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Moldovan Banks Association
Annual Report
2008
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During 2008 Moldovan Banks Association (MBA), being the representative organization of the
Moldovan banking community has continued to exercise its statutory attributions by
participating in the promotion of the interests and objectives set by associate members. The
report contains four basic chapters that reflect the activities performed by MBA during year
2008, as follows:
I. Moldovan Banks Association activity organization;
II. Cooperation with central public authorities and the National Bank of Moldova with the aim to
improve the legislation in the banking industry;
III. Development of international collaboration relations in the banking sector;
IV. Training and enhancement of knowledge of banking staff.
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I. MOLDOVAN BANKS ASSOCIATION ACTIVITY ORGANIZATION
During 2008 Moldovan Banks Association has organized its activity in conformity with the MBA
Statute provisions for the achievement of its basic objectives. In this way, two General
Assemblies, five ordinary sessions of the Association and 23 sittings of Experts Commissions of
MBA were organized during the year. The activity of permanent MBA expert Commissions
regarding accounting standards, fiscal and settlement systems, regulatory framework, banking
cards, and the contribution of these Commissions to solving important issues that faces banking
community must be mentioned.
It should also be mentioned that Banks Association and commercial banks’ representatives have
participated in more than 20 work sessions and meetings with decisional bodies of the
Government of the Republic of Moldova, the National Bank of Moldova, the Ministry of Finance,
the Main State Tax Inspectorate, the Ministry of Economy and Trade, the Ministry of Justice, the
Center for Combating Economic Crimes and Corruption of the Republic of Moldova, the National
Commission of Financial Market, the Chamber of Commerce and Industry, etc.
In order to develop good collaboration relations with financial and international donating
institutions, Moldovan Banks Association has directly participated and organized meetings
between commercial banks’ representatives and International Monetary Fund, World Bank,
USAID.
It must be mentioned that MBA also collaborates with foreign banking associations, as well as
with European Banking Federation. Thus, starting with April 1st, 2008 Moldovan Banks
Association is Associate Member of the European Banking Federation. Also, Moldovan Banks
Association has become Member of the Coordinating Council of GUAM Banking Associations
founded on May 30, 2008 in Baku (Azerbaijan) to intensify the economic integration process of
GUAM member states.
At the same time, during 2008 Banks Association has performed a vast organizational work for
facilitating the organization of the VII national fair “Made in Moldova” and participation of
commercial banks at this exhibition.
Taking into account the necessity of creating a more transparent framework of Moldovan Banks
Association activity, a new web page of the Banks Association (www.abm.md) has been launched
on November 25th, 2008. The web page offers a wider spectrum of information to the society
regarding the activity and main objectives of MBA, and facilitates the access to information on
associate-members. At the same time, the structure and the content of information has been
reorganized on the web page, while the “News” section presents the latest information on MBA
sessions, Expert Commissions’ sessions, amendments to the legislative framework of the banking
industry, MBA press releases, etc.
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II. COOPERATION WITH CENTRAL PUBLIC AUTHORITIES AND THE NATIONAL BANK OF
MOLDOVA WITH THE AIM TO IMPROVE THE LEGISLATION IN THE BANKING INDUSTRY
With the view to exercise its statutory attributions and to continue following the implementation
of banking community proposals during 2008 Moldovan Banks Association has continued to
collaborate with the Parliament of the Republic of Moldova, the Government of the Republic of
Moldova, including ministries and competent departments, the National Bank of Moldova, etc.
The main problems, vital for the banking industry, which have been addressed are:
• primary document with special conditions for financial services,
• implementation of cash and control machines with fiscal memory equipped with GPRS
modem at the exchange offices, for transferring the information about exchange operations
to the Main State Tax Inspectorate (MSTI) informational system,
• creation of Automated Informational System for the exchange of information between
banking institutions and MSTI,
• restriction starting with January 1st 2009 of converting procedure for settlements related to
the operations in national currency performed via bankcards;
• wide implementation of POS terminals;
• creation of the National Net Settlement Service;
• access of financial institutions to some information from the MSTI database with the
procedure of consumer lending;
• improvement of the ordinance procedure used for cases regarding collection of financial
means or pledge claim;
• adjustment of provisions on the Law regarding protection of competition.
A great deal of these problems has been solved due to an intense and constructive collaboration
with the Ministry of Finance of the Republic of Moldova and the Main State Tax Inspectorate.
