Approved by Administrative board of National Bank of Moldova of November 15, 1996 No. 51

Regulations about the mechanism of guaranteeing the credits issued by National Bank of Moldova to banks

I. GENERAL PROVISIONS

1.1. This Provision is developed according to the Law on National Bank of Moldova N548-XIII of July 21, 1995 and the current legislation for the purpose of regulation of the procedure of pledge for ensuring return of the credits issued by National Bank of Moldova to banks.

1.2. For receipt of the credits from National Bank of Moldova (in further NBM), the bank shall provide NBM acceptable pledge in sufficient amount for covering of total amount of the obtained credits from NBM, percent and other receivable payments. In this Provision the term "pledge" belongs only to pledge. Pledge the accepted NBM stipulated in the Section II of this provision is considered acceptable.

The cost of pledge is determined according to the evaluation methods established by NBM for each type of pledge separately, provided in the Section III of this provision.

The cost of pledged property is determined according to the evaluation methods established by NBM for each type of pledged property separately.

1.3. The property pledged by bank for ensuring return of the obtained credits, the estimated NBM, shall be at the disposal of NBM and/or to be available to NBM for the entire period of use of the credits obtained from NBM before complete repayment by bank of accounts payable, percent and other receivable payments.

At the time of receipt of the credit each bank will support acceptable pledge in the sufficient amounts determined in the amount of, item 1.2 specified in the Section I. this provision.

1.4. In case of sale of pledged property the bank will grant to NBM the right to be effective on its own behalf.

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