CBCG opens disaster recovery site
13/11/2019
The Governor of the Central Bank of Montenegro (CBCG), Mr. Radoje Žugić, together with the Mayor of Žabljak, Mr. Veselin Vukićević, and the representative of the Delegation of the European Union to Montenegro, Ms. Audrone Urbonaviciute, opened the disaster recovery site of the CBCG today. The disaster recovery site has been equipped with a view to maintaining the continuity of the CBCG’s business functions and to limiting potential losses in the case of contingency.
The disaster recovery site was equipped through the funds of the European Union grant, another form of support to the CBCG in its process of joining the European System of Central Banks (ESCB), i.e. meeting the necessary criteria from the negotiation chapter IX - Financial Services.
Governor Žugić thanked the Delegation of the European Union for the support and good coordination, reminding that this was the third EU support project to the CBCG, in addition to the Twinning Project on strengthening financial institutions and to equipping the server room at the primary CBCG site. In addition to the importance of a significant material support, Governor Žugić emphasized “the importance of European Union support in recognising the need to strengthen the financial system’s stability and to implement the highest EU standards.”
The representative of the EU Delegation, Audrone Urbonaviciute, expressed satisfaction with the successful completion of another European Union support project. She stated that the equipment would “help the CBCG build its institutional and operational framework in order to comply with the best European rules, standards and practice, especially in the area of operational risk management and business continuity planning, given that a reliable and functional Central Bank is the cornerstone of macroeconomic stability.”
The funds for the implementation of the project, totalling to 288,731.00 euros, were provided through the European Integration Facility programme, a part of the EU pre-accession assistance.