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Montenegro's banking system is highly liquid, solv...
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Montenegro's banking system is highly liquid, solvent and stable, PM Marković says
Published on: Nov 20, 2019 • 8:27 PM Author: PR Service
Podgorica, Montenegro (20 November 2019) -- Prime Minister of Montenegro Duško Marković said at the Prime Minister's Questions session in the Parliament earlier today that the financial capital at the end of the third quarter at the level of 13 banks system, in the one-year comparative period, increased by almost EUR 100 million, that the solvency ratio was 19.59% and that with such record-breaking parametres, the banking system is ready to welcome an independent asset assessment that will give a precise picture of the stability and fitness of Montenegro's financial system.
Responding to a question by Milan Knezević, MP from the Democratic Front, about what he personally did as the Prime Minister to protect Montenegro's economic system given the situation at the two Atlas Group banks, PM Marković pointed out that he has no intention of avoiding discussion with anyone, but that the practice of MPs from the Democratic Front asking the Prime Minister the questions that are not within the competence of the Government, thus abusing the institution of the Prime Minister's Questions, continues.
“You ask me if the Special State Prosecutor's Office's claims that in this case there was tax evasion through illegal business, or illegal transfer of money, are true! You have to ask the Special State Prosecutor's Office that question, not the Prime Minister. I will reiterate that the Government is not competent to initiate and conduct investigations, level and represent indictments, exercise control over them, or make judgments. The information I have, and you have it as well, notes that the Special State Prosecutor's Office, in the particular case, issued an order to investigate 79 individuals for the criminal offenses of creating a criminal organisation, money laundering and evading taxes and contributions, and against 95 legal entities because of the same crimes, as well as an order to expand the investigation,” said Prime Minister Duško Marković.
The Prime Minister, responding to the second part of the question related to the protection of the economic system of the State of Montenegro, stated that the country has improved normative solutions, strengthened institutions, emphasising better personnel policy.
"If you had not boycotted the work of the Parliament, not acknowledging either Parliament or the institutions, you would have been involved in making many decisions aimed at protecting our country's economic system, which had been proposed by this Government. Therefore, the Government worked at a time when you were gone, and to make the system even more resilient, we have identified a set of laws in the banking sector: the Draft Law on Credit Institutions, the Draft Law on Credit Institutions Rehabilitation, the Draft Law on Deposit Protection, and the Draft Law amending the Draft Law on Bankruptcy and Liquidation of Banks. The proposed legal solutions provide for an increase in the minimum capital requirements for new banks from five to seven million euros. Weak banks will be addressed through modern resolution instruments, and a remedial fund will be set up to allow early assistance to troubled banks under strict conditions,” the Prime Minister said.
He added that the Deposit Protection Fund will double the coverage of insured deposits to EUR 100,000 and would gradually shorten the time limit for payments to insured depositors.
"No one can dispute the fact that in these three years our economy has seen an impressive growth because it has grown at an average rate of 4.9%, which is a result of well-designed and consistent policies of the Government, as well as the contributions of all stakeholders who take part in the economic life of Montenegro,” Prime Minister Duško Marković concluded.
PUBLIC RELATIONS SERVICE OF THE GOVERNMENT
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