The National Bank of Moldova will be able to extend, in an exceptional way, the period during which a temporary administrator will work at banks whenever need be. This is provided in a bill to amend the law on the remedying and resolution of banks that was adopted by Parliament in the first reading on September 27, IPN reports.
The temporary administrator will be named for at most a year. The National Bank, as the competent authority, is responsible for determining to what extent the conditions for keeping a temporary administrator and for justifying such a decision before shareholders were met.
According to the bill authors, Democratic MPs Andrian Candu and Sergiu Sârbu, now this period can be renewed in an exceptional way when the conditions concerning the appointment of a temporary administrator continue to be met. The current legislation does not say for how many times the work of a temporary administrator can be extended.
The amendments are to be passed in the final reading.
