Moldova Financial Sector Assessment

Although Moldova has made some important advances since the 2008 FSAP update, risks to banking sector stability have become severe. There is an urgent need, therefore, to improve transparency and governance in the banking system. Although the banki...

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Main Author:	World Bank Group
Format:	Report
Language:	English en_US
Published:	World Bank, Washington, DC 2015
Subjects:	ACCOUNTABILITY ACCOUNTING ARBITRAGE ARBITRATION ASSET CLASSIFICATION ASSET QUALITY AUDIT COMMITTEES AUDITORS BAILOUT BALANCE SHEET BALANCE SHEET GROWTH BANK ASSETS BANK BALANCE SHEETS BANK DEPOSITS BANK LENDERS BANK LIQUIDATION BANK LIQUIDITY BANK LOANS BANK PORTFOLIOS BANKING CRISIS BANKING REGULATION BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BOOK ENTRY BOOK ENTRY SYSTEM BOOK-ENTRY BORROWER BROAD MONEY CAPACITY BUILDING CAPACITY CONSTRAINTS CAPITAL ADEQUACY CAPITAL FORMATION CAPITAL MARKET CAPITAL MARKET LAW CAPITAL MARKETS CAPITAL REQUIREMENTS CENTRAL BANK CENTRAL DEPOSITORY CENTRAL SECURITIES DEPOSITORY COLLATERAL COLLECTIVE ACTION COMMERCIAL BANK COMMERCIAL BANKS CONFLICT OF INTEREST CONNECTED LENDING CONSOLIDATION CONSUMER PRICE INDEX CONSUMER PROTECTION CONTINGENCY PLANNING CORPORATE SECURITIES CREDIBILITY CREDIT ASSOCIATIONS CREDIT EXPANSION CREDIT HISTORY CREDIT PRACTICES CREDIT REPORTING CREDIT RISK CREDITOR CREDITOR RIGHTS CREDITORS CREDITWORTHINESS DEBT SERVICE DEBTORS DEPOSIT DEPOSIT INSURANCE DEPOSITOR DEPOSITORS DEPOSITS DOMESTIC BANKS ECONOMIC DEVELOPMENT EMERGING MARKET ENFORCEMENT MECHANISMS EQUITIES EQUITY HOLDINGS EQUITY RETURN EXCHANGE RATE EXTERNAL DEBT FINANCIAL COLLATERAL FINANCIAL CRISIS FINANCIAL DISTRESS FINANCIAL FLOWS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTOR DEVELOPMENT FINANCIAL STABILITY FINANCIAL STATEMENTS FINANCIAL STRENGTH FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FLOATING RATE FORECLOSURE FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FRAUD FRAUD RISKS GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROSS SETTLEMENT SYSTEM GUARANTEE FUND INFLATION INSOLVENCY REGIME INSTITUTIONAL ARCHITECTURE INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE MARKET INSURANCE PREMIUMS INTEREST RATE INTERNAL AUDIT INTERNATIONAL STANDARDS JOINT STOCK COMPANIES JOINT STOCK COMPANY JUDICIAL INDEPENDENCE JUDICIAL SYSTEM LACK OF TRANSPARENCY LAWS LEGAL AUTHORITY LEGAL FRAMEWORK LEGAL PROTECTION LEGAL PROVISIONS LEGAL REFORMS LEGAL SYSTEM LEGISLATION LENDERS LIABILITY LIFE INSURANCE LIQUID ASSETS LIQUIDATION LIQUIDITY LIQUIDITY POSITIONS LIQUIDITY RATIO LIQUIDITY RISK MACROECONOMIC CONDITIONS MACROECONOMIC POLICIES MARKET CAPITALIZATION MARKET DISCIPLINE MARKET INFRASTRUCTURE MARKET PARTICIPANTS MARKET PLAYERS MARKET RISK MARKET STRUCTURE MAXIMUM MATURITY MICROFINANCE MICROFINANCE INSTITUTIONS MINORITY SHAREHOLDERS MONETARY AUTHORITY MORTGAGE MOVABLE ASSETS NATIONAL BANK NATIONAL SAVING NATIONAL SECURITIES NEW ENTRANTS NON-PERFORMING LOANS NONBANK FINANCIAL INSTITUTIONS NONPERFORMING LOAN