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Intraday credit is the credit offered by the central bank. Is offered in one day, the only
credit in the world which has no interest rate.
1. Mandatory conditions:
- Contract for credit permanent facilities. (the facilities between the central and the
commercial bank);
- Contract for the participation to the accounting registration system.
- Eligible collateral (5-91 days) (t-bonds)
- No infringements (last 30 days)
- Maintenance of obligatory reserves during last 30 days.
2. Submitting the application plus eligible collateral form 5 to 35 days (5%) and 35 to 91
days (10%);
3. Examination of the application + the list of t-bonds;
4. The offering of the intraday credit by crediting the LORO account of the commercial
bank and blocking the t-bonds in the accounting registration system.
5. Intraday is offered for the operational day. No interest rate.
6. Reimbursement of the intraday credit by 6pm or transformation in overnight credit.
7. No penalties in case on non-reimbursed.
Sistemul automatizat de plati interbancare (SAPI)
Overnight -
1. Mandatory conditions:
- Contract for credit permanent facilities. (the facilities between the central and the
commercial bank);
- Contract for the participation to the accounting registration system.
- Eligible collateral (5-91 days) (t-bonds)
- No infringements (last 30 days)
- Maintenance of obligatory reserves during last 30 days.
2. Submit an application from 6pm-8pm + eligible collateral (5-91 days + 10%);
3. Examination of the application + the list of t-bonds;
4. The offering of the overnight credit by crediting the LORO account of the commercial
bank and blocking the t-bonds in the accounting registration system.
5. The credit is offered for 1 night +overnight interest rate.
6. The reimbursement should be done by midday.
7. Penalties.
Lombard credit selling of eligible assets by the commercial bank to the central bank
with the condition of repurchasing them back in 5 days.
1. Mandatory conditions:
- Contract for credit Lombard facilities. (the facilities between the central and the
commercial bank);
- Contract for the participation to the accounting registration system.
- Eligible collateral (5-91 days) (t-bonds)
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- No infringements (last 30 days)
- Maintenance of obligatory reserves during last 30 days.
2. Submit an application by 12 pm + eligible collateral (5-91 days + 10%);
3. Examination of the application + the list of t-bonds;
4. The central bank is blocking the t-bonds.
5. Central bank is crediting the LORO account of the commercial bank.
6. Lombard is offered for 5 days with conditions of repurchasing of t-bonds in 5 days.
7. Repurchasing of t-bonds in minimum 2days up 5 days.
8. Penalties.
Repo 180 days, are used eligible assets;
Selling repo = selling t-bonds (national bank)
Buying repo= buying t-bonds (national bank)
1. Mandatory conditions:
- Contract for credit permanent facilities. (the facilities between the central and the
commercial bank);
- Contract for the participation to the accounting registration system.
- Eligible collateral (5-91 days) (t-bonds)
- No infringements (last 30 days)
- Maintenance of obligatory reserves during last 30 days.
2. The central bank is opening a tender for repo operation + the conditions for the REPO
operations ( 1 day before the tender ) ; by 10 am in the morning +the list of
prices(fixed rate(volume) and floating rate (price));
3. Examination of the application according to the best price ;
4. The central bank is blocking or offering the t-bonds;
5. Central bank is crediting the LORO account of the commercial bank or debiting the
LORO account of the commercial bank
6. REPO operation is done for 180 days.
7. 1 day before maturity the central bank is blocking the necessary amount of money or
is unblocking the t-bonds;
8. Penalties
Bill of exchange:
1. Decision of the Council of Direct about issuing the bill of exchange +the conditions of
issuing.
2. Mandatory conditions for issuing of bill of exchange; the bank has financial activity
for at least 1 year, no restrictions from the central bank on attraction of deposits.
3. Submission of the application and decision of issuing of bill of exchange in maximum
3 months after the decision was made + the documents(the minutes, condition of
issuing, sample of bill of exchange)
4. Examination of the documents by the central bank in 15 days;
5. The avis of the central bank about the approval of the issuing.
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6. Publishing of the conditions of issuing.
7. Issuing of the bills of exchange;
8. Placing and selling the bills of exchange; Reporting on monthly basis by the date of 15
of each month to the NB about the issuing and selling of bills of exchange.
Certificate of deposit is a security that shows that there is a certain amount of money in a
deposit that gives the right to obtain interest at maturity;
- Materialized form;
- Dematerialized form;
Issuing of shares:
- Primary;
- Secondary;
Primary:
1. The decision of the general meeting of shareholders for the issuing the primary
shares;
2. Obtaining of the financial authorization;
3. Opening of the preliminary LORO account;
4. Registration of the bank at the State Registration Chamber;
5. Submission of the CB to the approval of primary shares + documents;
6. Examination of the documents during 10 days.
7. The NB is submitting the approval about the issuing of shares to the national
commission of financial market.
8. NCFM is doing the state registration of shares issuing.
9. Issuing of shares;
10. Placement of the shares on the primary market;
11. Accumulation of financial resources on preliminary LORO account.
12. Transformation LORO preliminary account in LORO account.
13. LORO account social capital;
14. Reporting on the issuing to the NBM and NCFM;
15. Registration of the shareholders at the independent register;
Secondary:
1. The decision of the general meeting of shareholders for the issuing the secondary
shares + prospectus of issuing;
2. Registration of the class of shares at the stock exchange;
3. Submission of the CB to the approval of secondary shares + approval of the
prospectus;
4. Examination of the documents during 10 days.
5. The NB is submitting the approval about the issuing of shares to the national
commission of financial market.
