Moldova is efficiently introducing the principles of the Basel Banking Supervision Committee, Director of the Bank Regulation Department of the National Bank of Moldova (NBM) Radu Musteata said at a news conference on Tuesday.

He remarked that Moldova is a member of the subgroup of the Basel Committee, including Poland, Hungary, Ukraine and the Baltic countries. The World Bank (WB) and the IMF follow up the introduction of the Basel Principles in Moldova.

In his words, in order to reduce and to take into account risks the NBM together with other control organs conducts a consolidated supervision over the activities of the banks, taking into consideration the financial state of their daughter companies.

Musteata refused to discuss issues, relating to the situation in Societe Generale and its daughter in the person of Mobiasbanca, as well as risks for Moldova due to the instability of world currencies. He only underlined that the NBM interferes in the situation only in the cases, when there are real risks for the non-fulfillment of their liabilities on the part of the founders or when they are unable to efficiently manage organizations, subordinated to them, because of a lack of financial resources.

In the banker’s opinion, there no such risks on part of world-known banking institutions.

In Musteata’s words, the NBM applies sanctions very rarely, as in 95% of cases, it is enough to explain, to take a resolution or to put forward a legislative initiative. He says that the banking personnel are currently much more professional than in the 90ies. Only the understanding that sanctions may be applied is enough.

Musteata said that for the last years the NBM imposed several penalties in the maximal amount of 4 million lei.

Answering a question by Infotag about possibilities of making order in the bank’s disclosure of data on shareholders and affiliated persons, he said that according to the Basel Principles each bank must take care of collecting all the information about owners, debtors and clients.

“Each bank has such lists, they are constantly updated and sent to the NBM, Musteata remarked.

In his words, in Basel they do not make any difference between shareholders and banks, that is why, any bank’s liabilities refers to their shareholders to full extent.

“For the time being we are not satisfied with such situation. But it does not mean that the legislation must be changed, it is simply necessary to work in this line more actively. During the last time banks exert themselves to obtain necessary data and the situation is changing for the better day after day”, Musteata remarked.

The Basel Committee is a committee of bodies for the supervision over banks. It was set up in 1975 by Managers of the leading central banks of 10 countries. It usually conducts its sittings in the Bank for International Settlements in Basel, where its permanent secretariat stays. The Basel Principles are designed to defend clients from collapses of financial organizations.  // Infotag

Publication date: 30 January 2008   

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