Podgorica, (MINA-BUSINESS) – At today’s meeting, the Council of the Central Bank (CBCG) discussed significant regulatory amendments and development projects aimed at further strengthening the stability and modernizing Montenegro’s financial system, while also contributing to the fulfilment of obligations arising from the negotiation process and the country’s overall efforts on its EU accession path.

At the meeting, chaired by the CBCG Governor Irena Radovic, the Council adopted three by-laws governing the supervision of financial conglomerates, defined as groups of connected legal entities, at least one of which performs a financial activity, where such entities are linked through control relationships or management. 

“By adopting this set of by-laws, the regulatory framework governing financial conglomerates in which the banking sector prevails is further aligned with EU directives and standards, thereby enhancing legal certainty, ensuring greater comparability of supervisory results, and reducing the scope for regulatory inconsistencies,” the CBCG stated in a press release.

With the aim of further improving the framework for the resolution of credit institutions, and additionally aligning it with EU regulations, the Council adopted the Decision amending the Decision on More Detailed Method for Determining Minimum Requirements for Own Funds and Eligible Liabilities of Credit Institutions and the Reporting Method.

The adoption of these by-laws contributes to meeting the benchmarks under Negotiation Chapter 9 – Financial Services.