Pursuant to the Ordinance of the National Commission of financial market (C.N.P.F.) No. 55/10 from 11.11.20161 and Order the Vice President C.N.P.F. nr. 63 from 14.11.2016 was performed a complex control regarding compliance with legislation in the field of savings and loan associations by A.E.Î. "PRIMCREDIT" (village Viișoara, Edineț, 1003604150471 on WHOSE BEHALF) for the period of activity 01.11.2013-31.10.2016, which holds the license of category B C.N.P.F. series nr. 000367 issued to date, 21st, in which were found the following.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 1 "Monitorul Oficial" of the Republic of Moldova, by 2016. 399-404, art. 1959 according to reports, A.E.Î. "PRIMCREDIT" (hereinafter the Association) has registered the following indicators of basic features of the activity of savings and loan associations, which are presented in the table below: (in MDL thou.) No.





Indicators





31.10.2015





31.10.2016





Towards 2016, 2015 (-, +)





Towards 2016, 2015 (%)









1.





Loans granted





4408.6





6027.2





+ 1618.6





136.7









2.





Provision for losses on loan





-225.6





-134.9





-90.7





59.8









3.





Total assets





4924.9





7109.3





+ 2184.4





144.4









4.





Savings deposits





1399.1





2572.0





+ 1172.9





183.8









5.





Bank credits and loans received





1821.8





2103.0





+ 281.2





115.4









5.





Net profit 325.6





604.7





+ 279.1





185.7











From the data table shows the increase in the indicators is the majority of registered, particularly loans by about 36.7 per cent and the savings deposits by about 83.8 percent share in total assets amounted to 84.8 percent respectively, 36.2 percent. The increase in net profit by about 85.7 percent is due to the increase in income from interest burden of loans granted and other operational income, as well as a reduction in the value of the provision for loan losses.
During the period 31.08.2014 at 30.06.2014-situations in 30.04.2015, 29.02.2016 and 31.05.2016-31.07.2016 in the period were not complied with the requirements of item 12 of the rules of financial prudence to savings and loan associations, approved by Decision No. C.N.P.F./8 of 17 30.04.20082 (further-the rules of financial prudence) on placement of institutional reserve not less than 4 percent of assets in bank accounts of deposit and/or state securities and/or cash fund.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 2 Official Gazette of the Republic of Moldova, 2008, nr. 131-133, art. 381 of 30.04.2015 Investment Fund Association of liquidity amounted to less than 10 percent of the total amount of savings deposits, and thus violated the requirements of article. 9 para. (2) (a). c), art. 35 of the law on savings and loan associations no. 139-XVI from 21.06.20073 (hereinafter-law No. 139-XVI from 21.06.2007) and point 7 of the regulation on the liquidity fund of savings and loan associations, approved by Decision C.N.P.F. nr. 16/3 of 27.03.20154, whereby the Association that holds category B licence is required to own and maintain investment in savings deposits to Fund the minimum size calculated in accordance with paragraph 13 of the rules of financial prudence.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 3 Monitorul Oficial of the Republic of Moldova, 2007, nr. 112-117, art. 506 4 Monitorul Oficial al Republicii Moldova, 2015, nr. 105-108, art. 699 Contrary. 9 para. (2) (a). b), art. 44 para. (1) of law No. 139-XVI from 21.06.2007 and art. 29 para. (6) of the Act on accounting No. 113-XVI from 27.04.20075 (hereinafter-the law No. 113-XVI of 27.04.2007), the report of the Association of 30.10.2016 do not reflect the real picture and representative elements of the Association, allowing for cases in which the data in it relating to loans, other assets and liabilities relating to interests does not correspond to the values recorded in the accounting records, that have served as the basis for drawing up the report in question. As a result of non-compliance with the requirements of item 27 item 28 of the rules of financial prudence concerning the classification of loans and related interest in the categories "standard"-"dubious", the situation in 31.10.2016 the Association has not been properly provisioned to cover losses from loans in the amount of approximately 197.3 thousand lei, thus the financial result of the period in question was raised. Furthermore, contrary to the requirements of point 37 from Prudential Financial Rules, starting with the 31.03.2016 Association has not accounted for at the next time managing the accounts liabilities loans and afferent classified "compromised" in size of approx. 59.2 thousand lei.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 5 Monitorul Oficial of the Republic of Moldova, 2007, nr. 90-93, art. 399



