CNPWorking groupsEconomic DevelopmentNewsNational Bank of Moldova revokes Universalbank's licence

National Bank of Moldova revokes Universalbank's licence

National Bank of Moldova revokes Universalbank's licence

universalbankOn February 15th, the management board of the National Bank of Moldova (BNM) revoked the licence of the commercial bank Universalbank and decided to start its liquidation, according to a press release of the BNM.

Universalbank "is not able to meet the requirements of the creditors, concerning the payment of the outstanding debts. The sum of the debts that could not be redeemed by 13 February stood at 17 523 508 lei," the BNM management board said. The BNM noted that an inter-banking loan of 11 821 200 lei fell in and could not be reimbursed by 15 February. Thus, Universalbank, which was under BNM's special surveillance, has had a bill of bankruptcy for a long time.

On 13 February, Universalbank reported a capital of 21 318 325 lei, thrice lower than the regulated capital. The bank infringed the legislation as on 13 February it failed to register a minimal level of capital of 150 million lei. As much as 78.61 per cent of the bank's capital is held by MEP GROUP Ltd, a resident of the off-shore zone, which runs counter to the provisions of Article 15 of the law on financial institutions.

The incapacity to improve the bank's financial situation in spite of the bailout measures, including the special surveillance and administration of the bank, prompted the BNM to revoke the licence of the bankrupt bank.