sergiu cioclea
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Sergiu
CIOCI-EA
Informatii
generale
:
a
a
Tripla cetatenie:
RM,
franceza,
romAna
42
ani
Peste
17
ani
de activitate
in
sectoru
I
financiar-bancar
Diplome
de
Master
si de
studii post-universitare
la
U
n iversitatea
Panth6on-Assas
din
Paris
Cvadrilingv:
romana,
engleza, franceza
si
rusa
Recomandari profesionale:
facques
de
LarosiEre
.
Fost
Director
Ceneral al FMI
.
Fost
Cuvernator
al Bancii
Frantei
.
Fost
Presedinte
al
BERD
.
Membru
al
asociatiei
Croup
of Thirty,
Washingon
fean
lemierre
.
Presedintele
bancii
BNP
PARIBAS
.
Fost
Presedinte
al BERD
Thierry
Olive
.
Seful
Departamentului
Clobal
Piete
de Actiuni,
BNP
PARIBAS
.
Fost
Sef al Diviziei
Europene
a Departamentului
Finante
Corporativg
BNP
PARIBAS
Herv6
Hasco6t
.
Seful
Diviziei
Fuziuni
&
Achizitii
in
Pietele
Emergente
-
Soci6t6
C6n6rale
.
Fost
Sef al Diviziei
Fuziuni
&
Achizitiiin
Pietele
Emergentg
BNP
PARIBAS
Olivier
de
Boysson
.
Economist-sef
responsabil
de
Pietele
Emergente
-
Soci6t6
G6n6rale
.
Fost
Sef
al Diviziei
de
Risc
de
Tara,
PARIBAS
BANCHER
INTERNATIONAL
SENIOR
Banca
de
afaceri
o
Management
I
Finante
corporative
r
Cercetari
economice
r
Europa
centrala
si
de
est
r
privatizari
r
I nstituti
i
fi
nanciar-bancare
Profil profesional:
'
Membru
al organelor
de
conducere
in
institutii
bancare cu experienta de
management,
supraveghere,
dezvoltare
comerciala
si gestionare
de
proiecte.
'
O
vasta exerienta
de lucru
si proiecte
realizate
in
sectorul
financiar-bancare.
r
Economist
specializat
pe Pietele
Emergente,
in
special
din Europa
centrala
si de
est,
Rusia,
CSI
si Turcia.
'
Expert
in fuziuni
si achizitii,
reorganizari,
gestionarea
si administrarea
activelor,
capital de
risc,
cercetari
economice
si piete
de
capital.
'
Membru
in
Consiliul
de experti
al Agentiei
Proprietatii
de
Stat
a Federatiei
Ruse
(Rosimuscestvo).
o
Realizari:
62
defuziuni-achizitiigestionate
si4
listari
la
bursa.
Valoarea
totala
a
tranzactiilor
incheiate
cu succes - peste
30 mlrd
dolari
SUA.
Experienta relevanta:
Management:
o
Membru
in Comitetul
Executiv
al
bancii
BNp
PARIBASZAo,
responsabil
printre
altele
de supravegherea:
o
gestiunii
cotidiene
a bancii;
o
strategiei de
afaceri,
politicii
de creditare
si limitelor
de
risc.
o
performantei
si
conditiilor
financiare
ale
bancii;
o
costurilor
si
politicilor
de finantare;
o
controlului
intern
si regulilor
de
conformitate;
o
aspectelor
juridice
si de
reglementare
bancara;
o resurselor
umane/
tehnologiilor
informationale
si operatiilor
bancare.
.
Membru in
Comitetul european
al
Departamentului de
Finante
Corporative,
responsabil printre
altele de:
o
fixarea
si realizarea
budgetuluianual;
o strategia
de afaceri si relatia
cu
principalii
clienti ai
bancii;
o indicatorii principali
de
performanta
(Kpl)
si
politica
de
remunerare;
o
resurse
umane
si
strategia
de
recrutare.
