The savings at Banca de Economii (BEM) will be transferred to other commercial banks before BEM is stirpped of its license, according to the National Bank's (BNM) webpage. BNM writes that the forced liquidation of a bank is a complex process that takes several years. It begins with the withdrawal of the bank's license, when the liquidator takes over the bank's management, IPN reports.
A bank undergoing forced liquidation cannot engage in any banking activity except the recovery of assets, including loans, and the sale of assets, including mortgages. Using the funds thus recovered, the liquidator pays the bank's liabilities.
Since BEM was put under special management, the bank has been reimbursing the deposits of natural and juridical persons only via the emergency loans received from the National Bank. On August 12, 2015, BEM owed BNM 8,76 billion lei.
All depositors, except for persons affiliated with the bank, have unlimited access to their deposits and can withdraw the money and the accrued interest at any time, according to the contract signed with BEM. Deposits that are not withdrawn will be transferred to other banks before BEM's license is canceled.
The transfer of deposits to other banks means that all the money that an individual or a company holds in a BEM account will be transferred to another bank in their name, under the same terms as provided in the contract with BEM. According to current laws, the depositor's agreement isn't necessary for the transfer.
The plan is to transfer all BEM deposits from a branch or community to a single bank. Information regarding the transfer will be disseminated via mass media and the branch offices of BEM.