NONPERFORMING LOANS NPL OFFSHORE BANKS OWNERSHIP STRUCTURE OWNERSHIP STRUCTURES PAYMENT OF INTEREST PAYMENT SYSTEM PLEDGES POLICY RESPONSE PRIMARY DEALERS PRIVATE INVESTMENT PRIVATE REGISTRIES PROFITABILITY PRUDENTIAL REGULATIONS PRUDENTIAL REQUIREMENTS REAL PROPERTY REGISTRATION SYSTEM REGISTRY SYSTEM REGULATORY AUTHORITIES REGULATORY STANDARDS REMITTANCES REPAYMENT RESERVE RETURN RETURN ON ASSETS RISK CONTROL RISK FACTOR RISK MANAGEMENT RISK MANAGEMENT SYSTEMS RULE OF LAW SAFETY NET SAFETY NETS SAVINGS SECONDARY MARKET SECURITIES SECURITIES REGISTRATION SECURITIES TRANSACTIONS SECURITY INTERESTS SETTLEMENT SETTLEMENT RISKS SETTLEMENT SYSTEMS SHAREHOLDER SHAREHOLDERS SOLVENCY STOCK EXCHANGE SUPERVISORY AUTHORITIES SUPERVISORY POWERS SYSTEMIC RISK TAX TERM DEPOSIT TERRORISM TRADE CREDITS TRADING TRANSACTION TRANSPARENCY TREASURY TURNOVER UNSECURED CREDIT UNSECURED CREDITORS UNSECURED LOANS WARRANTS WITHDRAWAL
Online Access:	http://documents.worldbank.org/curated/en/2015/10/24045167/moldova-financial-sector-assessment http://hdl.handle.net/10986/22912

id	okr-10986-22912
recordtype	oai_dc
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACCOUNTABILITY ACCOUNTING ARBITRAGE ARBITRATION ASSET CLASSIFICATION ASSET QUALITY AUDIT COMMITTEES AUDITORS BAILOUT BALANCE SHEET BALANCE SHEET GROWTH BANK ASSETS BANK BALANCE SHEETS BANK DEPOSITS BANK LENDERS BANK LIQUIDATION BANK LIQUIDITY BANK LOANS BANK PORTFOLIOS BANKING CRISIS BANKING REGULATION BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BOOK ENTRY BOOK ENTRY SYSTEM BOOK-ENTRY BORROWER BROAD MONEY CAPACITY BUILDING CAPACITY CONSTRAINTS CAPITAL ADEQUACY CAPITAL FORMATION CAPITAL MARKET CAPITAL MARKET LAW CAPITAL MARKETS CAPITAL REQUIREMENTS CENTRAL BANK CENTRAL DEPOSITORY CENTRAL SECURITIES DEPOSITORY COLLATERAL COLLECTIVE ACTION COMMERCIAL BANK COMMERCIAL BANKS CONFLICT OF INTEREST CONNECTED LENDING CONSOLIDATION CONSUMER PRICE INDEX CONSUMER PROTECTION CONTINGENCY PLANNING CORPORATE SECURITIES CREDIBILITY CREDIT ASSOCIATIONS CREDIT EXPANSION CREDIT HISTORY CREDIT PRACTICES CREDIT REPORTING CREDIT RISK CREDITOR CREDITOR RIGHTS CREDITORS CREDITWORTHINESS DEBT SERVICE DEBTORS DEPOSIT DEPOSIT INSURANCE DEPOSITOR DEPOSITORS DEPOSITS DOMESTIC BANKS ECONOMIC DEVELOPMENT EMERGING MARKET ENFORCEMENT MECHANISMS EQUITIES EQUITY HOLDINGS EQUITY RETURN EXCHANGE RATE EXTERNAL DEBT FINANCIAL COLLATERAL FINANCIAL CRISIS FINANCIAL DISTRESS FINANCIAL FLOWS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTOR DEVELOPMENT FINANCIAL STABILITY FINANCIAL STATEMENTS FINANCIAL STRENGTH FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FLOATING RATE FORECLOSURE FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FRAUD FRAUD RISKS GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROSS SETTLEMENT SYSTEM GUARANTEE FUND INFLATION INSOLVENCY REGIME INSTITUTIONAL ARCHITECTURE INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE MARKET INSURANCE PREMIUMS INTEREST RATE INTERNAL AUDIT INTERNATIONAL STANDARDS JOINT STOCK COMPANIES JOINT STOCK COMPANY JUDICIAL INDEPENDENCE JUDICIAL SYSTEM LACK OF TRANSPARENCY LAWS LEGAL AUTHORITY LEGAL FRAMEWORK LEGAL PROTECTION LEGAL PROVISIONS LEGAL REFORMS LEGAL SYSTEM LEGISLATION LENDERS LIABILITY LIFE INSURANCE LIQUID ASSETS LIQUIDATION LIQUIDITY LIQUIDITY POSITIONS LIQUIDITY RATIO LIQUIDITY RISK MACROECONOMIC CONDITIONS MACROECONOMIC POLICIES MARKET CAPITALIZATION MARKET DISCIPLINE MARKET INFRASTRUCTURE MARKET PARTICIPANTS MARKET PLAYERS MARKET RISK MARKET STRUCTURE MAXIMUM MATURITY MICROFINANCE MICROFINANCE INSTITUTIONS MINORITY SHAREHOLDERS MONETARY AUTHORITY MORTGAGE MOVABLE ASSETS NATIONAL BANK NATIONAL SAVING NATIONAL SECURITIES NEW ENTRANTS NON-PERFORMING LOANS NONBANK FINANCIAL INSTITUTIONS NONPERFORMING LOAN NONPERFORMING LOANS NPL OFFSHORE BANKS OWNERSHIP STRUCTURE OWNERSHIP STRUCTURES PAYMENT OF INTEREST PAYMENT SYSTEM PLEDGES POLICY RESPONSE PRIMARY DEALERS PRIVATE INVESTMENT PRIVATE REGISTRIES PROFITABILITY PRUDENTIAL REGULATIONS PRUDENTIAL REQUIREMENTS REAL PROPERTY REGISTRATION SYSTEM REGISTRY SYSTEM REGULATORY AUTHORITIES REGULATORY STANDARDS REMITTANCES REPAYMENT RESERVE RETURN RETURN ON ASSETS RISK CONTROL RISK FACTOR RISK MANAGEMENT RISK MANAGEMENT SYSTEMS RULE OF LAW SAFETY NET SAFETY NETS SAVINGS SECONDARY MARKET SECURITIES SECURITIES REGISTRATION SECURITIES TRANSACTIONS SECURITY INTERESTS SETTLEMENT SETTLEMENT RISKS SETTLEMENT SYSTEMS SHAREHOLDER SHAREHOLDERS SOLVENCY STOCK EXCHANGE SUPERVISORY AUTHORITIES SUPERVISORY POWERS SYSTEMIC RISK TAX TERM DEPOSIT TERRORISM TRADE CREDITS TRADING TRANSACTION TRANSPARENCY TREASURY TURNOVER UNSECURED CREDIT UNSECURED CREDITORS UNSECURED LOANS WARRANTS WITHDRAWAL
spellingShingle	ACCOUNTABILITY ACCOUNTING ARBITRAGE ARBITRATION ASSET CLASSIFICATION ASSET QUALITY AUDIT COMMITTEES AUDITORS BAILOUT BALANCE SHEET BALANCE SHEET GROWTH BANK ASSETS BANK BALANCE SHEETS BANK DEPOSITS BANK LENDERS BANK LIQUIDATION BANK LIQUIDITY BANK LOANS BANK PORTFOLIOS BANKING CRISIS BANKING REGULATION BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BOOK ENTRY BOOK ENTRY SYSTEM BOOK-ENTRY BORROWER BROAD MONEY CAPACITY BUILDING CAPACITY CONSTRAINTS CAPITAL ADEQUACY CAPITAL FORMATION CAPITAL MARKET CAPITAL MARKET LAW CAPITAL MARKETS CAPITAL REQUIREMENTS CENTRAL BANK CENTRAL DEPOSITORY CENTRAL SECURITIES DEPOSITORY COLLATERAL COLLECTIVE ACTION COMMERCIAL BANK COMMERCIAL BANKS CONFLICT OF INTEREST CONNECTED LENDING CONSOLIDATION CONSUMER PRICE INDEX CONSUMER PROTECTION CONTINGENCY PLANNING CORPORATE SECURITIES CREDIBILITY CREDIT ASSOCIATIONS CREDIT EXPANSION CREDIT HISTORY CREDIT PRACTICES CREDIT REPORTING CREDIT RISK CREDITOR CREDITOR RIGHTS CREDITORS CREDITWORTHINESS DEBT SERVICE DEBTORS DEPOSIT DEPOSIT INSURANCE DEPOSITOR DEPOSITORS DEPOSITS DOMESTIC BANKS ECONOMIC DEVELOPMENT EMERGING MARKET ENFORCEMENT MECHANISMS EQUITIES EQUITY HOLDINGS EQUITY RETURN EXCHANGE RATE EXTERNAL DEBT FINANCIAL COLLATERAL FINANCIAL CRISIS FINANCIAL DISTRESS FINANCIAL FLOWS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTOR DEVELOPMENT FINANCIAL STABILITY FINANCIAL STATEMENTS FINANCIAL STRENGTH FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FLOATING