The amount of guaranteed bank deposits will be increased from 50,000 to 100,000 lei starting January 1, 2024, and in 2025 it will reach 200,000 lei.
It is envisaged by a new draft law on deposit guarantee in the banking system, approved at the government session. The new law will replace the existent similar document and is aimed at improvement of the legal framework in the field of bank deposit insurance and transposes the best international standards in this area. The law regulates Bank Deposit Guarantee Scheme, which aims at protection of interests of depositors in case of inaccessibility of deposits. All Moldovan banks will have the status of participant to the Deposit Guarantee Scheme and in order to realize it the Bank Deposit Coverage Fund will be created – an independent financial fund, without legal entity status, which will be managed by Bank Deposit Guarantee Fund (BDGF) – an autonomous and independent legal entity. The draft describes the rights and responsibilities of the BDGF, its governing bodies and the procedure for their appointment, the requirements for informing the public about the guarantee scheme, the mechanisms of interaction with the NBM and the Ministry of Finance. It describes the order of formation of the Fund's resources and general principles of guaranteeing bank deposits, and the dispute resolution procedure. It is foreseen, among others, the possibility of crediting BDGF, both with the NBM and the Ministry of Finance in case of insufficient funds. According to the draft law, by 2025, it is expected a gradual increase of bank deposit guarantee limits up to 200 thousand lei, thereby being contained provisions to guarantee some deposits at the level of 200% of coverage, for a term of up to 3 months after the amount is deposited or from the date when deposits can be legally transferred (including deposits of individuals from real estate transactions with residential purposes, deposits from income or compensation following divorce, retirement, insurance payments or compensation for damages caused by contravention). Also, a list of deposits that are not subject to guarantee has been approved (these include deposits placed by banks or other organizations licensed by the CNPF or the NBM, deposits recognized as illegal by a court decision, deposits opened as a result of activities related to money laundering, etc.). The draft also provides for the creation of a separate resolution fund by the BDGF - it can only be used in accordance with the law on the recovery and resolution of banks and to cover the operating expenses of the BDGF. The bill provides that the target level of the Bank Deposit Coverage Fund will be 4% of the total amount of guaranteed deposits registered in the banking system, and it will be reviewed at least once every 3 years. The bill describes the procedures for formation and use of the Fund, requirements for members of the Board of Directors and the general director of the Fund, their powers, accounting procedures, requirements for audit of financial situations and internal audit. The bill must be approved by the parliament. //22.03.2023 - InfoMarket.
