Concerning Redress And Resolution Of Banks

Original Language Title: privind redresarea şi rezoluţia băncilor

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    CHANGED LP58 from 06.04.17, MO119-126/14.04.17 art. 197; force 14.04.17 This organic law is adopted pursuant to the provisions of the Constitution, 1061 by engaging Government accountability towards Parliament.


The TITLE of the Article IDISPOZIȚII 1. -(1) this Act establishes the rules and procedures relating to redress and resolution of banks of the Republic of Moldova.
(2) in exercising its powers of this law discourages the relationship with a Bank, National Bank of Moldova shall take into account the nature of the work, ownership structure, risk profile, size, legal status and degree of its interconnection with the financial system in general, expanding its activity and complexity, and the extent to which the Bank provides investment services or activities, as they are defined in accordance with the provisions of the legislation on the stock market.
In article 2. -Within the meaning of this law, the terms and expressions below have the following meaning: 1) netting agreement-any agreement or clause according to which multiple claims or obligations can be transformed into a single net claim, including agreements on netting provision according to which, the occurrence of a specific event (however and wherever they are defined), the obligations of the Parties shall immediately become payable or are extinguished and are in any case, converted or replaced by a single net claim;
2) netting agreement or mutual understanding-any clause whereby two or more claims or obligations existing between the Bank and subject to the resolution of a counterpart shall be extinguished;
3) shareholder-keeper shares or other instruments;
4) affected shareholder-holder of shares or other ownership instruments whose instruments were cancelled as a result of the application of the measures provided for in article 10. 231 para. (1) (a). h);
5) resolution-action decision to submit a resolution in accordance with art. 58; applying an instrument resolution or exercise one or more resolution skills;
6) insurance emergency liquidity-liquidity supply by the Central Bank of Central Bank money or any other form of assistance that could lead to increasing the amount of money the Central Bank, a bank solvent, experiencing temporary liquidity problems, without such an operation to be part of monetary policy;
7) competent authority competent authority-about the regulation, licensing and prudential supervision of banks, financial institutions according to law nr. 550-XIII of 21 July 1995;
8) resolution authority-the authority empowered to apply the tools of resolution and to exercise the powers of resolution, according to the present law;
9) designated national authority-macro-prudential authority should be based on policy to be carried out;
10) Bank-defined entity in art. 3 of the law on financial institutions no. 550-XIII of 21 July 1995;
11) bridge Bank-legal entity that meets the requirements of article 111;
12) recovery capacity-capacity of a bank to restore the financial position after significant deterioration thereof;
13) requirements for own funds requirements laid down in rules-National Bank of Moldova regarding the sufficiency of capital;
14) jurisdiction to reduce the value or the specified conversion-competence at art. 220 and article. 231 para. (1) (a). e)-i);
15) transfer competence-competence to transfer shares and other instruments of property, debt, assets, rights or obligations of any combination thereof from a bank subject to resolution by a recipient, according to art. 231 para. (1) (a). c) or (d));
16) Futures: a) securities contracts, including contracts for the purchase, sale or lending of securities, indexes or groups of securities times options on a security group or index of securities times repo or reverse repo transactions involving any such securities or indexes of securities;
b) contracts, including contracts for the purchase, sale or loan of goods, commodities or indices of groups for future deliveries times a commodity options, a group or an index of goods times repo or reverse repo transactions involving any such goods, or commodities indices;
c) futures and forwards, including contracts (other than those goods) for the purchase, sale or transfer of goods or goods of all kinds, services, rights or interests for a certain price at a certain time in the future;
d swap contracts), including swapuri and options on interest rate; agreements on exchange rate at sight or other foreign exchange market; swapuri on Forex, indices, shares or stock indices, debt or debt on indices, commodities or goods on weather conditions; emissions or inflation swapuri times on the yield of total credit, on the margin or swapuri credit risk or any similar transaction agreed times that is the subject of repeated transactions of credit default swaps markets or financial derivative instruments;
e) loan agreements interchange where the loan is granted for a period not exceeding three months;
f) framework agreements relating to all types of contracts or agreements referred to in subparagraph (a). a)-(e));
g) other contracts and agreements that can be qualified as;
17) central counterparty-entity that is interposed between the institutions participating in a system and which acts as the exclusive partner of these institutions regarding their orders for payment/transfer their orders;
18) lender-creditor affected whose debt is related to an element of debt reduced or converted into shares or other property as a result of the exercise of the competence of the reduction in the amount or conversion in the context of domestic recapitalisation instrument;
19) systemic crisis-disruption of the financial system which can lead to serious negative consequences for the internal market and the real economy and that can be generated by any of the types of financial intermediaries, markets and infrastructure, because any of these can be systemic importance to a certain extent;

20) eligible debt instruments debt-capital of a Bank, that do not qualify as equity instruments of tier 1 own funds instruments or level 2, which are not excluded from the scope of application of the instrument of domestic recapitalisation;
21) deposit-deposit such financial institutions as defined in the law No. 550-XIII of 21 July 1995;
22) deposits eligible deposits which are not-included in the category who are not guaranteed deposits, according to the provisions of law No. 575-XV from 26 December 2003 on guaranteeing deposits of private persons in the banking system;
23) guaranteed deposits-deposits whose payment is guaranteed within the limits of the guarantee ceiling, according to the provisions of law No. 575-XV from 26 December 2003 on guaranteeing deposits of private persons in the banking system;
24) recipient entity to which they are-the transferred shares, other property, debt, assets, rights or other obligations or any combination thereof from a bank subject to resolution;
25) termination law-right to terminate a contract law to speed up execution, to extinguish or to compensate for the obligations arising from the law or any similar effect clause under which it may suspend, modify or extinguish the obligations of one of the parties to the contract or a clause that prevents the birth of an obligation under the contract, an obligation that would have existed without it;
26) critical functions, services or activities-operations whose interruption could lead to disruptions in the supply of essential services to the real economy or the disruption of financial stability given the size, market share, internal and external interconnections, the complexity of the Bank or the Bank of carrying out cross-border activities; relevance, in particular, the ability of these activities, services, or operations;
27) domestic recapitalisation tool-mechanism by which the authority shall exercise the powers in the resolution of reduction in the amount of debt conversion or a bank subject to resolution pursuant to art. 151-153;
28) separation tool of assets-the mechanism by which the authority of a resolution transferring assets, rights or obligations of a bank subject to resolution by a vehicle asset management in accordance with art. 138-150;
29) sale of business tool-the mechanism by which the resolution authority transfers shares or other ownership instruments, issued by a bank subject to resolution, or assets, rights or obligations of a bank subject to resolution by a purchaser who is not a bridge Bank, according to art. 94-109;
30) equity instruments relevant art.7. 151-230-own funds instruments level 2 and the additional tools of tier 1 own funds, in accordance with the regulations of the National Bank of Moldova;
31) debt instruments within the meaning of art. 231 para. (1) (a). g) and (j))-bonds and other forms of transferable debt instruments that create or recognize a debt instruments that entitle the holders to purchase debt instruments;
32) instruments of tier 1 own funds-equity securities included in the Bank's first degree, according to the regulations of the National Bank of Moldova;
33) own funds instruments for level 2-equity securities included in the 1st-degree capital of the Bank, except subordinated debt, according to the regulations of the National Bank of Moldova;
34) instruments of property-shares and other capital instruments conferring ownership rights, instruments that are convertible into or give the right to acquire shares or other equity instruments and tools representing interests in the shares or other equity instruments conferring ownership rights;
35) instrument of the bridge Bank-the mechanism by which the resolution authority transfers shares or other ownership instruments, issued by a bank subject to resolution, assets, rights or obligations of a times banks subject to resolution by a bridge Bank, according to art. 110-137;
36) Investor-anyone who has entrusted money funds or financial instruments to an investment firm for the purposes of the provision of investment services;
37) liquidation of the assets of an-banks;
38) business lines-business lines and associated services which represent important sources of income, profits or the value of the franchise for a bank;
39) crisis management measure-action resolution or appointment of a special administrator pursuant to art. 66 times a person pursuant to article 13. 192 or 259;
40) crisis prevention measure-the exercise of competences for the removal of shortcomings or obstacles to the possibility of redress in accordance with art. 21, the exercise of competences for the removal of shortcomings or obstacles to the possibility of settlement in accordance with art. 35-41, implementation of early intervention, appointing a temporary administrator or exercising the competence of reduction in the amount or conversion under art. 219-230;
41) micro, small and medium-sized enterprises which comply with the definition-as referred to in art. 2 of the law on support of small and medium-sized enterprises sector no. 206-XVI dated 7 July 2006;
42-guaranteed debt obligation) for which the creditor's entitlement to pay or the other form of performance of the obligation is secured by means of a privilege, lien or another contract of guarantee or by any other means of guarantee, regardless of the legal form in which the security is lodged, including debts resulting from repo or other contracts of title transfer collateral arrangements;
43) guaranteed bond-bond issued by a bank;
44) organ of a Bank-Council and executive body of the Bank;
45) regulated market-market as defined according to the provisions of legislation concerning capital market;
46 forced liquidation procedure) of Bank-Bank's winding-up procedure by the National Bank of Moldova according to the provisions of law No. 550-XIII of 21 July 1995, financial institutions;
    [Art. 2 (1), item 46) modified by LP58 from 06.04.17, MO119-126/14.04.17 art. 197; force 14.04.17] 47) own funds-rate coefficient of suficienței capital, determined according to the regulations of the National Bank of Moldova;

48) conversion rate-factor that determines the number of shares or other property in which a debt of a given class will be transformed, with reference to either a single tool in that class, or to a specified unit value from a debt;
49) resolution-a tool for achieving the purpose of the resolution of one or more of the objectives of the resolution. 56;
50) public financial support-state aid within the meaning of art. 3 of law No. 139 of 15 June 2012 with regard to state aid, intended to preserve or restore the viability or solvency, liquidity a bank;
51) aggregate amount-total amount with which the authority has determined that the resolution should be reduced or converted debts eligible under article 171;
52) vehicle asset management-a legal entity that meets the requirements of 139.
Article 3. -(1) for the purposes of this law, the National Bank of Moldova is the competent authority, and the authority of a resolution.
(2) for the purposes of the exercise of the mandate in paragraph 1. (1), National Bank of Moldova: a) ensure, within the framework of its internal organization, operational independence and avoidance of conflicts of interest between the structure exercising the function of the resolution according to the present law and exercising supervisory function, as well as between the structure exercising the function of resolution and structures which perform other functions in accordance with the legal provisions;
b) ensure that it has the necessary resources and operational capacity, including staff experienced in order to implement actions for resolution and that it is able to exercise its powers with rapidity and flexibility necessary to achieve the objectives of the resolution;
c) sets for personnel involved in the exercise of the function of resolution, under this Act, separate reporting lines and structural separation against the staff exercising supervisory tasks compared with the personnel involved in the exercise of other functions of the National Bank of Moldova;
d) shall adopt and publish, for the purposes of this article, the relevant national rules, including those relating to the secrecy and the exchange of information between the responsible structures with different functions exercised according to law;
establishes procedures for e) that structures and persons who work on behalf of the National Bank of Moldova, the function of supervision and the resolution to cooperate closely in the preparation, planning and implementation of decisions.
Article 4. -National Bank of Moldova, as the resolution authority is the contact authority for ensuring cooperation and coordination with relevant authorities of other countries.
Article 5. -National Bank of Moldova, as the resolution authority, inform the Ministry of finance in relation to all decisions taken under this Act, and in the case of decisions which have direct fiscal impact, get government approval before the implementation of the decision in this respect and submits a request to the Ministry of Finance, in accordance with the provisions of this law.
In article 6. (1) resolution tools protect public interest defence of financial stability and applied when needed to achieve the objectives of the resolution, i.e. when the Bank cannot be liquidated in accordance with the procedure of forced liquidation, as this could destabilize the financial system.
(2) In the application of instruments and measures for resolution, the requirements of the law. 139 of 15 June 2012 with regard to state aid are applicable.


TITLE IIPREGĂTIREACapitolul IPLANIFICAREA RECOVERY and REZOLUŢIEISecţiunea General 1Dispoziţii Article 7. -(1) Banks that hold significant clout in the national financial system and draw up its own plans for recovery in accordance with article 5. 9-22 and are subject to individual resolution plans in accordance with article 5. 23-31. (2) for the purposes of the provisions of this article shall be deemed to be a Bank has a significant share in the national financial system if it meets any of the following conditions are met: a) its total assets exceeds its level set by the National Bank of Moldova according to the regulations issued under it;
b share of total assets) in the gross domestic product of the Republic of Moldova exceeds 20%, unless the total value of the assets is below the level set by the National Bank of Moldova according to the regulations issued by it.
Article 8. -(1) Notwithstanding the provisions of art. 9-31, taking into account the elements set out in art. 1 (1). (2) as well as evaluation of the impact on the situation of the major difficulty of a Bank and the forced liquidation of it could have on the financial markets, banks and other financing conditions and the overall economy, and the potential significant adverse effects arising from the situation of the major difficulty of the Bank, the National Bank of Moldova, as the competent authority and the authority of a resolution , may establish simplified requirements concerning the recovery plan and the plan for the resolution of the said banks, in terms of:) the content and details of recovery plans and the resolution referred to in art. 9-31;
b) date the first recovery plans and the resolution will be developed and the frequency of updating such plans, which may be lower than that provided for in this law;
c) content and level of detail of the information required, in accordance with art. 13(2). (1) (a). the a and b)), art. 31 para. (1) and sections A and B of the annex which forms an integral part of this law;
d) the level of detail of the information necessary to assess the possibility of settlement. 32-34 and in section C of the annex which forms an integral part of this law.
(2) the evaluation of paragraph. (1) shall be implemented by the National Bank of Moldova, where, following consultation with the designated national authority prudential.
(3) the National Bank of Moldova, as the competent authority and, where appropriate, for resolution authority, may at any time impose a bank to which the simplified requirements have been applied, in accordance with paragraph 1. (1) the transition to full implementation of the requirements laid down in article 21. 9-31 with the establishment and communication of the Bank's compliance deadline to the new requirements.

(4) application of simplified requirements, specified in paragraph 2. (1) does not affect the powers of the National Bank of Moldova, the competent authority or, where appropriate, by the authority of a resolution of the crisis prevention measures or measures of crisis management.
(5) the National Bank of Moldova shall not be required to implement the measures envisaged in the resolution and recovery plans, and may order any other steps or to exercise any jurisdiction at its disposal for the purpose of exercising the powers of the competent authority or the authority of a resolution, as appropriate.
(6) the National Bank of Moldova shall issue regulations in order to implement the provisions of article 6. 9-31, including as regards the procedures for drafting and evaluation of recovery and resolution plans.


Section 2-aPlanificarea recovery in article 9. (1) every bank shall develop and maintain a recovery plan which provides for measures to be taken by the Bank to restore its financial position in case of significant damage.
(2) recovery plans are considered an integral part of a formal framework for the administration of the Bank's activity established under art. 25 of the law on financial institutions no. 550-XIII of 21 July 1995.
Article 10. -Updated Banks recovery plans at least annually or at the request of the National Bank of Moldova, as competent authority, with a higher frequency and, in any case, after any change in the organizational structure or business or legal or financial position of the Bank that could have significant impact on the recovery plans or would require changing them.
Article 11. -The recovery plan, banks should not rely in any way on access to public financial support.
Article 12. -Banks included in the recovery plan, where appropriate, an analysis of the situation in which may, under the conditions provided for in the plan, access to the facilities of the Central Bank and identifies assets which can be qualified as real guarantees.
Article 13. (1) without prejudice to the provisions of art. 7-31, recovery plans should include: a) the information specified in section A of the annex, as well as other information according to the regulations issued by the National Bank of Moldova;
b) measures may be taken by the Bank when the conditions are fulfilled for early intervention provided for in art. 42-44;
c) conditions and procedures adequate to ensure recovery measures in a timely manner, as well as a wide range of recovery options.
(2) recovery plans must be drawn up taking into account a number of scenarios of major macroeconomic and financial crisis, relevant to the specific characteristics of the Bank, including systemic events, specific crisis scenarios of legal persons considered individually, and groups as a whole.
Article 14. -National Bank of Moldova, as the competent authority may require a bank to keep detailed records of financial contracts to which it is party.
Article 15. -The governing body of the Bank assesses and approves recovery plan before its transmission to the National Bank of Moldova, as the competent authority.
Article 16. -(1) subject to the obligation of Banks drawing up recovery plans pursuant to art. 9 should forward recovery plans National Bank of Moldova, as the competent authority, in order to be evaluated.
(2) Banks should demonstrate in a way satisfactory to the National Bank of Moldova, as the competent authority, that the recovery plans shall meet the criteria of article 81(3). 17. Article 17. -Within six months of receipt of the recovery plan the National Bank of Moldova, in its capacity as competent authority examines recovery plan and evaluate the extent to which it complies with the requirements laid down in article 21. 9-15 and the following criteria: a) the implementation of the proposed arrangements in the restoration plan is reasonably able to ensure the preservation or restoration of viability and the financial position of the Bank given the run-up on the Bank steps it has taken or has planned to undertake;
(b) implementation of and) the options identified in this recovery is reasonably likely to be carried out quickly and effectively in times of financial crisis, with the avoidance of significant adverse effects on the financial system, including scenarios that other banks should implement recovery plans at the same time.
Article 18. -Suitability of the recovery plan in accordance with article 17, NBM, as the competent authority shall take into account the extent to which capital structure and financing of the Bank corresponds to the complexity of the organizational structure and risk profile.
Article 19. -(1) the National Bank of Moldova shall ensure that structure that exerts supervisory function forward recovery plan structure which perform the function of resolution.
(2) the National Bank of Moldova shall ensure that structure which he evaluates resolution recovery plan in order to identify those measures contained therein, which may have negative impact on the possibility of settlement of the Bank, and may make recommendations concerning these issues of the structure carrying the surveillance function.
Article 20. -(1) where the National Bank of Moldova, as the competent authority considers that recovery plan presents major deficiencies or that there are significant obstacles in the path of implementation of the plan, it shall communicate to the Bank the result evaluation and requests the submission of Bank, within two months following the communication of a revised plan to contain solutions for the Elimination of deficiencies or overcoming obstacles.
(2) the National Bank of Moldova, as the competent authority may extend the one month time limit referred to in paragraph 1. (1) at the request of the Bank.
(3) before requesting a bank to submit a revised recovery plan pursuant to paragraph 1. (1) the National Bank of Moldova, as competent authority, requesting the opinion of the Bank relating to such a requirement.

(4) where the National Bank of Moldova, as the competent authority considers that the shortcomings and obstacles have not been dealt with properly by the revised plan, it may require specific changes on the Bank's plan.
Article 21. -(1) where the Bank does not submit a revised recovery plan or the National Bank of Moldova, as the competent authority determines that the revised turnaround plan does not resolve the problem of potential barriers or shortcomings identified during the initial assessment and that it is not possible to resolve through the imposition of specific changes of plan, the National Bank of Moldova requests the Bank to identify in a reasonable period, the changes that may result from its economic activity to remove these deficiencies or to overcome such obstacles to the implementation of the recovery plan.
(2) the National Bank of Moldova, as the competent authority, shall determine the period referred to in paragraph 1. (1) from case to case, depending on the situation of the Bank and the nature of the deficiencies identified.
(3) where the Bank does not identify, within the time limit set by the National Bank of Moldova pursuant to paragraph 1. (2) changes that may result from its economic activity or where the National Bank of Moldova considers that the actions proposed by the Bank would not adequately address the shortcomings or obstacles, the National Bank of Moldova, as the competent authority may require the Bank one or more of the measures referred to in paragraph 1. (4) and/or any other measure which it deems to be necessary and proportionate, taking into account the seriousness of the deficiencies or the magnitude of the obstacles and the effect of those measures on the Bank's activity.
(4) in addition to the measures provided for in article 10. 38 financial institutions act nr. 550-XIII of 21 July 1995, the National Bank of Moldova, as the competent authority may require the Bank one or more of the following measures: (a) reducing the risk profile) of the Bank, including reducing the risk of liquidity;
b) measures timely recapitalisation;
revision c) and the structure of the Bank;
d) alter funding strategy for improved shock resistance lines base activity and critical functions;
e) modification of structure of management of the Bank.
Article 22. -(1) the measures imposed on banks by the National Bank of Moldova, as the competent authority, in accordance with art. 21. (4), must be proportionate to the seriousness of the deficiencies and the magnitude of the obstacles that were subject to rectification.
(2) the decision of the National Bank of Moldova, as competent authority, accompanied by the reasons therefor, shall be communicated in writing to the Bank and may be appealed as provided in law. 548-XIII of 21 July 1995 regarding the National Bank of Moldova.


Section 3 aPlanificarea resolution in article 23. -(1) the National Bank of Moldova, as the resolution authority, develop a plan of resolution for each bank. National Bank of Moldova shall ensure that structure that he draw up resolution resolution plan after consulting the structure exercising the supervisory function.
(2) the plan of action provides resolution resolution on National Bank of Moldova, as the resolution authority, we can carry out when the Bank meets the conditions to trigger the procedure.
(3) the National Bank of Moldova, as the resolution authority shall communicate the information referred to in article. 29 lit. the Bank in question).
Article 24. -National Bank of Moldova, as the authority of resolution, resolution plan identifies major obstacles in the way of settlement within the meaning of art. 32 para. (3) the Bank and, if necessary and proportionate measures relevant to the Elimination of the obstacles, in accordance with article 32-41.
In article 25. -(1) The resolution plan, National Bank of Moldova, as the resolution authority, must take into account the relevant scenarios, including the possibility that the accounts of the Bank's major difficulty related to individual circumstances or to occur amid an extensive financial turmoil or systemic events.
(2) The resolution plan, National Bank of Moldova, as the resolution authority, does not have to assume any of the following: (a) public financial support), with the exception of the use of funding mechanisms established in accordance with Article 296;
b) ensuring liquidity in emergency situations on the part of the Central Bank;
c) ensuring liquidity on the part of the Central Bank provided with guarantees, interest rates or non-standard lengths.
Article 26. -National Bank of Moldova, as the authority of resolution, resolution plan includes an analysis of the modalities and timing of the Bank may, under the conditions provided for in the plan, access to the facilities of the Central Bank and identifies assets which can be qualified as real guarantees.
Article 27. -At the request of the National Bank of Moldova, as the resolution authority, the Bank provides support to the elaboration and updating of the plan.
Article 28. -(1) the National Bank of Moldova, as the resolution authority, reassess and, if necessary, updates the resolution plans at least annually and after any significant change in the organizational structure or legal form of business or financial position of the Bank that could have, according to the National Bank of Moldova, as the resolution authority, a significant impact on the effectiveness of resolution or plans that would require an amendment to them.
(2) for the purposes mentioned in paragraph 1. (1) promptly inform the banks, the National Bank of Moldova, as the resolution authority, of any change which may require a reassessment or an update of plans. National Bank of Moldova shall ensure that structure that he promptly inform the supervisory structure that he resolution of any change which may require a reassessment or an update of plans.

Article 29. -Without prejudice to article. 7 and 8, the National Bank of Moldova, as the resolution authority, referred to in resolution plan options for application of the resolution and the exercise of the powers set out in this resolution and include the following elements, which sets concrete values when, in his opinion, it is appropriate and feasible: a) a summary of the main elements of the plan;
b) a summary of important changes which have occurred within the Bank since the last update of the resolution;
(c) an overview of modality) in which critical functions and basic lines of activity could be separated from the other functions, based in terms of legal and economic order to ensure their continuity in the event of major difficulty;
d) an estimate of the timetable for the implementation of each aspect of the plan;
e) a detailed description of the assessment to the possibility of settling the Bank, within the meaning of art. 32 para. (3) transactions carried out pursuant to article 5. and article 24. 32-34;
f) a description of any necessary measures in accordance with the provisions of article 35-41 to address or to remove obstacles to the possibility of settling in. 32 para. (3) the evaluation identified according to article 32-34;
g) a description of the procedure for determining the value and possibility of critical functions, lines of activity and the Bank's assets;
h) a detailed description of the measures to ensure that the information required under art. 31 are updated and made available to the National Bank of Moldova, as the resolution authority at any time;
I) presentation of how the National Bank of Moldova, as the Authority considers that the resolution could be financed without resolution options like Bank to resort to extraordinary public financial support, except for the use of funding mechanisms established under Article 296, or from providing liquidity in emergency situations on the part of the Central Bank's assurance of liquidity on the part of the Central Bank provided with guarantees interest rates, or non-standard lengths;
j) a detailed description of the various strategies that could be applied in the light of possible scenarios and deadlines applicable;
k) a description of the critical interdependence relations;
l) a description of the options that would allow for maintaining access to payment and clearing, and other infrastructures, as well as an assessment of number portability customer positions;
m) an analysis of the impact of the plan on the employees of the Bank, including an assessment of any associated costs and a description of the procedures for consultation during the process of resolution of the personnel, the employers ' organization and the Organization's employees, as appropriate;
n) a plan for communicating with the media and with the public;
a minimum requirement of) equity and debt eligible required under article 164 and the term in which you have to reach this level, where appropriate;
p) minimum own funds requirement and contractual instruments internal recapitalisation, pursuant to article 164, and, where appropriate, the time limit within which you must arrive at this level;
q) a description of the operations and systems essential to maintain continuous operation of the operational processes of the Bank;
r) where appropriate, any opinion expressed by the Bank on the plan.
Article 30. (1) without prejudice to article 14, the National Bank of Moldova, as the resolution authority, may require banks to keep detailed records of financial contracts to which they are party, and may lay down a period within which must be made in the records, which shall be communicated to them.
(2) the period referred to in paragraph 1. (1) can be different depending on the types of financial contracts as defined in art. 2, the same time limits being applied to all banks.
Article 31. -(1) At the request of the National Bank of Moldova, as the resolution authority, each bank: a) are cooperating in the preparation of the plan for resolution as necessary, both as requested in the resolution authority;
(b) provide it with all necessary information) development and implementation of a plan for resolution, including, but not limited to the information and tests referred to in section B of the annex.
(2) the National Bank of Moldova shall ensure that structure that he cooperates with the supervisory structure which perform the function of resolution, in order to verify the extent to which the information referred to in paragraph 1. (1) are already available. National Bank of Moldova shall ensure that, where these are available, the information that he submit them to the supervisory structure which perform the function of resolution.