'
Seful Departamentului
Finante
corporative
pentru
Rusia
si fosta
URSS:
o gestiunea
cotidiana
a
departamentului;
o responsabil
de
executarea
budgetului
si
politica
comerciala;
o
recrutarea
salariatilor
si
alte responsabiliati
administartive.
Proiecte
in
sectorul
financiar-bancare:
o
Consilier
al
Bancii Moscovei
(Rusia)
pentru evaluarea sinergiilor
de
fuziune cu
o companie
de
asigurari
din
Moscova
(2010);
.
consilier
al
actionarului
majoritar
al ASIRoM
(Romania)
cu privire
la
vanzarea
pachetului
de actiuni
cbmpaniei
Vienna
Insurance
Croup
(ZOOZ);
'
Consilier
al grupului
BNP
PARIBAS
cu
privire
la
achizitia
bancii
Ukrsibbank
in
Ucraina
(finalizata),
bancii
Ruskii
standart
in
Rusia
(intrerupta)
si
evaluarea
achizitiifor potentiale
in Romania,
Polonia
si
Turcia
(2004-2007);
.
Consilier
al
actionarului
majoritar
al Mobiasbanca
(Moldova)
cu
privire
la
vanzarea
pachetului
de actiuni
grupului
francez
soci6t6
G6n6rale
(2005);
.
Consilier
al guvernului
serbiei
cu
privire
la privatizarea
unui
lot
de
3 banci
comerciale -
Continental Banka,
Novosadska
Banka
siJubanka
(2004).
Cercetari
economice:
.
Analiza economica
a27
de
state
din
Europa
centrala
si de
est
si
fosta
USSR.
r
ldentificarea
principalelor
riscuri
legate
de
datoria
publica,
solvabilitatea
statului, lichiditatea
valutara
si devaluarea
monedelor
nationale.
'
Analiza lichiditatilor,
stabilitatii
financiare
si rezistentei
sistemelor
bancare.
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Competente
profesionale:
.
Calitati de conducator
.
Talentorganizational
.
Managementul proiectelor
.
Planificareastrategica
.
Planificarea
budgetara
.
Comunincarea
in
medii
culturale diferite
.
Experienta
de afaceri cu
institutii le financiare
internationale
Cursuri specializate
an
domeniul financiar-bancar:
.
Analiza fluxurilor de
trezorerie
.
Analiza financiara
.
Conturi IFRS
.
Evaluareacompaniilor
.
Evaluarea
bancilor
.
Piete
de capital
.
Instrumente
derivate
.
Instrumente
de gestiune
actif-pasif
.
Instrumente
publice
cu
venit
fix
.
Arta
si
tactica
de
negociere
.
Arta
de
comunicare
Limbi:
.
Romana
(materna)
.
Franceza
(fluent)
.
Engleza
(fluent)
.
Rusa
(fluent)
.
Germana
(notiuni)
Cunostinte
informatice:
.
MS Office, Internet
.
Bloomberg
.
Datastream
Hobby-uri:
Lectura:
monografii
istorice,
memorii politice,
eseuri;
Muzica:
jazz-ul,
rock-u
l,
opera;
Sporturi practicate
: squash,
schi alpin.
Experienta
profesionala:
Director
Gerant, Seful
Departamentului
Finante
Corporative.
BNP PARIBAS ZAO,
Moscova. 2008-15
.
Membru
in
Comitetul
Executiv
al
bancii
BNP
PARIBAS
ZAO,
Rusia;
.
Membru
in
Comitetul
european
al
Departamentului
de
Finante
Corporative;
.
Responsabil
de
politica
comerciala
si executarea tranzactiilor de fuziune si
achizitie,
precum
si
a operatiilor
de
pe piata
de actiuni in Rusia si
CSI;
.
Exemple de
tranzactii:
o
Reorganizarea companiei
RusHydro
prin
fuziunea cu
filialele
ei,
o
Achizitia unui
pachet
de
actiuni
al
firmei
Saras
(ltalia)
de catre
compania
Rosneft,
o
Achizitia companiilor
Yamalsi
Sibneftegaz de catre
compania
Novatek,
o
Privatizarea
de
catre
Cuvernul
rus
a
pachetului
de
actiuni
PhosAgro,
o
Introducerea
in
bursa
a
UC
Rusalpe piata
de actiuni din
Hong
Kong.
