On The Issue Of State Bonds For Enforcement By The Ministry Of Finance Of The Payment Obligations Arising Out Of State Guarantees, Nr. 807 17 November 2014 And Nr. 101 In 1 April 2015

Original Language Title: privind emisiunea obligaţiunilor de stat în vederea executării de către Ministerul Finanţelor a obligaţiilor de plată derivate din garanţiile de stat nr. 807 din 17 noiembrie 2014 şi nr. 101 din 1 aprilie 2015

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
on the issue of State bonds for enforcement by the Ministry of Finance of the payment obligations arising out of State guarantees, nr. 807 17 November 2014 and nr. 101 in 1 April 2015 Published: 04.10.2016 in Official Gazette No. 343-346 art no: 713 This organic law is adopted pursuant to the provisions of the Constitution, 1061 by engaging Government accountability towards Parliament.
Article 1.-this law lays down the conditions for the issuance of government bonds for enforcement by the Ministry of Finance of the payment obligations arising out of State guarantees, no. 807 of 17 November 2014 and no. 101 of April 1, 2015, granted to the National Bank of Moldova by the Ministry of finance to guarantee emergency loans.
Article 2.-(1) the Ministry of finance will issue and will forward the National Bank of Moldova bonds for enforcement by the Ministry of Finance of the payment obligations arising out of State guarantees, no. 807 of 17 November 2014 and no. 101 of April 1, 2015, granted to the National Bank of Moldova by the Ministry of finance to guarantee emergency loans.
(2) the volume of government bonds issued will be equal to the sum unpaid loans by "Banca de Economii" JSC, "Banca Sociala" and "Unibank" S.A.  National Bank of Moldova on the date of issuance of government bonds.
(3) State Bonds will be issued by the Ministry of Finance within 7 working days from the date of entry into force of this law.
(4) State Bonds will be issued at face value at the fixed rate of interest on the terms up to 25 years in a total volume of up to 13583717000 lei, with the effective interest rate of 5 percent.
(5) nominal interest Rates, deadlines and volumes of broadcasts of bonds are set out in the annex to this law.
(6) Interest will be paid Semiannually, except the interest rates for the first year, to be paid annually, on the expiry of one year from the date of issuance in accordance with para. (3) and (7) the conditions for the issue and redemption of government bonds set out in this law shall be laid down in an agreement on the issue and redemption of government bonds in order to execute the obligations resulting from the Ministry of Finance of the State guarantees, signed between the Ministry of finance and the National Bank of Moldova.
(8) the National Bank of Moldova will register on their behalf in the inclusion in the accounts of the State bonds issued under the provisions of this Act, the date of issue thereof.
(9) the Trading by the National Bank of Moldova on the secondary market of government bonds issued under this Act shall be admissible provided that the amount listed will not exceed 40 percent of the volume of bonds submitted by National Bank of Moldova by the Ministry of finance.
(10) the date of the issue of government bonds and registration thereof in his own account of the National Bank of Moldova shall be repealed a State guarantee no. 807 of 17 November 2014 and a State guarantee no. 101 of April 1, 2015 issued by Ministry of finance in order to guarantee emergency loans granted by the National Bank of Moldova "Banca de Economii" JSC, "Banca Sociala" and "Unibank" S.A.
(11) during the term of the State bonds issued, the balance of the National Bank of Moldova profit available for distribution, transferred to the National Bank of Moldova, the income of the State budget in accordance with the provisions of article 20, paragraph 1. (6) of law No. 548-XIII of 21 July 1995 regarding the National Bank of Moldova (republished in the Official Gazette of the Republic of Moldova, 2015, nr. 298-300, art. 544), will be headed by the Ministry of finance in the same year for redemption before due date, of government bonds issued in accordance with this law and owned by the National Bank of Moldova.
(12) the redemption of government bonds before the maturity date of the means referred to in article 2 (2). (11) of this Act shall be made to the initial volume of redemption included in the State budget for the current year.
     (13) For the redemption of government bonds before the maturity date in accordance with article 2(1). (11) and (12) of this law will be selected the bonds with the highest remaining maturity.
Art. 3.-(1) the date of the issue of government bonds, Ministry of finance subrogă National Bank of Moldova in ratios related to the claim against the "Banca de Economii" JSC, "Banca Sociala" and "Unibank" S.A.
(2) the National Bank of Moldova shall transmit without delay to the Ministry of finance all documents related thereto, the claim referred to in article 3 paragraph 2. (1). 4. -The Ministry of finance Claims against the "Banca de Economii" JSC, "Banca Sociala" and "Unibank" S.A., subrogării from National Bank of Moldova under article 3 para. (1) under article honors 3811 para. (3) (a). A1) of the law on financial institutions no. 550-XIII of 21 July 1995.
Article 5.-the liquidators "Banca de Economii" JSC, "Banca Sociala S.A.  and CB "Unibank" S.A. will present a monthly report to the Ministry of finance the process of recovery of assets "Banca de Economii" JSC, "Banca Sociala" and "Unibank" S.A.

DEPUTY SPEAKER Vladimir VITIUC No. 235. Chisinau, 3 October 2016.


Annex

 

 











The volume of the issue

(thou lei)





Nominal annual interest rate





Term (years)









50.000





1.4%





1









210.000





1.4%





2









230.000





1.4%





3









240.000





1.4%





4









260.000





1.4%





5









290.000





1.4%





6









310.000





1.4%





7









330.000





1.4%





8









360.000





1.4%





9









390.000





5.3%





10









420.000





5.3%





11









450.000





5.3%





12









490.000





5.3%





13









530.000





5.3%





14









570.000





5.3%





15









620.000





5.3%





16









660.000





5.3%





17









720.000





5.3%





18









780.000





5.3%





19









840.000





5.3%





20









900.000





5.3%





21









980.000





5.3%





22









950.000





5.3%





23









950.000





5.3%





24










1,053,717 *





5.3%





25









13,583,717 *





 





 











 

* The volume of issuance will be adjusted to the amount of unpaid loans by "Banca de Economii" JSC, "Banca Sociala" and "Unibank" S.A. National Bank of Moldova on the date of the issue of government bonds.

Related Laws