{"id":442513,"date":"2016-09-12T19:55:30","date_gmt":"2016-09-12T19:55:30","guid":{"rendered":"http:\/\/www.moldova.org\/en\/?p=442513"},"modified":"2016-09-12T20:01:32","modified_gmt":"2016-09-12T20:01:32","slug":"transcripts-moldova-government-session-reveal-guarantees-three-failed-banks-issued","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/transcripts-moldova-government-session-reveal-guarantees-three-failed-banks-issued\/","title":{"rendered":"Transcripts of Moldova Government session reveal how guarantees for the three failed banks were issued"},"content":{"rendered":"Reading Time: <\/span> 4<\/span> minutes<\/span><\/span>

On September 8th, the Prime-Minister of Moldova, Pavel Filip, published on his Facebook page<\/a> the transcripts of the session of the Gaburici Government from March 27th 2015. The post was a response to Maia Sandu, former Education Minister, who recently sued the Government to oblige publishing the transcripts. <\/p>\n

The main topic of the respective session was focused on the demand of the National Bank governor, Dorin Dr\u0103gu\u021banu, to give out 5 billion lei from the monetary reserves to the failed banks: Banca de Economii, Banca Social\u0103, Unibank.
\nAs the transcripts read, Dr\u0103gu\u021banu wanted the 5 billions as guarantee for the deposits of people in those banks, despite the fact that other 9,5 billion lei were issued on November 13th 2014, right before a special administration was set. At that time, 5,27 billion lei were issued to Banca de Economii, 2,81 billion to Banca Social\u0103, 1,35 to Unibank. The central bank governor mentioned that the guarantee was expiring on February 28th 2015, when 7,7 billion were already spent. <\/p>\n

For the second guarantee, Dr\u0103gu\u021banu wanted to ask the Government for 5,34 billion lei, motivating with the proposals of the National Bank and the National Commission for Financial Market. Dr\u0103gu\u021banu was also proposing the closing of the banks and the transfer of social payments to the Post of Moldova and other banks. <\/p>\n

A series of harsh arguments were thrown by Maia Sandu, who criticized the inaction of the National Bank in the person of Dr\u0103gu\u021banu, supported by the then-Finance Minister Arapu:<\/p>\n

“Dr\u0103gu\u021banu: The National Bank took all the necessary measures to keep the financial stability. Even since November last year, we said that we would have to change the legislation in order to allow the National Bank and the Finance Minister to issue the guarantee, while the central bank would issue the money because the respectives didn’t have mortgage. The legislation can’t be modified by the National Bank. The law was modified in 2014, thus we ended with two engagements in this winter session. <\/p>\n

Sandu: I understand, but why it wasn’t done at that time? If I was governor, couldn’t modify the legislation and I couldn’t solve big problems, I would go away. But what did you do, so that now I don’t want to sign on a thing that will solve the problem you created, and now you feel well and calm. Who will cover these billions? Where will we take this? From the salaries of professors? Who will cover their costs?<\/p>\n

Arapu: Mrs. Sandu, I repeat how things were solved in other countries. In 2008, the United Kingdom allocated more than 180 million pounds to save the banks. Italy allocated more than 60 billion euros to Unicredit. <\/p>\n

Sandu: The causes were different there.<\/em>”<\/p>\n

Chiril Gaburici, then Prime-Minister of Moldova, supported issuing the guarantee as part of “engagements made to the IMF”, while the Anti-Corruption Center director Viorel Chetraru emphasized on the need to continue further investigation.<\/p>\n

The decision to issue the guarantee for the three banks was voted unanimously by the members of the Government, including by Sandu and current PM Filip.<\/p>\n

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Reading Time: <\/span> 4<\/span> minutes<\/span><\/span>On September 8th, the Prime-Minister of Moldova, Pavel Filip, published on his Facebook page the transcripts of the session of the Gaburici Government from March 27th 2015. The post was a response to Maia Sandu, former Education Minister, who recently sued the Government to oblige publishing the transcripts. The main topic of the respective session […]<\/p>\n","protected":false},"author":6,"featured_media":441960,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,6,3],"tags":[],"class_list":["post-442513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-important-en","category-politics"],"content_social_share":"Reading Time: <\/span> 4<\/span> minutes<\/span><\/span>

On September 8th, the Prime-Minister of Moldova, Pavel Filip, published on his Facebook page<\/a> the transcripts of the session of the Gaburici Government from March 27th 2015. The post was a response to Maia Sandu, former Education Minister, who recently sued the Government to oblige publishing the transcripts. <\/p>\n

The main topic of the respective session was focused on the demand of the National Bank governor, Dorin Dr\u0103gu\u021banu, to give out 5 billion lei from the monetary reserves to the failed banks: Banca de Economii, Banca Social\u0103, Unibank.
\nAs the transcripts read, Dr\u0103gu\u021banu wanted the 5 billions as guarantee for the deposits of people in those banks, despite the fact that other 9,5 billion lei were issued on November 13th 2014, right before a special administration was set. At that time, 5,27 billion lei were issued to Banca de Economii, 2,81 billion to Banca Social\u0103, 1,35 to Unibank. The central bank governor mentioned that the guarantee was expiring on February 28th 2015, when 7,7 billion were already spent. <\/p>\n

For the second guarantee, Dr\u0103gu\u021banu wanted to ask the Government for 5,34 billion lei, motivating with the proposals of the National Bank and the National Commission for Financial Market. Dr\u0103gu\u021banu was also proposing the closing of the banks and the transfer of social payments to the Post of Moldova and other banks. <\/p>\n

A series of harsh arguments were thrown by Maia Sandu, who criticized the inaction of the National Bank in the person of Dr\u0103gu\u021banu, supported by the then-Finance Minister Arapu:<\/p>\n

“Dr\u0103gu\u021banu: The National Bank took all the necessary measures to keep the financial stability. Even since November last year, we said that we would have to change the legislation in order to allow the National Bank and the Finance Minister to issue the guarantee, while the central bank would issue the money because the respectives didn’t have mortgage. The legislation can’t be modified by the National Bank. The law was modified in 2014, thus we ended with two engagements in this winter session. <\/p>\n

Sandu: I understand, but why it wasn’t done at that time? If I was governor, couldn’t modify the legislation and I couldn’t solve big problems, I would go away. But what did you do, so that now I don’t want to sign on a thing that will solve the problem you created, and now you feel well and calm. Who will cover these billions? Where will we take this? From the salaries of professors? Who will cover their costs?<\/p>\n

Arapu: Mrs. Sandu, I repeat how things were solved in other countries. In 2008, the United Kingdom allocated more than 180 million pounds to save the banks. Italy allocated more than 60 billion euros to Unicredit. <\/p>\n

Sandu: The causes were different there.<\/em>”<\/p>\n

Chiril Gaburici, then Prime-Minister of Moldova, supported issuing the guarantee as part of “engagements made to the IMF”, while the Anti-Corruption Center director Viorel Chetraru emphasized on the need to continue further investigation.<\/p>\n

The decision to issue the guarantee for the three banks was voted unanimously by the members of the Government, including by Sandu and current PM Filip.<\/p>\n

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