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26/06/2019

In respect of various interpretations in the media related to the Central Bank of Montenegro and the alleged withholding of data on the supervision of banks and violation of transparency principles, we would like to emphasize that the CBCG operates exclusively in line with the law and we hereby issue the following Press release, aimed at providing correct information to the public:

Bank supervision reports contain data and information that, in line with the Banking Law, represent a banking, i.e. a business secret, thus are considered confidential. The Banking Law (Article 86) stipulates that the Central Bank shall not make this information available to third parties, except in cases prescribed by the law. Also, the Central Bank of Montenegro Law stipulates that confidential information and data may be disclosed to third parties outside the Central Bank provide that: the person to whom the information relates has given his/her explicit consent; it represents the provision of assistance to the competent authorities in their enforcement of the law and at a court’s order; they are submitted to the external auditor of the Central Bank; they are given to supervisory authorities of foreign banks and financial institutions and representatives of international financial institutions for the performance of their official duties; the interest of the Central Bank in court proceedings and contractual relations requires the disclosure of such information and data.

Given the above, the Central Bank declined the request of MANS to submit bank supervision reports, primarily because such action would be contrary to the law.

We would like to note that this issue has been addressed in the same or similar manner in the countries from the region and in Europe, to wit information and data on supervision of banks performed by the Central Bank are considered confidential, and as such are not to be disclosed to third parties. The primary purpose of such legal solutions is to maintain healthy competition in the banking market and, indirectly, to safeguard the stability of the overall financial system.