The granting of emergency loans to “Banca de Economii”, “Banca Sociala” and “Unibank” during November 2014 - April 2015 took place in compliance with the legal framework, with the competence of the National Bank as the central bank, in accordance with the objectives existing at that time and in cooperation with the competent state authorities, says the report on the legality of granting the emergency loans totaling 9.434,5 billion lei, with state guarantees, which was presented by the National Bank of Moldova (NBM).
The report notes the move was designed to ensure the orderly resolution of these banks in order to avoid serious disturbance of the critical functions of the banking sector (access to bank deposits, payments making, ensuring of the channel of transmission of the monetary policy), the priority protection of depositors and maintaining the financial stability.
The document was compiled based on documents and information possessed or obtained by the NBM, within its competences, from banks, public authorities, as well from other sources. The emergency loans were used by the three banks according to the categories of claims specified in the Government Decision no.938 of 13.11.2014.
The provision of the emergency loans took place concomitantly with the institution of a special administration regime at the three banks and of the respective moratorium. The emergency loans were made available to the three banks and the special administrators asked for disbursements depending on the current needs for fulfilling the obligations to creditors.
The report says that in 2017, the competent body of the NBM carried out an internal audit to see how the emergency loans granted to the three banks were used. The audit showed the instituted mechanisms enabled to use the emergency loan for the right purpose and the possible and necessary measures were taken not to allow the misuse of these funds. The monthly reports on the use of the emergency loans compiled by the special administrators and the results of the internal audit didn’t reveal deviations or illegalities in the process of using the funds by the three banks.