Chapter IIPOSIBILITATEA of SOLUŢIONARESecţiunea 1Dispoziţii the possibility of settling a Bank Article 32. -(1) the National Bank of Moldova, as the resolution authority, assesses the extent to which a settlement is possible, within the meaning of paragraph 1. (3) without having to rely on any of the following: (a) public financial support), with the exception of funding mechanisms established in accordance with article 5. 296;
b) ensuring liquidity in emergency situations on the part of the Central Bank;
c) ensuring liquidity on the part of the Central Bank provided with guarantees, interest rates or non-standard lengths.
(2) the National Bank of Moldova shall ensure that the assessment referred to in paragraph 1. (1) shall be carried out after consultation, by the structure that he resolution of the structure which exercises supervisory function.
(3) the National Bank of Moldova, as the resolution authority, considers that a settlement is possible if it is feasible and credible, in its opinion, be to liquidate the Bank forced liquidation procedure, either to remedy the situation of the Bank by applying tools of resolution and the exercise of powers of resolution, avoiding as possible of any significant adverse effects on the national financial system including in the event of widespread financial instability or system-wide events, and with a view to ensuring the continuity of critical functions of the Bank.

Article 33. -To assess the possibility of settlement referred to in art. 32, National Bank of Moldova, as the resolution authority, examine at least the elements set out in section C of the annex, as well as other assessments and tests carried out in accordance with the criteria laid down in the regulations of the National Bank of Moldova.
In article 34. -National Bank of Moldova, as the resolution authority, assess the possibility of settlement pursuant to art. 32 and 33 and the elaboration of aim simultaneously and update the plan for resolution in accordance with art. 23. Section 2-aCompetenţa to address or remove obstacles to the possibilities of settlement Article 35. -(1) If, following the assessment of the possibility to settle Bank, carried out in accordance with the provisions of art. 32-34, National Bank of Moldova, as the resolution authority, considers that there are significant obstacles in the path of the possibility to settle the Bank shall notify the Bank in writing of those findings.
(2) the National Bank of Moldova shall ensure that the assessment referred to in paragraph 1. (1) shall be carried out after consulting the structure exercising the function of surveillance and, in the event that the structure that he finds resolution of significant obstacles in the path of the possibility to settle the Bank will notify those findings in writing structure which perform supervisory function.
To in article 36. -The requirement that the National Bank of Moldova, as the resolution authority to draw the plan of resolution; 23 will be suspended as a result of the notification provided for in article 10. 35, until measures to reduce or eliminate obstacles in the path of settlement are accepted by the National Bank of Moldova, as the resolution authority, under art. 37 or were decided by it pursuant to article 4. 38. Article 37. (1) within four months from the date of receipt of the notification, the bank transmits the National Bank of Moldova, as the resolution authority, draft measures, taking aim at the removal of obstacles or significant management specified in the notification.
(2) the National Bank of Moldova, as the resolution authority, assesses the effectiveness of the proposed measures for the removal of obstacles or significant management concerned.
(3) the National Bank of Moldova shall ensure that the assessment referred to in paragraph 1. (2) shall be carried out after consultation by the structure that he resolution of the structure which exercises supervisory function.
Article 38. -(1) if the National Bank of Moldova, as the resolution authority, considers that the measures proposed by the Bank in accordance with the provisions of art. 37 does not provide for the reduction or removal of obstacles in question will require it, either through the structure exercising the function of resolution, either through the structure exercising the supervisory function, alternative measures with the same purpose and shall notify such measures to the Bank in writing, within one month of receipt of the notification will propose a plan for compliance.
(2) the National Bank of Moldova, as the resolution authority, accompanying the notification of the reasons for alternative measures that the measures proposed by the Bank are not considered effective for the removal of obstacles to the possibility of solving and presentation of how the proposed alternative measures are proportionate to the removal of these obstacles.
(3) in determining the alternative measures, the National Bank of Moldova, as the resolution authority, keep in mind the threat to financial stability posed by such obstacles to settlement and the impact of measures on the Bank's activity, its stability and its capacity to contribute to the economy.
Article 39. -Pursuant to article 6. 38, National Bank of Moldova, as the resolution authority, may take any of the following measures: a) require any bank reviewing funding agreements intragrup or examining the reasons for their absence, the conclusion of service contracts-either intragrup or third parties regarding the conduct of insurance-critical functions of the Bank;
b) require its exposures to the Bank and limiting individual maximum aggregate;
c) impose additional specific or periodic information relevant to resolution procedure;
d) to require the Bank waiving certain assets;
e) require the cessation of the limitation or certain Bank activities conducted or proposed;
f) restrict or hinder the creation of new business lines, development of existing ones, selling new products or to sell existing products;
g) require changes to the legal or operational structure of the Bank or of any entity of the group, either directly or indirectly under the control of the Bank, to reduce complexity and to guarantee the possibility of separation, from legal and operational functions other functions critical to the implementation of resolution instruments;
h) require the issuance of Bank debts eligible to meet the requirements laid down in article 164-170;
I) to require the Bank to adopt other measures to meet the minimum requirement for eligible own funds and debt in accordance with article 164-170, including try to renegotiate any eligible and any debt instrument level which it has issued, in order to ensure that any decision taken by the National Bank of Moldova, as the resolution authority to reduce the value or convert debt times the instrument in question can be applied according to the laws of the jurisdiction governing it.
Article 40. -The decision taken pursuant to article 13. 35 and 38 must meet the following requirements: a) be supported by a statement of reasons which formed the basis of the assessment or determination;
b) to indicate the manner in which that assessment or fact-finding concerning the application of the proportional requirement respects referred to in article 38;
c) capable of being challenged in compliance with the provisions of law No. 548-XIII of 21 July 1995 regarding the National Bank of Moldova.

Article 41. (1) identification of any Previous measures referred to in article 38, the National Bank of Moldova, as the resolution authority, after consultation, if necessary, the designated national authority should be based on, consider the potential effect of those measures on the respective Bank and the financial services market.
(2) the National Bank of Moldova shall ensure that the work referred to in paragraph 1. (1) shall be carried out after consultation by the structure that he resolution of the structure which exercises supervisory function.


TITLE IIIINTERVENŢIA TIMPURIECapitolul IMĂSURILE EARLY INTERVENTION Article 42. -(1) where a bank violates or because of, among other things, the rapid deterioration of the financial situation is likely to violate in the near future, the requirements laid down by the law on financial institutions no. 550-XIII of 21 July 1995 and/or regulations issued by the National Bank of Moldova in their application, or if the Bank's capital is held by at least 50% of people who do not have the permission of the National Bank of Moldova, if it is mandatory under the law, the National Bank of Moldova, as the competent authority, in addition to the measures provided for in article 10. 38 financial institutions act nr. 550-XIII of 21 July 1995, may take, where applicable, at least the following measures: [art. 42 (1) as amended by LP58 from 06.04.17, MO119-126/14.04.17 art. 197; in force 14.04.17]) ask the governing body of the Bank to implement one or more of the measures set out in the arrangements of the time recovery plan or, in accordance with article 10, to update such a recovery plan when the circumstances that led to early intervention is different from the assumptions set out in the original plan of recovery and implement one or more of the measures set out in the arrangements or the updated plan within a certain time frame, in order to ensure that there are no more conditions mentioned in the introduction to this article;
b) ask the governing body of the Bank to examine the situation, identify measures aimed at resolving any issues and to elaborate a programme of action to address those issues and a timetable for its implementation;
c) to require the Bank's governing body convening a general meeting of shareholders of the Bank or, where the governing body fails to comply with this requirement, to convene the Assembly directly concerned and, in both cases, to set the agenda and to require that certain decisions should be envisaged to be adopted by the shareholders;
d) require the replacement of one or more members of the governing body of the Bank, where these people are proving inadequate for the purposes of exercising their financial institutions Law nr. 550-XIII of 21 July 1995 and the regulations issued by the National Bank of Moldova in connection with its application;
e) ask the governing body of the Bank to develop a plan for negotiating debt restructuring with all or part of the Bank's creditors, according to the recovery plan, where appropriate;
f) require changes in business strategy of the Bank;
g) require changes in the legal structure or in the Bank's operational structure; and (h)) to obtain, including inspections on the spot, and to provide the National Bank of Moldova, as a resolution authority with all the information required for updating the plan for resolution and for preparing a possible resolutions of the Bank, as well as for carrying out an assessment of the assets and liabilities of the Bank in accordance with article 72-84.
(2) for the purposes of paragraph 1. (1) the rapid deterioration of the financial situation of a Bank shall be assessed on the basis of a set of indicators established by regulations of the National Bank of Moldova and includes, inter alia, deterioration of the liquidity situation, an increase in the level of indebtedness, loans or of the concentration of exposures.   
Article 43. -National Bank of Moldova shall ensure that structure that exerts the function of supervisory authority shall, without delay, the structure that he is fulfilling the conditions laid down in resolution art. 42 para. (1) and (2) in connection with a bank. The powers of the National Bank of Moldova, as the resolution authority, including the power to require the Bank to contact potential buyers in order to prepare the Bank's resolution in compliance with the conditions laid down in articles 108 and privacy provisions provided for in this law.
Article 44. -For each of the measures provided for in article 10. 42 para. (1) the National Bank of Moldova, as the competent authority establishes an appropriate time limit for completion to allow the evaluation of the effectiveness of the measure.


Chapter IIÎNLOCUIREA of the MANAGEMENT ORGAN Article 45. -In the case of significant deterioration of the financial situation of a bank or when they produce serious breaches of legislation, regulations or acts of serious administrative irregularities times Bank and whether other measures in conformity with art. 42-44 are not sufficient to put an end to such damage or if the Bank's capital is held by at least 50% of people who do not have the permission of the National Bank of Moldova, if it is mandatory under the law, the National Bank of Moldova, as the competent authority, in addition to the measures provided for in article 10. 38 financial institutions act nr. 550-XIII of 21 July 1995, may require the replacement of the management organ of the Bank as a whole, or of its members, within the time limit and conditions stipulated by the National Bank of Moldova. Appointments shall be made in accordance with the provisions of law No. 1134-XIII of 2 April 1997 concerning public limited companies and the financial institutions Law nr. 550-XIII of 21 July 1995 and is subject to approval by the National Bank of Moldova, as the competent authority.


IIIDESEMNAREA TEMPORARY Chapter ADMINISTRATOR



Article 46. -(1) where the National Bank of Moldova, as the competent authority considers that the replacement of management, as referred to in article 45, is insufficient to remedy the situation or where it is held in the Bank's capital ratio of at least 50% of people who do not have the permission of the National Bank of Moldova, if it is mandatory under the law , National Bank of Moldova, as the competent authority, in addition to the measures provided for in article 10. 38 financial institutions act nr. 550-XIII of 21 July 1995, may designate one or more temporary managers of the Bank, among them can be and the guarantee fund of deposits in the banking system.
(2) the National Bank of Moldova, as a competent authority may designate any administrator on a temporary basis, in proportion to the circumstances of the data, either to replace the temporary governing body of the Bank, either to work temporarily with the governing body of the Bank and shall specify this in its decision at the time of appointment.
(3) where the National Bank of Moldova, as the competent authority shall appoint a temporary administrator to work with the governing body of the Bank, it also specifies the time of the appointment, the role, tasks and powers of the Manager on a temporary basis, and any requirements for the management body of the Bank, to consult with the administrator or to obtain consent before taking certain decisions or to undertake certain actions.
(4) the National Bank of Moldova, as competent authority, make public on the official website of the temporary designation of any administrator, unless the temporary administrator has no power to represent the Bank. The temporary appointment of the Manager, National Bank of Moldova is considering that it should hold the qualifications, knowledge and ability necessary for exercising its functions and not to be in conflict of interest.
Article 47. -(1) the National Bank of Moldova, as competent authority, assign temporary administrator, at the time of its designation, the incumbent powers, depending on the circumstances. Skills may include some or all of the powers of the management body of the Bank in accordance with Bank's incorporation and applicable national legislation, including the power to exercise some or all of the administrative functions of the governing body of the Bank. Administrator's powers temporarily, in relationship with the Bank, the provisions of law No. 1134-XIII of 2 April 1997 concerning public limited companies and the financial institutions Law nr. 550-XIII of 21 July 1995.
(2) the remuneration of the Manager on a temporary basis, where appropriate, temporary administrators shall be borne by the Bank and the National Bank of Moldova, as the competent authority, taking into account the Bank's remuneration policy, drawn up in compliance with the applicable legal provisions, the total level of such remuneration neputînd surpass cumulative remuneration granted to members of the Board of Directors, for a period equivalent to the time.
Article 48. -The role and functions of the administrator are temporarily fixed by the National Bank of Moldova, as the competent authority, at the time of appointment, and may include the assessment of the financial position of the Bank, the management of the activity or any part of the Bank's activity in order to preserve or restore the financial position of the Bank and the adoption of measures in order to restore healthy and prudent management of the Bank's activity. National Bank of Moldova, as competent authority, specifying the designation of temporary administrator, any limitations of its role and functions.
Article 49. -National Bank of Moldova, as competent authority, holding sole power to appoint to replace and, where appropriate, to revoke any temporary administrator. National Bank of Moldova, as a competent authority, may replace an administrator temporarily at any time and for any reason. National Bank of Moldova, as the competent authority may at any time modify the terms of the mandate conferred by the administrator on a temporary basis, according to the provisions of article 3. 46-54. Article 50. -(1) the National Bank of Moldova, as the competent authority may require that certain acts of a temporary administrator is subject to prior approval. National Bank of Moldova, as the competent authority establishes any such requirement at the time of the appointment of an administrator or at the time of any change to the terms of the mandate conferred a temporary administrator.
(2) the administrator may temporarily exercise, in any event, the power to convene the general meeting of shareholders of the Bank and to set the agenda of this Assembly only with the prior approval of the National Bank of Moldova, as the competent authority.
Article 51. -National Bank of Moldova, as the competent authority may require the temporary administrator to draw up reports on the financial position of the Bank and acts performed in the course of his tenure at intervals prescribed by the Commission, and at the end of the mandate of the temporary administrator.
Article 52. -The period of appointment of an administrator on a temporary basis should not exceed one year. This period can be renewed in exceptional cases where the conditions governing the appointment of the temporary administrator shall continue to be met. National Bank of Moldova, as competent authority, is responsible for determining the extent to which the conditions are fulfilled for maintaining a temporary administrator to justify such a decision in front of shareholders.
Article 53. -The appointment of a temporary administrator in accordance with the provisions of art. 46-54 is made by way of derogation from the provisions relating to the appointment and revocation of members of the management organs, contained in law No. 1134-XIII of 2 April 1997 relating to companies limited by shares. Designation according to art. 46-54 is without prejudice to any other rights of the shareholders as provided by law. 1134-XIII of 2 April 1997 concerning public limited companies and financial institutions law nr. 550-XIII of 21 July 1995.

Article 54. -(1) the provisions of article 4. 35 of law No. 548-XIII of 21 July 1995 regarding the National Bank of Moldova are applicable in respect of the liability regime of the Manager on a temporary basis for exercising the functions conferred on it in accordance with this law.
(2) for the purposes of the National Bank of Moldova to early intervention measures provided for in article. 42-53 of this law, it may exempt a Bank, wholly or partly, from the obligation to maintain reserve.


The TITLE IVREZOLUŢIACapitolul IOBIECTIVE, GENERALESecţiunea 1Obiective CONDITIONS and PRINCIPLES Article 55. -In the event that applies the tools of resolution and exercising powers of resolution, National Bank of Moldova, as the resolution authority, considering the objectives of the resolution and choose those tools and skills that allow you to achieve the highest degree of the objectives considered by it as relevant to each situation.
Article 56. -(1) the objectives of the resolution referred to in article 55 are as follows: ensuring the continuity of critical functions);
(b) significant adverse effects) over financial stability, in particular through the prevention of ' contagion, including market infrastructures, and to maintain market discipline;
(c) the protection of public funds) to minimise dependence on public financial support extraordinary;
d) protecting depositors covered by legislation guaranteeing deposits;
e) funds and assets protection.
(2) in the event that aims the objectives specified in paragraph 2. (1) the National Bank of Moldova, as the resolution authority, trying to minimize the cost of resolution and avoid the destruction of value, to the extent that achievement of the objectives of the resolution is not affected.
Article 57. -Unless otherwise specified in the present law, the objectives of the resolution have equal importance, and the National Bank of Moldova, as a resolution authority must apply in a balanced way, depending on the nature and circumstances of each case.


Section 2-trigger aCondiţiile procedure of resolution of article 58. -(1) the National Bank of Moldova, as the resolution authority, carry a resolution regarding a bank only if it considers that the following conditions are cumulatively met: a) the National Bank of Moldova, as the competent authority has determined that the Bank enters or is likely to enter into a major difficulty. In this sense, he is the structure that consult with supervisory structure which perform the function of the resolution;
b) given the time horizon and other relevant circumstances, there is no reasonable prospect that the State of major difficulty could be prevented, in a reasonable period of time, through private-sector alternative measures, including measures taken by an institutional system of protection or surveillance measures, including early intervention measures or measures to reduce the value or the conversion of the equity instruments that are relevant in accordance with the provisions of art. 220, taken in connection with the Bank in question;
c) resolution action is necessary from the perspective of the public interest within the meaning of art. 60. (2) the adoption of any of the prior surveillance measures do not constitute a condition for undertaking an action resolution.
Article 59.  -(1) for the purposes of art. 58 para. (1) (a). to that), a bank enters or is likely to enter into a major difficulty, if it met at least one of the following conditions: (a) violates the requirements of the Bank) that underlie the maintenance licence or there are objective elements by which the National Bank of Moldova, as the competent authority may determine that the Bank will violate these requirements in the near future , to an extent which would justify the withdrawal of the licence, including, but not limited to where the Bank has suffered or is likely to incur losses that will deplete all or a significant portion of their own funds;
b) assets of the bank debt are lower, or there are objective elements by which the National Bank of Moldova, as the competent authority may determine that this will happen in the near future;
c) Bank is unable to pay off debts or other obligations at maturity times there are objective elements by which the National Bank of Moldova, as the competent authority may determine that this will happen in the near future;
d) public financial support of the extraordinary;
It's capital is owned bank) in a proportion of not less than 50% of people who do not have the permission of the National Bank of Moldova, in cases when this is compulsory by law or when the shares representing at least 50% of the share capital of the Bank have been cancelled pursuant to the provisions of art. 156 financial institutions act nr. 550/1995.
    [Art. 59 (1), subparagraph (c)) as amended by LP58 from 06.04.17, MO119-126/14.04.17 art. 197; force 14.04.17] (2) the condition referred to in paragraph 1. (1) (a). (d)) shall not be deemed to be fulfilled in a situation in which, in order to prevent or to remedy a serious disturbance in the economy and to maintain financial stability, public financial support to any of the following extraordinary dress forms: a) a State guarantee for the provision of liquidity facilities offered by the Central Bank in accordance with the terms thereof;
b) a State guarantee for newly issued obligations; or c) a capital contribution or purchasing equity instruments at prices and on terms that do not confer an advantage to the Bank, where, at the time of grant of public support, there is no circumstances referred to in paragraph 1. (1) (a).     a), b) or c) nor the circumstances mentioned in article 11. 221.

(3) In each of the cases referred to in paragraph 1. (2) (a). the-c)), guarantee measures or their equivalent measures referred to in those paragraphs shall be limited to solvent banks and are subject to final approval in accordance with the legal framework relating to state aid. Those measures were temporary and preventive, are proportionate in relation to remedy the consequences of the serious disturbance and are not used to compensate for the losses it has incurred Bank or is likely to incur them in the near future.
(4) the support measures referred to in paragraph (2) (a). c) is limited to the necessary input to solve the scarcity of capital whose existence has been established within the framework of the simulation crisis at the national level, through assessments of the quality of assets or through equivalent exercises carried out by the National Bank of Moldova, as the competent authority.
Article 60. -Pursuant to article 6. 58 para. (1) (a). c), resolution action is considered in the public interest if it is necessary to achieve, is proportionate in relation to one or more of the objectives of the resolution referred to in article 55-57, and the liquidation of the Bank according to the procedure of forced liquidation which is applicable to banks and would not accommodate achieving the objectives of the resolution in the same manner.


 Section 3-General aPrincipiile of resolution Article 61. -(1) for the purposes of resolution instruments and, accordingly, in exercise of the powers in the resolution are applicable to the following principles: a) shareholders subject to resolution are the first to bear losses;
b subject to the Bank's creditors) supports resolution loss later, shareholders in accordance with the order of priority of the claims of forced liquidation proceedings, except where this law is expressly provided otherwise;
c) the governing body of the Bank subject to the resolution is replaced, except where full or partial retention management, depending on the circumstances, it is considered necessary to achieve the objectives of the resolution;
d) the governing body of the Bank subject to the resolution offer all assistance needed to achieve the objectives of the resolution;
e) natural and legal persons who have contributed to reaching into major difficulty of the Bank subject to the resolution are subject to liability according to the law of civil or criminal proceedings;
f) without prejudice to the other provisions of this law, creditors of the same class are treated equally, with the exception of creditors who are holders of substantial odds in the share capital of the Bank, the former owners of the share capital of the Bank, which had been prepared as provided for in art. 156 paragraph 1. (3) financial institutions act nr. 550/1995 and whose resultant from debt cancellation of shares has not been honoured, the members of the management body of the Bank, the Commission of audit, Chief Accountant of the Bank and the affiliated persons of these categories of persons, as determined in accordance with the law on such financial institutions no. 550/1995;
    [Art. 61 (1), subparagraph (c). f) in LP58 06.04.17, Editorial Board from MO119-126/14.04.17 art. 197; force 14.04.17]) any creditor does not support larger losses than those which they would have incurred if the Bank would have been liquidated through voluntary winding up under the safety mechanisms. 262-266;
h) guaranteed deposits are fully protected; and i) resolution actions will be undertaken in compliance with the safety mechanisms of this law.
    (11) under the provisions of paragraph 1. (1) (a). f), the operator of temporary and special administrator, appointed by the National Bank of Moldova according to the provisions of article 7. 46 respectively art. 66, are not considered members of the governing body of the Bank.
    [Art. 61 (11) introduced by LP58 from 06.04.17, MO119-126/14.04.17 art. 197; 14.04.17 in force]
(2) in exceptional circumstances, the National Bank of Moldova, as the resolution authority, may apply differential treatment of creditors of the same class, in whole or in part, in cases where it considers that: a) equal treatment is not possible within a reasonable time, in spite of efforts made in good faith by the National Bank of Moldova, as the authority of resolution;
b) different treatment is required and is in proportion to get continuity of critical functions and lines of activity are essential in such a way as to maintain the capacity of the Bank subject to the resolution to continue operations, key services and transactions;
c) different treatment is strictly necessary and proportional in order to avoid the development of large-scale contamination, which would seriously disrupt the functioning of financial markets, including financial market infrastructures in a way that could cause a serious disturbance of the economy; or d) equal treatment of creditors in the case would cause a loss of value that would make the losses incurred by other creditors to be higher than where those creditors would be treated different.
Article 62. -(1) for the purposes of the resolution and in the exercise of powers by resolution of the National Bank of Moldova, the latter may exempt a Bank, wholly or partly, from the obligation to maintain reserve.
(2) without prejudice to the provisions of art. 18 of law No. 548-XIII of 21 July 1995 regarding the National Bank of Moldova is prohibited from financing or the provision of collateral by the National Bank of Moldova in case of application of the instruments.
Article 63. -In case of a Bank shall be subject to resolution of one of the instruments, namely sale of business, the Bank-or the separation of assets, in part concerns the treatment of employees shall apply the relevant provisions of the labour code.
Article 64. -In the event that applies the tools of resolution and exercising powers of resolution, National Bank of Moldova, as the resolution authority, inform and consult with employees ' representatives of the Bank subject to the resolution, if any.
Article 65. -National Bank of Moldova, as the resolution authority, apply tools and exercises the powers of resolution resolution without prejudice, where appropriate, practices regarding employee representation in the governing bodies of the enterprises.



