The Deposit Guarantee Fund in the banking system guarantees deposits of resident and non-resident individuals in national and foreign currency held with banks on the terms and conditions established by the Law no. LP160/2023 of 22.06.2023 “On guaranteeing deposits of individuals in the banking system”.
Office address of the Fund: 180 Stefan cel Mare si Sfant AVE., of. 1312, MD-2004, Chisinau, Republic of Moldova.
Tel.: + (373 22) 29-60-51.
E-mail: info@fgdsb.md.
The Fund guarantees deposits in the form of any credit balance resulting from existing funds in the accounts of individuals or legal entities or from transitory situations created through banking operations, to be returned by the bank under applicable legal and contractual term and conditions, as well as any claim of an individual or a legal entity, represented by a debt security issued by this bank. Information on the types of guaranteed deposits (banking operations) can be found in the materials intended to inform the public about the services provided by the bank.
Credit balances that serve as a guarantee for operations made by the bank on behalf of the depositor are not considered deposits.
The following deposits are not guaranteed:
1. the own funds of the member institution held by it or the deposits of a legal entity controlled by that member institution;
2. deposits placed by other banks or other organisations licensed or authorised by the National Bank, the National Commission for Financial Markets or, in the case of foreign banks, by a foreign supervisory authority;
3. deposits of central or local public authorities;
4. deposits declared illegal by a court decision. The Fund suspends the payment of deposits to persons against whom an action has been brought before a court concerning the legality of the deposits in question until such time as the court judgment becomes final and irrevocable;
5. deposits originating from activities related to money laundering and terrorist financing, confirmed by a final and irrevocable court decision;
6. deposits whose holders have not been or cannot be identified at the date of unavailability of the deposits in question;
7. debt securities, issued by the member institution, and debts arising from own acceptances and promissory notes;
8. deposits or other instruments that count towards the member institution’s regulatory capital, as defined by applicable law.
The deposit guarantee ceiling (the maximum amount payable to a depositor) is MDL 100,000, regardless of the number and amount of deposits or the currency.
The amount of obligation of the Bank to the depositor is calculated by summing up all its deposits, including the interest due and unpaid as of the date of ascertaining the unavailability of the deposits.
If the Bank has a claim against the depositor, the amount of the obligation of the Bank to the depositor is reduced by the amount of its expired and unpaid obligation to the Bank.
In case of a joint deposit, each holder’s share, stipulated in the agreement, is taken into account when calculating the amount of the obligation of the Bank, depending on the guarantee ceiling provided for in point 3 hereof. In the absence of such a provision in the deposit agreement, the joint deposit is divided equally among the depositors.
The equivalent in MDL of foreign currency deposits is determined based on the official exchange rate of MDL against the respective foreign currency, as of the date of ascertaining the unavailability of the deposits.
Note: 1. Liquidator – a person appointed by the National Bank of Moldova, who has full and exclusive powers to run, manage and control the bank, in the process of liquidation of the bank due to its insolvency.
The Fund may enable (authorize) one or several banks to pay guaranteed deposits.
The payment of guaranteed deposits begins within 7 days at the latest from the date of receipt from the Liquidator of the List of Receivables on guaranteed deposits, according to Art. 20(1) of the Law. In exceptional circumstances and in special cases, subject to the consent of the Government, the Fund can extend that term by at most 30 days.
The Fund cannot invoke the mentioned time limits in order not to guarantee the deposit of a depositor that has not been able to request the guarantee in time.
Note: The Bank, in respect of which a compulsory liquidation process has been initiated, submits to the Fund the List of Receivables on guaranteed deposits, within 5 days from the date of unavailability of the deposits.
Deposit holders receive compensations. The compensation for deposits opened in favor of a minor is paid to his/her parents, adopters or guardians/curators.
The guaranteed deposits can also be paid to other persons, in accordance with the legislation of the Republic of Moldova (based on power of attorney, certificate of heirs, etc.).
If the amount of the obligation of the bank to the depositor is lower than the guarantee ceiling, the Fund will grant the depositor a compensation equal to the amount of the obligation of the bank.
If the amount of the obligation is higher than the guaranteed ceiling, the Fund will grant the depositor a compensation equal to the guarantee ceiling.
When deposits cannot be paid by a bank, i.e. cannot be recovered by a bank subject to insolvency proceedings, the Fund shall publicize in all territorial offices of that bank and in at least two central newspapers the information on the payment of deposits that cannot be paid by the bank, the period of payment, the name of the bank (as the case may be) authorized to make payments if necessary, the conditions and formalities for obtaining guaranteed deposits.