June 16, 2017
IMF Resident Representative in the Republic of Moldova
In response to media inquiries, we would like
to note that the IMF held regular consultations with the authorities on
issues related to restructuring of Banca de Economii (BEM) and also BEM
group banks. At the same time, IMF has provided intensive technical
assistance on these matters.
Various issues and risks were flagged in our reports at that time,
publicly available at our website. For example, the July 2014 staff
report clearly stated:
- the fragile status of BEM and two
mid-sized banks believed to be affiliated to it;
- the presence of indications of active
concealment of banks ultimate beneficial owners and controllers;
- the importance of respecting the
independence of regulators from political interference and advised
to urgently pass legislation to fully restore the NBM and NCFM’s
- the need to strengthen the legal
protection of board members and employees of these agencies should
also be strengthened.
However, the government ultimately decided
to act differently and did not follow the IMF’s recommendations. In the
absence of an IMF program with Moldova at that time, the Fund was only
able to provide advice and could not impose any conditionality.
Please note that IMF institutional view has been transparent, as always.
You can find our position about the restructuring measures proposed to
the government during 2014-2015 in our country reports No.14/190,
No.14/346, No.16/19, available at