IIADMINISTRATORUL particular article 66 chapter. -National Bank of Moldova, as the resolution authority, may appoint a special administrator to replace the management body of the Bank subject to the resolution, in which case the public appointment on the official website. Special administrator must possess the qualifications, knowledge and ability necessary for the performance of its functions.
Article 67. -Special Administrator has all the powers of the general meeting of shareholders and management of the Bank in question. However, the administrator cannot exercise these special powers than under the supervision of the National Bank of Moldova, as the resolution authority.
Article 68. -Special Administrator is required to take all necessary measures to achieve the objectives of the resolution. 55-57 and to implement actions for resolution in accordance with the decision of the National Bank of Moldova, as the resolution authority. Where appropriate, this obligation has priority over any other obligation resulting from driving other regulations or provisions of the Bank to which he was appointed special administrator, if they are incompatible. Such measures may include an increase in capital, the Bank's ownership structure reorganization or acquisition of control by the solid institutions financially and organisationally, in accordance with resolution instruments provided for in this law.
Article 69. -National Bank of Moldova, as the resolution authority, may establish restrictions regarding how the Act of special administrator or may require that certain acts of the special administrator is subject to prior approval. National Bank of Moldova, as the resolution authority, special administrator may be replaced at any time.
Article 70. -Special Administrator is required to draw up and submit to the National Bank of Moldova, as the authority of resolution at regular intervals determined by it, as well as at the beginning and at the end of his tenure, reports on economic and financial situation of the Bank to which he was appointed special administrator and the action taken in connection with the exercise of his powers.
In article 71. -(1) the term of Office of a special administrator may not exceed one year. The term of Office may be renewed for periods not exceeding one year, in exceptional cases, if the National Bank of Moldova, as the resolution authority, considers that the conditions for the appointment of a special administrator.
(2) the provisions of article 4. 47 para. (2) shall apply accordingly.
(3) the provisions of article 4. 35 of law No. 548-XIII of 21 July 1995 regarding the National Bank of Moldova are properly applicable with regard to the special administrator liability regime for exercising the functions conferred on it in accordance with this law.


Chapter IIIEVALUAREA Article 72. -Before undertaking any action on the resolution or exercising the power reduction of value or of converting the equity instruments relevant in connection with a Bank, National Bank of Moldova, as the resolution authority, ensures that a person independent of any public authority, including the National Bank of Moldova and the Bank shall evaluate the correct prudent and realistic, assets, debts, and capital and reserves of the Bank. In compliance with the provisions of art. 84 and of art. 292-294, where all the requirements are satisfied under this article and article 73-83, the assessment is deemed to be final.
Article 73. -If an independent evaluation, in accordance with the provisions of art. 72 it is not possible, the National Bank of Moldova, as the resolution authority, may make a provisional assessment of assets, debts, and capital and reserves of the said banks, in accordance with the provisions of article 80.
Article 74. -The objective of the evaluation is to determine the value of the assets, debts, and capital and reserves of the Bank which fulfils the conditions triggering the resolution referred to in article 58-60.
Article 75. -Assessment Purposes are: to support the evaluation of) how the trigger conditions are fulfilled the conditions of the resolution or reduction of value or of converting the equity instruments;
b) where they are satisfied the conditions for triggering the procedure for resolution, to contribute to the justification of the decision concerning action to be taken by the appropriate resolution in connection with the Bank;
c) when exercising the competence of reduction in the amount or converting to equity instruments, to contribute to the justification of the decision concerning the extent to which they are cancelled or diluted shares or other ownership instruments and the extent to which the reduction of the value or the conversion of equity instruments;
d) where domestic recapitalisation instrument to contribute to the justification of the decision concerning the extent to which the reduction of the value or the conversion of debts eligible;
(e)) where the bridge bank instrument or instrument of separation of assets, to contribute to the justification of the decision relating to assets, rights, obligations, or other instruments of ownership which are to be transferred and the decision concerning the value of any reward to be paid subject to the resolution of the Bank or, as the case may be, the owners of the shares or other ownership instruments;
f) where applies to retail business tool, to contribute to the justification of the decision relating to assets, rights, obligations, or other instruments of ownership which are to be transferred and to provide information to enable the National Bank of Moldova, as the resolution authority, to determine which are the commercial conditions under article 94-106;
g) in all the circumstances, to ensure that any losses relating to the assets of the Bank are recognized in full at the time of applying the tools of resolution or exercising the competence of reduction in the amount or converting to equity instruments.

Article 76. -The assessment shall be based on prudent estimates, including with regard to nerambursare rates and the size of the losses. The assessment is not based on any potential future supply of extraordinary public financial support or assurance of liquidity in emergency situations on the part of the Central Bank or any form of insurance on behalf of Central Bank liquidity provided with guarantees, interest rates or non-standard lengths the Bank from the moment you take action or resolution in which they exercise their jurisdiction to reduce the value or the conversion of equity instruments. In addition, the assessment shall take account of the fact that, where any instrument resolution: the National Bank of Moldova), as resolution authority, and deposit guarantee Fund in the banking system, as administrator of the Fund for Bank resolution, may recover any reasonable expenses incurred in justifiably subject to Bank resolution, in accordance with the provisions of article 91;
b) deposit guarantee Fund in the banking system, as administrator of the Fund for Bank resolution, may charge any fees or interest rates on any loans or bank guarantees provided subject to resolution.
Article 77. -The assessment must be accompanied by the following information, which must be contained in the books and accounting records of the Bank: a) the balance sheet date and the report on the financial position of the Bank;
b) analysis and estimation of the accounting of assets;
c) balance sheet debt balances list and off-balance sheet obligations contained in the books and accounting records of the Bank, with an indication of the respective claims and priority rank according to the legislation applicable to the procedure for the forced liquidation of the Bank.
Article 78. -Where appropriate, to support the making of decisions. 75 lit. e) and (f)), information from articles. 77 lit. b) may be accompanied by an analysis and an estimation of the value of assets, debts, and capital and reserves of the Bank on the basis of market value.
Article 79. -(1) the assessment indicates the distribution of creditors by categories according to priority ranks under the legislation applicable to the procedure for the forced liquidation of the Bank and provide an estimate of the treatment that could benefit from each of the categories of shareholders and creditors, if the Bank would have been liquidated in accordance with the procedure of forced liquidation.
(2) this estimate does not affect the application of the principle that "no lender shall not be disadvantaged", in accordance with article 263-265.
Article 80. -(1) where, for reasons of urgency of the situation, it is not possible that the requirements referred to in articles 77 and 79 or article 2(4) shall apply. 73, a provisional assessment is carried out. Provisional assessment complies with the requirements laid down in article 74 and as is reasonably possible, given the situation, the requirements of article 72, 77 and 79. In these cases, the value of consumer credit balance performance with a history of service will be considered market value.
(2) the provisional Assessment mentioned in paragraph 1. (1) includes a reserve for additional losses, adequately substantiated.
Article 81. -(1) an assessment which does not comply with all the requirements referred to in articles 72-84 is considered provisional until a person performs an independent evaluation that fully complies with all the requirements referred to in articles 72-84. This final evaluation ex-post shall be carried out as soon as possible. It is distinct from the assessment referred to in article 263-265, regardless of whether it is carried out simultaneously with it or by the same person.
(2) the definitive Evaluation ex-post shall be carried out for the following purposes: a) to ensure that any losses relating to bank assets are recognized in the accounts;
b) to contribute to the justification of the decision of the creditors ' claims or readjusting to increase contraprestaţiilor value paid, in accordance with article 82.
Article 82. -The final evaluation ex-post an estimated net asset value of the Bank is higher than the net asset value, estimated according to provisional assessment, the National Bank of Moldova, as the resolution authority is able to: (a) exercising jurisdiction) to increase the value of creditors ' claims or of the owners of the relevant capital instruments that were reduced under the recapitalisation instrument;
b) require bridge Bank or asset management vehicle to carry an additional payment of reward assets, rights or obligations of the Bank subject to the resolution or, where appropriate, related actions or instruments of property by the owners of the shares or proprietary tools.
Article 83. -Without prejudice to the provisions of article 72, provisional assessment carried out in accordance with the provisions of articles 80 and 81 shall constitute grounds for as National Bank of Moldova, as the resolution authority to take actions, including the resolution to take control of a bank that enters into a State of major difficulty, or to exercise their jurisdiction to reduce the value or the conversion of equity instruments.
Article 84. -Evaluation of an integral element of the decision to adopt a resolution or to pursue a resolution or skills of decision in the exercise of the competence of the reduction in the amount or converting to equity instruments. The evaluation itself may not be contested separately, but may be challenged together with the decision taken in accordance with the provisions of article 292-294.


Chapter IVINSTRUMENTELE of the REZOLUŢIESecţiunea 1Principii article 85. -National Bank of Moldova, as the resolution authority is empowered to apply the tools of resolution of banks that meet the requirements applicable to trigger the procedure.

Article 86. -Where the National Bank of Moldova, as the resolution authority decides to apply a tool for resolution of a Bank, and the action of the resolution in question would lead to losses by dealing with lenders or to convert their claims, the National Bank of Moldova, as the resolution authority, exercising the power reduction of value or of converting the equity instruments relevant in accordance with article 219-225 immediately before or simultaneously with the application of the instrument.
Article 87. -Resolution tools provided by article 85 are the following: a) selling the business;
b) bridge Bank;
c) separation of assets;
d) recapitalisation.
Article 88. -In compliance with the provisions of article 89, National Bank of Moldova, as the authority of resolution, resolution tools may be applied individually or in any combination.
Article 89. -National Bank of Moldova, as the resolution authority, may apply to the asset separation tool only in conjunction with another tool.
Article 90. -Where are only used the tools of resolution. 87 lit. or b) to), and they are used to transfer only partially active, rights or obligations of a Bank, the Bank is subject to the resolution of the residual which were transferred the assets, rights or obligations under the procedure is settled, the forced liquidation of the Bank.
Article 91. -(1) the National Bank of Moldova, as the resolution authority, and deposit guarantee Fund in the banking system, as administrator of the Fund for Bank resolution solely according to the provisions of article 301 and 302, may recover any reasonable expenses incurred in connection with the justifiable use of the resolution, with the exercise of the powers of resolution or with the use of public financial stabilization in one or more of the following ways: a) as deduction from any reward paid by the recipient of the Bank subject to the resolution or, where appropriate, the owners of the shares or other ownership instruments;
b) of the Bank subject to the resolution as a preferential creditor;
c) of any revenues resulting from the termination of the operation of the bridge Bank or asset management vehicle, as a preferential creditor.
(2) in case of liquidation of the bank debt forced the National Bank of Moldova, as the resolution authority, respectively of the Fund for guaranteeing deposits in the banking system, resulting from the expenditure referred to in paragraph 1. (1) claims arising from rank costs associated with the liquidation process.
Article 92. -In the event of a systemic crisis, the National Bank of Moldova, as the resolution authority may seek funding from alternative sources by using public financial stabilisation instruments referred to in article 213-218, where the following condition is met: the shareholders and the holders of other instruments, as well as holders of equity instruments and other relevant instruments of the eligible debt contributed by reducing the value of these tools through conversion or other ways, from absorbing losses and recapitalisation of the Bank subject to resolution by at least 8% of the total debts and capital and reserves of the Bank in question, assessed contribution at the time of undertaking action for resolution, in accordance with the assessment referred to in article 72-84.
Article 93. -(1) the laws relating to cancellation or unenforceability of legal acts detrimental to the creditors shall not apply to transfers of assets, rights or obligations of the Bank subject to resolution by another entity, carried out by virtue of the application of an instrument resolution of resolution skills or use a public tool of financial stabilization.
(2) article. 15 para. (6) letter b), art. 25 para. (11), art. 27(2). (1) to (5), art. 32 para. (1) and (5), art. 37, art. 38 para. (1) (a). f), art. 39 in paragraph 1. (6) (a). a)-d), art. 41 para. (2), (3) and (5) to (7), art. 42 para. (1) and (2), art. 43, 45, art. 50 para. (3) (a). a) and k), art. 56, art. 61 para. (2), art. 74, art. 93-95 of the law nr. 1134-XIII of 2 April 1997 concerning public limited companies, art. 72, 74, 75, 77-80, 84, 110, 111, article 158 para. (5) of the civil code no. 1107-XV of 6 June 2002, of art. Directive 89/391. (1) and (2), art. 20 paragraph 1. (1), art. 21. (1), article 22 para. (2) to (6) of law No. 220-XVI dated 19 October 2007 on State registration of legal entities and individual entrepreneurs are not applicable in the case of the use of tools, skills and resolution mechanisms referred to in article 85-295.
(3) the contract of sale of the Bank or of the agreement for the surrender of her assets and liabilities shall be exempt from any taxes and payments related to contracts, charged for making entries in public registers and in respect of services rendered by public authorities.


Section 2-aInstrumentul for sale business Article 94. -(1) the National Bank of Moldova, as the resolution authority is empowered to transfer to a purchaser who is not a bridge Bank: a) shares or other ownership instruments issued by a bank subject to resolution;
b) any of the assets, rights or obligations of a bank subject to resolution or completeness thereof.
(2) in compliance with the requirements of article 101 and article 102, 292-294, referred to in paragraph 1. (1) it takes place without getting the consent of the shareholders of the Bank subject to the resolution or of any third party, other than the purchaser, and is not subject to any procedural requirements laid down by the legislation applicable in the field of company law or stock market, other than those referred to in articles 107-109, the provisions of article 232 being applicable.
Article 95. -A transfer made in accordance with the provisions of article 94 shall be carried out in commercial terms, depending on the circumstances.

Article 96. -In the sense of article 95, the National Bank of Moldova, as the resolution authority, take all reasonable steps in order to achieve a transfer in terms which are in conformity assessment carried out in accordance with article 72-84, taking into account the circumstances of the situation. In order to finance or guarantee the transfer referred to in articles 94 and 98, the Government has the right to decide on the issue by the Ministry of Finance of the State guarantees and state securities. Article 97. -In compliance with the provisions of article 91, any contraprestaţie shall be paid by the buyer in favor: a) the owners of the shares or other ownership instruments, where the sale of the business was effected by transferring to the buyer of the shares or property instruments issued by the Bank subject to the resolution of the holders of such shares or instruments;
b) of the resolution, subject to the bank where the purchaser of the business sale was effected by transferring some or all of the assets, rights or obligations of the Bank subject to the resolution.
Article 98. -Where the instrument of sale apply to businness, National Bank of Moldova, as the resolution authority may exercise the power one repeatedly, to make additional transfers of shares or other ownership instruments issued by the Bank subject to the resolution or, where appropriate, of assets, rights or obligations of the Bank subject to the resolution.
Article 99. -After applying the instrument of sale of business, National Bank of Moldova, as the resolution authority can exercise, with the approval of the purchaser, the powers of one in terms of assets, rights or obligations transferred to buyer, in order to transfer the assets, rights or obligations of the Bank back to the subject of the resolution, or shares or other ownership instruments back to their original owners, and the Bank is subject to the resolution or the original owners have an obligation to take back any such assets rights or obligations, shares or other instruments of ownership.
Article 100. -Buyer must meet the legal conditions for conducting activities that you acquire by transfer where the transfer is carried out in accordance with the provisions of article 94. The National Bank of Moldova is the competent authority to the purchaser, it evaluates any licensing claim in this respect, together with the transfer in a timely manner.
Article 101. -By way of derogation from the provisions of art. 15-155 financial institutions act nr. 550-XIII of 21 July 1995, where the transfer of shares or other instruments of ownership which are held by virtue of application of the instrument of sale of the business, would lead to the acquisition or increase of a quota in the share capital of the Bank, such as the one to which the provisions of article are applicable to them. 15 para. (1) of the law on financial institutions no. 550-XIII of 21 July 1995, the National Bank of Moldova, the competent authority of that Bank, be carried out so as to allow timely application of the sale of the business and to facilitate the attainment of the objectives of the action to the relevant resolution of the resolution.
Article 102. -(1) where the structure exercising supervisory function has not completed its assessment of acquisition, from the date of the transfer of shares or other instruments of ownership which relates to the application of the instrument of sale of business structure which perform the function of resolution, the following provisions shall apply: (a)) that one shares or other instruments of ownership to the buyer has legal effect immediately;
b) during the period of assessment and during any period in which he requested the transfer of the shares or other instruments of ownership, in accordance with paragraph 1. (2) (a). (b)), the voting rights of the purchaser are only suspended and assigned to National Bank of Moldova, as the resolution authority, which has no obligation to exercise such voting rights and no responsibility for the exercise or non-exercise of them;
c) during the period of assessment and during any period in which he requested the transfer of the shares or other instruments of ownership, in accordance with paragraph 1. (2) (a). (b)), in legal effect, including sanctions, financial institutions law nr. 550-XIII of 21 July 1995 for violations of requirements relating to the request prior permission of the National Bank of Moldova for purchase of quotas in the Bank's share capital, namely the disclosure of trading and to reduce the share capital of the Bank, shall not apply if the said transfer of shares or other instruments;
d) the National Bank of Moldova shall ensure that, immediately after the completion of the acquisition, evaluation structure which perform supervisory function shall submit to the buyer's prior permission or the decision on the refusal of issue of permission, in compliance with the provisions of art. 152 paragraph 1. (7) or (9) shall, where appropriate, financial institutions act nr. 550-XIII of 21 July 1995 and shall so inform the structure exercising the function of the resolution;
(e)) where the National Bank of Moldova, as a competent authority approves acquisition, the voting rights attached to shares or other instruments of ownership which are the subject of the transfer to the buyer shall be deemed to have been granted in its entirety immediately after receipt by the purchaser of the prior permission;
f) where the National Bank of Moldova, as competent authority, denied permission, apply the provisions of paragraph 1. 2. (2) in the case referred to in paragraph 1. (1) (a). f) the following provisions are applicable: a) the voting rights attached to those shares or other ownership instruments are fully valid and is exercised under the conditions laid down in paragraph 1. (1) (a). b);
(b) the National Bank of Moldova), as resolution authority, may require the purchaser to dispose such shares or other instruments of ownership within a time limit set by it, after taking into account the prevailing market conditions; and

c) in the event that the buyer will not complete such transfer within the period specified in subparagraph (a). b), the provisions of articles become incidents 156 paragraph 1. (3) financial institutions act nr. 550-XIII of 21 July 1995.
Article 103. -Transfers by virtue of application of the instrument of sale of business covered by safety mechanisms referred to in article 262-276.
Article 104. -The buyer is considered to be the repository of the Bank subject to the resolution and may continue to exercise any such rights exercised by the Bank subject to resolution assets, rights or obligations transferred, including with regard to intellectual property rights.
    [Art.104 modified by LP58 from 06.04.17, MO119-126/14.04.17 art. 197; 14.04.17 in force]
Article 105. -(1) If the Member Bank is subject to the resolution of the payment systems, clearing and settlement systems, stock exchanges, the investor compensation schemes and the deposit guarantee schemes, the buyer may continue to exercise their rights are subject to Bank resolution discourages from membership and access rights of the respective schemes, grants times.
(2) the provisions of paragraphs 1 and 2. (1) do not remove the requirement that the Purchaser complies with the requirements relating to membership and participation criteria, depending on who may take part in such schemes, scholarships and schemes.
(3) Without prejudice to paragraphs 1 and 2. (1) the following provisions are applicable: a) systems, exchanges and schemes referred to in paragraph 1. (1) refuse access on the grounds that the buyer does not have a rating from a credit rating agencies or that rating is not commensurate with the levels of rating required to benefit from access to the systems referred to in paragraph 1. (1);
b) where a purchaser does not meet the criteria relating to membership or criteria for participation in a payment system that is relevant, clearing or settlement at a stock exchange, a compensation scheme for investors or to a deposit-guarantee scheme, the rights referred to in paragraph 1. (1) shall be exercised by the purchaser for a period of time, not exceeding 24 months from the date of the transfer, which can be set by the National Bank of Moldova, as the resolution authority, which may be extended for a maximum period of 12 months, at the request of the buyer sent to the same authorities.
    [Art. 105 (3), b) modified by LP58 from 06.04.17, MO119-126/14.04.17 art. 197; force 14.04.17] Article 106. -Without prejudice to the provisions of 262-276, the Bank's shareholders or creditors subject to the resolution and other third parties whose assets, rights or obligations are transferred does not have any rights over the assets, rights or obligations transferred times about them.
Article 107. -In compliance with the provisions of art. 109, where applied a Bank stock business tool, the National Bank of Moldova, as the resolution authority, remove or take action in the sense of removal from the market, assets, rights, obligations, shares or other instruments of ownership which they intend to transfer. Groups of rights, assets and obligations may be placed on the market separately.
Article 108. -(1) Removing the market laid down in art. 107 shall be carried out in accordance with the following principles: a) must be as transparent as possible and must not have to materially misrepresent the assets, rights, obligations, or other instruments of ownership which the National Bank of Moldova, as the resolution authority, intend to transfer, taking into account the circumstances and, in particular, the need to maintain financial stability;
b) must not favour or discriminate against any prospective buyer unreasonably;
(c)) must be free of any conflict of interest;
(d)) shall not confer any undue advantage to any potential buyer;
e) must take account of the need for the resolution action is carried out rapidly;
f) goal has to be to maximize, as possible, the price of sale of the shares or other instruments of ownership of assets, rights or obligations in question.
(2) in compliance with the principle laid down in paragraph 1. (1) (a). (b)), the other principles set out in paragraph 1. (1) without prejudice to the right of the National Bank of Moldova, as the resolution authority, to contact potential buyers individually.
Article 109. -National Bank of Moldova, as the resolution authority, may apply to the sale of the instrument business without complying with the requirement relating to the removal of the market provided for in article. 107, where it determines that compliance with the requirements of art. 108 could subvert one or more of the objectives of the resolution and in particular if the following conditions are met: the National Bank of Moldova), as resolution authority, considers that the major difficulty in which it is or is likely to be subject to Bank resolution would create a threat or would worsen already severe financial stability; and (b) the National Bank of Moldova), as resolution authority, considers that compliance with the requirements of article 108 could undermine the effectiveness of the instrument of sale of the business in terms of eliminating the threat to the financial stability or to achieve the aim of the resolution referred to in art. 56 para. (1) (a). b). Section 3 aInstrumentul bridge Bank Article 110. -(1) the National Bank of Moldova, as the resolution authority is empowered to transfer to a bridge Bank: a) shares or other ownership instruments issued by one or more banks, subject to resolution;
b) any of the assets, rights or obligations of one or more banks, subject to resolution or completeness thereof.
(2) in compliance with the provisions of art. 292-294, the transfer referred to in paragraph 1. (1) can take place without getting the consent of the shareholders of the Bank subject to the resolution or of any third party, other than the Bank bridge, and is not subject to any procedural requirements laid down by the legislation applicable in regard to corporations or capital market legislation, the provisions of art. 232 being applicable.
Article 111. -(1)-bridge Bank is a legal entity that meets the following cumulative requirements:

