National Bank of Moldova publishes draft amendments to emergency liquidity assistance rules on reporting, collateral management and documentation

The National Bank of Moldova has published a draft Executive Committee decision to amend its Regulation on emergency liquidity assistance, updating reporting and information exchange with supported banks, tightening operational rules around eligible collateral and its replacement, and expanding the standard documentation package. The draft would require certain daily reporting and document submissions to be made by encrypted email, clarify that the National Bank of Moldova may conduct on-site inspections at a bank’s premises, and refine collateral eligibility conditions for specific asset categories. It would also formalise the central bank’s approach to verifying receivables and underlying credit contracts offered as collateral using a sample from the bank’s proposed list, with the ability to request scanned supporting documentation delivered via encrypted email. A new rule would require banks to substitute collateral that fails eligibility criteria within up to three working days after being notified by the National Bank of Moldova or after the bank identifies the issue, or to repay the liquidity assistance early in proportion to the affected collateral. Further provisions would allow the National Bank of Moldova, when enforcing pledged receivables, to notify debtors and guarantors and request direct payment to the central bank, including by appointing the debtor bank to collect and transfer such payments, and would update references to the Unique Central Depository for securities. The package adds new annexes with templates for cash flow forecasts in national and foreign currency, a funding plan model, and model contracts for the emergency liquidity assistance agreement, a financial collateral agreement without transfer of title, and a control agreement.