INFORMATION ON PAYMENT OF OLD FOREIGN CURRENCY SAVINGS OF CITIZENS

Published date: 17.07.2007 13:27 | Author: STARA DEVIZNA ŠTEDNJA

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Payment of old foreign currency savings of citizens, deposited in foreign currency accounts and foreign savings deposit books with authorised banks with headquarters at the territory of the Republic, and of foreign currency savings of citizens with residence in the Republic, which deposited their foreign currency savings in authorised banks with headquarters outside the Republic of Montenegro is being realised in Montenegro.

For holders of foreign currency savings bonds, which were acquired in accordance with the Law on Regulation of Liabilities and Claims on the Basis of Foreign Debt and Foreign Currency Savings of Citizens ("Official gazette of the Republic of Montenegro", No.55/03 and 11/04), payment of the fourth instalment started on 2nd July 2007. Payment of foreign currency bonds is performed through business banks, and regional centres of the Central Bank of Montenegro.
Foreign currency savings depositors, i.e. citizens which registered themselves in the Central depositary agency as holders of foreign currency savings bonds, can draw the fourth instalment in regional centres of the Central Bank of Montenegro and Atlasmontbanka AD Podgorica branch office Pljevlja, depending on their place of residence, based on their identification document (identity card, passport).
Holders of foreign currency savings, which havent drawn the first instalment, should go to the window of the bank where they deposited their savings. Former savings depositors of Montenegrobanka AD Podgorica and Jugobanka AD Podgorica in bankruptcy, should report to the appropriate window of the Central Bank of Montenegro.
Legal persons, which acquired bonds on the basis of foreign currency savings by purchase of the bonds at the stock exchange, can draw instalment OBO7 at the window of PRVA BANKA CRNE GORE.
From the beginning of the payment of the fourth instalment, through windows of banks and regional centres of the Central Bank of Montenegro, 3.559.776,98 , i.e. 2635 of holders of foreign currency savings bonds were paid off, out of which the first time 60 holders of foreign currency savings came for the first time and to them 62.195,00 was paid.

Obligation of the Republic of Montenegro on the grounds of payment of foreign currency savings of citizens, which acquired their right in accordance with the Law on Regulation of Liabilities and Claims on the Basis of Foreign Debt and Foreign Currency Savings of Citizens amounts 137,2 mil., by now 37,0 mil was paid ( in cash 21,0 million and redeemed 16,0 mil. of bonds), so that now foreign debt on the base of foreign currency savings of citizens amounts 100,2 mil.
Debt on the basis of foreign currency savings becomes mature:
01.07.2004, - 388,00 per savings deposit;
01.07.2005, - 530,00 per savings deposit.
Payment of remaining amount of the foreign currency savings is divided into 12 annual instalments, which become mature each 1st July until 2017, but the annual instalment for payment cannot be less than 500,00 .
Foreign currency savings bonds can be realised before the mature period for:
- Purchase of shares of public enterprises and enterprises owned by funds in the privatisation process;
- Purchase of apartments, residential rooms, business areas, land or other property owned by the state, for which the Republic decides that can be bought with bonds which are not due for payment;
- Payment of tax liabilities with bonds which are due in the year to which tax liability refers.

Since 10th April 2007, through business units of Crnogorska komercijalna banka AD Podgorica, payment is being realised of foreign currency savings of citizens with residence in the Republic of Montenegro, which do not realise that right by laws of the country in which the headquarter of the authorised bank is. Way, deadline and procedure of payment of foreign currency savings of citizens with residence in the Republic, is stipulated by the Law on Payment of Foreign Currency Savings of Citizens Deposited with Authorised Banks with Headquarters Outside the Republic of Montenegro ("Official gazette of the Republic of Montenegro", No. 81/06) and Guidelines on Way of Realisation of Payment of Foreign Currency Savings of Citizens With Authorised Banks with Headquarters Outside the Republic of Montenegro("Official gazette of the Republic of Montenegro", No. 20/07).
In order to realise the payment of foreign currency savings with claims for payment of foreign currency savings, a foreign savings deposit book should be submitted, foreign currency account with proof of balance of parent bank and proof of residence. Submitting of claims for payment of foreign currency savings is done until 6th January 2008, through business units of Crnogorska komercijalna banka AD Podgorica.
Payment of foreign currency savings in accordance with the Law on Payment of Foreign Currency Savings of Citizens Deposited with Authorised Banks with Headquarters outside the Republic of Montenegro will be realised by following rate:
- First instalment, to the amount of 380,00 per savings deposit will be paid 90 days from the coming into force of the Law (payment started on 10. 04.2007),
- Second instalment, to the amount of 530,00 per savings deposit, will be paid from 1st July 2008.
Payment of the remaining amount of the foreign currency savings will be realised in nine annual instalments which become due every 1st July in the period from 2009 until 2017, but the annual instalment cannot be less than 500,00 .
Foreign currency savings bonds can be realised prior to maturity period for:
- Purchase of shares of public enterprises and enterprises owned by funds in the privatisation process;
- Purchase of apartments, residential rooms, business areas, land or other property owned by the state, for which the Republic decides that can be bought with bonds which are not due for payment;
- Payment of tax liabilities with bonds which are due in the year to which tax liability refers.

Based on the Public invitation for applying for filing of holders of foreign currency savings of citizens with residence in the Republic, which deposited their foreign currency savings with authorised banks outside the Republic, around 7000 holders of foreign currency savings have reported to the Ministry of Finance with total value of foreign currency savings of around 19,8 mil..
By now, the first instalment was drawn by 2522 holders of foreign currency savings, and to them was paid 889.907,93 .

On the grounds of recent applying and payments, citizens with residence in the Republic of Montenegro have deposited foreign currency savings with authorised banks whose headquarters are in Slovenia, Croatia, Bosnia and Herzegovina and Serbia.