Asociat, apoi Director Adjunct,
si
Director
al
Diviziei
pentru
Europa
centrala
si de
est.
Departamentul Finante
Corporative,
BNP PARIBAS. Paris.
2OOO-O7
o
Initierea si executarea
tranzactiilor
de
fuziune
si
achiziti
in
regiune;
.
Exemple de
tranzactii:
o
Privatizarea
companiilor si bancilor
de Stat din Romania, Bulgaria,
Slovacia,
Serbia, Lituania
si
alte tari
din
regiune.
o
Vanzarea
pachetului
de
actiuni
detinut
de
BERD la
firma
Sklo Zoria
(Ucraina)
o
Achizitia
Distrigaz Sud
(Romania)de
catre
grupul
Caz de France.
Analist
de
obligatiuni,
responsabil
de Europa
centrala si de
est,
Divizia
Piete
Emergente,
Departamentul
Burse
de
valori
cu
venit fix,
Londra.
1998
o
Analiza
piete
obligatiunilor suverane
si
pregatirea
materialelor
analitice.
Economist senior
responsabil
de Europa
centrala si de
est,
Rusia
si CSl,
Turcia,
Divizia
Risc
de
Tara. Departamentul
Cercetarilor
Economice,
Paris.
1997-99.
.
Analiza
riscului
de tara,
membru
statutar
in
Comitetul
de credite.
.
Publicatii in reviste economice.
Participare
la conferinte.
Studii:
Diploma
de
studii
post-universitare
in
Economie
Internationala
si
Dezvoltare,
Universitatea Panth6on-Assas din Paris
(Franta),
1995-1996
.
Diploma cu distinctie.
Sef
de promotie.
Diploma
de
Master
in
Economie,
specializarea Economie
lnternationala,
Universitatea
Panth6on-Assas
din Paris
(Franta),
1994-1995
Certificat
academic
pentru
anii
de
studi
l, ll
si
lll, Facultatea
Relatii
Economice Internationale, ASEM,
Chisinau,
1991-1994
Liceul
teoretic
romin-francez
Gheorghe
Asachi
din
Chisinau
(Moldova).
.
Medalie de argint. Sef de
promotie.
Publicatii:
.
Societatea
noastra a
sacrificat prioriatile
economice,
Platzforma, 20'l 5.
.
How to
increase
the
privatisation
efficiency?, Vestnik
Privatizacii, 2012.
.
Telecoms
privatisations
in
the
MENA,
IPR 2001-02,
Euromoney
.
Turkey:
in
search
of stability,
Conjoncture,
Dec.
1998
.
Poland:
ten
years
of
transition,
Conjoncture,
June
1
999
.
Exchange rate
policies
in
Eastern Europe,
Conjoncture, Nov.
1998
.
Stabilisation
in
Russia, Problbmes
Economiques.
No.2563,
1998
.
Russia:
stabilisation. Then
what?,
Conioncture,
Dec. 1997
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qryiq
qlqqEA
General
information:
o
a
Moldovan,
French and
Romanian
citizenship
42
years
old
More than 17 years
o(
banking
experience
Master and post-graduate
diplomas
in
International
Economics
from
University
of
Panth6on-Assas
in Paris
Fluent
in
Romanian,
English,
French, Russian
Executive endorsements:
facques
de Larosibre
.
Former
Managing
Director
of the IMF
.
Former
Covernor
of
Banque
de France
(central
bank)
.
Former President
of the
EBRD
.
Member
of
the
Croup
of
Thirty,
Washington
fean Lemierre
.
Chairman
of
BNP PARIBAS
.
Former
President
of the
EBRD
Thierry
Olive
.
Global
Head
of
Equity
Capital Markets,
BNP PARIBAS
.
Former
Head
of
Europe
with
Corporate
Finance,
BNP PARIBAS
Herv6
Hasco6t
.
Head
of
M&A
Emerging
Markets.