of the share capital) is owned by the Ministry of finance, and the bridge Bank is controlled by the National Bank of Moldova, as the resolution authority, within the meaning set forth in art. 231 para. (1) (a). (b)) and, in particular, taking into account the provisions of article 4. 122 paragraph 3. (1);
b) is created in order to receive and to hold some or all of the shares or other ownership instruments issued by a bank subject to resolution times some or all assets, rights and obligations of one or more banks, subject to resolution, in order to preserve access to mission-critical functions and to the Bank's sale.
(2) applying the instrument of national purpose of recapitalisation under article 13. 152 lit. b) must not affect the capacity of the National Bank of Moldova, as the resolution authority to exercise control over the bridge Bank.
Article 112. -Where the instrument apply to the bridge Bank, National Bank of Moldova, as the resolution authority, shall ensure that the total amount of the obligations transferred to the bridge Bank does not exceed the total amount of rights and assets transferred by the Bank subject to the resolution or supplied from other sources. In order to ensure that the condition laid down in this article, the Government has the right to decide on the issue by the Ministry of Finance of the State guarantees, state securities and debt conversion bridge Bank towards the State capital, in order to ensure the balance of the assets and obligations of the bridge Bank.
Article 113. -In compliance with the provisions of article 91, any contraprestaţie shall be paid by the Bank in favor of the bridge: a) the owners of the shares or property, instruments where the bridge bank transfer was effected by transferring ownership of the shares or instruments issued by the Bank subject to the resolution of the holders of such shares to the Bank-bridge;
b) of the resolution, subject to the bank where the bridge bank transfer was effected by transferring some or all of the assets, rights or obligations of the Bank subject to the resolution of the bridge Bank.
Article 114. -Where the instrument apply to the bridge Bank, National Bank of Moldova, as the resolution authority may exercise the power one repeatedly, to make additional transfers of shares or other ownership instruments issued by the Bank subject to the resolution or, where appropriate, of assets, rights or obligations of the Bank subject to the resolution.
Article 115. -Application of instrument bridge Bank, National Bank of Moldova, as the resolution authority, may: a) transfer back the rights, obligations or assets from bridge Bank to the Bank subject to the resolution of the time shares or other instruments of ownership back to their original owners, and the Bank is subject to the resolution or the original owners have an obligation to take back any such assets, rights or obligations of the time shares, or other ownership instruments unless they are satisfied the conditions laid down in article 116;
b) shares, or other transfer of ownership tools active times rights or obligations of the Bank bridge by a third party.
Article 116. -(1) the National Bank of Moldova, as the resolution authority may transfer back shares or other ownership instruments times assets, rights or obligations of the Bank bridge, in one of the following situations: (a)) in case the possibility that those shares or other property, assets, rights or obligations shall be transferred back is specified explicitly in the context of a decision of the bridge Bank , under which the transfer was made;
b) where such shares or other property, assets, rights or obligations do not comply or do not fall into the category of shares or other instruments of property, assets, rights or obligations specified in the framework decision referred to. a). (2) a transfer back may be made at any time to comply with any other conditions laid down in the framework decision instrument bridge Bank, for the purposes of the transfer in question.
Article 117. -Transfers between the Bank subject to the resolution or the original owners of the shares you or other instruments of ownership, on the one hand, and the Bank bridge, on the other hand, must be safety mechanisms referred to in article 262-276.
Article 118. -National Bank of Moldova, as the resolution authority is competent to determine that a bridge Bank to be regarded as continuous with the Bank subject to the resolution and to continue to exercise all the rights exercised by the Bank subject to resolution assets, rights or obligations transferred, including with regard to intellectual property rights.
Article 119. -(1) If the Member Bank is subject to the resolution of the payment systems, clearing and settlement systems, stock exchanges, the investor compensation schemes and the deposit guarantee schemes, the Bank can continue to bridge exercise the rights subject to Bank resolution discourages from membership and access rights of the respective schemes, grants times.
(2) the provisions of paragraphs 1 and 2. (1) does not remove the requirement that the bridge Bank to meet criteria relating to membership and participation criteria, depending on who may take part in such schemes, scholarships and schemes.
(3) Without prejudice to paragraphs 1 and 2. (1) the following provisions are applicable: a) systems, exchanges and schemes referred to in paragraph 1. (1) refuse access on the grounds that the bridge Bank does not have a rating from a credit rating agencies or that rating is not commensurate with the levels of rating required to benefit from access to the systems referred to in paragraph 1. (1);

b) where Bank-Bridge does not meet criteria related to membership or criteria for participation in a payment system that is relevant, clearing or settlement at a stock exchange, a compensation scheme for investors or to a deposit-guarantee scheme, the rights referred to in paragraph 1. (1) shall be exercised by the Bank bridge only for a period of time not exceeding 24 months from the date of the transfer, which can be determined by the National Bank of Moldova, as the resolution authority, which may be extended for a maximum period of 12 months, at the request of bridge Bank addressed to the same authorities.
Article 120. -Without prejudice to the provisions of article 262-276, shareholders or creditors subject to the resolution of the Bank and other third parties whose assets, rights or obligations are not transferred to the bridge Bank does not have any rights over the assets, rights or obligations transferred to the bridge Bank, of the management organ thereof or in connection therewith.
Article 121. -Objectives of the bridge Bank does not involve any obligation or responsibility towards its shareholders, creditors and the Bank subject to the resolution, the governing body shall not be responsible towards shareholders or creditors concerned or to any other person for the acts and omissions of the police or recorded in the performance of their duties, except where the Act or omission in question involves the intention or gross negligence, according to the law that directly affect the rights of shareholders, creditors, or other persons.
Article 122. -(1) operation of a bridge banks comply with the following requirements: (a) documents establishing) bridge Bank is approved by the National Bank of Moldova, as the authority of resolution;
b) Board of supervisors of the bridge Bank is composed of two members designated by the National Bank of Moldova and a member appointed by the Ministry of finance;
c) Supervisory Board of bridge Bank appoints its executive body;
(d) the National Bank of Moldova), as resolution authority, approve the governing body of the bridge Bank, approve the remuneration of the members of the management organ and establishes responsibilities;
(e) the National Bank of Moldova), as resolution authority, approves the strategy and risk profile of the bridge Bank;
f) Bank-bridge is licensed in accordance with the provisions of the law on financial institutions no. 550-XIII of 21 July 1995, the regulations issued by the National Bank of Moldova in their enforcement or legislation on the stock market, if such a requirement is applicable, and holds licenses and permissions necessary for carrying out activities or providing related services picked up elements of a transfer in accordance with the provisions of article 231 and 232;
g) bridge Bank complies with the provisions of the law on financial institutions no. 550-XIII of 21 July 1995, the regulations issued by the National Bank of Moldova in implementation thereof and is subject to supervision in accordance with the same provisions;
(h) the National Bank of Moldova), as resolution authority, may provide, in an appropriate way, restrictions on his activity;
I) bridge Bank's decision regarding acceptance of the completion of the transfer referred to in art. 110 paragraph 2. (1) shall be adopted by the governing body.
(2) where it is necessary to achieve the objectives of the resolution, the bridge Bank can be established and licensed without respect, for a period not exceeding 18 months, at the beginning of its operation, capital requirements and for a period of not more than 6 months other requirements contained in the acts referred to in paragraph 1. (1) (a). f) and (g)), using subsequent increases minimum regulated capital as a basis for calculating the prudențiali indicators that relate to capital. In this sense, within the structure of the National Bank of Moldova that he resolution a request structure which perform supervisory function or the National Commission on financial markets, where appropriate. If you decide to grant such a licence, the National Bank of Moldova, as the competent authority, or the National Commission on financial markets, where appropriate, indicate the range within which the bridge Bank is exempt from compliance with the requirements of the respective legal provisions.
(3) the governing body of the bridge Bank must ensure the administration of a professional basis and on the basis of the commercial banks.
Article 123. -In compliance with any restrictions applied in accordance with the rules of competition, the bridge Bank bridge Bank manages to preserve access to mission-critical functions and to the Bank's sale of assets, rights or obligations to one or more buyers in the private sector, where conditions are favorable, according to the National Bank of Moldova, as the resolution authority , and within the time limit specified in art 126 or 127.
Article 124. -National Bank of Moldova, as the resolution authority, decides that a bridge Bank is no longer a bridge Bank in accordance with the provisions of art. 111 due to the occurrence of any of the following situations: a bridge Bank) merger with another entity;
b) Bank-bridge no longer complies with the requirements of article 111;
c) selling all or almost entirely of assets, rights or obligations of the bridge Bank by a third party;
d) expiry referred to in art. 126 or, where appropriate, in article 19.127;
e) bridge bank assets are completely liquidated, and its obligations are paid in full.
Article 125. -(1) where the National Bank of Moldova, as the resolution authority, intend to sell bank assets, or rights or obligations, it shall ensure that the Bank-deck or the assets, rights or obligations that are relevant are put into the sale in an open and transparent manner and are not presented wrongly, significantly, and in the framework of the sale is not unduly favoured or discriminated against any potential buyer.
(2) any such sales must be made on commercial terms, considering the circumstances.

Article 126. -Where it is not applicable to any of the situations referred to in articles. 124 lit. the-c)) or e), National Bank of Moldova, as the resolution authority, take measures for the cessation of the bridge Bank status, as soon as possible, in accordance with their own judgments, but not later than 2 years after the date on which it was last one from a bank subject to resolution, by virtue of the application of the instrument bridge Bank.
Article 127. -National Bank of Moldova, as the resolution authority, may extend the period provided for in art. 126 with one or more additional periods of one year, in a situation where such an extension: a) comes in support of the achievement of one of the situations referred to in articles. 124 lit. the-c)) or e); or b) is required to ensure the continuity of banking services and/or financial essentials.
Article 128. -All decisions made by the National Bank of Moldova, as the resolution authority to extend the period referred to in article 126 shall state in detail and include a detailed evaluation of the situation justifying the extension, including the conditions and prospects of the market.
Article 129. -(1) where the operation of a bridge banks shall cease in the cases referred to in articles. 124 lit. c) or (d)), the bridge Bank is wound up in accordance with the procedure of forced liquidation of the Bank.
(2) in compliance with the provisions of art. 91, all proceeds resulting from termination of the operation of the bridge Bank bridge bank shareholder, incumbent.
    [Art. 129 (2) modified by LP58 from 06.04.17, MO119-126/14.04.17 art. 197; 14.04.17 in force]
Article 130. -Where a bridge Bank is used in order to transfer the assets, rights or obligations belonging to several banks, subject to resolution of the obligation laid down in article 129 refers to assets, rights or obligations transferred from each of those banks subject to resolution, and not to the Bank-bridge itself.
Article 131. -National Bank of Moldova, as a competent authority may license a bridge Bank with a registered capital below the level established under article 13. 5 of the law on financial institutions no. 548-XIII of 21 July 1995, but which may not be less than the equivalent of 50 million lei.
Article 132. -Compliance with Ministry of Finance of the criteria laid down in article 21. 153 financial institutions act nr. 550-XIII of 21 July 1995 is presumed.
Article 133. -By way of derogation from article 7 of the law on financial institutions no. 550-XIII of 21 July 1995, the National Bank of Moldova, as the competent authority shall take a decision with regard to licensing the bridge Bank as soon as possible after the submission by the structure that he resolution of the documentation referred to in article 29.134 and considering its decision in resolution authority, approving the elements relating to the operation of the bridge Bank. 122 paragraph 3. (1) (a). a)-d).
Article 134. -National Bank of Moldova shall determine, by regulation, conditions and documentation in the licențiază bridge Bank.
Article 135. -(1) the State registration of the bridge Bank is done as a matter of urgency, just on the basis of the memorandum of Association and request the National Bank of Moldova shall, within 24 hours after submission of such documents at the State registration Chamber.
(2) other acts provided by law for State registration are filed no later than 30 days from the date of registration.
Article 136. -Start of activities of the Bank in accordance with Law deck licensed financial institutions no. 550-XIII of 21 July 1995, takes place on the first working day following the date of issue of the licence.
Article 137. -(1) where the sale of bridge Bank, licensed in accordance with the law on financial institutions no. 550-XIII of 21 July 1995, is achieved through the sale of shares, at the time of their sale, the Bank that functioned as a bridge Bank must satisfy all the conditions laid down in the same law for the operation of a bank.
(2) In the situation referred to in paragraph 1. (1) the validity of the licence which functioned as the Bank bridge Bank law ceases, the licence still have indiscriminate effects, for an indefinite period.


Section 4-aInstrumentul separation of assets Article 138. -(1) in order that the instrument of separation of assets to be effective, National Bank of Moldova, as the resolution authority is empowered to transfer assets, rights or obligations of a bank subject to resolution or a bridge banks by one or more asset management vehicles.
(2) in compliance with the provisions of art. 292-294, the transfer referred to in paragraph 1. (1) can take place without getting the consent of the shareholders of the Bank subject to the resolution or of any third party, other than the Bank bridge, and is not subject to any procedural requirements laid down by the legislation applicable in regard to corporations or capital market legislation, the provisions of art. 232 being applicable.
Article 139. -For the purposes of asset stripping tool, a vehicle for asset management is a legal entity that meets the cumulative requirements below: a) the share capital is owned in whole or in part by one or more public authorities and vehicle asset management is controlled by the National Bank of Moldova, as the resolution authority, within the meaning set forth in art. 231 para. (1) (a). (b)) and, in particular, taking into account the provisions of article 141. Deposit guarantee fund in the banking system, as administrator of the Fund for Bank resolution, can be a shareholder of asset management;
b) was created in order to receive part or all of the assets, rights and obligations of one or more banks, subject to resolution or a bridge banks.
Article 140. -Vehicle asset management manages the assets are transferred to them in order to maximize their value through a possible sale or through their orderly liquidation.
Article 141. -The operation of a vehicle asset management complies with the following provisions: (a) documents establishing) vehicle asset management is approved by the National Bank of Moldova, as the authority of resolution;

b) depending on the structure of ownership of the asset management, National Bank of Moldova, as the resolution authority, appoints or approves the management organ of administration of assets;
(c) the National Bank of Moldova), as resolution authority, approve the remuneration of the members of the management organ and establishes responsibilities;
(d) the National Bank of Moldova), as resolution authority, approves the strategy and risk profile of the vehicle asset management.
Article 142. -National Bank of Moldova, as the resolution authority may exercise the jurisdiction provided for in art. 138 to transfer assets, rights or obligations only where: a) situation on the market of those assets is such that their liquidation in the procedure of liquidation of the Bank's execution could have a negative effect on one or more financial markets;
b) such transfer is necessary to ensure the proper functioning of the Bank subject to the resolution or the bridge Bank; or c) such transfer is necessary to maximize the proceeds from liquidation.
Article 143. -Where the instrument apply to the assets of the National Bank of Moldova, as the resolution authority, in return for which the contingent consideration − sets are transferred the assets, rights and obligations of the administration of assets, in accordance with the principles set out in article 72-84. The provisions of this article shall not prevent that contraprestaţie to have a nominal value or negative.
Article 144. -In compliance with the provisions of article 91, any contraprestaţie in respect of assets, rights or obligations acquired directly from the Bank shall be paid subject to resolution asset management vehicle in favour of the Bank subject to the resolution. Contingent consideration − may be paid through debt instruments issued by the vehicle asset management.
Article 145. -Where the instrument has been applied to bridge Bank, a vehicle asset management can, after application of the instrument, the bridge Bank to obtain assets, rights or obligations of the Bank.
Article 146. -(1) the National Bank of Moldova, as the resolution authority may transfer assets, rights or obligations of the Bank subject to the resolution of one or more vehicles asset management in several occasions and may bring back assets, rights or obligations of one or more vehicles for the administration of the assets of the Bank, subject to resolution only if they are satisfied the conditions laid down in article 40.147.
(2) the subject of the resolution has the obligation to take back any such assets, rights or obligations.
Article 147. -(1) the National Bank of Moldova, as the resolution authority may transfer back the rights, obligations, assets, or from the vehicle asset management bank subject to resolution, in one of the following situations: (a)) in case the possibility that those rights, assets and obligations to be transferred back is expressly stated in the framework decision instrument of separation of assets , under which the transfer was made;
b) in the event that those rights, obligations or assets do not comply or do not fall into the category of rights, assets and obligations specified under decision referred to. a). (2) In any of the cases referred to in paragraph 1. (1) transfer back may be made at any time to comply with any other conditions laid down in the framework decision instrument of separation of assets, for the purposes of the transfer in question.
Article 148. -Transfers between the Bank and subject to resolution asset management vehicle must be safety mechanisms relating to partial transfers of ownership provided for in article 262-276.
Article 149. -Without prejudice to the provisions of article 262-276, shareholders or creditors subject to the resolution of the Bank and other third parties whose assets, rights or obligations are not transferred to the vehicle asset management does not have any rights over the assets, rights or obligations transferred the vehicle asset management, management of or in connection with them.
Article 150. -The objectives of asset management does not involve any obligation or responsibility to its shareholders or creditors of the Bank subject to the resolution, and the governing body is not responsible towards shareholders or creditors concerned for the acts and omissions of the police or recorded in the performance of their duties, except where the Act or omission in question involves the intention or gross negligence according to law that directly affect the rights of the shareholders or creditors.


Section 5-aInstrumentul domestic recapitalisation Article 151. -National Bank of Moldova, as the resolution authority has the powers in the resolution. 231 in implementing the instrument of domestic recapitalisation.
Article 152. -National Bank of Moldova, as the resolution authority, may apply to the tool in order to meet domestic recapitalisation of the objectives of the resolution referred to in article 56, in accordance with the principles of the resolution referred to in article 61, for any of the following purposes: (a) a bank recapitalisation), when the trigger conditions are met, the procedure for resolution to an extent sufficient to restore its capacity to comply with the licensing conditions and to continue to carry out the activities for which it is licensed in accordance financial institutions law nr. 550-XIII of 21 July 1995 and to maintain a sufficient level of confidence in the Bank in question;
b) conversion into equity securities or claims or reduce the principal value of debt instruments which are transferred to a bridge Bank, in order to achieve a capital contribution to the bridge Bank or within the sale of the business or the separation of assets.

Article 153. -(1) the National Bank of Moldova, as the resolution authority, may apply to the national recapitalisation tool order provided for in article 152 lit. the) only if, in his opinion, there is a reasonable prospect that the application of this instrument, together with other relevant measures, including measures implemented in accordance with the plan of reorganization of the activity referred to in article 193, will result in the achievement of the objectives of the relevant provisions of the resolution, as well as restoring the long-term viability and financial soundness of the bank concerned.
(2) the National Bank of Moldova, as the resolution authority, may apply to any resolution of the instruments referred to in article. 87 lit. the-c)) and domestic recapitalisation tool; 152 lit. b), where the conditions laid down in article 21. 153 paragraph 1. (1) are not met.
Article 154. -Internal recapitalisation Tool can be applied by the National Bank of Moldova, as the resolution authority, all amounts owed to a bank that are not excluded from the scope of this instrument, in accordance with the provisions of article 155 or 156.
Article 155. -(1) the National Bank of Moldova, as the resolution authority does not exercise the powers of the reduction in the amount or conversion in the case of the following debts, regardless of the governing law: the guaranteed deposits);
b guaranteed obligations, including) covered bonds and debts in the form of financial instruments used for hedging purposes, which constitutes an integral part of the portfolio support and that, under the legal framework, are guaranteed similarly with covered bonds;
c) any duty arising by virtue of the possession of the bank assets or cash belonging to clients, including cash or assets belonging to clients held in the name of an undertaking for collective investment in transferable securities, provided that the customer is protected under the legislation applicable to the forced liquidation procedure;
d) any duty arising by virtue of the existence of a fiduciary relationship between the Bank, as trustee, and one other person as beneficiary, provided that the beneficiary should be protected in civil law or that of the forced liquidation procedure;
e) debts towards banks, excluding the entities belonging to the same group, with an original maturity of less than seven days;
f) debts with a residual maturity of less than seven days of payment systems and securities settlement transactions with financial instruments or systems operators or participants in such systems and resulting from participation in such a system;
g) debt to any of the entities referred to in paragraph 1. 2. (2) for the purposes mentioned in paragraph 1. (1) (a). (g)), the categories of entities are the following: a) the employee, in terms of salaries, benefits of the type of pensions or other forms of remuneration fixed, except for the variable component of the remuneration which is not governed by a collective agreement;
b) commercial lenders in order to get profit or not in terms of the Bank's provision of goods or services that are crucial for the conduct of its activities daily, including information services, utilities services, and rental of premises, maintenance and repairs;
c) tax authorities and social security, on the condition that the debts in question to be considered privileged claims on the basis of the applicable law;
d) deposit guarantee schemes for debt arising from contributions pursuant to legislation on deposit guarantee schemes.
(3) the provisions of paragraphs 1 and 2. (2) (a). It does not apply to) the variable component of the remuneration of personnel who exhibit significant Bank risks as identified according to regulations issued by the National Bank of Moldova.
(4) all assets included in the guaranteed portfolio-support for covered bonds remain unaffected, and segregated funds are not enough.
(5) Any requirement referred to in paragraph 1. (4) the provisions of paragraphs 1 and 2, and no. (1) (a). b) does not prevent the National Bank of Moldova, as the resolution authority to exercise, where appropriate, those powers in relation to any part of a bond or a debt, for which it has lodged a real guarantee, which exceeds the value of the assets, of the pledge, the right of retention or real warranty covering it.
(6) the provisions of paragraphs 1 and 2. (1) (a). not preclude the) National Bank of Moldova, as the resolution authority to exercise, where appropriate, those powers in relation to any part of the deposit guarantee level prescribed by the laws relating to the deposit guarantee schemes.
(7) without prejudice to the provisions of the law on financial institutions ' exposures nr. 550-XIII of 21 July 1995 and the regulations issued by the National Bank of Moldova to ensure possibilities of settlement of the banks, the National Bank of Moldova, as the resolution authority, limited, in accordance with the provisions of art. 39 lit. b) of this law, the extent to which other banks hold debt eligible for applying the instrument of internal, except for recapitalisation of debts which are held at the entities belonging to the same group.
Article 156. -Where the National Bank of Moldova, as the resolution authority, decide to exclude, wholly or in part a debt or a category of eligible debt eligible under art. 61 para. (2) the level of the reduction of the value or the conversion of other eligible debt may be increased to take into account the exclusions concerned, provided that the level of the reduction of the value or the conversion of other eligible debt to comply with the principle laid down in article 21. 61 lit. g). Article 157. -Where the National Bank of Moldova, as the resolution authority, decide to exclude, wholly or in part a debt or a category of eligible debts eligible in compliance with art. 154-163, and the losses that would have been incurred by the respective debts have not been transferred completely to other lenders, the Bank resolution Fund can help with a contribution for the benefit of the Bank subject to the resolution in order to achieve one or both of the following purposes :

a) to cover any losses that have not been absorbed by the eligible debts and restore to zero net asset value of the Bank subject to the resolution, in accordance with the provisions of art. 171 lit. a);
b) to purchase shares or other instruments of ownership or equity in the Bank, subject to the resolution of the Bank in question to recapitaliza in accordance with the provisions of art. 171 lit. b). Article 158. -Bank resolution Fund can help with a contribution, in accordance with art. 157, only if: (a) the shareholders and unit-holders) and other tools, as well as holders of equity instruments and other relevant instruments of the eligible debt contributed by reducing the value of these tools through conversion or by other means, the absorption of losses and recapitalisation of the Bank subject to the resolution, with at least 8% of the total debt and the Bank's own capital in question assessed contribution, at the time of undertaking action for resolution, in accordance with the assessment referred to in article 72-84; and (b)) contribution fund for banking resolution shall not exceed 5% of the total debts and capital and reserves of the Bank subject to the resolution, at the time of initiation and quantified action resolution, according to the assessment referred to in article 72-84.
Article 159. -Bank resolution Fund Contribution referred to in article. 157 may be financed by: a) the sum located at the disposal of the banking resolution Fund who was inspired by contributions from banks, in accordance with article 298 and article 306-art. 309;
b) amount that can be drawn through the extraordinary contributions in accordance with the provisions of art. 310-312 within a period of three years; and (c)) where the amounts referred to in points. the) and b) are insufficient, the sums derived from alternative sources of funding in accordance with the provisions of article 313.
Article 160. -(1) In exceptional circumstances, the National Bank of Moldova, as the resolution authority can follow to obtain additional funding from alternative sources of funding after: a) has been reached the 5% limit laid down in article 21. 158 lit. b); and (b)) unsecured debts and neprivilegiate, other than eligible deposits were reduced or converted.
(2) as an alternative or in addition, when the conditions are fulfilled at para. (1) the banking resolution Fund can make a contribution from the resources that have been raised through annual contributions, in accordance with article 298 and article 306-309, and which have not yet been used.
Article 161. -Exemption from the provisions of art. 158 lit. the resolution Fund), the Bank may also make a contribution according to art. 157, under the following conditions: (a)) contribution to the absorption of losses and the recapitalisation. 158 lit. to) has a value of at least 20% of the weighted risk assets of the Bank in question;
b banking resolution Fund) has at its disposal, through annual contributions (excluding contributions by the deposit guarantee scheme) levied in accordance with the provisions of art. 298 and 306-309, an amount at least equal to 3% of the guaranteed deposits of all banks licensed in the territory of Moldova; and c) Bank in question holds assets in the amount determined in accordance with the regulations of the National Bank of Moldova issued pursuant to that provision.
Article 162. -When exercising powers of exclusion referred to in article 156, National Bank of Moldova, as the resolution authority be granted due attention: a) the principle that losses should be supported, first, by the shareholders and, secondly, in general, by the creditors of the Bank subject to the resolution, in order of preference, financial institutions act nr. 550-XIII of 21 July 1995;
b absorption capacity) the level of losses that could be subject to Bank resolution has in the case of a debt exclusion or a class of debt; and (c)) the need to maintain adequate resources to fund resolution.
Article 163. -Exclusions referred to in article 156 can be applied either to completely exclude a liability of the reducing value, either to limit the level of discount value applied to that debt. 
Article 164. -(1) the banks constantly meet a minimum requirement of own funds and eligible debt.
(2) Minimum Requirement shall be calculated as the sum of the own funds and eligible debt, expressed as a percentage of total debt and the Bank's own funds.
(3) for the purposes of paragraph 1. (2) debts arising from derivative financial instruments are included in the total debts on the grounds that the rights of set-off of the counterparty are fully recognized. 
Article 165. (1) eligible Debts are included in the amount of own funds and debt eligible under article 9. 164 only if they fulfil the following conditions: a) the instrument is issued and paid in full;
b) is not toward debt the Bank itself is not guaranteed and is not subject to guarantees provided by it;
c) purchasing the instrument has not been financed, directly or indirectly, by the Bank.
d) has a residual maturity debt of at least one year;
It's not debt) stems from a derivative financial instrument;
f) debt does not derive from a warehouse which enjoy preference in accordance with the law on the procedure for the forced liquidation of the Bank.
(2) for the purposes of paragraph 1. (1) (a). d), when its owner a duty confers a right of early repayment, debt maturity is the first date on which such right is born.
Article 166. -When a liability is governed by the law of another State, the National Bank of Moldova, as the resolution authority, may require the Bank to prove that any decision or other resolution authority to reduce or convert the value of the debt in question may be applied under the law of the State concerned, taking into account the contractual terms governing the debt , international agreements regarding the recognition of procedures for the resolution and other relevant issues. Where the National Bank of Moldova, as the resolution authority is not satisfied that any decision taken will be enforced according to the laws of that State, the debt is not included in the calculation of the minimum capital requirement and eligible debt.

