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16.05.2003

Regulation on overnight deposits accepted by the National Bank of Moldova from banks, approved by DCA of the NBM no.65 of March 27, 2003

Published in the Official Monitor of the Republic of Moldova no. 84-86 of 16.05.2003, Art.121

APPROVED
by Decision no. 65
of the Council of Administration
of the National Bank of Moldova
as of 27 March 2003

Regulation
on overnight deposits accepted
by the National Bank of Moldova from banks

Amended by:

DCA of the NBM, no. 26 of 05.02.2004, Official Monitor of the Republic of Moldova no. 26-29 of 13.02.2004;
DCA of the NBM, no. 79 of 08.04.2004, Official Monitor of the Republic of Moldova no. 61-63 of 16.04.2004;
DCA of the NBM, no. 218 of 02.09.2004, Official Monitor of the Republic of Moldova no. 168-170 of 10.09.2004;
DCA of the NBM, no. 356 of 01.12.2005, Official Monitor of the Republic of Moldova no. 164-167 of 09.12.2005;
DCA of the NBM, no. 86 of 06.04.2006, Official Monitor of the Republic of Moldova no. 59-62 of 14.04.2006;
DCA of the NBM, no. 303 of 16.11.2006, Official Monitor of the Republic of Moldova no. 181-183 of 24.11.2006;
DCA of the NBM, no. 211 of 16.08.2007, Official Monitor of the Republic of Moldova no.136-140 of 31.08.2007;
DCA of the NBM, no. 36 of 13.03.2008, Official Monitor of the Republic of Moldova no.61-62 of 25.03.2008;
DCA of the NBM, no. 139 of 31.07.2008, Official Monitor of the Republic of Moldova no.171-173 of 12.09.2008).

Note: In the text of the Regulation and attachments the word “disposition” shall be replaced by the word “order”; the word “Loro” shall be replaced by the word “settlement”; the collocation “Processing Centre of Information Technologies and Data Processing Department” shall be replaced by the collocation “Payments System Department”; the abbreviations “PC of ITDPD” with the abbreviation “PSD” pursuant to NBM Decision no.86 of 06.04.2006, in force on 21.04.2006

Note: In the text the abbreviation “Art.” shall be replaced with the word ”Chapter”; the numbering of structure points of the regulation shall be performed successively pursuant to NBM Decision no.356 of 01.12.2005, in force on 09.12.2005

Note: In the text of the Regulation the name of the department “Credits and Market Operations Department (CMOD)” shall be modified into “Market Operations Department (MOD)” pursuant to the NBM Decision no.26 of 05.02.2004, in force on 13.02.2004.

Chapter 1
General dispositions

1. The present Regulation shall determine the way of accepting overnight deposits in Moldovan lei by the National Bank of Moldova (hereinafter, NBM) from licensed banks (hereinafter “banks”).
(P.1 modified following the Decision of CA of NBM no.139 of 31.07.2008, in force on 12.09.2008)

2. NBM shall accept overnight deposits from banks pursuant to Article 45 of the Law on the National Bank of Moldova no.548-XIII of July 21, 1995, with a view of maintaining the money market conditions.

3. The overnight deposit is a standing facility provided by the National Bank of Moldova to banks consisting in unsolicited overnight placement of deposits at NBM.
(P.3 modified following the Decision of CA of NBM no.139 of 31.07.2008, in force on 12.09.2008)
(P.3 modified following the Decision of CA of NBM no.211 of 16.08.2007, in force on 01.10.2007)

4. Periods/days of overnight deposits non-acceptance may be determined by NBM depending on market conditions and in compliance with the monetary policy objectives.
(P.4 modified following the Decision of CA of NBM no.211 of 16.08.2007, in force on 01.10.2007)

5. The National Bank of Moldova shall periodically publish in mass media the information on overnight deposits accepted by NBM.
(Chapter 1 completed following the Decision of CA of NBM no.79 of 08.04.2004, in force on 16.04.2004)

Chapter 2
Conditions of overnight deposit use

6. The volume of overnight deposits accepted by NBM shall not be limited.

7. The overnight deposit is considered as 1-day deposit.

8. The notification on periods/days of overnight deposits non-acceptance by NBM shall be preliminarily carried out by the Market Operations Department (hereinafter, MOD), through a Communiqué (Attachment no.2 to this Regulation)delivered to banks until 16:00 on the day /on the first day of the period of non-acceptance of overnight deposits, using the “Interbank messages” system through the transportation component of the Automated Interbank Payments System (hereinafter, AIPS), and by placing a corresponding notification on the NBM website.
(P.8 modified following the Decision of CA of NBM no.211 of 16.08.2007, in force on 01.10.2007)
(P.8 modified following the Decision of CA of NBM no.303 of 16.11.2006, in force on 02.01.2007)
(P.8 modified following the Decision of CA of NBM no.86 of 06.04.2006, in force on 21.04.2006)

9. The bank can perform daily a single transaction of overnight deposit placement at NBM.

10. The interest rate on overnight deposits shall be established by the NBM Council of Administration, published in mass media and on the NBM website and shall be applied as of the date of the decision of the Council of Administration enforcement.

