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Europe > Montenegro

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Cover Articles of Agreement
Articles of Agreement
International Monetary Fund

Abstract

Articles of Agreement

Keywords:
AA; Fund; agreement
Cover Articles of Agreement
Articles of Agreement
International Monetary Fund

Abstract

Articles of Agreement

Keywords:
AA; Fund; agreement
Cover Articles of Agreement
Articles of Agreement
International Monetary Fund

Abstract

Articles of Agreement

Keywords:
AA; Fund; agreement
Cover Convenio Constitutivo
Convenio Constitutivo
International Monetary Fund

Abstract

Convenio Constitutivo

Keywords:
AA; Fund; agreement
Cover IMF Staff Country Reports
Montenegro: Financial Sector Assessment Program-Banking Sector Stress Testing-Technical Note
International Monetary Fund. Monetary and Capital Markets Department
The main objective of this technical note is to assess bank’s balance sheet and profits, solvency stress test, and liquidity stress test. The financial system in Montenegro is dominated by the banking sector. By the end of 2014, 12 licensed banks operated in Montenegro, with total banking sector assets amounting to 3.1 billion euros or 88 percent of total financial system assets and 92 percent of GDP. The stress-testing exercise is aimed to test the banking system’s resilience to extreme but plausible shocks. The stress test is a tool to assess the vulnerabilities of the banking system that may expose it to risks.
Keywords:
ISCR; CR; bank; capital adequacy ratio; capital; loan; capital shortfall; parent bank funding; ratio projection; Montenegro bank; bank portfolio; a number of bank; bank failure; EU bank; exposure loss; percentage share; bank network analysis; return on assets; Commercial banks; Loans; Credit; Nonperforming loans; Stress testing; Global
Cover IMF Staff Country Reports
Montenegro: Financial Sector Assessment Program-Framework for NonPerforming Loans Workout and Insolvency and Creditor Rights-Technical Note
International Monetary Fund. Monetary and Capital Markets Department
This paper examines the current state of nonperforming loans (NPLs) in Montenegro, assesses the regulatory and supervisory framework as well as the insolvency and creditor rights regime, and makes recommendations for strengthening the framework. The paper evaluates the legal, regulatory, and supervisory regimes in four key areas: (1) creditor rights and enforcement systems (for secured and unsecured credit); (2) debt recovery and informal enterprise workout practices; (3) formal insolvency system (liquidation and reorganization proceedings); and (4) effectiveness of the relevant institutional, regulatory, and supervisory frameworks in implementing laws, regulations, and supervisory requirements in this area. The local and regional boom-bust cycle has left a legacy of high NPLs in Montenegro.
Keywords:
ISCR; CR; bank account; credit risk; management practice; mortgage registration procedure; coverage ratio; resolution strategy; enforcement procedure; NPL resolution; enterprise restructuring; resolution practice; promissory note; debtor's house exemption; management goal; NPL portfolio; Nonperforming loans; Mortgages; Loans; Collateral; Debt restructuring
Cover IMF Staff Country Reports
Montenegro: Financial Sector Assessment Program-Banking Supervision and Regulation-Technical Note
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses the current status of banking supervision and regulation in Montenegro in the context of select Basel Core Principles. It provides a brief overview of the financial system structure, bank system performance, and the framework for financial oversight. Laws, regulations, and supervision have improved significantly since the 2006 Financial Sector Assessment Program to align more closely with Basel and EU requirements. The banking sector dominates the financial system and accounts for about 90 percent of financial system assets, equivalent to about 93 percent of GDP as of June 2015. There are currently 14 banks operating in Montenegro, up from 11 in 2013.
Keywords:
ISCR; CR; central bank; CBM regulation; banking system; bank d; CBM supervisor; holding company; joint stock; liquidity contingency plans; risk management system; CBM state; CBM methodology; CBM analysis; CBM monitoring; CBM contingency plans; Operational risk; Credit risk; Bank risk management; Bank supervision; Stress testing; Eastern Europe; Southern Europe; Global
Cover IMF Staff Country Reports
Montenegro: Financial Sector Assessment Program-Financial Crisis Preparedness and Management-Technical Note
International Monetary Fund. Monetary and Capital Markets Department
This paper provides assessment of the crisis preparedness and management framework of Montenegro. The banking sector dominates the financial system and accounts for about 90 percent of financial system assets, equivalent to about 93 percent of GDP as of June 2015. In 2010 the Financial Stability Council (FSC) was established to maintain financial system stability and avoid financial distress. FSC members are the Central Bank of Montenegro (CBM) governor (chair), the minister of finance, the president of the Insurance Supervision Agency Council, and the Securities and Exchange Commission president. The CBM functions as the de facto resolution authority for banks.
Keywords:
ISCR; CR; CBM Law; bank bankruptcy law; CBM governor; CBM liquidity loan; resolution fund; CBM contingency plan; camel rating; liquidity contingency plans; CBM order; CBM fund; bank shareholder; Bank resolution; Bank resolution framework; Crisis management; Lender of last resort; Contingency planning; Global
Cover Articles of Agreement
Articles of Agreement
International Monetary Fund

Abstract

This paper discusses the Second Amendment of the IMF’s Articles of Agreement. The drafting of the Second Amendment of the Articles of Agreement was a more prolonged and more complicated task than the preparation of the First Amendment. One characteristic of the Second Amendment is the transformation into law, by incorporation in the Articles, of policies that the IMF had adopted over the years. The provisions of the Second Amendment that deal with repurchase obligations, the selection of currencies for use in purchases and repurchases, and stand-by arrangements are among the many examples that are sometimes referred to as constituting the modernization of the IMF.

Keywords:
AA; Fund; agreement; purposes of the fund; public international organizations; transactions in special drawing rights; general international organization; fund's holding; Currencies; Freely usable currencies; International monetary system; Bank liquidation; Global; Africa
Cover IMF Staff Country Reports
Montenegro: Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
This paper focuses on the important issues of Montenegro economy which are as follows: microfinancial setting, financial system resilience, financial oversight, resolution of nonperforming loans, and financial safety nets. Montenegro is still dealing with the aftermath of the collapse of the lending boom in 2008. Economic momentum has accelerated in 2015, but there are numerous downside risks. System-wide solvency and liquidity indicators appear broadly sound, but significant pockets of vulnerabilities exist among domestically owned banks. Decisive action to deal with weak banks is critical for preserving financial stability. While the legal, regulatory, and supervisory frameworks for banking and insurance sector have markedly improved since 2006 Financial Sector Assessment Program, further progress is required.
Keywords:
ISCR; CR; bank; asset; bridge bank; funding; resolution planning; camel rating; liquidity contingency plans; CBM payment system; CBM-managed payment; CBM oversight function; relationship management; camel-rated bank; a number of bank; private sector; excessive risk aversion; bank relationship management; Nonperforming loans; Commercial banks; Liquidity; Credit; Global