Soci6t6
C6n6rale
.
Former Head
of Corporate
Finance Emerging
Market,
BNP
PARIBAS
Olivier de Boysson
.
Chief Economist Emerging
Markets,
Soci6t6
G6n6rale
.
Former
Head
of Countrv
Risk
Division.
PARIBAS
INTERNATIONAL
SENIOR
BANKER
lnvestment Banking
r
Management
I
Corporate
Finance
r
Economic Research
r
Central
&
Eastern
Europe
r
Privatisations
r
Banking
&
Financial
lnstitutions
Professional
profile:
o
Senior
banking executive
with
proven
management
and supervision track
record,
business
development
and project
execution
skills.
.
Vast working experience and projects
in
the
banking &
financial
industry.
o
Economist, specialised
in
Emerging
Markets
with
a specific focus
on
Central
&
Eastern Europe,
Russia,
CIS
countries
and
Turkey.
.
Expert
in M&A,
privatisations,
reorganisations,
portfolio
management,
private
equity, economic analysis
and
capital markets.
.
Member
of
the
Expert
Council
of the
State Property Management
Agency
of
the Russian
Federation
(Rosimushchestvo).
.
Results: managed 62 M&A
and
4
ECM deals.
Successful
transactions
closed
with
a total
value above
USD30bn
Relevant
experience
Management:
.
Member
of
the Executive
Committee
of
BNP PARIBAS ZAO,
overseeing
inter alia:
o
Day-to-day management
of the
bank;
o Business strategy/
credit
policy
and risk limits;
o Bank
performance
and
financial
conditions;
o
Cost
of funding and funding
policy;
o
Internal
control
and
compliance
rules;
o Legal and regulatory concerns;
o
HR, lT and operations.
.
Member of the
European
Management Committee
of
the Corporate
Finance
Department, overseeing
inter
alia:
o Annual budgets and performance;
o
Business
strategy
and
key
client policy;
o
KPI
and compensation
policy;
o HR matters and recruitment
strategv.
o
Head of Corporate
Finance
Department
for
Russia
&
former
USSR
area:
o Day-to-day
management
of the department;
o
Responsible
for
budget
execution and
deals origination;
o Employee recruitment
and
administrative responsibilities.
Projects in
the
banking
&
financial
industry:
.
Advisor
to
Bank
of Moscow
(Russia)
on
potential
synergies
form the
merger
with
a
Moscow-based insurance
group
(2010);
.
Advisor to the majority shareholder
of
ASIROM
(Romania)
for
the successful
safe of
its
stake to
Vienna
Insurance
Croup
(2O07);
o
Advisor
to
BNP PARIBAS Group
for
the
acquisition
of
Ukrsibbank
in
Ukraine
(completed),
Russian
Standard
Bank in
Russia
(interrupted)
and
for
their bids for numerous banks
in
Romania,
Poland
and Turkey
(200a-2007);
.
Advisor to the
majority
shareholder
of Mobiasbanca
(Moldova)
for
the
successful
sale
of their
stake to
France's
Soci6t6 C6n6rale
(2005);
o
Advisor
for
the
government
of Serbia for
the
privatisation
of 3 commercial
banks Continental Banka, Novosadska
Banka
and
Jubanka
(2004).
Economic
research:
o
Economic analysis
ol27 countries
in
CEE and
former
USSR;
.
ldentifying
key
risks related
to
public
debt issues,
sovereign solvency,
forei gn
cu
rrency I iqu
id
ity,
cu rrency
deval u
ations;
.
Analysing
banking systems'
liquidity,
financial
stability
and
resilience.
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Professional
skills:
.
Leadership
qualities
.
Organisation
talent
.
Project
management
.
Strategic planning
.
Budget
and
forecasting
.
Cross-cultural
communication
.
Experience
in dealing
with
international
financial
institutions
Specialised
banking
training:
.
Cash-flow analysis
.
Financial
analysis
.
IFRS financial
statements
'
Companies
valuation
.
Banking
institutions
valuation
.
Capital
markets
.
Derivatives
.
Assets
&
liability
management
i
nstru ments
.
