OREANDA-NEWS. December 01, 2011. The decision has been adopted by the National Bank’s Administrative Board in accordance to the Law about Financial Institutions. The decision is explained by the fact that since October, 2011, Universalbank managers face difficulties in observing prudential requirements of NBM related to the liquidity and the capita.

The difficulties are caused by mass withdrawal of bank deposits of affiliated persons, deterioration of portfolio credit quality and debate on the structure of bank’s shareholders. The direction of the bank, being under special supervision of NBM, undertook special measures on improving the bank’s financial condition.

Thus, since October, 1, 2011, the bank has met its current payment obligations and returned 56% of individuals’ deposits and 41% of legal entities’ deposits. At the same time, the bank’s assets have been reduced by 33%, credit portfolio has gone 24% down thanks to advanced repayments and loans sale. In accord with the Law about Financial Institutions, the national Bank has imposed 2 -month long moratorium on effecting demands of Universalbank’s creditors. The moratorium does not applied to individuals’ deposits under 25 thou. leis.

Other creditors’ demands will be met through measures undertaken by a special governor and funds received after the banks’ assets and liabilities optimization. Universalbank has been operating in Moldova since 1994. Since the end of 2008 it has been owned by Russian businessman Gherman Gorbuntov. Universalbank was attacked by raiders along side with other three banks in August, 2011.

The purchase of 78,6% of shares at the Moldova’s stock exchange was announced by MEP Group Limited. At the same time, authorities of Moldova attached this holding of shares and suspended all its securities operations.