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02/12/2010

At the meeting held between the representatives of the Central Bank of Montenegro and the Investment-Development Fund of Montenegro, the Fund’s representatives, Mr. Dragan Lajović, President of the Managing Board and Mr. Predrag Poček, Executive Director, introduced the Governor of the Central Bank of Montenegro, Mr. Radoje Žugić, and his closest associates on the activities and the operations of the Fund. It was noted that, in the present work, the Fund was highly effective in development projects crediting in Montenegro, thus becoming an important entity at the financial market of Montenegro. In the coming short period, the Fund shall improve and expand its business activities by developing new products, whereby it was emphasised that the Central bank, with respect to its systemic role in maintaining safeness and soundness of the banking system, should be fully aware of all business indicators of the Fund, including the need of assessing the Fund’s total risk profile by the Central bank, taking into consideration the importance and influence of the Fund to the banking sector. To that wit, the representatives of the Fund and the Central Bank would make special Memorandum of Understanding which would define their rights and obligations stemming from the systemic position of these institutions, pursuant to legislation regulating the institutional position, organisation and operations of these institutions.