Article 167. -(1) the National Bank of Moldova shall ensure that the minimum capital requirement and eligible debt of banks in accordance with article 164, is determined by the structure exercising the function of resolution, in consultation with the structure exercising supervisory function on the basis of at least the following criteria: a) the need to ensure that the Bank is possible within the meaning of art. 32 para. (3) the resolution through the application of instruments including, where appropriate, the national recapitalisation instrument in a way that would achieve the objectives of the resolution;
(b)) the need to ensure, where appropriate, that the Bank holds sufficient eligible debt to ensure that, in case of application of internal instrument recapitalisation, the losses can be absorbed, and the rate of the own funds of the Bank's level 1 can be returned to a level that would enable it to meet the requirements to continue the of portfolio licensing and conduct activities for which it is licensed under the law on financial institutions no. 550-XIII of 21 July 1995, and still maintain a sufficient degree of confidence in that bank;
(c)) the need to ensure that, if the resolution according to the plan it is expected that certain classes of eligible debt could be excluded from the domestic recapitalisation under article 156 or that certain classes of eligible debts could be transferred in whole to a recipient under a partial transfer, the Bank holds sufficient other debts eligible to ensure that losses could be absorbed and that tier 1 own funds of the Bank could be reformatted to a level necessary to enable him to fulfil the conditions to continue the of portfolio licensing and conduct activities for which it was licensed, pursuant to law No. 550-XIII of 21 July 1995, financial institutions;
d) size, economic model, funding model and risk profile of the Bank;
e) extent to which the situation of major difficulty in which the Bank would have a negative impact on financial stability, including because of ' contagion resulting from the interconnection with other banks or with the rest of the financial system.
(2) for the purposes of implementing the provisions of paragraph 2. (1), National Bank of Moldova will issue regulations.
Article 168. -Decisions taken in accordance with article 164-170 may stipulate that the minimum capital requirement and eligible debt to be respected in part through contractual instruments of domestic recapitalisation.
Article 169. -To qualify as the contractual tool internal recapitalisation under article 168, should be the National Bank of Moldova, as the resolution authority, that tool: a) contains a contractual clause which provides that, where the National Bank of Moldova, as the resolution authority decides to apply the respective Bank recapitalisation internal tool , its value is reduced or converted to the extent necessary, before the value of other debts eligible to be reduced or converted; and b) is the subject of an agreement, a pledge or a subordination provisions binding, whereby, in the event of winding up of the Bank's execution, the tool is low-level and other eligible debts cannot be repaid than after other debts eligible due at that time.
Article 170. -National Bank of Moldova shall ensure that structure that he resolution, in cooperation with the structure that exerts the function of supervision seeks and verifies the compliance of banks ' minimum requirements for own funds and eligible debts referred to in article 164 and, where relevant, the requirements referred to in article 167 and takes all decisions referred to in articles. 164-169, simultaneously with the development and updating of plans for the resolution. 
Article 171. -National Bank of Moldova, as the resolution authority, when applied to domestic recapitalisation, tool sets, based on an assessment that conforms to article 72-84, aggregate amount of the following where appropriate: (a)), the amount by which the eligible debts must be reduced to ensure that the net asset value of the Bank subject to the resolution is equal to zero; and (b) where appropriate, value) where the eligible debts to be converted into shares or other equity instruments to restore rate tier 1 own funds of the Bank subject to the resolution or bridge Bank.
Article 172. -(1) the assessment referred to in article 171 establishes the amount to be reduced or converted debts eligible to restore rate tier 1 own funds of the Bank subject to the resolution or, where appropriate, to ensure the rate tier 1 own funds for the Bank, taking into account the bridge of any contribution to the capital of the Fund for Bank resolution pursuant to article 4. 301 para. (1) (a). (d)), in order to maintain a sufficient market confidence in the Bank is subject to the resolution or the Bank-deck and to enable it, over a period of at least one year to comply with the conditions of the authorization to carry on further activities for which it has been licensed in accordance with the law on financial institutions no. 550-XIII of 21 July 1995.
(2) when the National Bank of Moldova, as the resolution authority, intend to use the instrument of separation of assets referred to in art. 138-150, the amount by which the eligible debts will have to be reduced to take account of a prudent estimate of the capital needs of asset management, as appropriate.
Article 173. -Where the capital has been reduced in accordance with the provisions of article 219-230, and the recapitalization was internal pursuant to article 152 and it is found that the level of discount value applied on the basis of the preliminary assessment referred to in article 72-84 is higher than that required, taking into account the final assessment carried out in accordance with the provisions of article 81, the National Bank of Moldova, as the resolution authority Maybe apply a mechanism to increase the value of creditors ' claims and subsequent shareholders up to the level required.

Article 174. -National Bank of Moldova, as the resolution authority, establish and maintain mechanisms that ensure that the verification process and evaluation is based on information as up-to-date and comprehensive as possible concerning the assets, liabilities and capital and reserves of the Bank subject to the resolution.
Article 175. -(1) when applied to domestic recapitalisation tool, under art. 152, or reduce the value or convert equity instruments, in accordance with article 219-225, National Bank of Moldova, as the resolution authority, in what concerns the shareholders and the holders of other instruments on the property, at least one of the following measures: (a) cancellation of shares) other instruments existing property or transferring them to the creditors who have been subject to a measure of the internal Irish;
b) If a bank subject to resolution of positive net worth according to the assessment carried out pursuant to article 72-84, the dilution of share capital held by the existing shareholders and the holders of other instruments of ownership as a result of conversion into shares and other instruments of ownership of equity instruments, issued by the Bank in accordance with the competence referred to in article 220, or eligible debt issued by the Bank subject to the resolution by virtue of competence referred to in article. 231 para. (1) (a). f). (2) the conversion carried out under the provisions of paragraph 1. (1) (a). b) is achieved at a conversion rate significantly dilute existing holdings of shares or other instruments of ownership.
Article 176. -The measures referred to in article 175 shall apply also with regard to the shareholders and the holders of other proprietary tools whose shares or other ownership instruments have been issued or granted under the following circumstances: a) as a result of conversion of debt instruments in shares or other ownership instruments, in accordance with the contractual terms of the original debt instruments carried out on the occasion of an event that preceded or which took place at the same time as the evaluation carried out by the National Bank of Moldova, as the resolution authority, according to which the Bank has fulfilled the conditions for triggering the procedure for resolution; or b) as a result of the conversion of the equity instruments relevant in tier 1 own funds, in accordance with article 226-230.
Article 177. -The measures to be taken in accordance with the provisions of article 175, National Bank of Moldova, as the resolution authority is considering: a) the assessment carried out in accordance with article 72-84;
b) amount with which it has assessed that the own funds of the level 1 must be reduced and with which instruments the relevant capital must be reduced or converted pursuant to art. 226; and (c) the aggregate amount determined) in accordance with article 10. 171-174. Article 178. -By way of derogation from the provisions concerning prior permission request, notification of and reduction in the share capital of the Bank, and the assessment of the acquisition of quotas in the share capital of the Bank, as set out in article 11. 15, 152, 153, 154 financial institutions act nr. 550-XIII of 21 July 1995 and from information/communication obligation referred to in article 155, paragraph 2. (1) of the same law, in case of application of the instrument or recapitalisation convert equity instruments would lead to the acquisition or increase of a quota in the share capital of the Bank, as referred to in art. 15 para. (1) of the same law, the National Bank of Moldova, as the competent authority shall carry out the assessment required under the provisions in question in a timely manner, so as not to delay the application of internal instrument recapitalisation or conversion of equity instruments or not to obstruct the resolution action to achieve the objectives of the relevant resolution.
Article 179. -Where the National Bank of Moldova, as the competent authority of a Bank, had not completed the assessment required under article 178 at the date of application of the instrument or recapitalisation of conversion of equity instruments, the provisions of article 102 shall apply to any acquisition or increase of a quota in the share capital of the Bank, resulting from the application of internal instrument recapitalisation or conversion of equity instruments.
Article 180. -The application of internal instrument recapitalisation, National Bank of Moldova, the authority shall exercise the powers of resolution, reduction in the amount or conversion, respecting any exclusions provided for in articles 155 and 156 and in compliance with the following requirements: (a)) own funds elements value of level 1 is reduced in accordance with the provisions of art. 226 lit. a);
b) only if the reduction in the total value of transactions carried out under subparagraph (a). the total amount is lower) of the amounts referred to in articles. 177 lit. b) and (c)), National Bank of Moldova reduces the amount of own funds of the principal instruments of level 2, in so far as is necessary and within the limits of their capacity;
c) only if the reduction in the total value of the shares or other ownership instruments and equity instruments, pursuant to subparagraph (a). a) and b) is less than the total sum of the amounts referred to in art. 177 lit. b) and (c)), National Bank of Moldova shall reduce, as far as necessary, the principal amount of subordinated debt instruments that do not represent equity level 2, in accordance with the hierarchy of claims from the forced liquidation procedure, together with the reduction in value of the materials referred to in a) and b) to get the total amount of the sums referred to in art. 177 lit. b) and (c));
d) only if the reduction in the value of total shares or other ownership instruments and equity instruments, as well as debts eligible, pursuant to subparagraph (a). the-c)) is less than the total sum of the amounts referred to in art. 177 lit. b) and (c)), National Bank of Moldova shall reduce, as far as appropriate, the payment of the principal sum owed or in respect of the eligible debt remaining in accordance with the hierarchy of claims in the liquidation proceedings, in compliance with the enforced. 154-163, along with reducing the value referred to in the-c)) to get the total amount of the sums referred to in art. 177 lit. b) and (c)).

Article 181. -(1) the application of skills to reduce the value or conversion, National Bank of Moldova, as the resolution authority, allocates the losses represented by the total of the amounts referred to in articles. 177 lit. b) and (c)) equally between the shares or other ownership instruments and debts eligible of the same rank, by reducing equally to the value of the principal amount or payment due in respect of the shares or other property and debt instruments eligible in question, in proportion to their value, except where a different allocation of losses between the debts of the same rank is permitted under the provisions of art. 156. (2) the provisions of paragraphs 1 and 2. (1) does not prevent the granting more favourable treatment to debts which were excluded from internal recapitalization in accordance with the provisions of art. 155 and 156, compared to eligible debts which have the same priority ranking as part of a forced liquidation procedures of the Bank.
Article 182. -Before applying the reducing value or conversion mentioned in art. 180 lit. d), National Bank of Moldova, as the resolution authority, converts or reduce the principal value of the instruments referred to in article. 180 lit. b)-c) when these tools contain the following clauses and have not already been converted: the clause providing for reduction) the value of the principal instrument in case of occurrence of any event that affects the solvency or financial condition, the own funds of the Bank;
b clause laying down conversion) the instruments into shares or other ownership instruments in case of occurrence of such an event.
Article 183. -Where an instrument principal value was reduced, but not entirely, according to the type of provision under article 4. 182 lit. a) before they are applied according to recapitalise domestic provisions of art. 180, National Bank of Moldova, the authority shall exercise the powers of resolution, reduction in the amount or conversion in relation to the residual value of the principal (s) concerned, in accordance with the provisions of art. 180. Article 184. -When deciding whether the value should be reduced or converted debts into equity securities, National Bank of Moldova, as the resolution authority, not the debt converts if to another category of debts, which is linked to the first, for the most part not been achieved to convert into equity capital or not to reduce its value, unless this is permitted under art. 155 and 156.
Article 185. -National Bank of Moldova, as the resolution authority, apply skills to reduce value and conversion of debts arising from derivative financial instruments, in compliance with the provisions of art. 186-189. Article 186. -(1) the National Bank of Moldova, as the resolution authority, exercising the powers of the reduction and conversion value in relation to a debt arising from a derivative financial instrument only at the time of the liquidation or after liquidation of the derivative financial instruments.
(2) upon entry into the resolution procedure, National Bank of Moldova, as the resolution authority is empowered to stop and to liquidate, to this end, any contract therefor a derivative financial instrument.
Article 187. -Where a debt arising from a derivative financial instrument was excluded from the application of internal instrument recapitalisation under article 13. 156, National Bank of Moldova, as the resolution authority is not obliged to terminate the related derivative financial instrument contract or to liquidate it.
Article 188. -In the case of transactions with derivative financial instruments are subject to a netting agreement, the National Bank of Moldova, as the resolution authority, or an independent person establishes, as part of the evaluation conducted in accordance with the provisions of article 72 to 84, the debt resulting from such transactions on a net basis, in accordance with the provisions of that agreement.
Article 189. -National Bank of Moldova, as the resolution authority, determines the amount of the debts arising from derivative financial instruments on the basis of: a the appropriate methodologies) for determining the amount of the categories of financial instruments, including derivative transactions subject to clearing agreements;
b) principles for determining the exact moment at which a value should be determined positions on derivative financial instruments; and c) methodologies appropriate for comparing the loss of value resulting from the liquidation and use derivative financial instruments for recapitalization, with the amount of losses that would be incurred by the derivative financial instruments in a domestic recapitalisation.
Article 190. -(1) when exercising the powers laid down in article 21. 221 and at art. 231 para. (1) (a). f), National Bank of Moldova, as the resolution authority, may apply different conversion rates for different categories of equity and debt instruments, according to at least one of the principles referred to in paragraph 1. (2) and (3).
(2) the conversion rate should be, for the lender, adequate compensation for any loss sustained as a result of the exercise of powers by the reduction in the amount or conversion.
(3) when the conversion rates are applied in accordance with paragraph 1. (1) the applicable conversion rate debts considered priority ranking by virtue of legal provisions relating to forced liquidation must be greater than that applicable to subordinated debt.
Article 191. -Application by the National Bank of Moldova, as the resolution authority of the domestic recapitalisation to recapitaliza Bank, in accordance with the provisions of art. 152 lit. a), is accompanied by measures to ensure the development and implementation of a restructuring plan for the Bank activity in question, in accordance with the provisions of articles 193-201.
Article 192. -The measures referred to in article 191 may also include the appointment by the National Bank of Moldova, as the resolution authority, one or more persons, in accordance with article 259 with the objective to develop and implement the plan of reorganization of the activity referred to in article 193-201.

Article 193. -Within one month of the application, in accordance with the provisions of art. 152 lit. of the instrument), domestic recapitalisation in connection with a Bank, governing body, i.e. the person or persons designated pursuant to art. 259 develops and presents the National Bank of Moldova, as the resolution authority, a plan of reorganization of business which meets the requirements referred to in article 195.  
Article 194. -In situations deemed by the National Bank of Moldova, as the resolution authority, as and if this is necessary to achieve the objectives of the resolution, it may extend the period referred to in article 21. 193 para. (1) up to a maximum of two months, beginning with the date of application of the instrument of domestic recapitalisation. 
Article 195. -(1) the reorganisation Plan of activity establishes measures aimed at restoring the long-term viability of the Bank or of some parts of their activity, in a reasonable time. These measures are based on realistic assumptions regarding economic and financial conditions in the market, it will work.
(2) a reorganisation Plan of the task takes into account at least the present state and future prospects of the financial markets, reflecting the most optimistic assumptions, as well as the most pessimistic, including a combination of events allowing the identification of the main vulnerabilities of the Bank. Assumptions should be compared with the appropriate benchmarks in the sector.
(3) the reorganisation Plan of activities includes at least the following elements: a) a detailed description of the factors and problems that have led to a situation in which the Bank enters or is likely to enter into a major difficulty situation and circumstances that led to the difficulties facing it;
b) description of the measures to be taken regarding the restoration of the long-term viability of the Bank;
c) the timetable for implementing those measures.
Article 196. -Measures designed to restore the long-term viability of a bank may include: a) reorganisation of the Bank;
b) changes the operational and infrastructure systems in the Bank;
c) withdrawal from loss-producing activities;
(d) restructuring of existing activities) which can be made competitively;
(e) sale of assets) or business lines.
Article 197. (1) within one month from the date on which the reorganisation plan of activities, the National Bank of Moldova, as the resolution authority, assesses the likelihood that the plan, if it is implemented, to restore the long-term viability of the Bank.
(2) the National Bank of Moldova shall ensure that structure that he carries out the evaluation of the resolution referred to in paragraph 1. (1) in agreement with the structure exercising the supervisory function.
(3) the National Bank of Moldova, as the resolution authority, approves the plan of reorganization of the activity, where the structure that he resolution along with the structure that exerts the function of surveillance they conclude that the plan will achieve the objective provided for in paragraph 1. (1) Article 198. -(1) where the National Bank of Moldova, as the resolution authority is not satisfied that the plan will achieve the objective laid down in article 21. 197, it shall notify its concerns of the management organ or person designated pursuant to art. 259 and calls to amend the plan in a way that meets these concerns.
(2) the National Bank of Moldova shall ensure that the notification referred to in paragraph 1 concerns. (1) shall be carried out on the structure which perform the function of resolution, in agreement with the structure exercising the supervisory function.
Article 199. (1) within two weeks from the date of receipt of the notification referred to in article. 198, governing body, i.e. the person or persons designated pursuant to art. 259 presents the National Bank of Moldova, as the resolution authority for approval a plan change.
(2) the National Bank of Moldova, as the resolution authority, assesses, in compliance with the provisions of article. 197 paragraph 2. (2) plan amended and communicated to the management organ, i.e. the person or persons designated in accordance with article 259, within one week of the date of receipt thereof, the extent to which the plane, thus amended, address the concerns or the necessary changes are notified.
Article 200. -Governing body, i.e. the person or persons designated pursuant to art. 259 implement reorganisation plan approved in accordance with article 197 and transmit a report to the National Bank of Moldova, as the resolution authority, at least every six months in connection with the progress regarding the implementation of the plan. 
Article 201. -(1) the governing body, i.e. the person or persons designated pursuant to art. 259 reviewed the plan if, in the opinion of the National Bank of Moldova, as the resolution authority, this is necessary in order to attain the objective laid down in article 21. 195 para. (1) and (2) and shall submit any such review National Bank of Moldova, as the resolution authority for approval.
(2) the opinion pursuant to paragraph 1. (1) the National Bank of Moldova shall ensure that structure that he has obtained the prior resolution of the structure which exercises supervisory function.
Article 202. -Where the National Bank of Moldova, as the resolution authority, carries one of the powers laid down in article 21. 231 para. (1) (a). e)-i) and article 220, reducing the value of the principal or of the amount of payment due, conversion or cancellation of immediate effects and produce a mandatory Bank becomes subject to the resolution and to affected creditors and its shareholders.
Article 203. -National Bank of Moldova, as the resolution authority, holds the power to meet or to request assistance with procedural and administrative tasks that are necessary to give effect to the exercise of any of the powers laid down in article 21. 231 para. (1) (a). e)-i) and art. 220, including: (a) all relevant registers) alter;
b) withdrawal from disposal or trading of shares and other instruments of property or debt instruments;

c) listing or admission to trading of the new shares or other instruments;
d) listing again or re-entry of any trading debt instruments that have been cut, without the need to issue a prospectus in accordance with the provisions of law No. 171 of 11 July 2012 concerning the capital market.  
Article 204. -Where the National Bank of Moldova, as the resolution authority, reduce the amount of principal debt in full or payment amount payable in relation to that debt, through competence under article 4. 231 para. (1) (a). (e)), and any other debt obligations or related claims that are not payable, if applicable, at the time of the exercise of its competence are considered to have been paid off in full or, where appropriate, and shall not apply to any of the Bank subject to the resolution in the context of any subsequent proceedings, nor any entity who leads them, in the context of any subsequent liquidation procedures. 
Article 205. -Where the National Bank of Moldova, as the resolution authority, reduce the amount of principal debt partially or the amount of payment due in connection with this debt, through competence under article 4. 231 para. (1) (a). e): a) is reduced by the amount of debt is reduced;
b) relevant agreement or instrument which gave rise to the original debt shall continue to apply in relation to the residual value of the debt or the payment amount due in respect thereof, with due observance of any change in the amount of the interest payment in order to take account of the reduction in principal value, and respecting any other subsequent modifications of the terms on which the National Bank of Moldova as the resolution authority would be able to do by virtue of its competence under article 4. 231 para. (1) (a). j). Article 206. -Without prejudice to article. 231 para. (1) (a). I), banks must hold in perpetuity a sufficient amount of authorized share capital or other instruments of tier 1 own funds, so that, where the National Bank of Moldova, as the resolution authority, and would exercise the powers laid down in article 21. 231 para. (1) (a). e) and (f)) in connection with that Bank, the Bank is not hindered to issue sufficient shares or other instruments of new property in order to guarantee efficient conversion possible debt into shares or other ownership instruments. 
Article 207. -In the context of the elaboration and updating of the plan for resolution of a Bank, National Bank of Moldova, as the resolution authority, assesses advisability of imposing Bank of the obligation referred to in article 206, taking into account in particular the actions set out in that resolution. If the plan provides for the possibility of applying the instrument resolution of domestic recapitalisation, National Bank of Moldova, as the resolution authority, verify to what extent authorized share capital or other instruments of tier 1 own funds are insufficient to cover the total amount of the sums referred to in art. 177 lit. b) and (c)).
Article 208. -Instruments of incorporation or the statutes of the Bank, including pre-emptive rights of the shareholders or the requirement to obtain the approval of its shareholders for a capital increase, shall not prevent a procedural point of view, debt conversion into shares or other instruments of ownership.  
Article 209. -The provisions of article 206-208 without prejudice to the provisions of article 3. 93 para. 2. Article 210. -Contractual provisions in Banks include a provision by which the lender or the party to the agreement governing the debt supports that it could be subject to the exercise of the powers of the value reduction and conversion and agrees to comply with any measures to reduce the value of the principal amount or payment due, or conversion, which may be imposed by the National Bank of Moldova as the resolution authority, in exercising its powers, provided that such duty: to) may not be excluded under article 155;
b) may not be a guaranteed deposit;
c) be governed by the law of another State; and (d)) to be issued or incurred after the date on which they apply the provisions relating to recapitalization.
Article 211. -(1) the provisions of article 210 does not apply where the National Bank of Moldova, as the resolution authority, establishes that the debts or instruments referred to in that article may be reviewed skills to reduce value and conversion carried out by the National Bank of Moldova, as the resolution authority, in accordance with the laws of another State or an agreement with that State that binding.
(2) the National Bank of Moldova, as the resolution authority, banks may be required to provide a legal opinion regarding the enforceability and effectiveness of disclosure as referred to in article 210.
Article 212. -If a bank does not include in the provisions of the contract applicable to the relevant debt an option to type than that referred to in article 210, this failure to comply with obligations does not prevent the National Bank of Moldova, as the resolution authority to exercise the powers of the reduction in the amount or conversion in relation to debt.


Chapter VINSTRUMENTELE Of PUBLIC STABILIZAREFINANCIARĂ

Article 213. -(1) to participate in the resolution of a Bank, including intervening directly in order to avoid its liquidation, in order to meet the objectives of the resolution set out in article 56, the financial support may be granted to the extraordinary public through additional financial stabilization tools, in accordance with article 92 and 214. After consultation with the National Bank of Moldova, as the resolution authority, the Government has the right to decide on the application of instruments of financial stabilization by the Ministry of finance.
(2) for the purposes mentioned in paragraph 1. (1) the Government shall decide on the powers in the resolution referred to in art. 231-261 available to the Ministry of finance. Provisions of art. 241-245, art. 283-287 are applicable in order to ensure the effectiveness of the instruments of public financial stabilization.

