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The Central Bank of Montenegro, in the last quarter of the regional IPA project “Programme for Strengthening the Central Bank Capacities in the Western Balkans with a view to the Integration to the European System of Central Banks”, (CBCG) has successfully carried out  two bilateral missions with experts from the Croatian National Bank (HNB) and the National Bank of Hungary (MNB) in the area of monetary statistics and the area of resolution of credit institutions.

Bilateral activities with the HNB were aimed at supporting the CBCG in setting up a financial accounts statistics, as one of the most complex statistics covering financial assets and liabilities in all economic industries over a specific period. In that sense, a unique model for developing financial accounts of all economic industries was set. Simultaneously, a separate work was done on developing a part of the financial sector’s financial account.

Bilateral cooperation on the recovery and resolution of credit institutions was conducted in cooperation with the National Bank of Hungary. It covered topics and issues on the EU regulatory framework regarding the credit institutions’ resolution and experience and practices applied during the implementation of the aforesaid regulation. The main topic for discussion was the Credit Institutions Recovery and Resolution Directive (BRRD) and the latest EU legal framework aimed at adequate BRRD implementation.

The CBCG representatives also learned about the work organisation, policies, procedures and plans in the area of credit institutions’ resolution in the MNB, which will further enhance the work of the CBCG Directorate for the Resolution of Credit Institutions following the best international practices in this field. Accordingly, in the coming period, the CBCG will continue to improve the efficiency of our operations and work toward the full harmonisation of Montenegrin legislation with the EU acquis in this area.