Information of the System of Deposit Guaranteeing

Dear Customers of Commercial Bank “COMERTBANK” Joint-Stock Company,

Commercial Bank “COMERTBANK” Joint-Stock Company, in accordance with the provisions of point 12 of the Order Regarding Information of Deponents about Deposit Storage by a Licensed Bank, approved by Decision of Deposit Guaranteeing Fund in the Bank System No 25/1 of the 25^th of March, 2005, and point 11 of the Order Regarding Information of Deponents by Commercial Bank “COMERTBANK” Joint-Stock Company about Guaranteeing Their Deposits, provides you with the following information regarding guaranteeing deposits in the bank system:

INFORMATION OF THE SYSTEM OF DEPOSIT GUARANTEEING

1. General Information of Deposit Guaranteeing

The Fund of Guaranteeing Deposits in the Bank System (hereinafter referred to as the Fund), according to the conditions and limits determined by Law no 575-XV of the 26^th of December, 2003, of Guaranteeing Deposits of Physical Persons in the Bank System (hereinafter referred to as the Law), guarantees deposits in national monetary units and foreign currency, deposited by resident and nonresident physical persons in licensed banks.  The location of the Fund is: 180, Stefan cel Mare si Sfint Blvd., Chisinau Municipality, MD -2004, Republic of Moldova.
Contact telephone number: + (373 22) 29 60 51 
E-mail:

2. Sorts of Guaranteed and Non-Guaranteed Deposits

The Fund guarantees deposits in the form of any credit balance referring to funds on accounts of physical persons or resulting from transit situations created by bank transactions according to the provisions of the current legislation or provisions of the contracts in force, as well as any indebtness to a physical person, validated as a promissory note of a corresponding bank.

A credit balance serving as a guarantee of transactions in force carried out on behalf of the deponent by the corresponding bank cannot serve as a deposit.

The following deposits are not guaranteed:

a)   deposits of the executives of the bank;
b)   deposits of physical persons, shareholders of the bank, holding at least five per cent of the capital of the bank;
c)   deposits of spouses and relatives of the first and the second relation degree of persons indicated in points a) and b); 
d)   deposits of third parties acting on behalf of persons indicated in points a) and b); 
e)   deposits of physical persons holding posts similar to those indicated in points a) and b) in affiliated enterprises or dependent companies;
f)   deposits of physical persons who have received privileged interest payments or other financial benefits under privileged conditions;
g)  deposits of physical persons in “Banca de Economii” Joint-Stosk company according to the state on the 2^nd of January, 1992 (both operating and re-registered for the 29^th of July, 1994), basing upon their balances according to the state on the 2^nd of January, 1992, which have already been guaranteed by the state according to the Law of Indexation  of Monetary Deposits of Citizens in the Savings Bank;
h)  promissory notes payable to bearer;
i)   deposits judicially declared illegal. The Fund suspends paying deposits to physical persons in respect of whom a suit of establishing legality of deposits has been filed, yet a decision has not come into legal force yet;
j)   all the instruments included in the notion of regulated capital of the bank.

The provisions of the present law are not applied to deposits of physical persons involved in entrepreneur activity.

3. Level of Guaranteeing of Deposits

The limit of guaranteeing deposits (the maximum sum paid to a single customer) amounts to 4500 Moldavian lei, regardless of the number and sum of deposits or their currency.

4. Methodology of Calculation of the Guaranteed Sum

The common sum of liabilities of the bank to a single deponent is calculated by means of summing up all his / her deposits, including due and unpaid interest, on the day of establishing the situation when the interest could not be paid by the bank.

In case if the bank possesses a promissory note of the deponent, the common sum of liabilities of the bank to the deponent in question lessens for the sum of the overdue and unpaid debt of the deponent to the bank in question. The Fund carries out the payment of the guaranteed deposit in case if mutual calculation of the deposit in question and the debt to the bank is considered unnecessary by the executive in charge of the procedure of insolvency, taking into consideration the advantages which may result from the sale of the debt in question at its market price.

In case of joint deposit the share of each owner of the deposit stipulated in the contract is figured out during the calculation of the common sum of the liabilities of the bank according to the limit of guaranteeing, indicated in Article 6. If the contract of deposit does not contain such provision, the joint deposit is divided into parts equal for each owner of the share.

Deposits in foreign currency are guaranteed by payment of their equivalent in Moldavian lei, calculated according to the official exchange rate of the Moldavian lei to the currency in question on the day of establishing the situation, when the interest could not be paid by the bank.

Note:
A joint deposit is a deposit created by two or more physical persons, or a deposit two or more physical persons may operate with on receipt of one or more physical persons who created the deposit.

5. Paying Indemnities

The Fund may empower one or several banks to carry out payments for guaranteed deposits in the way determined by them.

The indemnities are paid to the deponents during the term of no more than  3 months from the day when the information about guaranteed deposits was received. In case if the deposits cannot be paid by the bank, the executive in charge of the procedure of insolvency, in accordance with Law of Insolvency No 632-XV of the 14^th of November, 2001, passes the complete information of the deposits in question to the Fund in the way determined by it, in course of five days after the approval of demands. In case of presence of exceptional circumstances and in special cases the Government may grant an agreement for elongation of the term upon the solicitation of the Fund twice at the most, and for no more that three months each time.

The Fund cannot refer to the time limitations indicated while refusing to pay guaranteed deposits to persons, who failed to present their guarantee demands on time.

6. Recovery of Indemnities

Owners of deposits may receive indemnities. Indemnities for deposits open on behalf of a minor child are paid to his / her parents.

Payment for guaranteed deposits may be received by other beneficiaries, according to the legislation of the Republic of Moldova (on the basis of a power of attorney, etc.).

If the amount of the guaranteed deposit is less that the limit of guaranteeing of deposits, the fond pays the deponent the indemnity, equal to the sum of the deposit.

If the amount of the deposit exceeds the limit, the fund shall pay the indemnity at the rate of the guaranteed limit.

7. Informing Deponents

In case if deposits cannot be paid by the bank, in view of which legal proceedings of insolvency have been instituted, the Fund publishes the information of paying the indemnities, the period of time when they may be received, the name of the bank, and formalities necessary for receiving them, in all its territorial affiliations and at least two newspapers of national importance.