RATE FORECLOSURE FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FRAUD FRAUD RISKS GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROSS SETTLEMENT SYSTEM GUARANTEE FUND INFLATION INSOLVENCY REGIME INSTITUTIONAL ARCHITECTURE INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE MARKET INSURANCE PREMIUMS INTEREST RATE INTERNAL AUDIT INTERNATIONAL STANDARDS JOINT STOCK COMPANIES JOINT STOCK COMPANY JUDICIAL INDEPENDENCE JUDICIAL SYSTEM LACK OF TRANSPARENCY LAWS LEGAL AUTHORITY LEGAL FRAMEWORK LEGAL PROTECTION LEGAL PROVISIONS LEGAL REFORMS LEGAL SYSTEM LEGISLATION LENDERS LIABILITY LIFE INSURANCE LIQUID ASSETS LIQUIDATION LIQUIDITY LIQUIDITY POSITIONS LIQUIDITY RATIO LIQUIDITY RISK MACROECONOMIC CONDITIONS MACROECONOMIC POLICIES MARKET CAPITALIZATION MARKET DISCIPLINE MARKET INFRASTRUCTURE MARKET PARTICIPANTS MARKET PLAYERS MARKET RISK MARKET STRUCTURE MAXIMUM MATURITY MICROFINANCE MICROFINANCE INSTITUTIONS MINORITY SHAREHOLDERS MONETARY AUTHORITY MORTGAGE MOVABLE ASSETS NATIONAL BANK NATIONAL SAVING NATIONAL SECURITIES NEW ENTRANTS NON-PERFORMING LOANS NONBANK FINANCIAL INSTITUTIONS NONPERFORMING LOAN NONPERFORMING LOANS NPL OFFSHORE BANKS OWNERSHIP STRUCTURE OWNERSHIP STRUCTURES PAYMENT OF INTEREST PAYMENT SYSTEM PLEDGES POLICY RESPONSE PRIMARY DEALERS PRIVATE INVESTMENT PRIVATE REGISTRIES PROFITABILITY PRUDENTIAL REGULATIONS PRUDENTIAL REQUIREMENTS REAL PROPERTY REGISTRATION SYSTEM REGISTRY SYSTEM REGULATORY AUTHORITIES REGULATORY STANDARDS REMITTANCES REPAYMENT RESERVE RETURN RETURN ON ASSETS RISK CONTROL RISK FACTOR RISK MANAGEMENT RISK MANAGEMENT SYSTEMS RULE OF LAW SAFETY NET SAFETY NETS SAVINGS SECONDARY MARKET SECURITIES SECURITIES REGISTRATION SECURITIES TRANSACTIONS SECURITY INTERESTS SETTLEMENT SETTLEMENT RISKS SETTLEMENT SYSTEMS SHAREHOLDER SHAREHOLDERS SOLVENCY STOCK EXCHANGE SUPERVISORY AUTHORITIES SUPERVISORY POWERS SYSTEMIC RISK TAX TERM DEPOSIT TERRORISM TRADE CREDITS TRADING TRANSACTION TRANSPARENCY TREASURY TURNOVER UNSECURED CREDIT UNSECURED CREDITORS UNSECURED LOANS WARRANTS WITHDRAWAL World Bank Group Moldova Financial Sector Assessment
geographic_facet	Europe and Central Asia Moldova
description	Although Moldova has made some important advances since the 2008 FSAP update, risks to banking sector stability have become severe. There is an urgent need, therefore, to improve transparency and governance in the banking system. Although the banking sector appears to be well capitalized and liquid, important pockets of weakness remain and vulnerabilities may be masked by fraud or misreporting. The two securities settlement systems are in need of updating, though plans to take this reform forward are not finalized. Weaknesses in the insolvency and creditor or debtor regime create uncertainty and may deter some stakeholders from engaging in financial transactions. Especially in light of the weaknesses described above and recent geopolitical uncertainties, urgent action is needed to address these and mitigate the risks to which the financial system appears to be exposed.