Article 214. -Public Financial Instruments for stabilisation is used as a last resort, the assessment and examining use of other instruments such as the maximum possible resolution, taking into account the need to maintain at the same time, financial stability.
Article 215. -The Government approves the decision to adopt public financial stabilisation instruments, only if all the conditions are fulfilled, from art. 58 para. (1) as well as one of the following conditions: a) the Ministry of finance and the National Bank of Moldova, as the resolution authority determines that the application of instruments of a resolution would not be sufficient to prevent significant adverse effects on the financial system. National Bank of Moldova shall ensure that analysis in question takes into account and its Central Bank powers and authority;
b) Ministry of finance and the National Bank of Moldova, as the resolution authority determines that the application of instruments of a resolution would not be sufficient to protect the public interest, where the Bank was already previously granted a tremendous liquidity on the part of National Bank of Moldova, as the Central Bank;
c) in terms of the temporary crossing tool in the private property of the State, the Ministry of finance, in its capacity as the competent Ministry, determines that the application of instruments of a resolution would not be sufficient to protect the public interest, where the Bank was already previously granted a public capital contribution through the instrument of financial support through the contribution of capital. Such a decision shall be taken after consultation with the National Bank of Moldova, as the competent authority and resolution.
Article 216. -Financial stabilization tools are the following: the financial support instrument) through the public capital contribution referred to in article 217;
b) temporary crossing tool in the private property of the State; 219. Article 217. -(1) observance of the legal framework concerning the companies, the Government is entitled to decide that the Ministry of finance to take part in a recapitalisation of banks, through the consideration in Exchange for the following instruments, in compliance with the requirements laid down in the law on financial institutions no. 550-XIII of 21 July 1995, as amended: (a) own funds instruments) of level 1;
b) own funds instruments for level 2.
(2) the Minister of Finance shall ensure, to the extent that the share capital holding in a Bank so permits, on a professional basis and on the basis of that commercial banks covered by the instrument of financial support through the public capital contribution in accordance with the provisions of the legislation in force.
(3) where the instrument of financial support through the public capital contribution is implemented in accordance with the provisions of this article, the Minister of finance must ensure that the transfer of the capital held by the Bank in the private sector, pursuant to a decision of the Government, as soon as the commercial and financial circumstances allow.
Article 218. -(1) a bank may be privately owned last temporarily.
(2) for the purposes of paragraph 1. (1) pursuant to a decision of the Government, the Ministry of Finance makes one or more transfer orders in which the transferee is an entity designated by the Government.
(3) the Minister of finance must ensure that banks, which are the subject of the instrument privately owned temporary crossing of the State in accordance with the provisions of this article, are managed in a professional manner and on the basis of commercial and private, are once again under a decision of the Government, as soon as the commercial and financial circumstances allow.
    [Art. 218 (3) modified by LP58 from 06.04.17, MO119-126/14.04.17 art. 197; 14.04.17 in force]

Chapter VIREDUCEREA the VALUE of the EQUITY INSTRUMENTS Article 219. -Power reduction of value or of converting the relevant equity instruments may be exercised either: a) resolution independent action; or b) along with a resolution when the trigger conditions are fulfilled the resolution referred to in article 58-60.
Article 220. -National Bank of Moldova, as the resolution authority, has the power to reduce or convert the relevant capital instruments in shares or other instruments of ownership of banks.
Article 221. -National Bank of Moldova, as the resolution authority, exercising the power reduction in the amount or conversion in accordance with article 226-230 without delay, in relation to the relevant capital instruments issued by a Bank, when it met at least one of the following conditions are met: a) if it has been determined that all conditions trigger the resolution referred to in article 58-60 have been met before performing an action for resolution;
b) BNM, in its capacity as competent authority determines that if that competence is not exercised in respect of the relevant instruments of capital, the Bank will cease to be viable;
c) public financial support Bank requesting extraordinary, except for any of the situations referred to in articles. 59 paragraph 1. (2) (a). c). Article 222. -In the sense of article 221, it is considered that a Bank no longer is viable only if the following conditions are cumulatively met: a) the Bank enters or is likely to enter into a situation of major difficulty;
b) given the time horizon and other relevant circumstances, there is no reasonable prospect that the entrance to a major difficulty of the Bank could be prevented in a timely manner by any measure, be it a private sector alternative measure or a measure of oversight, including a measure of early intervention, in addition to a reduction in the amount or converting to equity instruments taken singly or in combination with a resolution.
Article 223. -Pursuant to article 6. 222 lit. to that), a bank enters or is likely to enter into a situation of major difficulty where at least one of the conditions laid down in article 21. 59 is met.

Article 224. -National Bank of Moldova shall ensure that where a determination referred to in article 221 shall be carried out, the structure of which he shall immediately inform the supervisory structure which perform the function of resolution.
Article 225. (1) before exercising their power to reduce or convert equity instruments, National Bank of Moldova, as the resolution authority, shall conduct an assessment of assets, liabilities and capital and reserves of the Bank, in accordance with article 72-84.
(2) for the purposes of paragraph 1. (1) the assessment forms the basis for calculating the value of the reduction to be applied to equity instruments relevant in order to absorb losses and level of conversion to be applied to equity instruments relevant in order to recapitalise the Bank.
Article 226. -When acting according to the provisions of article 219-225, National Bank of Moldova, as the resolution authority, exercising the power reduction in the amount or conversion in accordance with the order of priority of claims in the procedure of forced liquidation of the Bank, in such a way that it will produce the following outcomes: a) the own funds items of level 1 is reduced primarily corresponding value of losses and in their absorption capacity limits, and the National Bank of Moldova, as the resolution authority, take one or both of the measures specified in article 175, concerning own funds instruments holders of level 1;
(b) the principal instruments) the own funds of tier 2 is reduced and/or converted into instruments of tier 1 own funds, to the extent required to achieve the objectives of the resolution set out in article 55-57 or the limit value of the equity instruments that are relevant, either of these limits is lower.
Article 227. -When the amount of the principal instruments of capital is reduced: reduction of the value of that instrument) is permanent, with respect to any increases in accordance with the reimbursement referred to in article 173;
b) against the holder of the relevant capital instrument does not subsist in any debt limit or in connection with the value with which the instrument has been reduced, except any debt already at maturity reached and any compensation owed, which may occur as a result of the court case comes up to the legality of the exercise of the competence of the reduction in the amount;
c) no compensation shall be paid to holders of equity instruments, other than those referred to in article 228.
Article 228. -To carry out, in accordance with article 10. 226 lit. (b)), a conversion of equity instruments, National Bank of Moldova, as the resolution authority, may require banks to issue equity instruments of tier 1 capital instruments to the relevant holders. Relevant capital instruments can be converted only if the following conditions are met: a) such instruments of tier 1 own funds are issued by the Bank, with the consent of the National Bank of Moldova, as the authority of resolution;
b) such instruments of tier 1 own funds are previously issued any postage or other ownership instruments made by the Bank, for a capital contribution from the State or a governmental entity;
    [Art. 228 b) modified by LP58 from 06.04.17, MO119-126/14.04.17 art. 197; force 14.04.17] c) such instruments of tier 1 own funds are awarded and transferred without delay, after exercising the competence of conversion;
d) conversion rate which determines the number of tier 1 own funds which are issued for each relevant capital instrument complies with the principles laid down in article 21. 190. Article 229. -In order to provide tools for tier 1 own funds in accordance with the provisions of art. 228, National Bank of Moldova, as the resolution authority, may require banks to have at all times a prior authorization necessary to issue the relevant number of tier 1 own funds.
Article 230. -Where a bank meets the conditions triggering the procedure for resolution, and the National Bank of Moldova, as the resolution authority decides to apply a bank resolution, before the application of that instrument, the National Bank of Moldova, as the resolution authority, must comply with the requirements laid down in article 21. 221. Chapter VIICOMPETENŢELE of the REZOLUŢIESecţiunea 1Competenţele article 231. -(1) the National Bank of Moldova, as the authority of resolution, resolution tools applied to banks that match conditions trigger the procedure. In this respect, the National Bank of Moldova has the following powers of resolution, which they can exercise individually or in any combination: a) to require any person to submit any necessary information to take a decision on the adoption of a resolution and action for the preparation of that measure, including updates and additions of information provided in the framework of resolution as well as information to be provided through on-site inspections;
(b)) to take control of a bank subject to resolution and, consequently, to exercise all the rights and powers conferred on stockholders, other owners and management of the Bank subject to the resolution;
c) to transfer the shares or other ownership instruments issued by a bank subject to resolution;
d) to transfer to another entity, with its agreement, the rights or obligations of the bank assets subject to the resolution;
e) to reduce, even in full, the amount of the principal or the remaining amount of the eligible debt payment a bank subject to resolution;
f) to convert the debts of the Bank's eligible subject to resolution in common shares or other instruments of ownership of the respective Bank or a bridge banks to which the assets are transferred, the rights or obligations of the Bank in question;
g) to cancel the debt instruments issued by a bank subject to resolution, with the exception of guaranteed obligations referred to in article 155;

h) to reduce, even in full, the nominal value of the shares or other instruments of ownership of a bank subject to the resolution and to cancel such shares or other instruments;
I) require a bank subject to the resolution to issue new shares, other proprietary tools or other capital instruments, including some preferred stock and some contingent convertible equity instruments;
j) to change or adjust the maturity of debt instruments and other eligible debts issued by a bank subject to resolution or change the amount of interest payable related instruments and other debt eligible or the date from which interest becomes payable, including the temporary suspension of payments, with the exception of guaranteed obligations which are subject to the provisions of article 155;
k) to liquidate and cease financial contracts or contracts incurred in derivative financial instruments for the purposes of applying the provisions of article 185-189;
l) to replace the governing body of a bank subject to resolution.
(2) the National Bank of Moldova shall ensure that structure that he addressed a request to the resolution structure which perform supervisory function to evaluate the purchaser of a share in bank capital which under the provisions of art. 15 para. (1) of the law on financial institutions no. 550-XIII of 21 July 1995, in a timely manner, by way of derogation from the time limits laid down in the same law.
Article 232. -(1) in the application of the resolution and the exercise of the powers in the resolution, the National Bank of Moldova, as the resolution authority is not subject to any of the following requirements, which typically would apply by virtue of the law of contract or otherwise): (a) the requirement for the approval, authorisation agreement or any public or private person including shareholders or creditors of the Bank subject to the resolution, without prejudice to art. 5;
b) without prejudice to the procedural requirements provided for in this law, the procedural requirements to notify a particular person, prior to the exercise of its competence, including the requirement to publish a prospectus or any notification or to submit or post any document to any other authority.
(2) for the purposes of paragraph 1. (1), and in particular exercising the powers provided for in article 10. 231 is not subject to any restrictions on the transfer of financial instruments, rights, assets or obligations and any requirements for obtaining an agreement for the establishment of such a transfer, which would otherwise be applicable.
(3) any transfer of shares or other financial instruments, property, rights, assets and obligations, including any warranties or accessories thereof, is carried out by the effect of the decision of the National Bank of Moldova, as the resolution authority, and, where appropriate, of any subsequent act of implementation thereof, and any formality of registration in the register of real estate commercial register, or another public register shall be carried out under this decision and, where appropriate, of any subsequent act of implementation.


Section 2-auxiliary Article 233 aCompetenţele. -(1) in exercising the powers in the resolution, the National Bank of Moldova, as the resolution authority, shall be responsible for: a) has at its disposal, without prejudice to art. 271, that the transfer is carried out free of any obligation or discharged from any financial instruments, rights, obligations or assets transferred; in this sense, any right of compensation provided for by the present law shall not be deemed to be an obligation or encumbering, this provision being invoked against including public registers;
b) to revoke the rights to purchase other shares or other property subject to the resolution of the Bank;
c) to address a request to the National Commission of Financial Market or relevant authority of another State to discontinue or suspend admission to trading on a regulated market or the official listing of financial instruments in compliance with the legislation on capital markets;
d) to take measures so that the recipient shall be treated in the same way that it treated the subject of Bank resolution in relation to any rights or obligations of the Bank subject to the resolution of the time of this action, including, without prejudice to the provisions of article 94-106 and 110-121, in relation to any rights or obligations concerning the participation in market infrastructure;
(e) to request the Bank subjected) the resolution or the recipient to provide information and assistance to the other party; and f) to remove or alter the terms of a contract to which the Bank is subject to the resolution or to substitute the Bank subject to the resolution with a recipient, as a Contracting Party.
(2) the National Bank of Moldova, as the resolution authority, carry out the actions referred to in paragraph 1. (1) where it considers that they are adequate to ensure effective actions to achieve resolution or one or more objectives of the resolution.
Article 234. -(1) In the exercise of powers of resolution, National Bank of Moldova has the power to put in place the necessary mechanisms to ensure continuity in order to ensure the effectiveness of the resolution and, when necessary, the recipient's capacity to be able to carry on the activity that has been transferred.
(2) Mechanisms to ensure the continuity of the activity specified in paragraph 2. (1) include, in particular: a) ensure continuity of contracts concluded by the Bank subject to the resolution, so that recipient to assume the rights and obligations of the Bank subject to the resolution of any financial instrument, right, obligation or asset transferred and to replace the Bank subject to resolution, explicitly or implicitly, in all relevant contractual documents;
b) substitution with the recipient Bank subject to resolution, in any legal proceedings relating to any financial instrument, right, or obligation transferred.
Article 235. -The provisions of art. 233 para. (1) (a). (d)) and art. 234 para. (2) (a). (b)) shall not affect the following rights: the right to subject Bank employees) resolution of termination of employment contracts;

b) in compliance with art. 246-258, any right of a party to a contract to exercise their contractual rights, including the right of termination, when contract terms allow, by virtue of an act or omission, be subject to Bank resolution, prior to the transfer, or of the recipient subsequently relevant one.


Section 3 of article 236 aAlte skills. -(1) the National Bank of Moldova, as the resolution authority, has the power to impose a bank subject to resolution or any combination of the Bank Group entities concerned the provision of any services or facilities necessary to permit the effective administration of the activities of the recipient that has been transferred.
(2) the provisions of paragraphs 1 and 2. (1) are applicable including where that entity is subject to the resolution of the Bank or the Group has entered into a voluntary winding-up procedure of the Bank according to the applicable legislation.
Article 237. -Services and facilities referred to in article 236 is limited to operational services and facilities and do not include any financial support.
Article 238. -Services and facilities referred to in article 236 must be provided: a) in accordance with the terms of the contract already approved, including in terms of the duration of the contract, where such services and facilities have been provided to the Bank subject to the resolution of a contract concluded in the period immediately before application of the resolution;
b) on reasonable terms, in a situation where there is a contract or the contract has expired.
Article 239. -In the event that a resolution involves taking action with regard to assets located in another Member State or in respect of shares and other instruments of ownership, rights or obligations governed by the law of another State, the National Bank of Moldova, as the resolution authority may require: a) the administrator, liquidator or any other person exercising control over the Bank subject to the resolution and the recipient to be obliged to take all necessary measures to ensure that the transfer, conversion or reduction of the amount the measure take effect;
b) administrator, liquidator or any other person exercising control over the Bank subject to the resolution to be required to hold shares, other property, assets or rights or to pay off debts in the recipient's name, until the time of the transfer, conversion or reduction of the amount the measure take effect;
(c) reasonable costs for the addressee), performed justifiably, associated with the implementation of any measures necessary in accordance with the provisions of subparagraph (a). the a and b)), to be covered by any of the methods referred to in article 91.
Article 240. -(1) where the National Bank of Moldova, as the resolution authority, believes that, despite all the measures taken by the administrator or liquidator, it is highly unlikely that the transfer, conversion or measure to produce effects in relation to certain assets located in another State or with certain actions, other property rights obligations are subject to the fold of the law of another State , National Bank of Moldova will not continue, reducing the value of the transfer, conversion or measure.
(2) for the purposes mentioned in paragraph 1. (1), where it was ordered the transfer, conversion, reduction of the value or measure in question, the order is void as respects the assets, shares, property rights instruments or obligations.
Article 241. -A measure of crisis prevention or crisis management, taken in the case of a bank in accordance with this Act, including any event directly linked to the implementation of such measures should not be considered by itself, under a contract concluded by the Bank in question, the relevant law enforcement guarantee times as insolvency proceedings, such as, which are defined in article 3. 2 of this law.
Article 242. -Art. 241 shall apply, provided that the essential contractual obligations, including the payment and delivery obligations, as well as providing valuable security to be met.
Article 243. -Provided the essential contractual obligations, including the payment and delivery obligations, and the provision of guarantees, to be a measure of crisis prevention or crisis management, including any event directly related to the application of such measures does not confer in itself any person can: a) to exercise any right of termination suspension, modification, or compensation of mutual compensation;
(b)) to take possession of any assets of the Bank, to exercise control over or to execute any warranty as regards;
c) to prejudice the rights of the Bank's contractual.
Article 244. -The provisions of art. 241-243 and of article 245 shall not affect the right of a person to take one of the actions referred to in art. 243, when this right is born as a result of an occurrence, other than crisis prevention measure, measure of crisis management or the occurrence of any event directly linked to the implementation of such measures.
    [Art. 244 modified by LP58 from 06.04.17, MO119-126/14.04.17 art. 197; 14.04.17 in force]
Article 245. -Powers of suspension or limitation under the present law does not constitute a breach of a contractual obligation in the sense of article 241-242.
Article 246. -(1) the National Bank of Moldova, as the resolution authority, has the power to impose any obligation to suspend payment or delivery resulting from any contract to which the Bank is subject to part of the resolution, including those from discourages claims relating to these penalties accessories times, starting from the date of publication of the notice of suspension, in accordance with article 286 , for a period of up to 2 months. This period may be extended up to a total of 6 months, in justified cases, by decision of the National Bank of Moldova.
(2) where an obligation for payment or delivery falls due during the period of suspension, the liability becomes payable immediately after the expiration of the period of suspension.  

Article 247. -In the event that the obligations of payment or delivery of the Bank subject to the resolution are suspended under the provisions of art. 246 para. (1) the obligations of payment or delivery of the respective bank counterparties, in accordance with the same contract, shall be suspended at the same time.
Article 248. -No suspend decision taken under the provisions of art. 246 para. (1) does not apply to: (a) guaranteed deposits);
b payment obligations) and delivery due to system or systems operators, as defined in the law. 183/2016 with regard to finality in payment systems and settlement of financial instruments, central counterparties and central banks;
   [Art. 248 b) modified by LP58 from 06.04.17, MO119-126/14.04.17 art. 197; force 14.04.17] c) claims eligible for compensation according to the provisions relating to compensation for investors in capital market law.
Article 249. -In application of the provisions of article 246-248, National Bank of Moldova, as the resolution authority, we must bear in mind the impact of the exercise of such powers on the smooth functioning of financial markets. 
Article 250. -(1) the National Bank of Moldova, as the resolution authority, has the power to impose restrictions on the guaranteed creditors regarding the execution of real guarantees on assets held in a bank subject to resolution, starting from the date of publication of the notice of restriction in accordance with the provisions of article 286 till 24.00, Moldova's official time, on the working day following that of publication.
(2) the National Bank of Moldova, as the resolution authority, does not impose the measure specified in paragraph 1. (1) in the case of real guarantees held by systems or operators of systems as defined in the law. 183/2016 with regard to finality in payment systems and settlement of financial instruments, and Central contrapărţi central banks in connection with the assets pledged or provided by way of margin or collateral by the Bank subject to the actual resolution.
    [Art. 250 (2) modified by LP58 from 06.04.17, MO119-126/14.04.17 art. 197; 14.04.17 in force]
Article 251. -In application of the provisions of article 250, National Bank of Moldova, as the resolution authority is considering the impact of the application of that measure on the smooth functioning of financial markets. 
Article 252. -National Bank of Moldova, as the resolution authority, may order the suspension of termination rights of either party to a contract with a bank subject to resolution, starting from the date of publication of the notice of suspension, in accordance with the provisions of article 286, till 24.00, Moldova's official time, on the working day following that of the publication, provided that the obligations of payment and delivery as well as providing valuable security to be met.
Article 253. -(1) the National Bank of Moldova, as the resolution authority, may order the suspension of termination rights of any party that has a contract with a legal person, branch in Moldova, to a bank subject to resolution, when: (a) contractual obligations) are guaranteed or otherwise supported by the Bank subject to the resolution;
b) contractual termination is based solely on the forced liquidation procedure of the Bank or on the financial status of the Bank subject to the resolution; and c) all the assets and debts of the branch, which are the subject of the contract, have been or may be transferred to the recipient and appropriated by it, where the National Bank of Moldova, as the resolution authority, exercised or can exercise jurisdiction in the case of bank transfer subject to resolution;
(d) the National Bank of Moldova), as resolution authority, provide, by any other means, adequate protection for those obligations, the National Bank of Moldova, in this capacity, he exercised or can exercise jurisdiction in the case of bank transfer subject to the resolution.
(2) the suspension referred to in paragraph 1. (1) take effect as of the date of publication of the notification of suspension, pursuant to article 286, until 24.00 on the working day following that of its publication in the State in which the branch is established of the Bank subject to the resolution.
Article 254. -Any suspension imposed pursuant to the provisions of article 252 or 253 does not apply to systems or operators of systems as defined in the law. 183/2016 with regard to finality in payment and securities settlement of central counterparties of financial instruments, or central banks.
    [Art. 254 as amended by LP58 from 06.04.17, MO119-126/14.04.17 art. 197; 14.04.17 in force]
Article 255. -A party to a contract may exercise his right of termination under contract before the end of the period referred to in article 252, or art. 253, if the party concerned receives a notice from the National Bank of Moldova, as the resolution authority for bringing to their attention the fact that the rights and obligations which are not covered by the contract: the entities) transferred to another; or (b) subject to reduction or value) of the conversion as a result of the application of internal instrument recapitalisation in accordance with the provisions of art. 152 lit. 256. Article has). -The National Bank of Moldova, as the resolution authority, impose an injunction suspending the rights of art.7.252-253 and was not given any notification in accordance with article 7. 255, such rights may be exercised upon expiry of the period of suspension in accordance with article 241-245, as follows: a) If contractual rights and obligations have been transferred to another entity, a counterparty may exercise rights of termination in accordance with the terms of the contract only in the case of continuing or subsequent production by the receiving entity has a specific event giving entitlement to termination according to the contract;

b) if subjected to the Bank resolution retains the contractual rights and obligations, and the National Bank of Moldova, as the resolution authority, had not applied their respective Bank recapitalisation internal tool in accordance with the provisions of art. 152 lit. the counterparty), may exercise a right of termination, in accordance with the relevant clauses of the contract on the expiry of the suspension referred to in article 252.
Article 257. -In exercise of the powers referred to in article 252-256, National Bank of Moldova, as the resolution authority is considering the impact of the application of that measure on the smooth functioning of financial markets.
Article 258. -(1) the National Bank of Moldova may require a bank to keep detailed records of financial contracts, whether the competent authority either in resolution authority.
(2) At the request of the National Bank of Moldova, the competent authority or the authority of a resolution, which contain information relating to the contracts shall provide its financial information necessary to enable the performance of its tasks.
Article 259. -(1) in the application of the resolution of the National Bank of Moldova, as the resolution authority is competent to exercise control over the Bank, subject to the resolution, with a view to ensuring the functioning of: (a)) and conduct of all activities and services conducted by the Bank subject to the resolution of all skills, disposing of its shareholders and of its leading body; and (b) the management and disposal of assets) and the Bank's assets and liabilities subject to the resolution.
(2) paragraph. (1) may be exercised directly by the National Bank of Moldova, as the resolution authority, or indirectly by a person or a group of persons appointed by the National Bank of Moldova.
(3) during the period of the resolution, the voting rights conferred by the holding of shares or other ownership instruments subject to Bank resolution cannot be exercised.
Article 260. -National Bank of Moldova, as the resolution authority, may order the application of a decision action resolution, without the need to exercise control over the Bank, subject to the resolution.
Article 261. -National Bank of Moldova, as the resolution authority, decide on a case by case basis on the suitability of applying resolution action by the means specified in article 22. 259 or 260, taking into consideration the objectives of the resolution and the General principles which govern the Bank's specific circumstances, subject to the resolution.