“The Extract from bank account - invoice” – a special regime source document – has been
established for all services rendered by financial institutions (in conformity with the Government
Decision no. 1185 dated 20.10.2008 regarding the amendments to Government Decision no. 294
dated 17.03.1998 “With regard to the execution of Republic of Moldova President’s Decree no.
406-II dated 23.12.1997”). It must be mentioned that the draft of the standard special regime
form for banking services and the instruction for filling in this form “The Extract from bank
account - invoice” have been directly elaborated by the Moldovan Banks Association, especially
by the expert Commission on accounting standards, fiscal and settlement issues. At the same
time, the standard form “The Extract from bank account - invoice” and the Instruction regarding
filling in “The Extract from bank account - invoice” have been approved, in accordance with the
Order no. 114/131 dated 25 December 2008 of the Ministry of Finance of the Republic of
Moldova and the National Statistics Bureau, and the term for coming into force is established
January 1st, 2009. In this way, according to the Ministry of Finance Order, the extract from the
bank account – invoice is a special regime source document and is being filled in for the services
rendered by financial institutions for which interest and commissions have been paid. At the
same time, according to the Government Decision no. 1185 dated 20.10.2008 it has been
established that the extract from the bank account – invoice can be issued at the end of the
reporting period containing all the information regarding banking services rendered to the client
cumulatively during this period, and is being printed mandatorily on special paper with at least
two protection signs. At present, the banks have conformed to the normative provisions and the
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first extracts from the bank account – invoice for January 2009 are to be issued to clients by the
end of February.
Another important problem for the banking community for year 2008, due to high costs and
unjustified expenses for the banks, has been to conform to the provisions of the article 6 of the
Government Decision no. 474 dated 28.04.1998 “Regarding implementing cash teller machines
with fiscal memory for performing cash settlements”, i.e. obligatorily implement cash and control
machines with fiscal memory equipped with GPRS modem at the exchange offices starting from
January 1st, 2009. After series of meetings and work sessions with MBA and the representatives
of the Ministry of Finance and the Main State Tax Inspectorate, including their top management,
during which the banking community required to examine and implement the alternative
solution to the one suggested by the MSTI, commercial banks got the right to use alternative
technologies to the cash teller machines with fiscal memory and GPRS connection for
transporting the data to MSTI regarding exchange cash operations (Government Decision no.
1120 dated 03.10.2008). This alternative solution offered by MBA is based on data transmission
from the automated banking system via TCP/IP protocol with application of software security and
non-disclaimer mechanisms. The main advantage of this solution is the reduced maintenance
costs for the banks, as they already have a data transportation network, as well as the possibility
of including new parameters in the transferred information and development. At the same time,
this solution harmonizes perfectly with the projects included in the national strategy electronicMoldova, promoted by MSTI, as well as the Automated Informational System of electronic
documents creation and circulation between the State Tax Inspectorate and financial institutions
and the Automated Information System Concept for the evidence of cash exchange operations by
creating a unique data portal.
Thus, the term for implementation of point 6 of the Government Decision no. 474 has been
postponed till May 1st, 2009, in accordance with the Government Decision no. 1482 dated 26
December 2008 regarding modification of Government Decision no. 474 as of 28 April 1998
“Regarding use of cash and control machines with fiscal memory for performing cash
settlements”. At present, the Ministry of Finance and MSTI examine the alternative solution
suggested by the MBA.
Also, another important problem for the banks is the rise of impediments due to the lack of
electronic exchange of information between the Tax Service and banking institutions. Taking into
consideration the importance and necessity to implement the electronic information system,
MBA has organized meetings and work-shops with representatives from MSTI. As a result, the
Main State Tax Inspectorate has elaborated the draft of the Regulation on the way of filling in,
keeping the records and circulation of the documents issued by the Tax Service for the execution
of provisions from article 229 (“Suspension of transactions in banking accounts”) and article 167
(“Obligations in case of opening, modification or closing of banking accounts”) from Chapter V
(five) of the Tax Code, which had been presented to the Moldovan Banks Association for
information and coordination. It must be mentioned that this Regulation aims to ensure
transparency of the link from issue till execution of orders regarding operation suspension on
banking accounts and accounts’ book-keeping certificates, due transmission of documents issued
by the tax body for execution by financial institutions. The Regulation draft has been approved by
the banking community with some changes and at present is lucrative.
