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Montenegro: Financial Sector Assessment Program-Framework for NonPerforming Loans Workout and Insolvency and Creditor Rights-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 200
Language:
English
Publication Date:
28 Jun 2016
DOI:
https://doi.org/10.5089/9781498325653.002
ISBN:
9781498325653
ISSN:
1934-7685
Pages:
36
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
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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.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund