The ensuring of transparency of the banking sector was one of the biggest results achieved by the National Bank of Moldova, said Governor Octavian Armașu. He noted the quality of investors matters. The NBM wants banks to be managed by investors with an impeccable reputation, whether local or foreign. “Today we have a much higher quality of management in the banks - shareholders from the European Union that brought Western good practices,” stated the governor, being quoted by IPN.
In a cumulative interview published by the NBM, Octavian Armașu said that when shareholders are transparent and well-meaning, the risks to the sector and the country will decrease significantly, because they are interested in appointing persons having integrity to the bank’s boards, who aim to run the business responsibly, but not commit fraud. Accordingly, those members of the bank’s boards will, in turn, appoint honest and professional people with noble intentions as members of the executive body, who will work every day to develop the bank and gain the trust of depositors.
Based on the commitments under the EU-Moldova Association Agreement, the NBM has implemented the Basel III requirements transposing gradually the EU prudential framework for the banking sector (CRD IV / CRR package). Thus, the national framework establishes rules that are compatible with those in the EU. This ensures that potential investors have the predictability of the licensing and operating rules of the domestic banking system. Having a national regulatory framework for the activity of banks, which is adjusted to the European one, it should be mentioned that it does not imply a preferential treatment of potential investors. Market access and other prudential requirements are uniform and provide fair treatment for both domestic and foreign investors.
As to the interest of investors, the governor point out that due to the reforms carried out by the NBM, the banking sector has become very attractive to investors. But all key sectors of the state need to meet investment expectations. It goes to the country’s general image, and, no doubt, a quality justice, legislative stability and efficiency.