At the same time, according to Order no. 388 dated 10.10.2008 of MSTI, in conformity with MBA
proposals, annex no. 1 “Disposition of operations suspension at the tax payer banking accounts”
to Order no. 65 dated 12.04.2006 of MSTI regarding execution of article 229 from Chapter V of
the Tax Code, has been changed.
Also, due to the electronic exchange of information between banks and the Main State Tax
Inspectorate, in order to execute the Government Decision no. 476 dated March 27, 2008
regarding some actions for realization of the National Strategy of edification of the information
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society – “electronic-Moldova”, the Main State Tax Inspectorate together with financial
institutions have elaborated the Draft of Automated Information System for Creation and
Circulation of Electronic Documents between The State Tax Service and Financial Institutions (AIS
CCED STS-FI), which was proposed for examination and notification to MBA.
At present, the Main State Tax Inspectorate is working actively to execute the Task Notebook
regarding implementation of Automated Information System for Creation and Circulation of
Electronic Documents between The State Tax Service and Financial Institutions, which is about to
be implemented in year 2009.
With regard to consumer lending, the Banks Association has addressed to the Main State Tax
Inspectorate, the National Chamber of Social Insurance, and the National Company of Medical
Insurance regarding the possibility of granting access to domestic banking institutions to certain
information from their databases for elucidating the authenticity and validity of salary certificates
presented by individuals when contracting a loan.
Launch of this action was necessary due to the Center for Combating Economic Crimes and
Corruption of the Republic of Moldova warning given to commercial banks regarding the fact that
loan applicants provide a lot of false salary certificates when borrowing from banking institutions.
Taking into account the Order of MSTI no. 676 dated 14.12.2007 issued on the basis of Tax Code
provisions, the contributors must present annually till January 30th of the next year “Information
notification on the salaries and other payments made by the employer in the benefit of
employees and the income tax retained from this payments”. The Main State Tax Inspectorate
suggested using this information under the following form: to organize a web service which
would provide Yes/No answers on the requests received from financial institutions with regard
whether a certain employee has/has not gain income from a particular employer. But this service
can be organized only under the context of adapting the Tax Code, which at present does not
grant the possibility for fiscal bodies to present to financial institutions information they have on
a certain contributor (article 131 point 5 from Tax Code).
At the same time, the National Chamber of Social Insurance suggested to banking institutions an
alternative to this problem, i.e. to add an extract from the account issued by the Local Chamber
of Social Insurance to the documents presented by individuals when demanding for a loan. It
must be mentioned that all these solutions ought to be developed during year 2009 in close
collaboration with mentioned institutions.
With regard to the MBA collaboration with government institutions it must be mentioned the
constructive dialogue with the Republic of Moldova Parliament, with the aim to solve an
important problem for the banking community i.e. promotion of the Law on changes in the line
15 of article 4 of the Law no.408-XV dated 26.07.2001 on applying the Chapter V of Tax Code,
which makes provisions for prohibiting the foreign currency converting procedure for
settlements performed via banking curds in national currency, including through POS-terminals
starting with January 1st, 2009.
After several working sessions of MBA with Government representatives and the Commission for
economic politics, budgeting and finance of the Republic of Moldova Parliament, the Law no.
289-XVI dated 19 December 2008 regarding modification of article 4 of the Law no.408-XV dated
26.07.2001 on applying the Chapter V of Tax Code, has included changes of lines 14 and 15 of
article 4 with regard to banking card operations and settlements through POS-terminals.
Thus, these changes will allow improvement of payment process through international banking
cards, by excluding settlements on banking cards operations on the territory of the Republic of
Moldova between national commercial banks via settlement systems from abroad. In this case,
the respective settlements between domestic banks will be performed in national currency,
within National Net Settlement Service, which will be created with the approval and support of
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international payment systems Visa and MasterCard, and the direct participation of commercial
banks and country’s decisional factors during year 2009.
It must be mentioned that during 2008 MBA has conducted a constructive dialogue with
international operators Visa and MasterCard with regard to urgent solving of the problem of
creating the National Net Settlement Service. Thus, termination of this issue by the banking
community is expected till December 31, 2009.
A special collaboration was marked with the Ministry of Justice for the improvement of ordinance
procedure with the aim to preserve the simple, fast and effective character of this special judicial
procedure and to eliminate legislative imperfections. In this scope, MBA proposed to the Ministry
of Justice a draft of a Law for the change and completing of Chapter XXXV from the Civil Code of
the Republic of Moldova and of the article 3 from Law on state tax. It must be mentioned that a
series of discussions have been initiated with regard to this issue with decisional factors within
the Ministry as well as a lot of working meetings have been organized. The forwarded project has
received the positive notification of the Ministry of Justice and at present is being expected for
approval by the Government of the Republic of Moldova.
Also, in 2008 the dialogue with the Center for Combating Economic Crimes and Corruption of the
Republic of Moldova and the National Bank of Moldova has continued. The aim is to implement
the new mechanism of realization of the Law no. 190-XVI dated 26.07.2007 regarding prevention
and combat of money laundry and terrorism financing. The representatives of commercial banks
and the Moldovan Banks Association have presented problems faced by the financial institutions
in order to implement the Law on prevention and combat of money laundry and terrorism
financing during the seminar “Efficient Implementation of Prudence (Caution) Requirements
regarding Clients” organized by the International Monetary Fund together with the National Bank
of Moldova and Council of Europe on July 24—25 2008 in Chisinau. Namely, the problems
discussed are as follows: troubles with transactions reporting; identification of persons politically
active; attribution of improper functions to commercial banks.
With regard to understating the great role of the loyal competition as an indispensable element
of market economy, a constructive dialogue with the National Agency for Protecting Competition
must be mentioned. Under this dialogue the issues faced by the banks for executing of Law
no.1103-XIV dated 30.06.2000 “Regarding protection of competition” provisions as well other
legislative provisions with direct impact on banking activity, were considered to be determined
and solved. During the workshops held in 2008 between MBA and managers of the National
Agency for Protecting Competition the following subjects have been discussed: information
presented by commercial banks to the National Agency for Protecting Competition regarding
interest rates and additional payments applied by the banks when granting loans to individuals
and legal entities; approval of new tariffs on services rendered to banks by the General
Department of State Security of the Ministry of Internal Affairs; and other subjects of high
interest for the banking community.
With regard to legislation implementation related to electronic documents and digital signature,
MBA and the National Bank of Moldova (NBM) have gathered in a work meeting for examining
the situation of the banking sector in the Republic of Moldova occurred due to the obligation to
conform to the Law no. 264-XV dated 15 July 2004 provisions with regard to the electronic
document and digital signature, the work with electronic documents and rendering bank services
based on usage of remote bank servicing systems.
Aiming to develop a wide usage of banking instruments and services (including guarantee and
subvention of banking loans) for financing the activity of economic agents from the real sector of
the national economy especially those from agro-industrial sector, the MBA and the Association
of manufacturers and exporters of fruits “Moldova Fruct” have organized a round table with the
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theme “Crediting and investment opportunities for the fruit-growing production of the agroalimentary sector”.
An important chapter in the activity of the Moldovan Banks Association in 2008 is the
collaboration with the National Bank of Moldova.
It must be mentioned that collaboration with the National Bank, which has gone essentially
deeper during the reporting year, had a constructive character, having a continuous access to
dialogue and common consulting regarding existing problems.
Thus, taking into consideration the events that took place in 2008, namely the global financial
crisis faced world economies and the challenges for the Moldovan economy in particular, both
within the meetings organized by the NBM and at the workshops held at the MBA with the
participation of NBM management, a wide range of problems from the banking sector and the
NBM monetary policy decisions’ impact have been debated. Under this context, one of the major
concerns of the banking community was the activity of banks under the conditions established by
the monetary policy of the National Bank of Moldova, which has been highly restrictive during
the first half of year 2008, especially by significantly increasing the base rate and the required
reserves ratio.
During the dialogue with the National Bank of Moldova and the officials of the International
Monetary Fund in Chisinau, the Banks Association has reiterated the position of the banking
community regarding the unfavorable effects these decisions will have upon the activity of the
banking system in particular and on the economy in general.
