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01/12/2020

The Central Bank of Montenegro and Central Bank of Montenegro Council in permanent session are committed to the preparation and the passing of bylaws as the preconditions for implementing the Law on Credit Institutions and the Law on Resolution of Credit Institutions.

At the meetings held on 27 November and 1 December this year, the Central Bank of Montenegro Council considered and adopted 8 bylaws, i.e. decisions. The decisions include those on the management system in the credit institution, on detailed conditions and criteria for assessing the fitness of the governing body members and holders of key functions in the credit institution, on the detailed content of credit institution resolution plans and resolution plans for the group, on notifications related to the credit institution resolution, on detailed conditions under which a credit institution may defer payment of extraordinary contributions to the resolution fund, on the detailed content of the plan reorganisation of the credit institution's resolution operations and the manner of reporting on implementing the plan, the minimum list of services, space and equipment necessary for the efficient performance of operations transferred from credit institution to the recipient company during resolution, and on methodologies and criteria for determining the liabilities amount arising from derivatives.

To provide all the conditions for the application of the mentioned laws, it is planned that the CBCG Council adopts the remaining thirty decisions by the end of the year.