Moldovan parliament ratifies two laws to stabilize financial, banking sector

Chisinau, July 22 /MOLDPRES/ – The parliament today has adopted two normative drafts included in the package of adjusting the national legislation in the financial and banking sector to the EU directives. 

The draft law on final character of settlement in payment systems and settlement of financial instruments establishes a single legal framework, that will regulate the system of payments and settlement of financial instruments through the information system of inter-banking payments of the National Bank of Moldova (BNM). 

"The draft aims to reduce the systemic risk associated with transactions in payment systems, ensure finality of settlement, protection of payment and transfer orders, as well as systematize the regulations applicable to the payment and settlement systems," reads the informative note to the document.  

The second bill regards the public institutions and legal entities, such as banks, investment companies and will regulate the legal regime applicable to financial guarantee contracts, making available and performance of financial guarantees, as well as the right to use them. 

"The draft's goal is to ensure certainty and efficiency of guarantee contracts in case of loans, reduce formalities in supply and acceptance of financial guarantees, as well as to facilitate their execution of initiating liquidation proceedings concerning the supplier," says the document. 

The economic impact of this law lies in the ease of use of monetary claims by banks as guarantees in central bank's lending operations. This will improve banks' access to liquidities, thus ensuring the financing of business projects. 

The packages laws will come into force six months upon the date of publication. 

(Reporter A. Plitoc, editor A. Raileanu)