LAW No. 91 of 30 December 1993 on public debt ISSUER PARLIAMENT Published in MONITORUL OFICIAL NR. 3 of 10 January 1994, the Romanian Parliament adopts this law.
Chapter 1 General provisions Article 1 the public debt represents financial obligations totality at any one time, resulting from internal and external loans, medium-term or long-term, contracted by the State on his own behalf or guaranteed by it.
Article 2 Activities relating to contracting and guarantee external and internal loans are repayable, medium-term or long-term, and public debt is exercised by the Government, through the Ministry of finance, under the present law.
Article 3 Setting conditions under which the public may borrow, internal and external, the negotiation and conclusion of agreements and conventions, as well as the use of other legal instruments generating public debt to make the institutional framework that is governed by this law.
Chapter 2 article 4 internal public debt the Government can contract, subject to a maximum amount approved by the legislature, State loans of domestic financial market, from legal or natural persons, in order to ensure the necessary monetary resources.
Article 5 the State Loans may be employed to cover certain necessities arising from: (a) required by the budget deficit) the law approving the annual budget;
(b) public interest expenses) national investment objectives, which cannot be financed from the resources of the State budget;
(c) government debt refinancing);
d) other necessities, which must be approved by special laws.
Article 6 Loans for necessities of the local public administration can be engaged by it, under the provisions of law No. 10/1991 regarding the public finances, of law No. 69/1991 concerning local public administration, as well as of the provisions of this law.
The Ministry of Finance shall be empowered to deliver contracted loans by local government authorities after finding the existence of opportunities for redemption.
Article 7 the State Loans and are carried out through issues of securities: bonds, Treasury bills, rent or other titles of State records.
Issues of securities which represent State loans, sale and redemption and the payment of interest and other charges related thereto shall be made directly by the Ministry of finance or through other specialized financial institutions, which acquired the status of an agent of the State, on the basis of concluded agreements. Art. 8 securities representing borrowings by the State is placed by public petition or other specific technical processes.
Article 9 payments due for repayment of the debt was overdue, internal rates within a period of one year, interest and fees, and the costs of issue and placement of securities, public debt service.
Article 10 Reimbursement of the loans ensure, where appropriate, from the State budget surpluses, of State loans to refinance public debt, domestic and from other resources laid down by laws.
Interest in respect of the domestic public debt, as well as the costs of issue and placement of securities are treated as expenses in the State budget, if legal provisions do not establish otherwise.
Article 11 of the internal public debt ensure by the Finance Ministry and lay in State loans, Contracting Organization and record-keeping by specific accounts, debt repayment, interest calculation and payment, commissions and charges payable, as well as in performing specific operations.
External public debt Chapter 3 Article 12 the Government may undertake, according to law, foreign loans, medium-term or long-term, contracted directly or by commercial companies, administrations and local governments with State guarantee for development programmes, economic restructuring, the achievement of other objectives or actions of public interest, creating and maintaining the State's foreign exchange reserve, ensuring resources necessary to remove the effects caused by natural disasters or other cases of force majeure. Art. 13 foreign loans requirements shall be determined on the basis of the strategy concerning the external public debt, within the ceiling of foreign credits and external debt, shall be proposed by the Government and approved by Parliament.
Article 14 Guarantee account in the name of the State and the Ministry of Finance of foreign credits for realisation of investment targets by companies, administrations and local governments is based on the analyses of project of Export-Import Bank of Romania-and with the approval of the Interministerial Committee for guarantees and Credits of foreign trade.
Article 15 the issuance of securities of foreign financial markets released shall be approved by the Government on the proposal of the Ministry of finance, solicitindu and the Advisory opinion of the National Bank of Romania.
Article 16 conduct of operations on the achievement of the external public debt commitments are made by the Finance Ministry which, to that end, concludes agreements with commercial banks and with the beneficiaries of the loans.
Article 17 the general supervision of the execution of commitments to House public debt externa is exercised by the Ministry of finance and the National Bank of Romania, in accordance with the detailed procedures developed under this Act.
Article 18 shall be responsible for managing and using foreign loans contracted by companies, administrations and local governments with the guarantee of the State, as well as the necessary resources for the establishment of reimbursement and payment of overdue interest rates, charges and commissions is the responsibility of the beneficiaries of the loan.
The Ministry of finance, National Bank of Romania and the commercial banks shall be responsible for compliance with the gate exactly the destination of appropriations committed and guaranteed externally.
Article 19 payments due on a one-year period for the repayment of foreign debt, interest rates was due, commissions and charges constitute debt service, external.
Reimbursement of expenses due and payment rates, charges and commissions for public external debt commitments of resources with this destination as provided for in the State budget, local budget and the budget of the recipient of the loan, whichever is appropriate.
Article 20 the Ministry of finance and the National Bank of Romania will ensure provision in the balance of payments of the external resources required the reimbursement of foreign loans, the payment of interest, charges and commissions.
Article 21 financial risks For decurgind from the State's guarantee of loans contracted by foreign companies and autonomous administrations, the Ministry of finance will form the venture fund, which will be given on the budget arrangements, and will feed from amounts received in the form of commissions from the beneficiaries of foreign loans guaranteed interest earned from investments amounts temporary market from the risk fund and other resources According to legal provisions.
Amounts due to the risk of default by the beneficiary of the loan guaranteed external determination by the Minister of finance by applying percentage odds, differentiated according to the creditworthiness of the financial beneficiary, the grace period and the amount of the average rate of reimbursement.
