Here is the article rewritten in markdown format:

Financial Sector Stability Review of Moldova

Overview

The financial sector stability review of Moldova conducted by the International Monetary Fund (IMF) highlights various aspects of the country’s financial system. This report provides an overview of the key points discussed, including the structure of banks, foreign ownership, and macrofinancial vulnerabilities.

Banking Sector Structure

• The 11 largest banks hold over half of assets and deposits.
• The bottom four banks hold less than one-tenth in either category.

Foreign Bank Presence

• Foreign banks have a growing share of total bank assets:
  • Increased from just over one-quarter in 2009 to almost 90% by end-2020.

Savings and Credit Associations (SCAs)

• SCAs represent a small but rapidly expanding share of credit institutions.
• Category A SCAs grew to 5% of total assets.

Other Financial Corporations

• The sector is relatively small in Moldova.
• Most insurance companies are domestic, although two are part of Austrian groups.

Macrofinancial Vulnerabilities

Real-Financial Linkages

• Loan concentration and name concentration risk in commercial banks.
• Rising credit risk from overleveraged borrowers in the NBCO/SCA sector.

Fiscal-Financial Linkages

• Commercial banks hold significant amounts of government bonds, creating a strong sovereign-bank nexus.