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24/01/2019

We hereby inform the public that on 24 January 2019, at a proposal of the Interim Administrator in Atlas banka AD Podgorica (Atlas bank), the Central Bank of Montenegro issued an order on extending the moratorium in this bank up to 90 days.

Pursuant to Article 125 of the Banking Law, liabilities referring to salaries and other personal income of Atlas bank creditors (salaries, pensions, social security benefits, and the like), life and health insurance claims and current expenditures necessary for Atlas bank’s regular functioning are excluded from the temporary suspension of payments of liabilities.

The Banking Law prescribes the possibility for extending a moratorium up to 90 days and considering the fact that none of the existing shareholders has subscribed or paid issued shares so far, the Interim Administrator has proposed the extension of moratorium up to the maximum period of 90 days during which time it is planned to complete the bank recapitalization in accordance with the law and potentially bring bank the bank under control of its shareholders. 

Taking into account that this implies this moratorium extension could be shorter than the indicated 90-day period, we hope that depositors and other creditors of Atlas bank will show understanding for the activities taken with a view to preserving the property of Atlas bank and protecting its depositors.