Fixed
income instruments
.
Negotiation
skills
and
tactics
.
Communication
skills
Languages:
.
Romanian
(mother
tongue)
.
French
(fluent)
.
English
(fluent)
.
Russian
(fluent)
.
Cerman
(notions)
Computer literate:
.
MS
Office,
Internet
.
Bloomberg
.
Datastream
Hobbies
and interests:
.
Reading: history
books,
political
memoirs,
essays;
.
Music:
jazz,
rock
and
opera;
.
Sport:
squash
and
Alpine
skiing.
Career summary:
Managing
Director,
Head
of
Corporate
Finance
Department.
BNP PARIBAS ZAO, Moscow. 2008-201
5
.
Member
of the
Management
Committee
of
BNP PARIBAS
ZAO,
Russia;
.
Member of the European Management
Committee
of Corporate Finance;
.
Origination
and
execution of
M&A
and
ECM
deals
in
Russia
and
CIS;
.
Selected
deals:
o
RusHydro's reorganisation
via
merger
with
subsidiaries (10bn),
o
Rosneft's its
acquisition
of a minority
stake
in
ltaly's
Saras,
o Novatek's acquisitions
of
Yamal
and Sibneftegaz,
o Privatisation by the Russian
Federation
of
its stake
in PhosAgro,
o
IPO
of UC Rusal
on the Hong
Kong
Stock
Exchange.
Associate,
Vice President
and
Director,
Central
& Eastern
Europe Division.
Corporate
Finance
Department, Paris.
2OOO-2OO7
.
Origination
and execution
of
M&A
and
ECM deals in
CEE
region;
.
Selected deals:
o
Privatisation of numerous
State-owned companies
and
banks
in
Romania, Bulgaria,
Slovakia,
Serbia, Lithuania,
etc.
o
Sale
of
the
EBRD's stake
in
Sk/o
Zoria in
Ukrainei,
o
Acquisition
of Distrigaz
Sud
in
Romania
by Caz de France.
Bond
analyst
in
charge of
CEE
and
Russia, Emerging
Market
Desk.
Fixed
lncome
Department,
london.
1998
o
Market
analysis and coverage
of sovereign issuers;
research
notes.
Senior economist
in
charge
of
CEE, Russia,
CIS and
Turkey,
Country
Risk
Division.
Economic
Research
Department,
Paris.
1997-1999.
o
Country
risk analysis,
statutory member
of
credit
committees.
.
Publication
of articles in economic
magazines
and press.
Conferences.
Education:
Post-graduate
(DEA)
studies in
International
Economics
and Development,
University of
Panth6on-Assas
in
Paris
(France),
1995-1996
r
Post-graduate
diploma
with
honours.
Top-ranked
student.
Master Degree
(Maitrise)
in
Economic
Sciences,
specialised
in International
Economics,
University of
Panth6on-Assas
in Paris
(France),
1994-1995
Three-year course
academic
certificate,
Academy
of
Economic
Studies,
Chisinau
(Moldova),
1
991
-1994
Higher
leaving
certificate,
Moldovan-French
High-School
named
after
Gheorghe Asachi,
Chisinau
(Moldova).
o
Silver-Medal
Honours. Top-ranked
student.
Selected publication and articles:
.
Societatea noastra
a sacrificat
prioriatile
economice, Platzforma,
201 5.
.
How
to increase
the
privatisation
efficiency?,
Vestnik
Privatizacii,2Ol2.
.
Telecoms
privatisations
in
the
MENA, IPR 2001-02,
Euromoney
.
Turkey: in
search of stability,
Conjoncture,
Dec.
1998
.
Poland: ten
years
of
transition,
Conjoncture,
June
1
999
.
Exchange
rate
policies
in
Eastern
Europe,
Conjoncture,
Nov.
1998
.
Stabilisation
in
Russia, Problbmes
Economiques.
No.2563, 1998
.
Russra:
stabilisation.
Then
what?,
Con
joncture,
Dec.
