Statement of the Deputy Prime Minister and Finance Minister, Mr. Igor Lukšić, PhD., on the occasion of determining the Proposal of the Law on Deposits Protection, Proposal of the Law on Central Bank of Montenegro

“There is a prevailing opinion in the Government not to wait the expiration of the Council’s term, but to establish a completely new one, because this is a new institution being prescribed by the new Constitution with significantly different competences, among which is the provision of a stable financial and the banking sector. New institutions within the Central Bank were envisaged, differentiating from the current ones. The President of the State is proposing the Governor, the Governor is proposing four Vice – Governors, and the Parliament is proposing four members. The fact that the Government is exempted from this process represents a good solution. The adoption of these laws, providing full independence of the Central Bank, should strengthen the financial sector and introduce the best international practice. The new legal solutions are envisaging the possibility for the Central Bank of becoming the last resort creditor. The amendments to the Law on banks, bankruptcy and liquidation of financial companies are providing the set of new instruments for actions, i.e. to prevent the crises and to cure problems. All the aforementioned will act on the financial sector and investments. “