format	Report
author	World Bank Group
author_facet	World Bank Group
author_sort	World Bank Group
title	Moldova Financial Sector Assessment
title_short	Moldova Financial Sector Assessment
title_full	Moldova Financial Sector Assessment
title_fullStr	Moldova Financial Sector Assessment
title_full_unstemmed	Moldova Financial Sector Assessment
title_sort	moldova financial sector assessment
publisher	World Bank, Washington, DC
publishDate	2015
url	http://documents.worldbank.org/curated/en/2015/10/24045167/moldova-financial-sector-assessment http://hdl.handle.net/10986/22912
_version_	1764452350315986944
spelling	okr-10986-229122021-04-23T14:04:11Z Moldova Financial Sector Assessment World Bank Group ACCOUNTABILITY ACCOUNTING ARBITRAGE ARBITRATION ASSET CLASSIFICATION ASSET QUALITY AUDIT COMMITTEES AUDITORS BAILOUT BALANCE SHEET BALANCE SHEET GROWTH BANK ASSETS BANK BALANCE SHEETS BANK DEPOSITS BANK LENDERS BANK LIQUIDATION BANK LIQUIDITY BANK LOANS BANK PORTFOLIOS BANKING CRISIS BANKING REGULATION BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BOOK ENTRY BOOK ENTRY SYSTEM BOOK-ENTRY BORROWER BROAD MONEY CAPACITY BUILDING CAPACITY CONSTRAINTS CAPITAL ADEQUACY CAPITAL FORMATION CAPITAL MARKET CAPITAL MARKET LAW CAPITAL MARKETS CAPITAL REQUIREMENTS CENTRAL BANK CENTRAL DEPOSITORY CENTRAL SECURITIES DEPOSITORY COLLATERAL COLLECTIVE ACTION COMMERCIAL BANK COMMERCIAL BANKS CONFLICT OF INTEREST CONNECTED LENDING CONSOLIDATION CONSUMER PRICE INDEX CONSUMER PROTECTION CONTINGENCY PLANNING CORPORATE SECURITIES CREDIBILITY CREDIT ASSOCIATIONS CREDIT EXPANSION CREDIT HISTORY CREDIT PRACTICES CREDIT REPORTING CREDIT RISK CREDITOR CREDITOR RIGHTS CREDITORS CREDITWORTHINESS DEBT SERVICE DEBTORS DEPOSIT DEPOSIT INSURANCE DEPOSITOR DEPOSITORS DEPOSITS DOMESTIC BANKS ECONOMIC DEVELOPMENT EMERGING MARKET ENFORCEMENT MECHANISMS EQUITIES EQUITY HOLDINGS EQUITY RETURN EXCHANGE RATE EXTERNAL DEBT FINANCIAL COLLATERAL FINANCIAL CRISIS FINANCIAL DISTRESS FINANCIAL FLOWS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTOR DEVELOPMENT FINANCIAL STABILITY FINANCIAL STATEMENTS FINANCIAL STRENGTH FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FLOATING RATE FORECLOSURE FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FRAUD FRAUD RISKS GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROSS SETTLEMENT SYSTEM GUARANTEE FUND INFLATION INSOLVENCY REGIME INSTITUTIONAL ARCHITECTURE INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE MARKET INSURANCE PREMIUMS INTEREST RATE INTERNAL AUDIT INTERNATIONAL STANDARDS JOINT STOCK COMPANIES JOINT STOCK COMPANY JUDICIAL INDEPENDENCE JUDICIAL SYSTEM LACK OF TRANSPARENCY LAWS LEGAL AUTHORITY LEGAL FRAMEWORK LEGAL PROTECTION LEGAL PROVISIONS LEGAL REFORMS LEGAL SYSTEM LEGISLATION LENDERS LIABILITY