1997
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5/7
Sergiu
CIOCLEA
TETTER
OF
MOTIVATION
After mature reflection
and
with
a
great
sense of responsibility, I
am honoured
to submit my
application
for
the
position
of Governor of the National Bank
of
Moldova
(NBM)
in response
to the
public
call
for candidatures
launched
by the Parliament of Moldova on February L2,2016.
As
a senior
executive with
over
seventeen
years'
extensive experience in
various banking activities
across
Europe,
I
believe
I
have
the
right
set of
skills
and
qualifications
in
order to assume
such an
important
mandate
in
today's exigent
circumstances
:
Senior banking management
skills.
As Managing
Director
at BNP PARIBAS,
I held
various senior
business and management
positions
within
the
group.
The
most relevant
experience for
this application
is the
position
of Member of
the
Executive Committee
of BNP PARIBAS
ZAO
(a
fully-owned
subsidiary
of
BNP PARIBAS in
Russial
I
held
in
2008-2015.
At
the
time
whbn I
exercised these
duties, BNP
PARIBAS
ZAO
was
ranked
among Russia's
largest
Top
10
foreign-controlled
banks
with
more
than USD3bn assets.
My Executive
Committee responsibilities included
overseeing
the bank's day-to-day
managemenf
credit
policy
and risks, funding,
compliance and
other
operational matters.
This has
been
a
very
insightful
and
valuable experience for
me as
it
coincided
with
the 2008-2009
global
financial
crisis, which
affected
Russia
too
and sparked numerous
problems
with
regard
to
interbank
liquidity,
cost
of funding, deposits,
credit defaults,
loan
restructuring,
provisioning
and
consequent
business
strategy reorientation.
Besides, I also worked
during this
period
as
Head
of Corporate
Finance
Department
of
BNP
PARIBAS
ZAO
and Member of the European
Committee of the Corporate
Finance
Department
at
the
Group level.
In-depth
banking knowledge.
During my
professional
life
I worked
in
three
different
departments
-
Economic
Research,
Fixed Income and Corporate Finance
-
and had
very
close
interactions
with
virtually
all business lines
and functions in
a
bank.
Besides,
I led
successfully many
merger
&
acquisition
deals
involving
financial
institutions.
Such
projects
require
a very careful
analysis of banks' operations
and
business models,
present
and future
revenue
generation
sources, exhaustive
legal and financial
due
diligence,
quality
check of credit
portfolio
and
risk
provisioning,
with
the
ultimate
goal
of valuing banks'
equity and
share capital. For instance, I managed
the sale
of the
majority
stake
in Mobiasbancain2005,
which
contributed
to
attract Soci4td Gdndrale,
a
very
qualified
foreign
investor,
in
Moldova.
I run such
proiects
in many
other countries of
Central
& Eastern Europe
[CEE).
Working with
commercial banks
in
various
countries
is
of
particular
interest.
It
gave
me
the chance
to
compare
different banking
systems
in
the region and helped
me to understand
their
relative
strengths
and
soft
spots ,
Strong
economic expertise,
with
a
focus
on
Central & East European
region.
I started
my banking
career as
an
Economist
in
charge
of CEE
countries
with
one
of the
best economic research
centres
in
France
at the
time
-
BANQUE
PARIBAS'
Research
Department.
For
almost
four
years
I
performed
in-
depth analysis of macroeconomic
and
political
conditions
in
27 former
Communist-block
countries, with
a
specific focus
on
potential
country
risks and also banking
system
risks,
such
as
economic recession,
budget and external
deficits,
inflation
pressures
and currency
devaluations, public
and corporate
sector
debts,
solvenry issues, banking
systems'liquidity
and resilience.
As
a
result,
I
am very familiar with
the
types of macroeconomic
issues
the Republic of Moldova
is facing
now.
Such
a background would
be a
valuable
asset
for
the conduct
of
monetary
policy
and
banking
supervision
role.
Exposure
to Governments
and
International Financial
Institutors,
After
managing
more
than
twenty
privatisations
in the CEE
region,
I
am well accustomed
to
working
with
[and
resist
pressures
from)
various Government
officials, such
as
Ministers
of
Economy,
Ministers
of Finance, Heads
of
Treasury
Heads
of
Privatisation
Agencies and also Central
Bankers
who
exercised
shareholding
and/or
management
rights in the
companies and banks
put for
privatisation.
