Working meeting with representatives of commercial banks

27/12/2019

Working meeting with representatives of commercial banks was held at the Central Bank of Montenegro (CBCG) today to discuss the upcoming activities concerning the implementation of the independent asset quality assessment (AQR) of Montenegro’s banking sector.

In his opening remarks, Governor Žugić said that the CBCG had begun preparations for the implementation of the AQR, the most effective prudential instrument for assessing the banks’ assets quality. To this end, a tender was recently launched for the selection of a consultant to the CBCG responsible for implementing the AQR process in accordance with the ECB’s 2018 Manual. “To ensure the highest level of transparency and credibility of the process, strict criteria have been defined with a view to selecting and hiring a reputable international consultant”, pointed out Governor Žugić, and thanked the representatives of the banks for their interest in the quality implementation of this important project.

In the continuation of the meeting, they discussed specific activities planned for the coming year and the timeline for their implementation. The CBCG representatives answered questions from banks' representatives, in order to inform them timely and to prepare them as adequately as possible for upcoming activities.

Since this is an extremely demanding project in terms of financial and professional capacities, close coordination and cooperation between CBCG and banks was agreed, as well as exchange of experience between individual banks.