11. The interest rate on overnight deposits shall be communicated by MOD to banks, using the “Interbank messages” system through the transportation component of AIPS and to Budget, Finance and Accounting Department (BFAD), via e-mail, along with the modification.
(P.11 modified following the Decision of CA of NBM no.139 of 31.07.2008, in force on 12.09.2008)
(P.11 modified following the Decision of CA of NBM no.303 of 16.11.2006, in force on 02.01.2007)
(P.11 modified following the Decision of CA of NBM no.86 of 06.04.2006, in force on 21.04.2006)
(P.12 excluded following the Decision of CA of NBM no.303 of 16.11.2006, in force on 02.01.2007 (the following clauses were re-numbered))
(P.12 modified following the Decision of CA of NBM no.86 of 06.04.2006, in force on21.04.2006)

12. The date of overnight deposit placement is considered the date of the deposit amount entry into the bank’s overnight deposit account with NBM.

13. The date of overnight deposit maturity is the first operational day following the date of deposit placement.

14. The interest on the overnight deposit shall be calculated according to the formula of simple percent value based on the usage: 1 year = 365.

15. In case of overnight deposit placement on the operational day prior to free days or holidays, banks shall be paid the interest for the de facto term of the deposit placed with NBM.
(P.15 modified following the Decision of CA of NBM no.303 of 16.11.2006, in force on 02.01.2007)
(P.15(16) modified following the Decision of CA of NBM no.86 of 06.04.2006, in force on 21.04.2006)

16. The interest on the overnight deposit shall be calculated from the date of deposit amount entry into the overnight deposit account with NBM up to the date of the reimbursement of the amount from the overnight deposit account with NBM to the bank’s settlement account in AIPS (Loro account). The interest shall not be calculated for the day in which NBM transfers the deposit amount to the bank’s settlement account.
(P.16 modified following the Decision of CA of NBM no.303 of 16.11.2006, in force on 02.01.2007)

17. The interest for the deposit placed overnight shall be paid out by NBM at the maturity date.
(P.17 modified following the Decision of CA of NBM no.303 of 16.11.2006, in force on 02.01.2007)

18. The term of placed deposits shall not be extended.

19. The means by banks placed with NBM on overnight deposits accounts shall not be considered required reserves.

20. The information on overnight deposits placement, by each separate bank, shall constitute commercial secret.

21. The bookkeeping of overnight deposit operations shall be carried out in compliance with the Chart of accounts of NBM and the Chart of accounts of the bookkeeping of banks and other financial institutions of the Republic of Moldova.

22. The commission at the account opening and overnight deposit acceptance at NBM shall be equal to “zero”.

23. The conditions of overnight deposit facility specified in this Regulation along with the Contract on overnight deposit shall constitute contractual commitments for the deposit facility use.
(P.23 modified following the Decision of CA of NBM no.303 of 16.11.2006, in force on 02.01.2007)
(Chapter 2 modified following the Decision of CA of NBM no.218 of 02.09.2004, in force on 10.09.2004)
(Chapter 2 modified following the Decision of CA of NBM no.26 of 05.02.2004, in force on 13.02.2004)

Chapter 3
Participants to the overnight deposit facility

24. With a view of liquidity excess capitalization, the banks of the Republic of Moldova can constitute overnight deposits with NBM:
- upon conclusion with NBM of the contract on overnight deposit facility use;
- upon conclusion of the contract on participation in the automated interbank payments system.
(P.24 modified following the Decision of CA of NBM no.139 of 31.07.2008, in force on 12.09.2008)
(P.24 modified following the Decision of CA of NBM no.36 of 13.03.2008, in force on 25.04.2008)
(P.24 modified following the Decision of CA of NBM no.303 of 16.11.2006, in force on 02.01.2007)
(P. 24(25) modified following the Decision of CA of NBM no.356 of 01.12.2005, in force on 09.12.2005)

25. The list of banks admitted to the overnight deposit facility shall be concluded by MOD and shall be delivered along with the modification via e-mail and paper-based to PSD and BFAD before 16:00, as a basis for the overnight deposits acceptance from banks.
(P.25 modified following the Decision of CA of NBM no.36 of 13.03.2008, in force on 25.04.2008)
(P.25 (26) modified following the Decision of CA of NBM no.303 of 16.11.2006, in force on 02.01.2007)
(P. 25 modified following the Decision of CA of NBM no.356 of 01.12.2005, in force on 09.12.2005)
(P.25 modified following the Decision of CA of NBM no.36 of 13.03.2008, in force on 25.04.2008)
(Chapter 3 modified following the Decision of CA of NBM no.218 of 02.09.2004,in force on 10.09.2004)

Chapter 4
Overnight deposits acceptance

26. In order to obtain the right to overnight deposit facility, banks shall conclude a contract (Attachment no.1) with the National Bank of Moldova stipulating the conditions of the nominated facility use.

27. The contract on overnight deposit shall be concluded for an unlimited period of time.

28. The contract may be cancelled at any time upon the initiative of one of the parties, with prior notification of the other party, 3 working days prior to contract cancellation.