It must be mentioned that decisions approved by the National Bank in the second half of the
year, which have been directed to gradual liberalization of the monetary policy, have been
saluted by the banking community. Also, during the reporting year, the Moldovan Banks
Association has actively collaborated with the responsible members from the Departments and
Divisions of the National Bank in order to give suggestions related to the following normative acts
of the National Bank of Moldova:
• Regulation on Licensing of banks;
• Regulation on opening of branch offices by the banks;
• Regulation on past due credits;
• Recommendations on internal control systems within banks of the republic of Moldova;
• Regulation on transactions with banks’ affiliated persons;
• Regulation on requirements to bank’s administrators;
• Regulation on organization and functioning of exchange offices and exchange points in the
hotels’ nearby on the territory of the Republic of Moldova;
• Instruction on the way of reports’ presenting in electronic form by the banks to the NBM.
Finally, it must be mentioned the effort of the Association measured by the active participation in
the commissions and councils of experts of the ministries and resort bodies, where the Moldovan
Banks Association has permanent delegates (the Business Consultative Council of the special
parliamentary Commission for the regulatory reform, the Ministry of Finance of the Republic of
Moldova Consultative Council, the Experts’ Council of the National Commission of Financial
Market etc.)
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III. DEVELOPMENT OF INTERNATIONAL COLLABORATION RELATIONS IN THE BANKING SECTOR
During 2008 the Moldovan Banks Association has been directed to establish partnerships and
efficient and constructive collaboration world-wide with international financial organizations, as
well as with banking associations abroad. Under this context, we can mention meetings and
common sessions with World Bank, International Financial Corporation, United States Agency for
International Development (USAID), as well as International Monetary Fund. During these
workshops the following important banking subjects have been discussed:
• Current legal framework on mortgage crediting, as well as collaboration for training
commercial banks’ staff in mortgage lending procedures (USAID);
• Situation of the Moldovan banking industry under the context of National Bank of Moldova
monetary policy decisions (FMI);
• Promotion of law draft on credit bureaus and deficiencies’ elucidation (World Bank);
• Promotion of SPI Moldova platform project as a public-private partnership for
modernization of financial sector (World Bank).
It must be mentioned that during these conversations, the representatives of international
financial organizations still show openness to continue collaboration with Moldovan Banks
Association, as the representative body of Moldovan banking community, and to give support in
the process of improvement of existing legislative framework.
Aiming to maintain the international collaboration relations of Moldovan Banks Association, the
Banks Association has participated in:
• International Conference „The strategy of GUAM development”, that took place in Baku,
Azerbaijan;
• Annual Meeting of the European Banking Federation, which took place in Tirana, Albania.
A special attention regarding international collaboration relations of MBA is its participation in
the 26th annual meeting of associate members of European Banking Federation, which took
place in Tirana, Albania, during June 4-6, 2008. An important result achieved is that during this
meeting Moldovan Banks Association has been accepted de jure as an associate member of the
European Banking Federation.
For information: Starting with April 1st, 2008 Moldovan Banks Association is Associate Member
of the European Banking Association. Participation of Banks Association in this forum will allow
the Association to improve its activity principles and instruments for promoting associatedmember interests, as well as this will allow commercial banks to establish collaborating relations
with international financial institutions and banks from abroad.
During the annual convention of European Banks Federation, Moldovan Banks Association has
made a presentation which emphasized the main aspects of the social–economic development of
the Republic of Moldova and of the banking system. It must be mentioned the vivid reaction of all
participants at this convention, showing special interest towards the attractive environment for
foreign investors from banking industry, the normative and legal framework of the banking
sector, as well as Moldovan Banks Association areas of activity.
An important aspect of MBA participation in the EBF Annual Associates Meeting is initiation of
discussions regarding Moldovan Banks Association adhering to SPI program of banking sector
improvement launched in 2005 by World Bank and the Ministry of Economy and Finances from
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Italy. The main objective of this program is to facilitate and make efficient the dialogue between
public and private officials in financial sector modernization process.
Under this context the seminar “SPI Platform in Moldova” organized by MBA together with World
Bank on September 24, 2008 in Chisinau should be mentioned, where chief executive officers of
Moldovan commercial banks, representatives of the National Bank of Moldova, Ministry of
Economy and Trade and Ministry of Finance had participated.
An important aspect of international collaboration activity of Moldovan Banks Association
towards the west vector was MBA participation in the International Conference entitled “GUAM
development strategy” in Azerbaijan, 28-30 of May, 2008. During the Conference, the
Coordinating Council of GUAM Banking Associations had been constituted, and the first
constitutive meeting took place where the main activity directions of the Council had been
established.
