FAQ

The request to obtain a certificate that your company is not blocked must be submitted in writing to the CBCG Archives (Bulevar Sveti Petar Cetinjskog No. 6) or sent by post or e-mailed to arhiva@cbcg.me.

The request should contain:

• Data about the applicant - name and surname of the person who submits the application, specifically, the authorised person who submits the request on behalf of the business entity to which the request refers;
• Data about the business entity to which the certificate refers - name and the registration number of the legal entity or personal identification number for entrepreneurs, and address (if the certificate is delivered by post);
• Subject and reason for submitting the request.

The request must be accompanied by proof of payment of the 5.00 Euros fee to the CBCG business account (907-92001-82), and the purpose of the payment – the certificate issuing fee¹.

The Directorate for Enforced Collection shall process the received request as soon as possible.

You can download the decision (i.e. the certificate) from the CBCG Archives or request delivery by post. If you request delivery by post, state the applicant’s exact and full address on the request. The CBCG shall bear the delivery costs.

If the company has a qualified digital certificate, it can submit the request electronically and download the certificate electronically, in person at the CBCG Archives, or by post. The User Manual showing the method of electronic access and use of the service for access to data from the Enforced Collection System and the Central Registry of Transaction Accounts can be

 downloaded here.

¹ The fee shall be paid in accordance with tariff paragraph 7.4 of the Decision on Determining Tariff for Calculating Fees Charged by the Central Bank of Montenegro Services are calculated.

Questions and answers regarding the manner of application of the Decision on interim measures to reduce the adverse effects of the impact of the new coronavirus outbreak on the financial system after the mitigating measures to protect the population against communicable diseases

What does a moratorium on loan repayment offered by banks enable?

The loan repayment moratorium enables any interested natural and legal person to delay their loan repayment for up to 90 days. Therefore, entities who accept the moratorium do not have an obligation to pay their loan obligations (principal, default interest, fees, etc.) for up to 90 days.

The moratorium is an opportunity for any natural and legal person affected by the current situation to delay the payment of their obligations temporarily, ease their financial situation, and avoid their debts becoming due.

Who is entitled to the moratorium?

Users of all bank loans types (cash, housing, loans to pensioners, consumer, investment, working capital loans, liquidity loans, credit products related to card usage, etc.), and users of financial leasing both recipients and loans granted by micro-lending financial institutions have the right to the moratorium. 

How do I exercise the right to the moratorium?

A loan beneficiary wishing to exercise the right to a moratorium does not need to visit the bank.

Citizens may submit a request to activate the moratorium either by phone, sending an email, or sending an application by registered post. The websites of each bank provide more detailed instructions about how to apply, including relevant contacts through which interested parties can exercise their right to apply.

The bank is obliged to ensure the execution of the moratorium within five working days of receipt of the request. The beneficiary also has to send the moratorium acceptance notice to their employer or any other person through whom the loan is repaid, in the same way as to the bank (by phone, email, or registered mail). During the moratorium, the employers and other persons through whom the loan is repaid have to suspend payments related to the loan repayment granted by the banks within five working days.

Even though the moratorium applies to all clients, clients with a relatively stable income not adversely affected by the crisis, can continue to repay their obligations without exercising the right to a moratorium.

What is the repayment model after the moratorium?

The contracted conditions for loan beneficiaries exercising the right to the moratorium will not change, while the repayment term will be extended for the same duration as the moratorium.

During the moratorium, the bank will calculate the regular contracted interest rate. When the moratorium ends, the calculated interest rate will be added to the main debt and distributed evenly over the remaining loan repayment period.

The loan beneficiary will continue to repay the loan after the expiry of the moratorium under the new repayment plan provided by the bank.

The bank shall not require or charge from the Borrower any administrative costs related to the moratorium, including any cost of any Collateral Agreement annexation.

Do bank customers have any other benefits during the interim measures?

The decision of the CBCG leaves clients affected by the impact of the coronavirus the opportunity to agree with the bank to restructure the loan, if they consider that such a solution is more acceptable. To assist the banks in the process, the CBCG decided to treat these loans as newly approved loans, thus removing the banks’ expenses on provisions.