29. The contract on overnight deposit can be modified or completed through a mutual agreement between parties, taking into account the modifications to the Regulation.

30. The National Bank of Moldova shall notify the banks on the number of the balance sheet account opened for the placement of overnight deposit.
(P. 30 introduced following the Decision of CA of NBM no.303 of 16.11.2006, in force on 02.01.2007)
(Pts. 31-36 excluded following the Decision of CA of NBM no.303 of 16.11.2006, in force on 02.01.2007, the following clauses were re-numbered)
(Pts. 32, 33, 36 modified following the Decision of CA of NBM no.86 of 06.04.2006, in force on21.04.2006)

31. Banks shall, in order to place overnight deposits, perform the transfer of the overnight deposit value through the payment order, worked out as in accordance with the enforced normative acts, indicating under “Payment destination” column the text “Transfer for placement on the overnight deposit account with NBM”.
(P.31 modified following the Decision of CA of NBM no.139 of 31.07.2008, in force on 12.09.2008)
(P. 31 modified following the Decision of CA of NBM no.36 of 13.03.2008, in force on 25.04.2008)
(P. 31 modified following the Decision of CA of NBM no.211 of 16.08.2007, in force on 01.10.2007)
(P. 31 in the wording of the Decision of CA of NBM no.303 of 16.11.2006, in force on 02.01.2007)

32. Banks shall send the payment orders for overnight deposits placement during the AIPS operational day and NBM shall process these orders within the “Overnight operations” stage of the AIPS operational day Program.
(P. 32 in the wording of the Decision of CA of NBM no.303 of 16.11.2006, in force on 02.01.2007)
(P. 32 (38) in the wording of the Decision of CA of NBM no.86 of 06.04.2006, in force on 21.04.2006)

33. NBM shall register the financial means transferred on the basis of the payment order, on the overnight deposit account opened to a bank within NBM books.
(P. 33 in the wording of the Decision of CA of NBM no.303 of 16.11.2006, in force on 02.01.2007)
(P. 33 modified following the Decision of CA of NBM no. 86 of 06.04.2006, in force on 21.04.2006)

34. The amounts of the payment orders for overnight deposits placements, which include omissions and errors, as well as the payment orders sent by banks not complying with the requirements of this Regulation shall be entered in the balance sheet account for the bookkeeping of unclear amounts, and shall not be considered deposits placed overnight at NBM, the interest on these amounts shall not be paid and shall be returned to banks on the first operational day following the date of entering the means on this account.
(P.34 modified following the Decision of CA of NBM no.36 of 13.03.2008, in force on 25.04.2008)
(P. 34 modified following the Decision of CA of NBM no.303 of 16.11.2006, in force on 02.01.2007)
(P.34 (40) modified following the Decision of CA of NBM no.86 of 06.04.2006, in force on 21.04.2006)
(P.41 excluded following the Decision of CA of NBM no.303 of 16.11.2006, in force on 02.01.2007, the following clauses were re-numbered)

Chapter 5
Reimbursement of overnight deposit

35. NBM shall perform the reimbursement of the overnight deposit on the bank’s settlement account in AIPS (Loro account) at the beginning of the “Payments and clearing performance” stage of AIPS Operational day program, on the first operational day following the day of deposit placement.
(P. 35 in the wording of the Decision of CA of NBM no.303 of 16.11.2006, in force on 02.01.2007)
(P. 35 (42) in the wording of the Decision of CA of NBM no.86 of 06.04.2006, in force on 21.04.2006)

36. The interest on deposits placed overnight shall be calculated according to the rate of overnight deposit in force on the placement date and shall be paid through a separate payment order, on the deposit’s due date.
(P.36 modified following the Decision of CA of NBM no.303 of 16.11.2006, in force on 02.01.2007)

Chapter 6
Restrictions and penalties

(P.44 excluded following the Decision of CA of NBM no.86 of 06.04.2006, in force on 21.04.2006, (the following clauses were re-numbered)

37. In case the deposit placed overnight and the related interest were not transferred by NBM to the bank’s settlement account in AIPS (Loro account) on the first operational day following the deposit acceptance, NBM shall pay to the bank a penalty of 0,05% of the outstanding amount for each day of delay.
(P.37 modified following the Decision of CA of NBM no.303 of 16.11.2006, in force on 02.01.2007)
(P.37 (44) modified following the Decision of CA of NBM no.86 of 06.04.2006, in force on 21.04.2006)

38. The National Bank shall suspend the banks’ right to use the overnight deposit facility for a period of 30 calendar days from the date of determining the perpetration of the following infringements:
- failure to observe legal and /or contractual commitments within the NBM monetary policy operations (issuance of NBM Certificates, open market operations with state securities, overnight credits and deposits);
- admission of a deficit of required reserves in Moldovan lei on Loro account with NBM in an amount of over 5% of the established level or failure to comply with the required reserves level on Loro account in an amount of up to 5% during two consecutive maintenance periods;
- exceeding, by three working days, of the term established for supplementing the required reserves account in foreign currency or in national currency.
(P.38 introduced following the Decision of CA of NBM no.36 of 13.03.2008, in force on 25.04.2008)

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