The National Bank of Moldova (NBM) has a multitude of supervision instruments and, if discovers a bank with problems, it should act immediately. It is very important for the NBM to become an independent and technocratic institution, EU adviser to the central bank Aldona Jočienė stated in an interview for Radio Free Europe. The adviser noted that a risk- and judgment-based anticipatory approach in accordance with the EU standards is important in the supervision process, IPN reports.
“The priority reform action roadmap includes the most important measures that must be taken to resume the negotiations with the IMF. The solving of the problems faced in the banking sector is a priority. So, in this regard, the NBM already prepared the strategy for diminishing the vulnerabilities in the banking sector and works very closely with the IMF in this direction,” said Aldona Jočienė.
The adviser also said that the NBM took particular decisions concerning the diagnosis studies at the three banks that are under supervision – Moldova Agroindbank, Moldindconbank and Victoriabank. “Shareholder transparency is the main problem of these three banks that are under supervision. Ensuring this is not an easy task. In Europe, for example, if a problem is identified, it becomes a priority and is not abandoned until it is not solved,” she stated.
Aldona Jočienė said that when problems related to shareholders are identified, it is important to find out who are the final beneficiaries and to ensure shareholder transparency. It is very important to find out if particular losses or contracts are hidden by banks and to solve these problems at the incipient stage. If there is non-transparency in the banking sector, the beneficiaries could use the depositors’ money for personal purposes and could take part in money laundering and other illegal activities.
According to the EU adviser, if they want the root of the problem to be dealt with in Moldova, institutional investors must be attracted for significantly transforming the banking sector.
A number of 26 EU high-level advisers have provided assistance to state institution heads, including the Prime Minister, since March. The goal of the project is to assist the Moldovan authorities in implementing the reform agenda in the area of European integration, in particular in developing the capacities for putting into practice the Association Agreement with the EU.