Chapter VIIIMECANISMELE SAFETY Article 262. -In the case of the National Bank of Moldova, as the resolution authority, one or more tools of resolution and, in particular, pursuant to the provisions of article 266, it takes into account the following: a) where were transferred only certain parts of the rights and obligations of the Bank's assets, subject to the resolution, the shareholders and creditors whose claims have not been transferred to receive as compensation for their claims at least an amount equal to that which would be received if the Bank is subject to the resolution would have been liquidated through voluntary liquidation procedure at the time of taking the decision referred to in article 282, except where the provisions of subparagraph (a) shall apply. b);
b) where applied instrument of domestic recapitalisation shareholders and creditors whose claims have been reduced or converted into equity capital does not support larger losses than they would have been if the Bank is subject to the resolution would have been liquidated through voluntary liquidation procedure immediately at the time of taking the decision referred to in article 282.
Article 263. -(1) in order to assess the treatment that would have benefited shareholders and creditors in the event that the Bank is subject to the resolution would be followed a forced liquidation procedure, for purposes of the provisions of article 262, but are not limited to, the National Bank of Moldova, as the resolution authority shall ensure that an assessment by an independent person as soon as possible After the action or actions that resolution have been applied.
(2) the assessment referred to in paragraph 1. (1) must be different from the assessment carried out under article 72-84.
Article 264. -The assessment referred to in article 263 shall lay down: (a)) treatment on shareholders and creditors or the relevant schemes of deposit-guarantee schemes they would have received if the Bank is subject to resolution, in respect of which an action or several actions have been taken by the resolution, would be entered into forced liquidation procedure at the time of taking the decision on the application or not of the resolution;
b) effective treatment which benefited shareholders and creditors in the framework of the resolution of the Bank subject to the resolution; and (c)) the existence of a possible differences between the treatment referred to in subparagraph (a). ) and the one referred to in subparagraph (a). b). Article 265. -In addition to the matters referred to in art. 264, the assessment referred to in article 263 shall: a) to consider the hypothesis according to which the Bank is subject to the resolution, against which an action or several actions have been taken by the resolution, would be entered into forced liquidation procedure at the time of taking the decision on the application or not of the resolution;
b) to take into account the assumption that the action or actions that the resolution would not have been taken;
c) does not consider the granting of financial aid subject to the Bank's extraordinary public resolution.
Article 266. -In the event that the assessment carried out according to the provisions of article 263-265 establishes that, in the context of the resolution, any of the shareholders or creditors referred to in article 262 accumulated losses. higher than those which they would have been if the Bank would have been liquidated through voluntary liquidation procedure, then they are entitled to payment of the difference of the banking resolution.
Article 267. Protection under article 9. 268 paragraph 5. (1) apply in cases where: the National Bank of Moldova), as resolution authority, transfers a portion, but not all its assets, rights or obligations of a bank subject to resolution by another entity, or in the exercise of the instrument resolution from a bench-deck or asset management vehicle to another person;

(b) the National Bank of Moldova), as resolution authority, shall exercise the powers laid down in article 21. 233 para. 1. Article 268. -(1) In the framework of the resolution, the following contracts and counterparties to these contracts benefit from adequate protection, according to art. 269-276, with application of the limits laid down under art. 241-258: a real warranty contracts), by virtue of which a person has, by way of security, of a right in rem or potential in relation to assets or rights that are the subject of a transfer, whether this right is guaranteed by specific assets or rights or by a guarantee constituted on a respect for property (a floating charge) or through a similar agreement;
(b) financial guarantee contracts) with the transfer of ownership, through which the real colateralizează or warranties covering the execution of certain specific obligations are provided through a transfer of full ownership of assets made by the collateral provider to the real taker, on condition that the beneficiary to repay these assets in the event that the specific obligations are carried out;
(c) mutual compensation agreements), whereby two or more claims or obligations owed between Bank subject to the resolution and a counterparty may be mutual compensation;
d) compensation agreements;
e) bond;
f) funding mechanisms, including securitizările and structured instruments used for hedging purposes, which constitutes an integral part of the portfolio-support and who, under the national legislation, are guaranteed in a manner similar to the covered bonds, involving the provision of collateral securities and holding them by one of the parties to the agreement or a trust administrator, agent or an approved person.
(2) the requirement laid down in paragraph 1. (1) applies regardless of the number of parties involved in such agreements and the possibility that these agreements: a) is created by contract or by other means or to arise automatically from the application of the law;
b) arise or be covered wholly or partially by the law of another State.
Article 269. (1) financial collateral with one property, the agreements on mutual compensation and compensation agreements benefit from adequate protection to prevent the transfer of some parts, but not all the rights and obligations which are the subject of such contract or agreement, between the subject of the resolution and another person, and such amendment or termination of such rights and obligations protected by means of such contracts or agreements by virtue of the exercise of the National Bank of Moldova of ancillary skills.
(2) for the purposes mentioned in paragraph 1. (1) the rights and obligations are deemed to be protected by means of a contract or agreement where the parties have a right to compensation or set-off mutual rights and obligations.
Article 270. -The exception to article 269, when it is necessary to ensure the availability of guaranteed deposits, the National Bank of Moldova, as the resolution authority, may: a) to shift guaranteed deposits that form part of the agreements referred to in article 269 without transferring other assets, rights or obligations that are part of the same agreements; and (b)) to pass, amend, terminate or to liquidate those assets, rights or obligations without transferring deposits guaranteed.
Article 271. -(1) the obligations secured by real collateral contracts benefit from adequate protection to prevent transfer of assets): the guaranteed obligation, except to the extent that the obligation in question, and its right derived therefrom are transferred;
b an obligation guaranteed transfer), unless it is transferred and the right to benefit from the warranty obligation pertaining to real;
c) transfer of the right to benefit from the warranty, unless the obligation secured is for real that is lodged is also transferred; or d) alter or terminate a contract of guarantee, by virtue of the exercise of the National Bank of Moldova of ancillary powers, provided that such modification or termination that results in termination of the guarantee obligation.
(2) Notwithstanding the provisions of paragraphs 1 and 2 of the. (1) in order to ensure the availability of guaranteed deposits, the National Bank of Moldova, as the resolution authority may require: (a) transfer of the guaranteed deposits) forming part of the contracts referred to in paragraph 1. (1) without transferring other assets, rights or obligations that are part of the same agreement; and (b)) the transfer modification, termination or liquidation of those assets, rights or obligations without transferring deposits guaranteed.
Article 272. -Structured finance mechanisms, including the mechanisms provided for in art. 268 paragraph 5. (1) (a). e) and (f)), benefit from an adequate protection to prevent: (a) the transfer parts), but not all the assets, rights and obligations which are a part of the structured finance facility, including the mechanisms provided for in art. 268 paragraph 5. (1) (a). e) and (f)), at which the Bank is subject to the resolution;
(b) the modification or termination times) liquidation, by virtue of the exercise of the National Bank of Moldova of ancillary skills, assets, rights and obligations which are a part of the structured finance facility, including the mechanisms provided for in art. 268 paragraph 5. (1) (a). e) and (f)), at which the Bank is subject to the resolution.
Article 273. -An exception to the provisions of art. 272 in order to ensure the availability of guaranteed deposits, the National Bank of Moldova, as the resolution authority may require: (a) transfer of the guaranteed deposits) forming part of the mechanisms referred to in article 272 without transferring other assets, rights or obligations that are part of the same mechanism;
(b) the transfer, modification,) the termination or liquidation of those assets, rights or obligations without transferring deposits guaranteed.

Article 274. -Implementation of an instrument resolution should not affect systems, defined according to law No. 183 of 22 July 2016 with regard to finality in payment systems and settlement of financial instruments, and their operation, when the National Bank of Moldova, as the resolution authority: a) transfers only a portion, but not all its assets, rights or obligations of a bank subject to resolution by another entity; or (b)) shall exercise the powers provided for in this Act for the termination or modification of the terms of a contract to which the Bank is subject to the resolution of the part or replacement of the Bank subject to the resolution with a recipient, as a Contracting Party.
Article 275. -Any transfer, disposal or amending clauses referred to in art. 274 will take into account the enforceability of transfer orders and netting, will not prevent the use of funds, securities or credit facilities and guarantees protection times shall be implemented in compliance with the provisions of art. 276. Article 276. -Under the provisions of art. 274 and 275 will use the provisions of law No. 183 of 22 July 2016 with regard to finality in payment systems and settlement of financial instruments.


Chapter IXOBLIGAŢIILE PROCEDURALESecţiunea 1Cerinţele notification in article 277. -The governing body of the Bank shall inform the National Bank of Moldova, as the competent authority, if it considers that the Bank enters or is likely to enter into major difficulty within the meaning of art. 59. Article 278. -National Bank of Moldova shall ensure that structure that he inform the supervisory structure that he resolution of any notification received in pursuance of article 1. 277 with any crisis prevention measure or any measure referred to in article 38 of the law on financial institutions no. 550-XIII of 21 July 1995, which requires a bank.
Article 279. -(1) where the National Bank of Moldova, the competent authority or authorities shall, where appropriate, the resolution notes that the conditions are met. 58 para. (1) (a). the a and b)) in respect of a Bank, it shall communicate this finding without delay: a) deposit guarantee Fund from the banking system to allow for the exercise of its functions;
b) Ministry of finance;
c macroprudențiale national authority designated).
(2) the National Bank of Moldova shall ensure that structure that exerts the function of surveillance or resolution, if necessary, transmit the finding referred to in paragraph 1. (1) the structure and carrying out the function of a Central Bank.
Article 280. -Where the transmission of the information does not guarantee an adequate level of privacy, National Bank of Moldova, the competent authority or the authority of a resolution, if necessary, use alternative means of communication, enabling the fulfilment of the requirement of communication provided for in this law, at the same time ensuring an adequate level of privacy.


Section 2-aDecizia and of the procedural obligations of resolution in article 281. -National Bank of Moldova shall ensure that, upon receipt of a communication from the structure exercising the supervisory function, in accordance with article 279, which perform the function of resolution establishes, in accordance with the provisions of art. 58 para. (1) the extent to which the conditions are fulfilled for the item in question in relation to the bank concerned.
Article 282. -The decision on the application or otherwise of the actions of the resolution in relation to a Bank shall contain the following information: a) the reasons for the decision and how the evaluation of the fulfilment or otherwise of the trigger conditions of the resolution;
b) action that the authority of a resolution of the banks intend to undertake, including, where appropriate, the decision to withdraw the licence, to impose the liquidation, appointment of an administrator or any other measure provided by the forced liquidation procedure.
Article 283. -National Bank of Moldova, as the resolution authority, banks comply with the requirements referred to in article 284-286, in relation to any resolution, as soon as this is reasonably possible.
Article 284. -(1) the National Bank of Moldova, as the resolution authority, notify the Bank resolution subject to the action of the resolution and, where appropriate: a) the Fund for guaranteeing deposits in the banking system;
b) Ministry of finance;
c macroprudențiale national authority designated);
d) operators of systems said the Bank as appropriate.
(2) the National Bank of Moldova shall ensure that structure that he notify the resolution action mentioned in paragraph 1. (1) the structure and carrying out the function of a Central Bank.
Article 285. -National Bank of Moldova, as the resolution authority, transmit, together with the notification referred to in article 284, copies of decisions through which the relevant competences are exercised and shall specify the date from which the actions of resolution take effect.
Article 286. -National Bank of Moldova, as the resolution authority, publish or ensure publication of the decision on the implementation of the resolution or of information that summarizes the effects of the resolution, in particular the effects on retail customers and, where appropriate, the conditions and the period of suspension or limitation provided for in article 246-258, by the following means: a) on the official website;
b) on the official website of the Bank subject to the resolution;
c) where actions, other property or debt instruments of the Bank subject to the resolution are admitted to trading on a regulated market-the means used for the publication of regulated information relating to Bank subject to resolution, in accordance with national provisions concerning capital market transparency.

Article 287. -Where the actions property, instruments or debt instruments of the Bank are not admitted to trading on a regulated market, the National Bank of Moldova, as the resolution authority, ensures that documents certifying the existence of the decision referred to in article 286 are sent to the shareholders and creditors of the Bank subject to the resolution recorded in registers or databases of available bank subject to resolution of the National Bank of Moldova in resolution authority.


Section 3 aConfidenţialitatea Article 288. -The following persons and authorities are subject to the obligation of professional secrecy with regard to information managed according to this law: the National Bank of Moldova), as resolution authority, competent authority and Central Bank;
b) Ministry of finance;
c) special temporary administrators or administrators appointed in accordance with the provisions of this law;
d) prospective buyers, those contacted by the National Bank of Moldova, as the competent authority, and the ofertaţi of National Bank of Moldova, as the resolution authority, regardless of whether this quotation or contact took place or not in preparing to use the instrument of sale of business or if bidding that led to a purchase;
e) Auditors, accountants, legal advisers and professionals, appraisers and other experts employed directly or indirectly by the National Bank of Moldova, as the resolution authority or competent authority, Ministry of finance, or referred to prospective buyers. d);
f) deposit guarantee Fund in the banking system, as administrator of the deposit-guarantee schemes and the funding of the resolution;
g) other authorities involved in the resolution process;
h) bridge Bank or asset management vehicle involved;
I) any other person who is providing or has provided services directly or indirectly, permanently or occasionally entities referred to. a)-h);
j) members of management and employees of entities referred to in a)-h) before, during and after their appointment;
k) members of the Government.
Article 289. -To ensure that the requirement to maintain confidentiality laid down in this law, the entities specified at art. 288 lit. a), b) and (f))-h) develop and apply national rules in this regard, including rules to ensure the confidential nature of information and the provision of information between the persons directly involved in the resolution process.
Article 290. (1) without prejudice to the generality of the requirements referred to in article 288, the persons referred to in that article shall be prohibited from disclosing confidential information received in the exercise of their professional activities, or from the National Bank of Moldova, in its capacity as competent authority or the authority of a resolution, in connection with their duties under this Act, by any person or authority, with the following exceptions : a) the disclosure is made in the exercise of their duties under this law;
b) is provides information in the form or in an aggregated form, so that banks may not be identified;
c express consent exists) and the consent of the authority, of the Bank or of the entity which supplied the information.
(2) the persons referred to in article 288 shall evaluate the impact of disclosure of confidential information they might have on the public interest in terms of monetary policy, and economic and commercial interests of natural and legal persons and the purpose of inspections, investigations and missions on the audit.
(3) the persons or entities referred to in article 288 shall be subject to civil liability in the event of infringements art. 288-291.
Article 291. -(1) the provisions of article 288-292 shall not prevent: (a)) employees and experts the entities referred to in article. 288 lit. a)-g) to exchange information between them within each entity;
(b) the National Bank of Moldova), as resolution authority and competent authority, including its employees and experts, to exchange information among themselves and with the authorities of other countries fulfilling functions equivalent to those of the National Bank of Moldova, as the resolution authority, or, subject to strict confidentiality requirements, with a prospective buyer for the purposes of the application of planning an action or resolution.
(2) Without prejudice to any other provisions of this law shall be permitted information sharing: a) with any other person, in compliance with the requirement to maintain strict confidentiality, when necessary, in order to plan or applying a resolution;
b) with Parliament's committees of inquiry and the Court of Auditors;
c) with the responsible authorities involved in the procedure of forced liquidation of the Bank, the supervisory authorities of other entities in the financial sector, the authorities responsible for the supervision of financial markets and insurance undertakings as well as on staff with loads of spot checking acting on their behalf with the authorities who have the responsibility to maintain the stability of the financial system in other countries through the use of rules should be based on , the authorities responsible for safeguarding the stability of the financial system, as well as persons responsible for carrying out the statutory audit.
(3) the provisions of this section shall be without prejudice to the provisions of criminal legislation relating to the disclosure of information in judicial proceedings in criminal or civil cases.


Chapter XDREPTUL FROM CONTESTING and the EXCLUSION of OTHER MEASURES Article 292. -Decisions of the National Bank of Moldova, making a crisis-prevention measures or for the pursuit of the powers provided for by this law, other than that relating to crisis management measures may be contested under art. 11 and 111 of the law nr. 548-XIII of 21 July 1995 regarding the National Bank of Moldova.

Article 293. -(1) any person affected by a decision of the National Bank of Moldova, making a measure or for the pursuit of the powers provided for in this law may challenge the decision under the provisions of law No. 548-XIII of 21 July 1995 regarding the National Bank of Moldova.
(2) where the rights of appeal to the Court, the legal proceedings will take place promptly. The courts, as the basis of their own assessments, use of economic evaluations of complex situations of fact made by the National Bank of Moldova, as the resolution authority.
Article 294. -(1) Challenging, according to art. 293, a decision by the National Bank of Moldova does not entail the suspension of the effects of the contested decision which is enforceable immediately.
(2) for the purposes mentioned in paragraph 1. (1) the suspension of the effects of the decision of the National Bank of Moldova is presumed, until proof to the contrary, to be against the public interest.
(3) when this is necessary to protect the interest of third parties, acting in good faith, had bought shares or other ownership instruments, assets, rights or obligations of a Bank, subject to resolution pursuant to resolution tools use or the exercise of powers by resolution of the National Bank of Moldova, as the resolution authority, in case of cancellation of the decision referred to in paragraph 1. (1) all products remain in its base and of any other act or any subsequent implementing decision void. In such cases, remedial action that can be arranged in connection with a decision or measure injurious to National Bank of Moldova, as the resolution authority is limited to the provision of compensation for the losses incurred by the plaintiff as a result of the decision or measure if these losses are not covered by the banking resolution Fund pursuant to the provisions of this law.
Article 295. -Without prejudice to restrictions imposed upon execution of real guarantees under this Act, when necessary, for the application of effective tools and powers of resolution, National Bank of Moldova may request the Court to suspend, for a period appropriate to the objective pursued, any action or judicial proceeding to which it is or becomes a bank subject to resolution.


VMECANISMELE TITLE of RESOLUTION Article 296. -In order to ensure the application of effective tools and powers for the resolution of the National Bank of Moldova, as the resolution authority is constituted by the banking resolution Fund, whose resources shall be used in accordance with the objectives of the resolution and the principles laid down in articles 55-57 and 61-65.
Article 297. -Bank resolution Fund Resources are managed by the deposit guarantee Fund in the banking system, according to the provisions of this law.
Article 298. -(1) the banking resolution Fund shall be supplied, in order to ensure adequate resources, from the following sources: contributions to annual) in order to achieve the target levels;
b) extraordinary contributions if the contributions referred to in insufficient in the opinion) are the National Bank of Moldova, as the authority of resolution; and c) loans and other forms of support provided by this law.
(2) the amount of the annual contributions and extraordinary of banks to fund the banking resolution shall be determined by the National Bank of Moldova, as the resolution authority, in compliance with the provisions of this law.
(3) the guarantee fund shall be paid by Banks on deposits in the banking system the contributions specified in paragraph 2. (2) within the deadlines communicated by the National Bank of Moldova, as the resolution authority.
(4) the National Bank of Moldova, as the authority may determine by resolution that a percentage not exceeding 30% of the total annual contributions of banks, collected according to the provisions of this law, may be in the form of irrevocable payment commitments, fully guaranteed by assets with low-risk pregnancies, unencumbered in favour of third parties, issued in favour of the Fund for guaranteeing deposits in the banking system and intended for use only for the purposes laid down in article 301.
(5) annual and extraordinary Contributions of banks to Bank resolution Fund are recognised as expenses deductible from the tax point of view.
Article 299. -(1) the Fund for guaranteeing deposits in the banking system, as administrator of the Fund for Bank resolution, has an obligation to invest the financial resources available to the Fund the assets of Bank resolution with low risk, in a manner which is sufficiently diversified.
(2) the guarantee fund of the bank deposits, as Manager of Bank resolution Fund, should establish the strategy for investment banking resolution Fund resources and to review periodically the frequency at least yearly.
(3) investment strategy for the Fund's banking resolution resources are designed to minimize the risk and liquidity of principal investments, and the complementary aims of their yield. Criteria for selecting investments will be quantified and ranked according to these three objectives.
(4) in applying the provisions of art. 296-313, the expression "active with low risk" has the meaning set out in the regulations of the National Bank of Moldova.
Article 300. -Bank resolution Fund Resources are used according to the decision of the National Bank of Moldova, as the resolution authority, and only for the purposes laid down in article 301.
Article 301. -(1) the use of Fund resources for banking resolution shall be decided by the National Bank of Moldova, as the resolution authority for expenditures related to the effective implementation of the resolution, as follows: a) to guarantee the Bank's assets or obligations subject to the resolution, of a bridge banks or of a vehicle asset management;
b) to lend the Bank subject to the resolution, a bridge banks or a vehicle asset management;
c) purchasing the Bank's assets subject to resolution;
d) to provide the necessary funding to a bridge banks times a vehicle asset management;
e) to pay compensation to shareholders or creditors in accordance with this law;

f) to provide funding to the Bank subject to the resolution instead reduce the value or the conversion of debts of certain creditors, when apply the instrument of domestic recapitalisation and Bank resolution authority decides to exclude certain creditors from the scope to recapitalise domestic under this law;
g) to lend to other funding mechanisms on a voluntary basis, in accordance with the present law;
h) for repayment of the loans and their associated costs;
I) for any combination of the measures referred to in points. a)-h).
(2) the resources of the Fund for Bank resolution can be used for taking the measures referred to in paragraph 1. (1) and in relation to a possible purchaser, within the sale of the business.  
Article 302. -Bank resolution Fund Resources cannot be used directly for a bank to absorb losses or for their recapitalisation. Where the use of Fund resources for purposes of banking resolution referred to in article 301 has the effect of transferring to this indirect mechanism for financing part of the losses on a Bank, apply the principles governing the use of Fund resources banking resolution referred to in article 154-163.
Article 303. -(1) the target Levels for available financial resources of the Fund for Bank resolution is 3% of the amount guaranteed deposits of all banks licensed in the territory of Moldova.
(2) the amount referred to in paragraph 1. (1) must be achieved for the first time not later than 31 December 2024.
Article 304. (1) pursuant to the provisions of article 303, National Bank of Moldova, as the resolution authority, determines the level of annual contributions of banks to Bank resolution Fund so that they can be distributed as evenly as possible over time, but taking into account the economic cycle and the phase of the pro-cyclical impact on the contributions they may have on the financial position of banks.
(2) the National Bank of Moldova, as the resolution authority may extend the period prescribed in article 21. 303 paragraph 5. (2) to be attained the target level, with a maximum of 4 years, if you are making payments from the Fund of Bank resolution that aggregate in excess of 0.5% of the guaranteed deposits of all banks licensed in the territory of Moldova.
Article 305. -(1) the time limit referred to in article Later. 303, after reaching the target, the National Bank of Moldova, as the resolution authority, may decide to suspend payment of annual contributions due to be resumed when the level of available financial resources would fall below target levels, at least until its restoration. National Bank of Moldova, as the resolution authority, may decide that the payment of contributions to be resumed and this moment.
(2) After reaching the target for the first time, if available financial resources fall to less than two-thirds of the target level, annual contributions shall be fixed at a level which would achieve the target levels within six years.
(3) the National Bank of Moldova, as the resolution authority, shall determine the annual contribution level for the situations referred to in this article, taking into account the phase of the business cycle and cyclical impact on contributions they may have on banks.
Article 306. -(1) the National Bank of Moldova, as the resolution authority, determine the annual contribution of each banks according to the share value of the bank debt, excluding own funds and guaranteed its deposits deducînd in the aggregate amount of the debts of all banks licensed in the territory of Moldova, except the own funds, aggregates and aggregates of deducînd their deposits guaranteed.
(2) the contributions determined according to paragraph 1. (1) are adjusted by the National Bank of Moldova, as the resolution authority, depending on the risk profile of each and comunicates banks deposit guarantee Fund in the banking system, as administrator of the Fund by resolution, in order to their collection.
Article 307. -(1) for the purposes of determining the annual contribution, each bank shall forward the necessary information the National Bank of Moldova, as the resolution authority, according to the requested format.
(2) If a bank does not pay contributions according to this law, the deposit guarantee Fund in the banking system will notify you as soon as this National Bank of Moldova, as the resolution authority in order to take the necessary measures.
(3) in the case referred to in paragraph 1. (2) the National Bank of Moldova can debit the current account with the Bank in question amounts due.
(4) application of sanctions for non-compliance with a bank provisions of Article 296-313 does not lead to exemption from payment of the Bank for the financial year during which i have applied such sanctions.
Article 308. -Funds collected pursuant to this law may be used solely for the purposes referred to in article 301. Revenue from investment banking resolution Fund resources may be used according to the laws governing the functioning of the deposit guarantee Fund in the banking system.
Article 309. -In compliance with the provisions of this law, the amounts received by the Bank subject to the resolution or the bridge Bank, interest and other income generated by the investment, as well as all other income derived from the administration of the Fund for Bank resolution Fund are affected by the supply of Bank resolution.  
Article 310. -(1) In the event that the financial resources available are insufficient to cover any losses, costs, or other expenses incurred as a result of the use of Bank resolution Fund, each bank pays a tremendous contribution as established by the National Bank of Moldova, as the resolution authority, in compliance with the provisions of this law.
(2) Extraordinary Contributions cannot be more than three annual contributions determined in accordance with article 306-309.
Article 311. -The provisions of article 307-309 are applicable to the determination of contributions.

Article 312. -(1) the National Bank of Moldova, as the resolution authority, banks can postpone all or part of the obligation of a bank to pay an extraordinary contribution to the resolution of the bank where the payment of the contribution would jeopardise the Bank's liquidity or solvency. Such a deferral may not be granted for a period of more than six months but may be renewed at the request of the Bank.
(2) Extraordinary Contributions whose payment is postponed pursuant to this article shall be paid when it can no longer threaten the Bank's liquidity or solvency.
Article 313. -Deposit guarantee Fund Bank is empowered to contract loans or other forms of support from banks or other third parties, where the sums collected in accordance with article 306-309 are insufficient to cover any losses, costs, or other expenses incurred as a result of the use of Bank resolution Fund, and extraordinary contributions referred to in article 310-312 are not immediately available or sufficient.


