The Independent Analytical Center “Expert-Grup” analyzed the main actions taken to reform the financial-banking sector in April-July 2016 and established that a number of measures were carried out to stabilize the sector. However, the Center’s specialists warn about shortcomings related to shareholder transparency and quality, development of the intervention instruments of the National Bank of Moldova and the investigation into the bank frauds and restoration of the stolen money.
In a news conference at IPN, expert Dumitru Pantea said that among the Government’s accomplishments of the last few months is the fulfillment of the priority reform action roadmap measures planned in the financial-banking sector, which are essential for resuming the external financial assistance. A proof is the two bills concerning the Central Securities Depository and the remedying of the situation in the banking sector, which were worked out swiftly even if they are rather complex and with major implications for the financial sector. The reaching of an expert-level agreement on a new program of economic and financial policies with the IMF represents considerable progress.
However, according to the expert, the measures taken so far are insufficient for ensuring an efficient financial system and for preventing similar crises in the future. There are yet many questions about the quality of assets in the whole banking sector and about the general situation at the largest three banks that are under special supervision. One of the main recommendations of the IMF – to ensure shareholder quality and transparency – weren’t fully implemented even if there are doubts about the real owners of a number of shareholdings.
In order to continue and accelerate the reformation pace in the financial-banking sector, “Expert-Grup” recommends fully and appropriately implementing the provisions concerning the financial-banking sector stipulated in the priority reform action roadmap, ensuring of a broad and transparent investigation into the bank frauds, meeting the requirements concerning money laundering and specifying the states and territories that do not include the international standards on transparency in their national legislation and are classed as offshore areas. “Expert-Grup” reiterates the necessity of implementing the previously formulated recommendations, including eliminating any interaction between ‘offshore companies’ and the commercial banks of Moldova.
In the same news conference, “Expert-Grup” executive director Adrian Lupusor said that despite the central bank’s wish to fundamentally reform the banking system, Parliament should become more involved in the promotion of reforms. The fact that the MPs went on vacation without adopting a number of laws needed to remedy the situation in the banking sector in the final reading, especially now that this sector is in a crisis, is inadmissible.
