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On The Results Of Complex Control On Compliance With Legislation And Loan Associations Savings By Savings And Loan Association "blesteni-Volodeni"

Original Language Title: cu privire la rezultatele controlului complex privind respectarea legislaţiei în domeniul asociaţiilor de economii şi împrumut de către Asociația de Economii și Împrumut „BLEȘTENI-VOLODENI”

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Under the order of the National Commission of Financial Market (NCFM) No. 46/11-O of 07.08.20151 and Vice NCFM Order no. 61 of 08/07/2015, control was performed on enforcement in the field of complex associations of savings and loan by the SCA. "Blesteni-Volodeni" (village Blesteni Edinet, IDNO 1003604151065) activity for the period 01.08.2012-31.07.2015, which has a category B series NCFM no. 000 376 issued on 13.05.2009, in which were found the following.

1Monitorul __________________________________ Oficial, 2015 No. 224-233, art. 1443

Specialized According to reports, the SCA. "Blesteni-Volodeni" (hereinafter - Association) registered following key indicators activity characteristics of savings and loan associations, which are presented in the following table:

(Thousand)





Nr.



indicators

07/31/2014


07/31/2015


2015 than
2014 (-, +)


2015 than
2014 (%)




1.


Loans


1499.3


1774.0


274.7


118.3




2.


Provisions for loan losses


-15.0


-18.7


3.7


124.9




3.


Total assets


2166.2


1989.5


-176.7


91.8




5.


Savings deposits


1659.3


1428.5


-230.8


86.1




7.


Net profit


33.6


23.7


- 9.9


70.5







The data table shows the decrease of indicators was registered, except increasing value of borrowings by 18.3 percent, the share of which in total assets is about 89.2 percent. The decrease in net profit by 29.5 percent due to the increase of general and administrative expenses and expenses for loan loss provisioning.
For the entire period under review the executive director did not ensure compliance with art. 9 paragraph. (2) c) and art. 35 of Law nr savings and loan associations. 139-XVI from 21.06.20072 (hereinafter - the Law no. 139-XVI of 21.06.2007), pt. 8 of the Regulation on the liquidity of savings and loan associations, approved by NCFM Decision no. 13/11 of 01.04.20103 (in force until the date of 04.30.2015), and pt. 7 of the Regulation on the liquidity of savings and loan associations, approved by NCFM Decision no. 16/3 of 27.03.20154 (hereinafter - Regulation liquidity fund), that the association holding the license for category B is obliged to maintain investment in the Fund liquidity calculated according to the minimum size pt. 13 of the rules of financial prudence savings and loan associations, approved by NCFM Decision no. 17/8 of 30.04.20085 (hereinafter - PRUDENTIAL NORMS).

2Monitorul _____________________________________ Oficial, 2007, no. 112-116, art. 506

3Monitorul Oficial, 2010, no. 110-113, art. 391
4Monitorul Oficial, 2015 No. 105-109, art. 699
5Monitorul Oficial, 2008, no. 131-133, art. 381


Executive director, a board member and a member of the lending committee, elected at the board meetings, respectively, of 30.06.2011, 09.27.2013 and 01.03.2013, did not comply with the requirements of Article . 12 para. (2) of Law no. 139-XVI of 21.06.2007, pt. 5, pt. 9 and pt. 39 of the Regulation on requirements to administrators and savings associations loan, approved by NCFM Decision no. 63/6 of 25.12.20076 (hereinafter - Regulation on requirements), exercised its powers so far without being confirmed in office by NCFM
_____________________________________ 6Monitorul
Oficial, 2008, no. 37-39, art. 90

As a reporting entity association has developed, approved and NCFM informed about the approval of their own program on preventing and combating money laundering and terrorist financing in violation limit provided for in pt. 2 and pt. 3 of the Decision of NCFM no. 49/14 from 21.10.2011 "On approval of the Regulation on measures to prevent and combat money laundering and terrorist financing on the financial market." 7

7Monitorul ______________________________________ Oficial, 2011, no. 206-215, art. 1820

Based on the above, pursuant to art. 1, art. 3, art. 4 art. 8 letters b) and lit. f) art. 9 paragraph. (1) d) and lit. j) art. 22 para. (3), art. 25 para. (2) of Law no. 192-XIV of 12.11.1998 "On the National Commission of Financial Market" 8 art. 9 paragraph. (2) e) art. 46 para. (1), para. (2) and. (5) art. 49 para. (1) c) of Law no. 139-XVI of 21.06.2007, norms of financial prudence, the Regulation on requirements,

______________________________________ 8Republicată in the Official Gazette of the Republic of Moldova, 2007, no. BIS 117-126

NATIONAL FINANCIAL MARKET COMMISSION DECIDES
:

1. It initiates the accountability contravention of the Executive Director of SCA. "Blesteni-Volodeni" under the Contravention Code of the Republic of Moldova.
2. SCA administrators prescribing. "Blesteni-Volodeni" unconditional respect for the provisions of laws and regulations, including compliance Executive Director, Board member and committee member lending requirements of the Regulation on requirements, within 2 months from the effective date of this decision.
March. It SCA compliance notes. "Blesteni-Volodeni", starting on 13.08.2015, the requirements pt. 7 of the Regulation on the liquidity.
4. HER. "Blesteni-Volodeni" will present the National Commission of Financial Market Monthly reports on measures taken for the enforcement pt. 2, duly supported by copies of supporting documents.
May. This decision shall enter into force in accordance with art. 22 paragraph (3) of Law no. 192-XIV of 12.11.1998 "On the National Commission of Financial Market".