Also, in the second semester of 2008 the Moldovan Banks Association, acting in the expert
commission for international collaboration, has studied and gave a positive notification on the
drafts of Coordinating Council of GUAM Banking Associations’ Plan of actions and the official web
page of the council, that had been elaborated by the Azerbaijan Banks Association.
It must be mentioned the fact that foundation of Coordinating Council of GUAM Banking
Associations can and must become an efficient instrument for the development of integration
processes of GUAM countries financial-banking sectors. Also, MBA has participated in the
organization of the “VIth Interbank Conference from Chisinau” by acknowledging banking
associations of CIS countries as well as Central and Eastern Europe countries and Moldovan Banks
Association has actively performed during this conference.
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IV. TRAININGS AND BANKING STAFF KNOWLEDGE ENHANCEMENT
Regarding training and banking staff knowledge enhancement, the Moldovan Banks Association
and the Financial-Banking Training and Consultancy Center “ABM Consulting” had a substantial
activity during 2008.
Financial-Banking Training and Consultancy Center “ABM Consulting” is an institution
subordinated to Moldovan Banks Association, created to sustain MBA efforts for development
and consolidation of banking market from the Republic of Moldova. Therein, ABM Consulting is
conceived as an institution which realizes three basic categories of activities:
• Organize and put in place seminars on financial-banking activity;
• Consult on issues related to financial-banking;
• Carry out studies and researches on financial-banking market of the Republic of Moldova.
Prevention and combat of money laundry and terrorism financing.
During its activity, FBTCC „ABM Consulting” has organized over one hundred seminars on
financial-banking, where over eight hundred employees from commercial banks and specialized
institutions had participated. In 2008 CFBTC „ABM Consulting” has put in place 19 seminars, with
340 participants:
No.
Seminar
Period
Participants
Banks
Notes
1.
Human Resources Management. Module I
January 23-24
14
8
ATTF Experts
2.
Accounting Policy Aspects for commercial
banks in 2008
March 21
16
15
NBM and Ministry of
Finance (MF) Experts
3.
Accounting Law: implementation
peculiarities in the banking system
March 28
19
14
MF Experts and an
independent expert
4.
Human Resources Management. Module II
April 9-10
18
13
ATTF Experts
5.
Some peculiarities of insuring protection
and security of banking institutions
April 25
24
16
Ministry of Internal
Affairs Experts
6.
Aspects on prevention and combat of
money laundry within financial institutions
May 16
28
15
NBM and CCECC
Experts
7.
Human Resources Management. Module III
June 18-19
13
10
ATTF Experts
8.
Assets and Liabilities Management
June 30 –July 2
18
12
ATTF Experts
9.
Adaptation of internal audit in banks to
international standards
August 20-21
16
12
Independent Expert
10.
Banking Cards. Individuals
September 18
20
-
Corporative Seminar
11.
Organization of micro-financing and microcrediting activity by commercial banks
September 23
22
12
EFSE Experts
12.
ACI Dealing Certificate
October 20-23
2
2
Experts (ATTF
Bucharest, Romania)
11
13.
Law on currency regulation: implementation
peculiarities by commercial banks
October 29
55
12
BNM Experts
14.
Banking Cards’ Frauds
November 13
26
15
VISA Experts
15.
Banking subsidiaries’ management and
marketing
November
14
5
ATTF Experts
16.
Program for Certifying Mortgage Lenders.
Module I
19-21
13
5
ATCI Partnership
17.
Money laundry prevention
November
4
3
ATTF Experts
(Luxembourg)
18.
International standards of financial
reporting: implementation peculiarities by
commercial banks
25-28
10
5
EFSE Partnership
19.
Program for Certifying Mortgage Lenders.
Module II
December
8
4
ATCI Partnership
PARTICIPANTS TOTAL
340
The seminars put in place by FBTCC „ABM Consulting” can be conventionally classified in four
categories of specialized seminars in financial-banking industry:
1. Open seminars organized together with foreign specialized institutions;
2. Open seminars organized with local Experts;
3. Corporative seminars;
4. International seminars.
Seminars organized in partnership with foreign specialized institutions. ABM Consulting training
activity would have a poorer image if there would be partnerships with specialized companies. At
present, ABM Consulting maintains partnership relations with the following institutions:
• Agence de Transfert de Technologie Financière (Agency for Transfer of Financial
Technologies) (ATTF);
• European Fund for Southeast Europe (EFSE);
• Access to Credit Initiative (ATCI/Moldova).