Besides,
privatisation
projects
implied
a close and confident
dialogue
with international
financial
institutions
flFIJ
and
multi-lateral
investors
such as the
IMF,
the
World
Banh
the
EBRD and
others.
The Governor
of
the
NBM
should
have
a
strong
personality,
accustomed to
deal
with
senior
government
officials and IFI
executives
-
qualities
that I believe I
possess.
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.
International
academic
and
professional
background. I
hold
a Master
and
a
Post-graduate
Diplomas
from
the
University
of
Panth6on-Assas in Paris
(ranked
by
SMBG No. 1
in
France for its
International
Economy
studies and Top 3
for Banking
&
FinanceJ.
I spent my
entire career
abroad, headquartered
in
Paris,
London and Moscow, working
for BNP
PARIBAS
-
the French
multinational
banking
group.
With
USD2.4 trillion of assets
as
of
fune
201 5,
BNP PARIBAS is
the biggest
bank in
the
Euro-zone
and
7th
largest in
the
world.
I
have
been
profoundly
marked
by Western European
corporate culture and
strict
business ethics. My
long professional
experience
in Western
Europe,
CEE
region
and
Russia
offers me an
extraordinary
professional
network
and also access to a
vast
knowledge
capital.
I decided
to submit the
present
application,
after long
consideration
of
the
challenges
that would inevitably face
the next
Governor of the NBM. The candidate selected by
you
will
have
an
obligation to
succeed
in
order to
address the country's
problems
and
meet very high
public's
expectations.
I
believe
I
have
the
necessary
banking
and economic knowledge
in
order to
swiftly
and comprehensively
assume
the
central banker
duties,
leveraging
on my management
skills,
international
experience and seniority.
My
goal
is
simple
-
to
do
this
job
well... in
order
to
help my
country
to
rise
above
present
difficulties
and
to
look
for
a brighter
future.
If I were
selected
and appointed by the
Parliament
as the
next
Governor
of
the
NBM,
I
would be truly honoured
to
put
my
qualifications,
determination and
my entire energy
at
the service
of
the central
bank mission. Although
it is not
appropriate to
formulate
concrete
policy
measures at
this itage, I
would
support,
based on
my
understanding
of the situation in Moldova, the following
general
orientations:
1l Continue consolidating
and
cleaning
up
the banking
sector.
The2074
massive
bank fraud revealed
the insufficiency of the
NBM supervision
framework
as well
as its ineffective
interaction
with
the
political
and
judicial
authorities. The new legislation
and regulation
initiatives
prepared
by
the
NBM
should
cope with such
deficiencies,
reinforcing
banks'
shareholding
and operational
transparency,
know-your-client
and anti-fraud rules, risk management
systems and
provisioning
requirements,
material
dealings authorisation
as
well
as
the
NBM's
prerogatives
and
tools
in
contingent situations,
Following the orderly liquidation
of Banca
de
Economii, Banca
Sociala
and,
Unibank,the
NBM
should
impose individual
remedy
plans
to the
three banks
placed
under its special
supervision, if
the diagnosis
reveals
irregularities,
but
also
maintain arms-length oversight
of
other
banks.
International
cooperation
should
be
reinforced
in order
to
strengthen anti-fraud
cross-border
controls
and intelligence
sharing.
2) Restore
public's
confidence.
Putting
the
banking
system
on
a
sounder basis
is undoubtedly necessary
but not
sufficient
in
order to restore the
public
confidence.
The
fraud investigation
must
continue until
full
completion
in
order
to
identify
all
responsible
parties,
fraud
schemes
and available means to recover
misappropriated
assets.
The
NBM should continue
providing
its
entire
assistance
to such investigation,
including
by
reviewing
its own functioning during the
said
period
with
the
assistance
of international
experts. Given
that credibility
is central banks'main, if not
the
only tool,
restoring public's
confidence
in
a timely
manner is of
paramount
importance.
