Montenegro: Financial Sector Assessment Program-Financial Crisis Preparedness and Management-Technical Note

International Monetary Fund

No 2016/199, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

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 (search for similar items in EconPapers)
Pages: 25
Date: 2016-06-28
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