Another measure by the CBCG facilitates the acquisition of additional financial resources for those loan beneficiaries affected by the current crisis. It provides an incentive to continue their operations. Specifically, through the granting of loans or otherwise, banks are allowed to increase their exposure to one person or a group of related parties beyond the statutory exposure limits (25% of the bank’s own funds), with the prior approval of the CBCG.

Damaged money in Euros (banknotes and or coins) or money in Euros that is unfit for future use can be exchanged by the Central Bank of Montenegro. The exchange is carried out, free of charge at our business premises in Novaka Miloševa Street bb in Podgorica.

The basic prerequisites for exchanging the euro banknotes is to present over 50% of the banknote in one piece or the complete banknote even if it is torn into a number of pieces, that it is authentic and that its origin is undisputed. If the above conditions are met, the Central Bank will immediately exchange the damaged money.

The formal identification of the person who brought in the money for exchange is carried out, and information about the person is registered as well as the serial numbers of the banknotes.

The Central Bank of Montenegro may exchange banknotes with a higher degree of damage (decomposed, soiled, stained, impregnated etc.) using a special procedure, in cooperation with the competent authorities in Montenegro or abroad.

The Central Bank of Montenegro will not exchange unfit Euro banknotes and coins in cases of deliberate damage, damage caused with dishonest intentions, or if there is a suspicion of the Euro banknotes and coins are in possession as the result of a criminal act, a significant loss of weight of coins and the like.

For more details please refer to the Decision on Authenticity and Fitness Checking and Recirculation of Euro Banknotes and Coins (OGM 35/11, 61/18).

In order to obtain this information you have to submit a written request (signed by the authorised person and sealed) to the CBCG Archives, either in person or by post, with the obligatory proof of payment of a 5 Euro fee to the business account of the CBCG (acc. no. 907-92001-82) in accordance with the tariff heading 7.4 of the Decision on Determining Tariffs for Calculating Fees Charged for the Central Bank of Montenegro Services.

If you own a qualified digital certificate for your company, you may submit/download your request form/data electronically. The User Guide on Accessing and Using the Service for Accessing Data from Enforced Collection and Central Register of Transaction Accounts Systems can be downloaded from the CBCG website. (link)

Pursuant to Article 65 of the Payment System Law, in the course of the procedures for enforced collection, the CBCG publishes the names of legal persons and/or entrepreneurs, their register/personal identification numbers, the amounts frozen, and the number of days of any uninterrupted account freeze.

This data is published on the CBCG website on a monthly basis, on the first business day of the following month, with the balance as at the last day of the previous month, in alphabetical order. (link)

Pursuant to Article 208 of the Law on Enforcement and Securing of Claims, upon request of judgement from either the debtor or creditor, the CBCG may issue the following certificates and overviews:

• a certificate that the company/entrepreneur does not have any recorded enforced collection grounds or orders;
• a certificate on the number of days the judgment debtor’s account has been blocked (as at the specific date or during the specific period); 
• a certificate on total outstanding liabilities to individual judgment creditors;
• an overview of the number of executed and partially executed enforced collection orders;
• an overview of the number of non-executed enforced collection orders;
• a certificate about the priority order of the claim.

The Consumer Protection Policy of the CBCG is aimed at improving the regulatory framework and ensuring an adequate level of protection of the rights of consumers’ (consumer loan users) through monitoring the compliance with applicable legislation and good business practices of creditors (banks and financial service providers) in their relations with customers.

To provide assistance to consumers in attaining their rights and interests, the CBCG has established a consumer protection institute through a separate organisational unit - the Financial Consumer Protection Service.

If you consider that the creditor has not complied with their obligations from the concluded signed contract or that any of your statutory rights have been violated, you may file a written complaint to the creditor’s organisational unit or body responsible for deciding about complaints filed by clients. The creditor is obliged to respond to the complaint immediately, and in more complex cases, within eight days of the date of the formal filing of the complaint.

If the creditor does not respond to the consumer’s complaint within the prescribed deadlines or rejects the complaint, the consumer may submit a request to the CBCG to conduct a supervisory procedure of the creditor and credit intermediaries.

The request to conduct a supervisory procedure should be submitted, in writing, to the following address:

Centralna banka Crne Gore

Bulevar Sv. Petra Cetinjskog 6

Podgorica