Law No. 166 Of 17 August 1998

Original Language Title:  LEGE nr. 166 din 17 august 1998

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Law No. 166 of 17 august 1998 on approval of the Emergency Ordinance of Government No. 43/1997 to draw up the balance sheet and reconciliation of certain loans and interest are classified under the category of "loss" from agricultural Bank-S.A., as well as the abrogation of the Emergency Ordinance of Government No. 48/1997 concerning the modification and completion of the Emergency Ordinance of Government No. 43/1997 PARLIAMENT published in ISSUING the OFFICIAL GAZETTE nr. 304 of 20 august 1998, the Romanian Parliament adopts this law.


Article 1 shall approve the Emergency Ordinance of Government No. 43 from 10 July 1997 to draw up the balance sheet and reconciliation of certain loans and interest are classified under the category of "loss" from agricultural Bank-S.A., published in the Official Gazette of Romania, part I, no. 153 of 14 July 1997, with the following amendments: 1. Title of the Emergency Ordinance shall read as follows: "an Emergency Ordinance for drawing up the balance sheet and reconciliation and interest loans classified in the category of Agricultural Bank > S.A."
2. Article 1 shall read as follows: Art. 1.-It authorizes agricultural Bank Jsc to draw special balance sheet on 30 June 1997, in order to ensure that the restructuring of assets, loans and interest, classified in category, according to Rules > Banca Naţională a României on classification of credits and risk-specific provisions and taking into account the provisions of this Ordinance. "
3. Article 2 shall read as follows: Art. 2.-(1) loans on the basis of contracts concluded before 31 December 1996 and interest classified in category > will be highlighted in the balance sheet accounts apart and pursued further by the agricultural Bank for collection and will be settled in particular balance sheet drawn up on the basis of the accountancy data of 30 June 1998, becoming effective from the same date , and within the limit values listed in annex *) which is an integral part of this emergency Ordinance, as follows: guarantees granted to Agricultural Bank) with the title, the remaining > from that entered in the credit agreements and in the instruments setting up securities;
  

b) customer deposits Agricultural Bank Jsc, including shareholders who benefit from loans classified in category > will be blocked from the date of this emergency Ordinance, pending the repayment of outstanding loans;
  

c) difference between the nominal value of the loans and interest, classified in the category, and the remaining > guarantees received by the agricultural Bank S.A. will be regularizata within the limits of the amount of 3,374.5 billion and will be replaced in the Agricultural Bank balance sheet assets with bonds issued by the Ministry of finance, the amount of 1,300 billion lei.
  

(2) the National Bank of Romania will reesalona until 31 December 1999, of his claims the amounts of credits for Agricultural Bank S.A. in accordance with the provisions of law No. 20/1996. At the same time it cancels the payment obligations of the Bank to the National Agricultural Bank S.A. of Romania, representing the loans granted under law No. 20/1996 and interest. "
  

— — — — — — — — — — — *) annex shall be communicated to the person concerned.
4. Article 3, paragraphs (1), (2) and (4) shall read as follows: Art. 3. — (1) the Ministry of finance will highlight the loans and interest so taken, within the limit of the amount of 3,374.5 billion lei, according to art. 2 (2). (1) (a). (c)) of this emergency Ordinance, in a separate account under public debt on the basis of the Convention concluded with the agricultural Bank Jsc

(2) the sums taken as the difference between the nominal value of the loans and interest, classified in the category, and the remaining > guarantees received by the agricultural Bank Jsc from customers on behalf of such credit, will take over the debt, the amount thereof, on or before 30 June 1997. The takeover will be effected on the basis of the balance sheet, according to special accounting data from 30 June 1997, as approved by the general meeting of shareholders, and the annexes thereto concerning loans and interest for each trader. Full responsibility to fairness, reality and accuracy of amounts fetched returns Agricultural Bank Jsc transfer Agent and paying for titles issued on behalf of this debt is the National Bank of Romania.
  



(4) shall be returned to the State guarantees issued by the Ministry of finance by the agricultural Bank Jsc for categories and for interest covered by art. 3 paragraphs 1 and 2. (1) of this emergency Ordinance, the Bank at the same time, given the current, appropriate provisions. "
  

5. In article 6, paragraphs (1) and (2) shall read as follows: Art. 6.-(1) State Titles issued by the Ministry of finance will register on the basis of the Convention concluded with the agricultural Bank, the internal public debt will be negotiable and will be interest-bearing, according to the prospectus of issue.

(2) domestic public debt interest, represented by this emergency Ordinance, shall pay the amount provided for this destination in the State budget. "
  

6. In article 6, as (3) are introduced (3 ^ 1 and 3 ^ 2) with the following content: "(3 ^ 1) since the third quarter of 1998, the title is a spokeswoman whose interest rate will be at the level of the interest rate of the last State-owned securities with a maturity of 91 days, launched by the Ministry of finance, prior to the period for which you want and it pays off.
(3 ^ 2) Interest is payable on a quarterly basis in the third quarter, which corresponds to calendar quarter. "
7. Article 7, paragraph (2) shall read as follows: "(2) no later than 31 October 1997, the Steering Committee on restructuring of Agricultural Bank Jsc, together with the Executive management of the Bank will develop, with the assistance of independent experts or specialist consultancy firm, the strategic plan of development of the Bank over the next two years, including objectives relating to its privatization. Responsibility for the implementation of the programme is the responsibility of executive management of Agricultural Bank S.A. "
8. After article 10 shall be inserted in article 11 with the following content: "Art. 11.-Agricultural Bank S.A. is authorized to carry out the revaluation of assets and liabilities of the Bank's favourable results to be differences used in 1998 for capitalization. The revaluation operation will be performed, based on data from December 31, 1997, by experts, and the results will be subject to the approval of the extraordinary General Assembly of shareholders of Jsc Agricultural Bank, until July 30, 1998. "


Article 2 entry into force of the present law shall repeal the Emergency Ordinance of Government No. 48/1997 concerning the modification and completion of the Emergency Ordinance of Government No. 43/1997 to draw up the balance sheet and reconciliation of certain loans and interest are classified under the category of "loss" from agricultural Bank S.A., published in the Official Gazette of Romania, part I, no. 239 of 12 September 1997.


Article 3 of the Emergency Ordinance of Government No. 43/1997 to draw up the balance sheet and reconciliation of certain loans and interest are classified under the category of "loss" from agricultural Bank-S.A., published in the Official Gazette of Romania, part I, no. 153 of 14 July 1997, as amended by this law, it will republish, posing a new texts.
This law was adopted by the Senate at its meeting of 22 June 1998, in compliance with the provisions of art. 74 para. (2) of the Constitution of Romania.
p. SENATE ULM SADR this law was adopted by the Chamber of deputies at its meeting of 9 July 1998, in compliance with the provisions of art. 74 para. (2) of the Constitution of Romania.
p. PRESIDENT CHAMBER of DEPUTIES MARIA PAULA IVANESCU — — — — — — — — — —