3l
Resume
cooperation
with international
financial
institutions.
Dealing with
banking
problems
is one
of
pre-requisites
of the IMF and other
international
and
bilateral
donors
in
order to resume lending
and
cooperation programmes.
The Governor should
join
as
soon
as
possible
the official negotiation
team,
ensuring the
continuity
of the
NBM's mission and
accountability.
Striking
the
IMF deal without
delay
is
critical
for
the country's credit reputation and
should
give
a
fresh impetus
to
cooperation
with
IFIs and
private
creditors.
It
should also support
the
Government's
domestic
policy
efforts
with a
view
to
promote
structural reforms
and
restore
the
credibility
of
its
pro-European
agenda.
4)
Curb
price
inflation
and
exchange
rate
volatility.
The
NBM's
primary
objective
is
to maintain
price
stability. Moldova is
experiencing
today
a
notable
pick-up
in inflation
as a result,
to a
large extent, of
the
Moldovan currency
devaluation. Monetary
policy
tightening
helped
to
reduce
devaluation
pressures,
maintain
banking deposits in the national currency
and reduce
overall
liquidity
pressure,
but
increased
the cost of.credit for
the national economy and
Treasury.
The
disinflation
policy
should continue, while
seeking the exit from high-interest-rates
phase
through
skilful
exchange rate
policy
as
well
as
minimum
reserves and
capital requirements regulation.
In
a
period when Moldova
is facing
external
instability
sparked
by
Russian
and Ukrainian economic crises
as
well
as
increased
volatility
in
global
financial
markets,
the
banking system
has
to optimise its capital
and
liquidity
buffers.
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5l
Modernise
the banking
system
and
foster
its
global
integration.
The
NBM
has
already Iaunched
a
project
to harmonise the local legislation with
Basel III
standards
and EU
provisions,
with
the assistance
of central banks of Romania
[BNR]
and the
Netherlands
[DNB].
It is
an
important
step forward
towards
a
healthier
functioning
of the domestic
banking
system,
but also, ultimately, for
a
better
access
to
global
financial
markets. There is
a
general
contradiction
between
Moldova's very
open economy in terms of
foreign
trade and transfers and its
rather
autarkic
banking
and financial
sectors,
which
have limited
opening and access to
private
sources
ofliquidity
in financial
markets
abroad.
Global
integration
should
encourage,
as
a
corollary,
the
transfer to Moldova
ofthe international
code
ofgood
conduit fcorporate
governance,
transparency,
reporting
and
other
normsJ
that
would
ultimately be
imposed
onto
potential
Moldovan counterparts by
foreign
banks' credit committees,
rating
agencies, market regulators,
Eurobond
and
stocks holders.
The above
priorities
are undoubtedly high on
government
agenda
too.
The
monetary
and executive authorities
should
find
ground
for
a
sound
and
fruitful
cooperation,
but
always
with
strict
respect for
the NBM's
independence.
In an atmosphere of damaged confidence
vis-i-vis
public
institutions
and surrounding suspicion
of
conflict
of
interests,
the
central
banker
must demonstrate three
ls :
independence,
impartiality
and
integrity.
These
are essentials, if
not the
first
qualities
that
any candidate
for
the
post
of Governor
of the
NBM
must show.
In
support
of
my
professional
qualification
and reputation, I
am
pleased
to enclose letters of recommendation
provided
by top
international
bankers of
good
repute,
among whom
|acques
de Larosidre
{former
head
ofthe
IMF,
former governor of Banque de Frqnce and former president of
the
EBRD)
and
fean
Lemierre
fChairman
of
BNP PARIBAS
Group,
former
president
of the EBRD). I also testify th;t I
do not have interests in
the
Moldovan
banking
sector, neither activities in the country that
would induce
collusion of interests.
It would
be
a
great pleasure
to
present
my
professional qualifications
for
the
proposed
vacancy in
person
and
respond
to
questions
that members of the selection commission or
MPs may have in
relation to my
candidature.
Faithfully
yours,
Sergiu Cioclea