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Montenegro: Financial Sector Assessment Program-Financial Crisis Preparedness and Management-Technical Note
Author:
International Monetary Fund. Monetary and Capital Markets Department
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2016: Issue 199
Language:
English
Publication Date:
28 Jun 2016
DOI:
https://doi.org/10.5089/9781475533606.002
ISBN:
9781475533606
ISSN:
1934-7685
Pages:
25
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
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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.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund