{"id":442147,"date":"2016-05-18T18:13:11","date_gmt":"2016-05-18T18:13:11","guid":{"rendered":"http:\/\/www.moldova.org\/en\/?p=442147"},"modified":"2016-05-18T18:13:11","modified_gmt":"2016-05-18T18:13:11","slug":"imf-moldova-no-actions-taken-address-bad-governance-banking-sector","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/imf-moldova-no-actions-taken-address-bad-governance-banking-sector\/","title":{"rendered":"IMF in Moldova: No actions taken to address bad governance in banking sector"},"content":{"rendered":"Reading Time: <\/span> 3<\/span> minutes<\/span><\/span>

Ms. Armine Khachatryan, Resident Representative of the International Monetary Fund (IMF) in Moldova, recently answered<\/a> questions from journalists on the financial sector, fiscal policy, and the real economy.<\/p>\n

Asked about the main problem in the banking sector, Khachatryan referred to the lack of transparency in the governance of commercial banks and to the political interference in the supervision:<\/p>\n

“One of the most important problems stems from opaque ultimate beneficial ownership of banks, which boils down to not knowing definitively who controls banks. This allows individuals or groups to gain control of large banks in Moldova while evading proper supervisory control. The risk \u2013 which materialized in the cases of Banca de Economii, Banca Sociala and Unibank \u2013 is that these banks are then run to the private gain of shareholders, without proper checks and balances, and put customers and public finances at risk.<\/p>\n

Another important problem is political and judicial interference with supervision and regulation of banks. For instance, actions taken by the National Bank of Moldova (NBM) to block shareholders that were acting in concert in a number of banks have been subsequently challenged in courts and suspended. Moreover, NBM\u2019s decision to restrict cross-border interbank credit exposures that was supposed to prevent the fraud in Banca de Economii, Banca Sociala and Unibank has been challenged and suspended by courts several times just in 2014.”<\/p><\/blockquote>\n

The IMF official also mentioned that sometimes the supervising wasn’t conducted when it was necessary:<\/p>\n

“The interference with supervision often results in regulatory forbearance \u2013a situation when the supervisory action was needed and was not taken, or the action was significantly delayed. For example, despite the large number of suspicious transactions over the last two years, the National Commission for Financial Market (NCFM), responsible for overseeing registration and transfers of shares in listed banks, has not initiated investigations or raised concerns. Equally, no significant actions were taken by NBM and Financial Intelligence Unit of National Anti-Corruption Center against bank shareholders and managers who violated anti-money laundering regulations.”<\/p><\/blockquote>\n

The costs of the liquidation of the three Moldovan banks was also emphasized as one of the factors of the current economic situation:<\/p>\n

“There was a massive injection of liquidity into the banking system through insolvent banks, when liquidity support to those banks went from zero in September 2014 to around 14 billion in March 2015. To counteract that, in order to contain the effects on the currency and on inflation, the NBM aggressively tightened monetary policy. Thus, in less than a year the NBM increased its policy rate in several steps from 3.5 percent to 19.5 percent, and the reserve requirement ratio on leu-denominated liabilities from 14 percent to 35 percent. This was one very obvious cost of the crisis to the private sector\u2013high lending rates and limited availability of credit.<\/p>\n

However, without aggressive monetary policy tightening the costs to economy and society could have been much higher. Past banking crises with high monetization (Ecuador, Venezuela, Paraguay in mid 90s) have generated episodes of accelerating inflation often combined with sharp currency depreciation.<\/p>\n

In addition, the rise in public debt that taxpayers and future generations should repay is another clear cost. It\u2019s important to note that government guarantees associated with the banking sector bailout and consequently securities issued to replace these guarantees are part of the public debt, which, has gone up from 37 percent of GDP in 2014 to more than 50 percent now.”<\/p><\/blockquote>\n

Khachatryan also stressed the importance of the pension reform in the context of the approval of the National Budget for 2016:<\/p>\n

“Pension reform is needed, yes. There are several important issues. One is the very low ratio of a number of contributing workers to pensioners (1.3), which will worsen further given continuing labor migration, aging population and other factors. These unfavorable demographics occur against the rather low replacement rate \u2013 the ratio of the average pension to average wage \u2013 which is at about 28 percent, compared to an average of 43 percent in CEE\/CIS countries.”<\/p><\/blockquote>\n

