MOLDINDCONBANK

Information regarding the system of savings guarantee

The Fund of savings guarantee in the bank system (hereinafter– Fund) guarantees, in the conditions and within the limits previewed by the Law no. 575-XV from 26.12.2003 according the guarantee of individuals savings in the bank system (hereinafter– Law), deposits in national monetary unit and in foreign currency owned by resident and nonresident individuals in authorized banks.

Address: 180, Stefan cel Mare street, MD 2004, Chisinau, Moldova

Phone: + (373 22) 29-60-51

E-mail: info@fgdsb.md

www.fgdsb.md

Types of guaranteed and non-guaranteed savings

The fund guarantees the savings, which have the form of a creditor balance, resulting from existing funds in individuals accounts or from transitory situations created by bank operations, which follows to be restituted by the bank in legal and contractual applicable conditions, as well as the savings which have the form of debts to a individual, represented by a debt liability issued by the bank. Information regarding types of guaranteed savings (bank operations) may be found in the materials designated for public information regarding the services rendered by the bank.

Savings are not considered to be the credit balances, which serve as guarantee of the operations performed by the bank in the name of the deponent.

The following savings are not guaranteed:

1. Savings of bank administrators;
2. Savings of individuals, who are bank stock holders and who hold minimum 5% from the bank capital;
3. Savings of spouses and of relatives of first and second degree of persons indicated in the clauses a) and b);
4. Savings of third individual who activate in the name of persons indicated in the clauses a) and b);
5. Savings of individuals, who hold, in Affiliated companies and controlled companies, similar functions to those indicated in the clauses a) and b);
6. Savings of individuals, who received interests or other financial advantage in preferential conditions from the bank;
7. Savings of individuals in the JS Banca de Economii CB at the situation from the 2nd of January 1992, effective and redrawn up on the 29th of July 1994, taking as base the balance of these according to the accounts situations from the 2nd of January 1992, which are already guaranteed by the state under the Law regarding the indexation of citizens money deposits in Banca de Economii;
8. Savings of individuals in deposit accounts opened in accordance with the Parliament Decision no.201-XIII dated July 29, 1994 on the indexation of people’s deposits with the institutions of Banca de Economii of Moldova;;
9. Debt liability at bearer;
10. Savings, declared illicit by judicial decision. The Fund suspends the payment of individuals deposits, to whom had been instituted case regarding the legality of deposits, but the judicial decision is not a final one;
11. All instruments which enter in the notion of bank regulated capital.

Deposits of individual’s, who carry out entrepreneur activity, do not fall under the law incidence.

The level of guarantee peak

The peak of savings guarantee (maximum sum payable to a deponent) is of 6 000 Moldavian lei, regardless of the number and savings amount or the currency in which the deposits had been constituted at the bank.

Mode of guaranteed sum calculation

The amount of bank liability to the deponent is calculated by summation of all the deponent deposits, inclusive of owed and unpaid interests at the date of deposits unavailability observation.

If the bank holds a debt upon the deponent, the bank liability shall be reduced to the amount of the deponent liability, which expired and unpaid to the bank. The Fund shall perform the payment of the guaranteed deposit in case when the administrator of the insolvability considers the compensation of guaranteed deposit with the debt to the bank as being inconveniently, taking into account the advantages, which may be obtained by sale of this debt at the market price.

In case of a common deposit, the part of each holder, stipulated in the contract, shall be considered at calculation of bank liability amount subject to the peak of guarantee previewed in the clause 3 from the present information. If there is not such a provision in the deposit contract, the common deposit shall be shared equally among the deponents.

Equivalent in lei of foreign currency is determined according to the official rate of Moldavian leu and the respective foreign currency at the date of deposits unavailability observation.

Note:

• Liquidator is a person appointed by the National Bank of Moldova, who has full and exclusive powers to conduct, manage and control the bank, within the process of bank liquidation the in connection with insolvency.
• Common saving account – saving account constituted by two or more individuals or saving account upon which two or more persons have the right of operation against the signature of one or of more persons, who constituted the deposit.

Payment of compensation

The Fund may empower one or more banks to pay the guaranteed deposits.

Payment of guaranteed deposits begins within at most 7 days from receiving from the Liquidator of deposits guaranteed receivables, according to art. 20 para. (1) of Law. In exceptional circumstances and in special cases, with the Government consent, the Fund may extend by at most 30 days the period referred to.

The Fund may not invoke the limits of time mentioned for not guaranteeing the deposit of a deponent, who was not capable to solicit the guarantee on time.

Note: The Liquidator sends to Fund the list of guaranteed deposits receivables within 5 days after withdrawal of bank license under the Law on Financial Institutions.

Compensations collection

Compensation collection shall be done by the deposits owners. Deposits payment compensation for benefit of a minor person shall be performed by the parents, adopting parents or tutors/curator of this.

The payment of guaranteed savingss may be executed to other persons according to the legislation of the Republic of Moldova (in case of power of attorney, heir certificate, etc.).

If the amount of bank liability is less than the guaranteed peak level, the Fund shall accord to the deponent a compensation equal to the bank obligation.

If the liability amount is bigger than the guaranteed peak level, the Fund shall accord to the deponent a compensation equal to the guarantee peak level.

Deponents’ notice

If the savings become unavailable, what means that they may not be restituted to the bank to whom process of insolvability had been instituted, the Fund shall publish at the offices of all its territorial units and in at least 2 newspaper of national circulation, the information regarding the payment of unavailable saving account, regarding the period of time when the payment shall be performed, bank denomination, conditions and formalities necessary in order to receive the guaranteed savings.