The TITLE and Article 314 VISANCŢIUNI. -(1) in exercising its functions, the National Bank of Moldova shall apply the sanctions and measures laid down by this law in breach of the provisions of this law.
(2) the National Bank of Moldova has the power to collect all necessary information and to conduct all the research necessary for exercising its functions.
(3) the jurisdiction referred to in paragraph 1. (2) includes: (a) to require the jurisdiction) providing all information required for the performance of duties incumbent on National Bank of Moldova, at regular intervals and in specified formats;
(b) the power to carry out) all the research necessary to fulfil the duties incumbent on National Bank of Moldova, in relation to any natural or legal person referred to in paragraph 1. (4);
(c) the power to carry out) inspections at the premises of the legal entities referred to in paragraph 1. (4);
d) competence to ask in case of necessity, any person, providing all the information necessary for the performance of duties incumbent on National Bank of Moldova.
(4) for the purposes of paragraph 1. (3) (a). a) are subject to the obligation to provide information: a) banks;
b) individuals affiliated banks;
(c) the third person) the banks have outsourced certain operational functions or activities.
(5) the jurisdiction referred to in paragraph 1. (3) (a). b) includes the right: to) require the production of documents;
b) to examine the records and registers of persons referred to in paragraph 1. (4) and to pick up photocopies or excerpts of these records and registers;
c) to obtain written or oral explanations from any person referred to in paragraph 1. (4) or its staff representatives times;
d) to interview any other person with the consent of the latter, for the purpose of collecting information relating to the subject-matter of an investigation.
(6) the National Bank of Moldova, as the competent authority and the authority of a resolution, exercising the powers of sanctions and measures, according to the provisions of this law in any of the following ways: a) directly;
b) in collaboration with other authorities;
c) by delegating its powers to other authorities, with responsibility for delegated powers;
d) through the referral to the competent judicial authorities.
(7) the National Bank of Moldova shall ensure that structure which he is pursuing resolution and supervisory function shall cooperate in a manner closely among themselves in order to ensure that the application of sanctions and measures are producing effects.
Article 315. -(1) the National Bank of Moldova, as the resolution authority is competent to apply the sanctions and measures laid down in article 316, where finds production of the following facts, not limited to these: a) failure by the Bank to the National Bank of Moldova's decision, adopted as resolution authority, the simplified requirements to the full implementation of the requirements laid down in article 9-22 and 23-31 and the deadline for compliance;
b) failure by the Bank to the obligation of providing assistance to National Bank of Moldova to the elaboration and updating of the plan for resolution, referred to in article 27;
c) failure by the Bank to the obligation to inform the National Bank of Moldova of any change which may necessitate a re-evaluation or a change of plans, referred to in art. 28 para. (2);
d) failure by the Bank to the obligation to preserve and/or financial record keeping supply contracts concluded by them. 30 paragraph 2. (1);
e) failure by the Bank to meet the obligations of cooperation and provision of all necessary information for the preparation of plans for the resolution, including the information and tests referred to in section B of the annex. 31 para. (1);
f) failure by the Bank to comply with the obligations relating to the forwarding of proposals for measures having as purpose the management or the removal of obstacles, provided for in article 37, paragraph 1. (1) compliance plan alternative measures are imposed by the National Bank of Moldova, referred to in art. 38 para. (1);
g) of any failure to comply with the measures ordered by the National Bank of Moldova according to the provisions of art. 39, by their recipients;
h) failure by the Bank to request contact information to prospective purchasers or conditions of contacting prospective buyers, according to the provisions of art. 43;
I) failure by the Bank to the requirement to demonstrate that any decision taken by the authority to reduce the resolution or convert the value of debts covered by the law of another State could be applied, pursuant to article 114. 169;
j) failure by the Bank to the minimum requirements of the eligible own funds and debt;
k) failure by the governing body of the Bank to the development, production, implementation, modification or revision of the reorganisation plan;
l) failure by the Bank to comply with the obligations relating to the issuance of equity instruments, or to hold a prior authorization for this purpose;
m) failure by the Bank to the obligation to provide the information and assistance referred to in article 233;
n) failure by the Bank to the obligation to provide the necessary facilities and services, referred to in article 236;

o) failure by the Bank to the reporting obligations and/or to pay the contribution referred to in article 307;
p) failure by the Bank to pay the annual or extraordinary contribution, in accordance with article 310.
(2) the National Bank of Moldova, as the competent authority has the power to apply the sanctions and measures laid down in article 316, in the following situations: a) failure by the Bank to the National Bank of Moldova decision adopted by the competent authority, the simplified requirements to the full implementation of the requirements laid down in article 9 and article 22-23-31, and the deadline for compliance;
b) failure by the Bank to the development, maintenance, updating, modification and transmission of recovery plans;
c) failure by the Bank to record retention requirement of financial contracts in which the Bank is a party;
d) failure by the Bank to the obligation of establishment and publication in the recovery plans for monitoring indicators;
e) failure by the governing body of the Bank's obligation to notify the decision whether or not to take a measure as provided for in the recovery plan;
f) failure to comply with the measures ordered by the National Bank of Moldova according to the provisions of article 42, the recipients thereof;
g) failure by the Bank to the request formulated by the National Bank of Moldova under article 45, the replacement of the management of the Bank as a whole, or some members of it;
h) failure by the governing body of the Bank's obligation to consult with the administrator or to obtain consent before taking certain decisions or to take certain actions, referred to in article 46;
I) failure by the governing body of the Bank of the obligation of notification about the fact that the Bank enters or is likely to enter into major difficulty as referred to in art. 277. (3) the National Bank of Moldova, the competent authority and/or the resolution authority, has the power to impose sanctions and/or measures referred to in article 316 for other violations of the provisions of this law and the regulations issued by the National Bank of Moldova in the fields covered by the present law, to the extent that such violations are not subject to the provisions of paragraph 1. (1) and (2).
Article 316. -(1) the penalties which may be imposed in case of Commission of acts referred to in article 315 are: a) written warning;
b) warning the public individual, Bank, or other legal person in charge and the act committed;
c) fine applicable to legal persons, up to 10% of its total annual net turnover achieved in the preceding financial year;
d) fine applicable to individuals, up to one million lei;
    [Art. 316 (1) d) modified by LP58 from 06.04.17, MO119-126/14.04.17 art. 197; force 14.04.17] e) fine up to twice the amount of the benefit reaped as a result of Commission of the offence, if it can be determined.
(2) the measures that can be applied in case of Commission of acts referred to in Articles 315 to order are: non) behaviour of the natural or legal person and of abstaining from repeating it;
(b) prohibition of the exercise) temporary functions in a bank by any member of the governing body of the bank concerned.
(3) the measures provided for in paragraph 1. (2) can be applied concurrently with the disposition of penalties or independent of them.
(4) natural persons who have the status of members of the governing bodies of the Bank are responsible for carrying out the requirements of this law and the regulations issued by the National Bank of Moldova within the scope of this law, in accordance with their powers and duties prescribed by applicable laws and regulations of the respective banks. In this respect, for the conduct referred to in art. 315, penalties and measures provided for in paragraph 1. (1) and (2) can be applied to the Bank and/or individuals who have the status of members of the governing bodies to which they can be charged, since this would not have occurred if such persons would be properly exercised the powers and duties of the functions entrusted to it discourages.
Article 317. -(1) the National Bank of Moldova, as the resolution authority or, where appropriate, the competent authority shall, without delay, publish on the official website, the penalties applied under the provisions of art. 316 which have not been challenged under art. 11 and 111 of the law nr. 548-XIII of 21 July 1995 regarding the National Bank of Moldova and those in respect of which the complaints have been rejected permanently, as well as information on the type and nature of the infringement committed and the identity of the natural or legal person sanctioned, after it was informed of the application of sanctions.
(2) the National Bank of Moldova, as the resolution authority or, where appropriate, the competent authority shall publish the sanctions, without indicating the identity of the natural or legal persons sanctioned in any of the following circumstances: (a)) in case the penalty is applied to an individual and, as a result of a previous assessment of proportionality mandatory publication of personal data, it is proved that the publication in question is disproportionate in relation to the offence punished;
b) where publication would endanger the stability of financial markets or a criminal investigation under way;
c) in the event that the publication would cause, as far as can be determined, this disproportionate damage to banks and individuals involved times.
(3) where the National Bank of Moldova, as the resolution authority or, where appropriate, by the competent authority, expects the circumstances referred to in paragraph 1. (2) will stop within a reasonable time, it may postpone the publication of administrative sanctions, without indicating the identity of the natural or legal person sanctioned by the cessation of the circumstances.

(4) information provided pursuant to paragraph 1. (1) or (2) are kept by the National Bank of Moldova on the official website for a period of at least five years. Personal data are kept only as long as necessary, while respecting the legal provisions on the protection of personal data.
Article 318. -(1) the penalties and measures applied in accordance with article 316 must be effective and commensurate with the findings and are likely to have a chilling effect.
    [Art. 316 (1) as amended by LP58 from 06.04.17, MO119-126/14.04.17 art. 197; 14.04.17 in force]
(2) in determining the type of the sanction or measure and the amount of a fine, the National Bank of Moldova, as the competent authority and the authority of a resolution, considering all the circumstances of the actual Commission of the offence and the personal, as it considers relevant, including the following, as appropriate: a) severity and duration of the offence;
(b) the degree of guilt) natural or legal person responsible;
c) the financial soundness of the natural or legal person responsible, as, for example, of the annual income of a physical person in charge or in the total turnover of the legal person responsible;
d) the amount of profits or losses avoided by the natural or legal person who has responsibility, in the benefit of it, to the extent they can be determined;
e) damage caused to third parties, insofar as can be determined;
f) degree of cooperation of the natural or legal person responsible for the National Bank of Moldova, as the competent authority and the authority of a resolution;
g) violations committed by any natural or legal person responsible;
h) any potential systemic consequences of the offence committed.
Article 319. -(1) a determination of the facts described in this title shall be made by the staff of the National Bank of Moldova, empowered to this effect, on the basis of reports made by the Bank according to the law or at the request of the National Bank of Moldova or in the course of checks carried out at their premises.
(2) Acts by which penalties are willing and/or measures according to the present title shall be issued by the Governor or Deputy Governor, National Bank of Moldova current Vice Governors, with the exception of the measure referred to in art. 316 paragraph 3. (2) (a). b) whose scope is the competence of the Executive Board of the National Bank of Moldova. In the case of sanctions and/or measure, the Act shall include at least the particulars of the person responsible and the circumstances of the offence description thereof, by virtue of law enforcement and/or sanction measure and/or sanction measure applied.
(3) Acts by which penalties are willing and/or measures according to this title may be appealed as provided in article 13. 11 and 111 of the law nr. 548-XIII of 21 July 1995 regarding the National Bank of Moldova.
(4) the sanctions and measures laid down in article 316 shall lapse within a period of 3 years from the date of Commission of the offence.
(5) any fines levied as a result of the application of sanctions by the National Bank of Moldova, in accordance with the provisions of this law shall be made to the State budget income.
(6) application of sanctions and/or measures according to the present law does not eliminate liability, civil or criminal, as appropriate.
Article 320. -In the exercise of its powers and its powers in the early intervention process and resolution of the Moldovan National Bank banking may adopt decisions and may take the measures provided for in this law immediately, having regard to the circumstances of the case, and is not held by the procedure laid down in article 23. Law No. 751 548-XIII of 21 July 1995 regarding the National Bank of Moldova and of any requirement regarding prior notification of any person, including the Bank, its shareholders, the management and other interested parties, except as provided for in this law.
Article 321. -(1) If in the process of implementing resolution instruments provided for in this law are persons whom it identified would be responsible for meeting the condition of article 81(3). 58 para. (1) (a). a) of this law with reference to the Bank is subject to the resolution at the request of the National Bank of Moldova, the special administrator of the Bank, any creditor or shareholder of the Bank, the Court may order that all or part of the debts of the Bank subject to the resolution to be borne by the Bank's administrators, as they are defined in article 3 of law No. 550-XIII of 21 July 1995, financial institutions, who have held their respective functions in the 3 years preceding the date that was determined by the National Bank of Moldova to the Bank meeting the conditions of the resolution procedure referred to in article. 58 of this law, as well as by any other person, including the Bank's shareholders and beneficial which contributed to meeting the condition of article 81(3). 58 para. (1) (a). a) of this law, with reference to resolution săvîrșirea subject to Bank through intentional or gross negligence of one of the following acts: (a) property or credits) use of personal bank;
b) deployment of a commercial activity for personal purposes under the cover of the Bank;
(c) increase in liabilities) fictional Bank and/or diversion (hide) a portion of the assets of the Bank;
(d) availability of funds for) the Bank exaggerated prices;
e) keeping a fictitious accounts, or contrary to the law, as well as contributing to the demise of the accounting documents of the founding documents and stamp;
f) disposition of the Bank to continue an activity which leads obviously to default;
g) arrangement, the previous month of cessation of payment of monetary obligations to pay the creditor preference at the expense of other creditors;
    [Art. 321 (1), subparagraph (c). g) as amended by LP58 from 06.04.17, MO119-126/14.04.17 art. 197; force 14.04.17] h) granting credits with violation of prudential requirements established by the normative acts in force, as well as with the internal rules in force;
     (I) the preparation of financial statements), other times reports accounting situations violation acts;
j) within the internal verification actions identified and not realized, by breaking the job duties, the facts that led to the fraud and faulty management of the Bank;

k) any other Act that contributed to achieving the State of major difficulty of the Bank subject to the resolution;
l) fulfilment of or failure of completion, in bad faith or negligence, any act or fact related to exercising the functions that it was necessary to identify the ultimate beneficial owner of the Bank who, working alone or with others, collaboration, control a substantial share in the share capital of the Bank;
m) carrying out or completion of the omission, in bad faith or negligence, any act or fact related to exercising the functions that it was necessary to obtain the direct holders, indirect, beneficial Bank and affiliated persons thereof, as well as to other people affiliated with the Bank, the information necessary for their identification;
n) approving any transactions with persons referred to in subparagraph (a). l) and m) that led to the Bank's decreasing capital below the levels established by regulatory acts of the National Bank of Moldova.
(2) the application of paragraph 1. (1) does not preclude the application against the persons referred to in paragraph 1. (1) some sanctions and punishments for acts that constitute criminal offences or crimes. In this respect, the National Bank of Moldova shall ensure the transmission of criminal investigation bodies of all documents to be examined at the object existence of reasons (facts) that might engage the prosecution of that person.
(3) in the case of plurality of subjects, the liability of persons covered by paragraph 1. (1) is jointly and severally, with the proviso that the emergence of a State of major difficulty of the Bank subject to the resolution to be current or previous period during which they exercised the mandate times held the function of what could have caused this rising to the Bank. The persons concerned can defend the solidarity if, in collegial bodies of the Bank, opposed the acts or facts which have caused the emergence of a State of major difficulty of the Bank subject to the resolution or whether they have deprived of decision-making that caused the emergence of a State of major difficulty of the Bank subject to the resolution and made to record subsequent decision , their opposition to these decisions.
(4) the measures provided for in paragraph 1. (1) shall lapse within a period of 3 years from the date on which he was known, or ought to be known to the person who has caused the emergence of a State of major difficulty of the Bank subject to the resolution, but no sooner than 2 years from the date on which it was determined by the National Bank of Moldova the Bank meeting the conditions of the resolution procedure referred to in article. 58 of this law.
(5) in all cases, the application referred to in paragraph 1. (1) the Court shall decide by means of decision which may be challenged by appeal to the subjects in it (6) with the request made under paragraph 1. (1) the person lodging the complaint may request the Court to prescribe precautionary measures in respect of goods of persons traced according to para. (1) to (3). Request for precautionary measures establishing can be formulated and subsequently filing referred to in paragraph 1. 1. (7) proceeds according to the provisions of paragraph 1. (1) will go into the Bank and debit mass will be intended to cover its liabilities.
(8) the enforcement against the person referred to in paragraph 1. (1) a bailiff carries out enforcement code.
Article 322. (1) article. 3 paragraphs 1 and 2. (2) of this Act, and the obligations of information, consultation and other obligations of cooperation between "structure which perform the function of resolution and the structure exercising supervisory function" shall be implemented as of 1 July 2017. Until that time, references in this law "structure which perform the function of the resolution" will be read as references to "structure which perform the function of surveillance".
(2) the provisions of this law which aims at the setting-up, operation, and other conditions concerning the banking resolution Fund, as well as any conditions and references thereto shall enter into force on January 1, 2020.
(3) the provisions of this law which is aimed at domestic recapitalisation tool, as well as any conditions and references thereto shall enter into force on January 1, 2020.
(4) the condition laid down in article 23. 92 for use of public financial stabilisation instruments will enter into force starting January 1, 2024. Until that date, the Government has the right to decide on the funding of the Ministry of Finance of the measures, actions and tools of resolution through the issuance of State securities, the granting of State guarantees and other measures that have an impact on the financing of the budget, including beyond the limits set by the State budget law for the respective year. The increase in the debt limit of the internal State will be reflected in subsequent amendments to the State budget law for the respective year. Until January 1, 2024, in case of forced liquidation of the Bank, the claim of the Ministry of Finance resulting from the realization of the powers of State guarantees and state securities as referred to in art. 96 and 112 of this Act, has the rank of claims arising from expenditure in connection with the process of liquidation.
(5) pursuant to the provisions of art. Directive 89/391. (1), banks operating on the date of entry into force of this Act shall send to the recovery plans, drawn up in compliance with the requirements laid down therein, within a period of 120 days from the date of entry into force of this law.
(6) in applying the provisions of art. 23 para. (1), National Bank of Moldova, as the resolution authority, draw up plans for the resolution with compliance with the requirements of this law, within a period of 180 days from the date of entry into force of this law.
(7) until operaționalizarea macroprudențiale national authority designated, its functions are undertaken by the National Committee on financial stability, established by Government decision No. 449 of 2 June 2010.
(8) the Government, within a period of 6 months from the date of adoption of this law, shall adopt and submit to the Parliament the draft law on the establishment of the national authority for macroprudențiale.


ANEXĂSECŢIUNEA of Information to be included in the Bank's recovery plan: a summary of the most important) elements of the plan and an overview of the General capacity of the Bank;
(b) significant changes in the summary) the situation which have occurred since the last bank recovery plan filed;

c) communication and information plan showing how the Bank plans to manage any negative market reactions;
d) range of actions relating to capital and liquidity, need to be taken to maintain or restore the viability of the financial position of the Bank;
e) estimate the timetable of implementation of each aspect of the plan;
f) a detailed description of any significant obstacles in the way of effective and timely completion of the plan, including considerations regarding the impact on the rest of the group, its customers and counterparties;
(g) identification of critical functions);
h) detailed description of the processes used to determine the amount and tranzacţionabilităţii the lines of basic activity, the operations and assets of the Bank;
I) a detailed description of how the recovery planning is integrated into the Bank's management, as well as policies and procedures for the approval of the recovery plan and the identification of individuals in your organization who are responsible for the preparation and implementation of the plan;
j) mechanisms and measures for the preservation or the replenishment of the Bank's own funds;
k) mechanisms and measures to ensure that the Bank has access to sources of funding, including from potential sources of liquidity, assessment and evaluation of available guarantees the possibility to transfer cash between the entities in the Group and between business lines in order to ensure that it can continue to fulfil their obligations when they become due;
l) mechanisms and measures to reduce risk and leverage;
m) mechanisms and debt restructuring measures;
n) mechanisms and measures for restructuring the lines of activity;
a) mechanisms and measures necessary to maintain ongoing access to financial market infrastructures;
p) arrangements and measures necessary to maintain the continuous operation of the Bank's operational processes, including IT infrastructure and services;
q) preparatory mechanisms designed to facilitate the sale of the assets or of the lines of activity over a period of time adequate to restore financial soundness;
r) other actions or strategies for managing aimed at restoring financial soundness and anticipated financial effect of these actions or strategies;
s) preparatory measures which it has taken or intends to take the Bank to facilitate implementation of the recovery plan, including measures necessary to enable timely recapitalization;
t) a framework of indicators that identify situations where they can be taken the appropriate measures provided for in the plan.


SECTION B information that National Bank of Moldova, as the resolution authority, it may ask the Bank for the purposes of drawing up and updating the resolution plans include at least the following: a) detailed description of the organizational structure of the Bank, including a list of all legal persons;
(b) identification of the direct shareholders), and the percentage of voting rights and other legal rights of any person;
c) headquarters, place of registration, authorization and key senior management positions for each legal entity;
d) diagram and functions of the Bank's critical lines of basic activity, including significant holdings of assets and debts incurred in connection with such operations and business lines, indicating the legal persons concerned;
e) detailed description of the elements of the Bank's debt and of all legal entities he owns at least, broken down by type and values in short-term debts to long-term, guaranteed, unsecured and subordinate;
f) details on eligible debts of the Bank;
g) identification of processes needed to establish entities in favour of which the Bank has constituted valuable security, persons holding guarantees and are located in jurisdictions which guarantees;
h) description of the Bank's liabilities and exposures of juridical persons, including establishing correspondences with critical functions and basic lines of activity of the Bank;
     I) main risk coverage operations of the Bank, including establishing correspondences with legal persons;
j) identification of the main Bank's counterparties as critical, and an impact analysis of the difficulty of the main contrapărţi on the financial situation of the Bank;
k) each system in which the Bank carries out transactions of a significant number or an identification of significant value, including their correspondence with legal persons, the critical functions and business lines;
l) every payment, clearing or settlement in which the Bank participates either directly or indirectly, including setting their correspondence with legal persons, the critical functions and business lines;
m) inventory and detailed description of the main types of information management systems, including risk management, accounting and financial reporting and statutory reports used by the Bank, including the establishment of their correspondence with legal persons, the critical functions and business lines;
n) identification systems included in (a) owners. m) arrangements for the provision of services related thereto, and any computer software and systems or licenses, including the establishment of their correspondence with legal persons, the critical functions and business lines;
an identification and description) of legal persons and of interconnections and interdependencies between them, such as: staff, facilities and systems, joint or shared-equity mechanisms times funding or liquidity of the existing credit exposure times or quotas times safeguards agreements, agreements of real guarantees, agreements relating to the provision of "cross-default"-type agreements and cross-compensation between related entities risk transfer arrangements regarding times and trading arrangements "back to back"; agreements relating to the provision of services;
p) the competent authority and the authority of resolution for each legal entity;

q) member of the management organ responsible for providing the information needed to draw up a plan for the resolution of the Bank as well as persons in charge, if you are different, providing information relating to legal persons, the various critical functions and basic lines of activity of the Group;
     r) description of mechanisms which the Bank it has put in place to ensure that, in the event of a resolution, the National Bank of Moldova, as the resolution authority, will have all the information needed, as were prescribed by the Commission, in applying the tools and skills of the resolution;
s) all agreements concluded by the Bank and entities with third parties, the cessation of which may be triggered by a decision by the authorities to apply the resolution and whether the health risks caused by injunctions can affect the application of resolution tool;
t) description of possible sources of liquidity in support of the resolution;
u) information concerning assets at tasks, liquid assets, liabilities, operations strategies hedge against risks and accounting practices. 


Section C the evaluation of the possibility to settle a bank or group, National Bank of Moldova, as the resolution authority, keep in mind the following considerations: a) the extent to which the Bank may establish correspondences between the core business lines, namely critical functions and legal persons;
b) so far as legal and corporate structures are related to core business lines and critical functions of legal persons;
c) since there is mechanisms which ensure the necessary staff, infrastructure, funding, liquidity and capital to support and maintain the basic lines of activity and critical functions;
d) extent to which the Bank's service agreements are in full in the event of a resolution executables;
e) extent of the Bank's administrative structure is adequate to manage and ensure the compliance with the internal policies of the Bank in respect of agreements concerning the provision of services;
f) extent to which the Bank has a process for the gradual transfer to third parties to provide services which are the subject of contracts for the supply of services, in the event of separation of the functions of the critical lines of activity;
g) the extent to which there are plans and emergency measures to ensure continuity of access to payment and settlement systems;
h) the ability of the management information systems to collect accurate and complete information regarding the core business lines and functions necessary for critical, National Bank of Moldova, as the resolution authority, so as to facilitate quick decision making;
I) capacity of the management information systems to provide essential information for effective resolution of the Bank at any time, even when conditions are changing rapidly;
j) the extent to which the Bank has tested information management systems in crisis scenarios, such as defined by the National Bank of Moldova, as the authority of resolution;
k) extent to which the Bank can ensure the continuity of the functioning of its systems for the management of information for the affected Bank and the new bank where critical functions and core business lines are separate from other operations and lines of activity;
l) extent to which the Bank has developed appropriate procedures to ensure that it provides the National Bank of Moldova, as the resolution authority the information necessary for identification of the depositor and the amounts covered by the deposit guarantee Fund in the banking system;
m) amount and type of eligible debt of the Bank;
n) existence and soundness of the arrangements for the provision of services;
o) if the authorities of other countries have the tools of resolution needed to support actions undertaken by the resolution the resolution of banks, as well as the possibility of coordinated action between the national authorities and those of the States concerned;
p) feasibility of the use of instruments according to the objectives of the resolution, taking into account resolution tools available and the structure of the Bank;
q) credibility resolution tools use according to the objectives of the resolution, taking into account possible impact upon the creditors, counterparties, customers and employees, as well as any measures that we might take the authorities of other States;
r) extent to which the effects of the Bank's financial system resolution and confidence of the financial market can be assessed properly;
s) extent to which the resolution of the Bank could have a significant negative effect, directly or indirectly, the financial system market or confidence over the economy;
t) extent to which contamination of other banks or the financial markets could be controlled by applying the tools and skills of the resolution;
u) the extent to which the resolution of the Bank could have a significant effect on payment systems and settlement.

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