An IMF mission will visit Moldova between 23 and 27 of May<\/a> to check on the progress of the economic policies. <\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 3<\/span> minutes<\/span><\/span>Ms. Armine Khachatryan, Resident Representative of the International Monetary Fund (IMF) in Moldova, recently answered questions from journalists on the financial sector, fiscal policy, and the real economy. Asked about the main problem in the banking sector, Khachatryan referred to the lack of transparency in the governance of commercial banks and to the political interference […]<\/p>\n","protected":false},"author":6,"featured_media":441826,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,6],"tags":[],"class_list":["post-442147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-important-en"],"content_social_share":"Reading Time: <\/span> 3<\/span> minutes<\/span><\/span>

Ms. Armine Khachatryan, Resident Representative of the International Monetary Fund (IMF) in Moldova, recently answered<\/a> questions from journalists on the financial sector, fiscal policy, and the real economy.<\/p>\n

Asked about the main problem in the banking sector, Khachatryan referred to the lack of transparency in the governance of commercial banks and to the political interference in the supervision:<\/p>\n

“One of the most important problems stems from opaque ultimate beneficial ownership of banks, which boils down to not knowing definitively who controls banks. This allows individuals or groups to gain control of large banks in Moldova while evading proper supervisory control. The risk \u2013 which materialized in the cases of Banca de Economii, Banca Sociala and Unibank \u2013 is that these banks are then run to the private gain of shareholders, without proper checks and balances, and put customers and public finances at risk.<\/p>\n

Another important problem is political and judicial interference with supervision and regulation of banks. For instance, actions taken by the National Bank of Moldova (NBM) to block shareholders that were acting in concert in a number of banks have been subsequently challenged in courts and suspended. Moreover, NBM\u2019s decision to restrict cross-border interbank credit exposures that was supposed to prevent the fraud in Banca de Economii, Banca Sociala and Unibank has been challenged and suspended by courts several times just in 2014.”<\/p><\/blockquote>\n

The IMF official also mentioned that sometimes the supervising wasn’t conducted when it was necessary:<\/p>\n

“The interference with supervision often results in regulatory forbearance \u2013a situation when the supervisory action was needed and was not taken, or the action was significantly delayed. For example, despite the large number of suspicious transactions over the last two years, the National Commission for Financial Market (NCFM), responsible for overseeing registration and transfers of shares in listed banks, has not initiated investigations or raised concerns. Equally, no significant actions were taken by NBM and Financial Intelligence Unit of National Anti-Corruption Center against bank shareholders and managers who violated anti-money laundering regulations.”<\/p><\/blockquote>\n

The costs of the liquidation of the three Moldovan banks was also emphasized as one of the factors of the current economic situation:<\/p>\n

“There was a massive injection of liquidity into the banking system through insolvent banks, when liquidity support to those banks went from zero in September 2014 to around 14 billion in March 2015. To counteract that, in order to contain the effects on the currency and on inflation, the NBM aggressively tightened monetary policy. Thus, in less than a year the NBM increased its policy rate in several steps from 3.5 percent to 19.5 percent, and the reserve requirement ratio on leu-denominated liabilities from 14 percent to 35 percent. This was one very obvious cost of the crisis to the private sector\u2013high lending rates and limited availability of credit.<\/p>\n

However, without aggressive monetary policy tightening the costs to economy and society could have been much higher. Past banking crises with high monetization (Ecuador, Venezuela, Paraguay in mid 90s) have generated episodes of accelerating inflation often combined with sharp currency depreciation.<\/p>\n

In addition, the rise in public debt that taxpayers and future generations should repay is another clear cost. It\u2019s important to note that government guarantees associated with the banking sector bailout and consequently securities issued to replace these guarantees are part of the public debt, which, has gone up from 37 percent of GDP in 2014 to more than 50 percent now.”<\/p><\/blockquote>\n

Khachatryan also stressed the importance of the pension reform in the context of the approval of the National Budget for 2016:<\/p>\n

“Pension reform is needed, yes. There are several important issues. One is the very low ratio of a number of contributing workers to pensioners (1.3), which will worsen further given continuing labor migration, aging population and other factors. These unfavorable demographics occur against the rather low replacement rate \u2013 the ratio of the average pension to average wage \u2013 which is at about 28 percent, compared to an average of 43 percent in CEE\/CIS countries.”<\/p><\/blockquote>\n

An IMF mission will visit Moldova between 23 and 27 of May<\/a> to check on the progress of the economic policies. <\/p>\n

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