LIFE INSURANCE LIQUID ASSETS LIQUIDATION LIQUIDITY LIQUIDITY POSITIONS LIQUIDITY RATIO LIQUIDITY RISK MACROECONOMIC CONDITIONS MACROECONOMIC POLICIES MARKET CAPITALIZATION MARKET DISCIPLINE MARKET INFRASTRUCTURE MARKET PARTICIPANTS MARKET PLAYERS MARKET RISK MARKET STRUCTURE MAXIMUM MATURITY MICROFINANCE MICROFINANCE INSTITUTIONS MINORITY SHAREHOLDERS MONETARY AUTHORITY MORTGAGE MOVABLE ASSETS NATIONAL BANK NATIONAL SAVING NATIONAL SECURITIES NEW ENTRANTS NON-PERFORMING LOANS NONBANK FINANCIAL INSTITUTIONS NONPERFORMING LOAN NONPERFORMING LOANS NPL OFFSHORE BANKS OWNERSHIP STRUCTURE OWNERSHIP STRUCTURES PAYMENT OF INTEREST PAYMENT SYSTEM PLEDGES POLICY RESPONSE PRIMARY DEALERS PRIVATE INVESTMENT PRIVATE REGISTRIES PROFITABILITY PRUDENTIAL REGULATIONS PRUDENTIAL REQUIREMENTS REAL PROPERTY REGISTRATION SYSTEM REGISTRY SYSTEM REGULATORY AUTHORITIES REGULATORY STANDARDS REMITTANCES REPAYMENT RESERVE RETURN RETURN ON ASSETS RISK CONTROL RISK FACTOR RISK MANAGEMENT RISK MANAGEMENT SYSTEMS RULE OF LAW SAFETY NET SAFETY NETS SAVINGS SECONDARY MARKET SECURITIES SECURITIES REGISTRATION SECURITIES TRANSACTIONS SECURITY INTERESTS SETTLEMENT SETTLEMENT RISKS SETTLEMENT SYSTEMS SHAREHOLDER SHAREHOLDERS SOLVENCY STOCK EXCHANGE SUPERVISORY AUTHORITIES SUPERVISORY POWERS SYSTEMIC RISK TAX TERM DEPOSIT TERRORISM TRADE CREDITS TRADING TRANSACTION TRANSPARENCY TREASURY TURNOVER UNSECURED CREDIT UNSECURED CREDITORS UNSECURED LOANS WARRANTS WITHDRAWAL Although Moldova has made some important advances since the 2008 FSAP update, risks to banking sector stability have become severe. There is an urgent need, therefore, to improve transparency and governance in the banking system. Although the banking sector appears to be well capitalized and liquid, important pockets of weakness remain and vulnerabilities may be masked by fraud or misreporting. The two securities settlement systems are in need of updating, though plans to take this reform forward are not finalized. Weaknesses in the insolvency and creditor or debtor regime create uncertainty and may deter some stakeholders from engaging in financial transactions. Especially in light of the weaknesses described above and recent geopolitical uncertainties, urgent action is needed to address these and mitigate the risks to which the financial system appears to be exposed. 2015-11-06T16:43:22Z 2015-11-06T16:43:22Z 2014-12 Report http://documents.worldbank.org/curated/en/2015/10/24045167/moldova-financial-sector-assessment http://hdl.handle.net/10986/22912 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work :: Financial Sector Assessment Program Economic & Sector Work Europe and Central Asia Moldova

Moldova Financial Sector Assessment

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