The amount of the sums due to the risk, the time limits and other obligations incumbent upon the beneficiary of the loan shall be provided in a contract concluded by it with the Ministry of finance.
Article 22 any commitment of public external debt is recorded in the register of foreign public debt, established by this law, the Ministry of finance.
Article 23 Finance Ministry seeks reimbursement of resources may be created by the beneficiaries of foreign loans guaranteed by the State, keep track of the claims arising from the execution of State guarantees granted and act for their recovery from debtors.
Article 24 as a guarantor of loans on behalf of the foreign State, the Minister of finance evaluates financial risks, timeliness and terms of issuing bonds so as not to affect the credibility of the Romanian State internationally, participate in negotiation of agreements and other international legal instruments by which foreign loans incurred shall be guaranteed by the State.
Article 25 the Ministry of finance and the National Bank of Romania to systematically follow the evolution of the country's foreign currency resources, examines any difficulties in the repayment of foreign debt and propose to the Government measures to settle them.
Article 26 the Government analyzes the situation, when necessary, appropriateness and conditions for day-to-day operation of the public debt or refinancing of foreign relations and submit proposals to the Parliament for approval.
Article 27 the Minister of finance, in collaboration with the National Bank of Romania, draw up annual balance of foreign payments project.
National Bank of Romania pursues the balance of foreign payments and the Ministry of Finance shall transmit quarterly to the rights situation and external commitments of the State.
The Ministry of finance together with the National Bank of Romania shall submit half-yearly reports to the Government information concerning implementation of the provisions of the balance of external payments and proposes solutions to cover the deficit or surplus from the current account of the balance of foreign payments.
The Government submits to Parliament for approval, no later than 30 June, construction of external balance of payments.
Article 28 the Minister of Finance shall establish and submit six-monthly reports to the Government regarding the evolution of external public debt and financial bodies forward international banking statistics on external debt, according to the Romanian decurgind obligations as a member of these bodies.
The article 29 Data regarding each loan on behalf of the foreign public debt should be reported to the Finance Ministry by the beneficiaries of loans by commercial banks and by which they are carried out, in accordance with detailed procedures developed pursuant to this law.
Chapter 4 final provisions Article 30 pursuant to this Act, the Ministry of finance is subject to the following tasks: a) elaborates on pain and use of available capital on the domestic market and foreign market;
b) acts in implementing any laws concerning Contracting State loans;
c) develops and proposes the Government draft normative acts in the field of State loans;
d), on behalf of the State shall conclude agreements, loan financial internal market; analyses, advises and participates in the negotiation of commitment or guarantee foreign loans;
e) ensure, together with the National Bank of Romania, the resources necessary for reimbursement of the loans;
f) follow the development of credit and interest on the financial market and make proposals for the conversion of public debt;
g) organizes and keeps track of all commitments in domestic and foreign payment transactions arising out of contracts, agreements, conventions and other legal instruments and pursue the implementation of these commitments;
h) inform government, Parliament and international organisations with which it has concluded agreements to this effect on evolution and utilization of State loans and public debt;
I) oversees the use of loans generating public debt as intended;
j) hires and represents the State in dealing with individuals and legal entities, as well as before the courts, in the field of State loans;
k) evaluates financial risks from guaranteeing foreign loans decurgind, timeliness and terms of issuing bonds;
It keeps track of guarantees granted) and ensure that the commitments of decurgind from giving guarantees not to affect the financial credibility of the Romanian State.
Article 31 the Ministry of finance, through specialised control bodies exert control of the use of borrowed resources, according to approved destinations, according to the law.
Article 32 National Bank of Romania, the autonomous administrations, companies, institutions and other governmental and non-governmental bodies are obliged to convey the necessary information requested in connection with public debt.
Article 33 Constitute contraventions to provisions of this law the following acts, if, under the law, do not constitute criminal offences: a) legal documents which have contracted loans generating external public debt or foreign loans with the guarantee of the State, within the time limits laid down by the Ministry of finance;
b) failure to report data relating to the implementation of loans relating to internal and external public debt;
c) refusing to make available to the supervisory bodies and documents, data and information required for internal and external public debt.
Offences referred to above shall be sanctioned by a fine from 1,000,000 to 3,000,000 lei lei.
Article 34 the finding of violations and sanctions are carried out by the Ministry of finance and its territorial units authorized for this purpose.
To the extent that the present law as otherwise, the violation under article 4. 33 shall be subject to the provisions of law No. 32/68 on the establishment and sanctioning of offences, with the exception of art. 25, 26, 27.
Article 35 shall constitute offences and are punishable by imprisonment from 6 months to 5 years the following facts: a) funds in Moldovan lei and foreign currency arising from external public debt commitments for purposes other than those for which it was approved or securing their contracting;
b) providing erroneous data to guarantee the public justification of contracting foreign loans.
Finding the facts referred to in the preceding paragraph shall be made by the Ministry of finance and its territorial units, as well as by other competent bodies for this purpose.
Article 36 within 30 days from the date of entry into force of this law, the Ministry of finance will elaborate methodological norms for the application.
Article 37 on the date of entry into force of the present law shall repeal any provisions to the contrary.
This law was adopted by the Chamber of deputies at its meeting of 20 December 1993, in compliance with the provisions of art. 74 para. (1) of the Constitution of Romania.
p. CHAMBER of DEPUTIES CHAIRMAN ION RATIU this law was adopted by the Senate at its meeting on 21 December 1993, in compliance with the provisions of art. 74 para. (1) of the Constitution of Romania.
SENATE PRESIDENT Prof. Dr. O'LEARY GHERMAN — — — — — — — — — — — —