Moldova’s PM: Banca de Economii, Banca Sociala and Unibank banks to be liquidated

The newly designated Prime-Minister of the Republic of Moldova, Valeriu Strelet, announced on Wednesday, August 5th, that Banca de Economii, Banca Sociala and Unibank should be liquidated. This decision was made after the meeting of the National Committee for Financial Stability regarding the hole provoked by these three banks in the state budget.

Nevertheless, the Government of Moldova have no real power upon the banking system, while the National Bank had and has to take immediate actions. Thus, the PM Strelet delegated the responsibility to the National Bank of Moldova:

The National Committee for Financial Stability doesn’t take mandatory decisions. The committee analyses different situations and gives recommendations. If we get to common understanding, these recommendations are applied. We negotiated with the National Bank regarding the actions that should be taken, the correct transfer of the accounts, the social payments obligations and especially about the National Bank’s obligations.

The chief of the Government stressed that the employees “which are not guilty at all that these three banks got stuck into problems” will be employed within other banks, and also mentioned that the entire banking infrastructure will be transferable to other banks.

Strelet also announced a deadline for the liquidation of the three banks: October 9th 2015.

The problem of these three banks went up in 2015, when the Government had to cover the lost billion euros with its own financial resources. Although, the problem was intentionally ignored by the National Bank of Moldova for a long time. Its leadership, represented by the governor Dorin Dragutanu, continues to deny every responsibility, even if it was supposed to control all the illegal operations and to stop the stealing of the money.

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