The National Bank of Moldova (NBM) announced the completion of the process of Universalbank liquidation.
In particular, the President of the NBM Octavian Armasu approved the Report on the completion of the process of Universalbank liquidation by his resolution. This decision was approved after he considered the application and documents submitted by the liquidator of Universalbank, taking into account the distribution (liquidation) of all the bank's assets and their insufficiency to meet all the requirements for the bank, taking into account the information note submitted by the bank resolution department. The decree of the President of the NBM states that claims to Universalbank, outstanding due to insufficient assets of the bank, are considered extinguished. The liquidator of Universalbank was instructed to immediately submit to the state registration body an application for the exclusion of the bank from the State Register of Legal Entities and to carry out other actions necessary for this. Individuals-depositors of Universalbank, who did not appear to receive these claims within the period of claims repayment announced by the bank's liquidator, may apply for these claims to Energbank. It should be noted that on February 15, 2012, the NBM approved the decision to revoke the Universalbank license to carry out financial activities and launch the process of compulsory liquidation. This was due to the fact that the bank was not able to fulfill the claims of creditors to pay monetary obligations with the due date of payment. The amount of obligations with due date of payment that could not be paid as of February 13, 2012 amounted to 17,523,508 lei. Also, the interbank loan totaling 11,821,200 lei could not be paid. The bank violated the provisions of the Law on Financial Institutions and the Regulation on Risk-Based Capital Adequacy. As of February 13, 2012, it did not have an adequate level of capital amounting minimum to 150 million lei and was in a state of insolvency, as its capital was 21 318 325 lei (less than a third of the regulated capital). In addition, the bank violated the provisions of the Regulation on the open foreign exchange position of the bank. As of February 13, 2012, the ratio of the short open foreign exchange position against the EUR was minus 61.89% and against the USD minus 339.56%, the short open currency position for all currencies - minus 401.45% and the ratio between the amount of balance sheet assets in foreign currency and the amount of balance sheet liabilities in foreign currency - minus 94.73%; provisions of the Regulation on the Bank's liquidity - the current liquidity ratio (principle II) was minus 15.89%, and the long-term liquidity ratio (principle I) - 1.88. In addition, the share of participation totaling 78.61% of the bank's capital belonged to the legal entity MEP GROUPLTD, a resident of the offshore zone, contrary to the Law on Financial Institutions. The NBM stated the impossibility of correcting the financial situation of the bank, observing banking prudential indicators and ensuring the activities of the bank in accordance with the provisions of the law and regulations of the National Bank. Hence, it was decided to revoke the Universalbank license to carry out financial activities and start the process of compulsory liquidation in order to protect the interests of depositors and other creditors of the bank, to prevent increased risk in the financial system. // 23.07.2021 – InfoMarket