   Administrators Association have not ensured compliance with pсt requirements. 36 from Prudential Financial Rules, being recorded 8 cases in which the Association has not been addressed in court for the repayment of loans and related interest overdue more than 90 days in the amount of approximately 98.9 MDL.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ * in the Editorial Board of the force during the period of renting out the checking provisions of point 37 of regulations to carry out operations in national economy of Republic of Moldova, approved through Government Decision No. 764 from 25.11.19926 (hereinafter-Rules for transactions), unexpected revisions of the cashier of the Association for the entire period of supervision were conducted in the absence of orders to the Executive Director. Some entries in the register in different periods were not carried out immediately after receipt or release of funds, and thus violated the requirements of article 4. 19 para. (2) of law No. 113-XVI from 27.04.2007 and paragraph 24 of the rules for the conduct of operations. Renting out the requirements of art. 23 para. (1) and art. 29 para. (6) of law No. 113-XVI from 27.04.2007, balance recorded in the register of the Association House from 30.09.2014 does not correspond to the values that are reflected in the report during the period in question, specialized irregularity constituting about 82.6 MDL. Contrary to the requirements of point 23 of the rules for the operations, according to which the company is required to keep a single register, were home-recorded 2 records that reflect economic transactions records for the same discharge period: 23.04.2014-02.09.2014.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 6 Monitorul Oficial al Republicii Moldova, 1992, nr. 11, art. 351 in the aforesaid, pursuant to art. 1, art. 3, art. 4, art. 8 lit. b) and subparagraph (c). f), art. 9 para. (1) (a). d) and lit. j), art. 22 paragraph 1. (3), art. 25 para. (2) of law No. 192-XIV of 12.11.1998 "Concerning the National Commission for financial market", article 7. 9 para. (2) (a). e), art. 46 para. (1) paragraphs 1 and 2. (2) and paragraphs 1 and 2. (5), art. 49 para. (1) (a). c) of law No. 139-XVI from 21.06.2007, Prudential Financial Rules _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ the Gazette 7 Republished, 2007, nr. 117-126 BIS NATIONAL COMMISSION of financial market DECIDES: 1. it initiates the procedure for the contravention of Executive Director and chief accountant you A.E.Î. "PRIMCREDIT" according to the code of administrative offences of the Republic of Moldova.
  2. reminds the administrators A.E.Î. "PRIMCREDIT" on the need for the unconditional observance of the provisions of legislative and normative acts and prescribe necessary measures undertaking for the purpose of applying to the Court for the repayment of all loans and related interest expired in accordance with the provisions of item 36 on the rules of financial prudence.
  3. notes that the removal of the A.E.Î. "PRIMCREDIT" of the violations reflected in its control, namely:-the payment of the 4 members of the loans and the related interest expired around 43.2 MDL;
  -reflection in the report of the Association of 30.11.2016 adjusted values Prudential Financial Rules on the classification of loans and related interest for the purposes of the establishment and utilization of the provision for loan losses.
  4. A.E.Î. "PRIMCREDIT" will present monthly National Commission of financial market reports on measures taken to enforce paragraph 2, with the annexation of children supporting documents.
  5. The control over the execution of the given decision is put in charge of the Directorate-General for collective investments and microfinance.
  6. this decision shall enter into force on the date of its adoption, shall be published on the official website of the National Commission of financial market (www.cnpf.md) and in the Official Gazette of the Republic of Moldova.

   VICE-PRESIDENT of the NATIONAL COMMISSION of financial market Karen Fahie