Out of the total number of seminars:
• 7 seminars have been put in place in the partnership with ATTF1 , out of which 2 have been
held abroad (Luxembourg and Bucharest);
• 2 seminars – in partnership with EFSE;
• 2 seminars – in partnership with ATCI/Moldova;
• 3 seminars – with National Bank of Moldova experts’ participation;
• 2 seminars – with Ministry of Finance experts’ participation;
• 2 seminars – with independent experts’ participation;
• 1 seminar – with VISA experts’ participation.
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Collaboration with ATTF and EFSE can be considered one of the main pillars in the training
activity carried out by ABM Consulting. The partnership with these prestigious institutions is
extremely important for ABM Consulting, because:
• Gives the possibility to organize some high-quality seminars in financial-banking sector, due
to the participation of international Experts;
• Gives the opportunity to insure an operative exchange of experience between banking
specialists from various countries;
• Insures implementation of experience and the best practices in this specific industry;
• Allows offering trainings to banking staff in up-to-date domains.
ATCI/Moldova is an USAID financed project, which carries out its activity in the Republic of
Moldova for about 3 (three) years (the project is about to be closed in the first semester of year
2009) and activates in crediting activity. Due to the support of ATCI/Moldova elaboration of a
complex training program “Program for Certifying Mortgage Lenders” has been achieved, which
aimed to instruct banking staff in mortgage lending sector. At the end of year 2008 together with
ATCI/Moldova a new Program for Certifying Mortgage Lenders has been initiated, with the
participation of staff from different financial institutions. Furthermore, ABM Consulting will
ensure a regularly rolling of this advanced training program of mortgage lending. The partnership
with ATCI is especially useful and favorable to ABM Consulting activity because:
• Diversifies subcategories of training activities and topical variety of the seminars put in
place;
• Establishes theoretic basics of an effective course for banking staff.
Seminars organized with the support of local Experts are targeted to studying some currently
pressing topics and refer to practical cases which affect directly the financial institutions activity.
At this category of seminars, independent Experts and collaborators of various specialized public
authorities are invited to be lecturers.
International Seminars have a special role for financial institutions’ staff. Trough these programs,
employees from financial institutions have the chance to participate in trainings from abroad and
get acquainted with European experience in financial matters.
Corporative Seminars are dedicated to a single financial institution and are adapted to its
particular requests. Corporative seminars are organized on the demand of any financial
institution that addresses to ABM Consulting. The topics of the seminars and the conditions
under which these corporative seminars are carried out are established under the negotiations
between the solicitor and ABM Consulting.
Round Tables. The activities carried out by ABM Consulting in 2008 were mainly concerning
seminars’ organization. At the same time, a series of round tables have been carried out with the
participation of financial institutions staff as well as representative persons of various public
authorities. Round tables represent a prerequisite to efficient collaboration between commercial
banks and public institutions and, equally, allow identifying some optimal solutions for
overcoming certain barriers on the financial market.
Complementary Activities During year 2008 ABM Consulting has participated in a range of public
events, like the following conferences:
• Regulatory frame regarding municipal bond borrowings;
• Mortgage Law implementation;
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• The financial economic situation of the Republic of Moldova;
• Securities market of the Republic of Moldova;
• The 6th Interbank Conference;
• Subprime Crises (ATCI/Moldova);
• Mortgage bonds (ATCI/Moldova);
• Real estate evaluation under the context of mortgage lending (ATCI/Moldova).
Participation to the above mentioned conferences mandatorily implied the fact that ABM
Consulting had to present a report, speech, or study upon the discussed matters. Thus, the
presence to such manifestations is a way of image promotion and creates prerequisites for the
development of commercial partnerships with other participants.
Achievements. The main achievements of ABM Consulting in year 2008 we can distinguish:
• Put into place 19 seminars and provide training to over 300 financial institutions employees;
• Creation of an internal organizational infrastructure (documentation evidence, internal
regulation acts, system of activity, etc.);
• Development of new cooperation partnerships in financial training;
• Development of a new personal program for mortgage lending trainings;
• Creation of a certification system of seminars’ participants and a Register of certificates
issued by ABM Consulting, that will ensure the proper evidence of all issued certificates;
• Participation to various public events and shortly presenting the studies and analyses made
by ABM Consulting;
• Development of new activity projects, which will be continued in 2009.
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