending on the financial situation of the bank requesting credit, the financial situation of the endorsed bank, on condition that the title is issued by a joint-stock company with the balance sheet and the profit and loss statement confirmed by an independent audit company;
c) for deposits and other accounts with the National Bank or other financial institution accepted by the National Bank:
The required reserves in MDL and FCC will be assessed at the balance sheet value – 100% of the value.
In the event of a pronounced trend of appreciation of MDL against USD or EUR, a coefficient of reducing the value of collateral constituted from required reserves in FCC can be applied.