Podgorica, (MINA-BUSINESS) – The Central Bank (CBCG) has instituted interim administration for Atlas and IBM banks.
The CBCG says in a press release that the decisions on instituting interim administration were taken on the basis of controls of these financial companies.
“The results of the controls showed that the capital these banks had available did not correspond to the level of risk they were exposed to in their operation,” the CBCG says in a press release.
The CBCG says that, on the basis of the established facts, it has decided to institute interim administration in line with the Banking Law, in order to protect the interest of depositors and prevent further deterioration of the financial situation in Atlas and IBM banks.
“The CBCG employees with multiannual experience in bank control have been appointed as interim administrators,” the CBCG says in a press release.
The Central Bank says that interim administration is a corrective measure it takes pursuant to the Banking Law, in order to create conditions for elimination of irregularities and improve the financial situation in the banks.
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