The portal mold-street published today an article about how are going to return billion: ««We are obliged» to repay billion over 25 years».

According to this article, the authorities have defined and approved the procedure, by which will be refunded those 13,6 billion lei, disappeared from 3 banks: Banca de Economii, Banca Sociala and Unibank, eliminated in 2015. This procedure is disclosed in the audit report of the National Bank of Moldova (NBM), carried out by the Romanian company Deloitte Audit SRL.


On the last pages of the report is stated that on 9th March 2016, the NBM and the Ministry of Finance signed a Memorandum of mutual understanding. It provides the issue of government bonds «in order to implementation by the Ministry of Finance of warranties resulting from State Guarantees No. 807 from 17th November 2014 and No. 101 from 1st April 2015, gave by the National Bank to the Ministry of Finance to provide emergency loans».

The report clarifies that, under the terms of the Memorandum, the funds will be issued by the Ministry of Finance at their nominal value and fixed rate, and be provided to the National Bank of Moldova on 1st April 2016 or on another day agreed upon by the parties, in accordance with the amount of outstanding emergency loans with actual interest rate of 5%.

The same report states that on 25th March 2016, the amount of outstanding emergency loans was 13,57 billion lei.

Annual interest rate is 5% of this amount, approximately 678 million lei, without the basis amount.

Sources from the banking system, which are cited by the mold-street, claim that on the day of signing of the Memorandum, leaders of the Moldovan banks were invited to an informal meeting organized by the Ministry of Finance, in which were presented some of the provisions of this document, including that the maturities will be 20-25 years and the interest rate will be 5%.

There was also the suggestion that financial institutions «will participate in the purchase of funds issued by the Government», and thus will contribute to solving the problem. According to mold-street, the bankers weren’t enthusiastic about such «suggestion». Some have expressed the indignation that the authorities were unable to prevent fraud in the banking system and even to identify and punish those, who are responsible for it.

Mold-street also recalls that the decision about the maturities of 20-25 years was made earlier by Anatoly Arapu (the former Minister of Finance), in 2015, at a meeting with business partners, where he noted the desire of the Ministry of Finance to pay the stolen amount at low interest rates for the longer term.

It was one of the reasons of misunderstanding between the Moldovan authorities and the IMF mission, which said about a shorter period of time and market conditions to repay the amount.

According to researchers from Business Intelligent Services and the head of the Department of Market Analysis – Stanislaw Madan, quoted by mold-street, the amount of 13,6 billion lei will be refunded through taxes: «... if to the end of 2014 the citizens of the Republic of Moldova paid indirectly for the theft of the century through the collapse of the national currency, a general rise in prices and significant restrictions of access to finance by increasing the cost of credit resources, this year it is planned that we will pay this amount directly and as taxpayers...», said Madan to the portal mold-street.

The report that revealed the schemes was carried out by the Romanian company Deloitte Audit SRL, and can be read here.

The article ««We are obliged» to repay billion over 25 years» in full can be read here.

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