6. NCFM is doing the state registration of shares issuing + approval of the prospectus;
7. Opening of the preliminary account;
8. Publishing of the issuing prospectus;
9. Issuing of shares;
10. Placement of the shares on the primary market;
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11. Accumulation of financial resources on preliminary account.
12. Transferring of accumulate financial on the LORO account ; (social capital up);
13. Approval of the modification of the bank status by the central bank;
14. Registration of the shareholders at the independent register;
Bonds:
1. Decision of the general meeting of shareholders about the issuing of bonds +
conditions of issuing.
2. Submission of the application + the documents + the condition of issuing to the NBM;
3. Examination of the documents during 10 days;
4. Submission of the approval of prospectus by the NBM to the NCFM;
5. NCFM is approving the prospectus of issuing and is doing the registration of issuing;
6. Publishing of the prospectus;
7. Issuing of bonds;
8. Placement of bonds on the stock exchange market;
9. Accumulation of resources on LORO account ;
10. Reporting on the issuing to NBM and NCFM;
11. Registration of bonds in the bond register of the bank;
Capitol 4
The placement operations of the bank
1. The operations of the bank and their risks;
2. The placement operations of the bank in t-bonds;
3. The placement operations of the bank in corporate securities of other economic agents;
There are 2 main categories of assets;
- Investments;(in t-bonds and corporate securities);
- The crediting;
The banks participate on the money market (credits on short time) and capital market (the
long time crediting; investments on corporate shares or even banks or state bonds (min 5
years) ;
The risks on investments:
- Liquidity;
- Profitability;
- Maturity;
- Capital reserve;
The maturity if t-bonds issued in RM 28 days; 91 days; 182 days; 273 days ; 364 days;
The t-bonds are issued by the minister of finance and are placed by the NBM;
The t-bonds are issued in a dematerialized form;
Only the banks that have a special agreement with the NBM can participate to the tender;
1. Commercial banks are signing the agreement the agreement with the central bank;
2. The ministry of finance is issuing the t-bonds in a dematerialized form;
3. The central bank is organizing the tender to sell the t-bonds;
4. 5 days before the tender; the ministry of finance is submitting the decision and the
conditions of the tender to the central bank;
5. 4 days before the tender the central bank is submitting the official communique to the
commercial banks;
6. The NB is organizing the tender committee from 5 members ;
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7. The commercial banks submit the application to the tender and the prices; (there are
competitive prices(the method of unique price; method of multiple price) and non-
competitive prices(can be submitted by the banks or investors));
8. The commercial banks orders for t-bonds are registered in the system;
9. The system is classifying the orders according to the maximum price;
10. The system is doing the selection of the orders;
11. The NBM is elaborating the official communique about the results of the tender and is
submitting the official communique to the commercial banks and is publishing it in the
website of NBM;
12. The next day by 1pm the commercial banks have to supply the LORO account with
the necessary amount of money
13. The NBM is crediting the LORO account and is transferring the t-bonds on the bank
name in the accounting registration system;
14. In case the commercial bank is not buying the t-bonds, is paying penalties 0,5% per
day on the total amount;
15. Repurchasing of t-bonds and payment of the interest is done by the ministry of
finance;

The credit operations of the commercial banks
Conditions and limitations for the commercial bank to invest in the securities of other
economic agencies.
- If the commercial bank is investing in the securities of economic agents and this
investment is more than 5% of the capital of the economic agent the commercial
bank has to obtain permeation from the NBM.
- The commercial bank can invest not more than 15 percent of the total regularity
capital in the capital of 1 economic agent;
- All the quotas of all others economic agents cannot exceed more than 50 % of the
total regularity capital;
- The investments of the bank in the long term material assets plus the quotas of
participation in the capital of other economic agents cant exceed 100% of the total
regularity capital of the bank;

- The council of administration is taking the decision to buy a quota part of
participation in the capital of an economic agent;
- The commercial bank is submitting an application + the documents(financial
analyses of the economic agents; the capital of the economic agents)
- The NBM examines the documents during 15 days;
- NBM is approving to buy the quota part of participation; commercial bank can do
that during 6 months;
- The commercial bank may keep the shares during 12 months;
- In case of prolongation 30 days before deadline the commercial bank should
submit another application + the set of documents;
- In case of the rejection of the application the commercial bank is obliged to sell the
shares in 20 days;
Procedure for maintenance of the quota of participation in the capital of the bank
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1) 5% minimum quota of participation in the capital of the bank for which is necessary to
get the permeation from the national bank of Moldova: 25% 33% 50% -necessary to
update the permeation from BNM;
2) There are 2 possibilities for the shareholder to get the permeation from BNM of
maintenance of the main quota of participation of the capital of the bank;
- The shareholder is submitting by himself the application to BNM;
- The council of directors is submitting the application to the BNM in the name of
the shareholder;
3) BNM is doing the pre-examination of the documents and is informing in written form
the shareholder or the council of directors about starting the examination procedure;
4) During 30 days the shareholder has the possibility to complete the file at the request of
the central bank, in case that the shareholder is not doing that the application will be
final rejected;
5) Examination of the documents during 30 days;
6) In case of necessity BNM can extend with 30 additional days the examination
procedure for additional investigation;
7) Issuing of the permeation of the shareholder by BNM.