OREANDA-NEWS. February 06, 2013. The National Bank of Moldova repeatedly warned the Board of Banca de Economii and its then President Grigore Gacikevici about credit losses, calling on to improve the situation. On June, 23, 2011 NBM filed a detailed review to the Board of Banca de Economii, most members of which represented the Finance Ministry, to point out that the Bank had concealed the credit loses at a sum of 172 mln. leis, the statement of the National Bank of Moldova runs. In that revew NBM warned that other credits issued at a sum of 634 mln. leis might lead to additional looses of 159 mln. leis.

After that review the National bank warned members of Banca de Economii and its President Grigore Cacikevici. On November, 11, 2011 NBM introduced one more review to members of the Board of Banca de Economii (most of them were representatives of the Finance Ministry as well) to specify that the Bank had concealed credit losses at a sum of 289 mln. leis. Besides, NBM warned the Board of Banca de Economii of the latter regularly misinforming NBM about its financial situation and keeping closed the profile of risks and real quality of assets of the bank. After that review NBM issued a warning to members of the Board of Banca de Economii and its President Grigore Gacikevici. In both cases the Board of Banca de Economii was functional and able to give a prompt response to improve the situation, NBM states.

Besides, in line with Article 8.9 of the Regulations of Banca de Economii, shareholders at their general meeting could consider matters within the scope of other administrative bodies. The National Bank of Moldova specifies that the Board of Banca de Economii did not reacted to the warnings issued by NBM, shareholders of the Bank had to interfere to remedy the situation. The National Bank regrets some persons trying to impute failures of Banca de Economii Board and shareholders to other bodies.