BANKAR Broj 39 / Oktobar 2017

oktobar 2017 godina 10, broj 39 Udruženi oko zajedničkog cilja

Addiko Bank AD Podgorica Atlas Banka AD Podgorica Crnogorska komercijalna banka AD Podgorica Erste Bank AD Podgorica Hipotekarna Banka AD Podgorica Invest Banka Montenegro AD Podgorica Komercijalna Banka AD Budva Lovćen banka AD NLB Banka Nova banka AD Podgorica Societe Generale Montenegro Prva banka Crne Gore 1901. Universal Capital Bank Zapad Banka AD Podgorica Ziraat Bank Uvodna riječ Generalnog sekretara Udruženja banaka Crne Gore Poštovani

Kroz promociju novih autora, svježih ideja, ukazivanja na standarde struke i kroz tekstove provjerenih stručnjaka iz oblasti bankarstva izašao je još jedan broj časopisa „Bankar“, gdje pored korisnih informacija želimo da predstavimo i inovativne ideje interesantne za tržište i praćenje trendova u bankarskoj „industriji“. Kao država na putu pridruživanja Evropskoj Uniji, uz obaveze koje proizilaze iz pregovaračkog poglavlja 9, nalazimo se kao struka pred usvajanjem seta zakona, od izmjena i dopuna Zakona o bankama, usvajanja novih zakona o Sanaciji banaka, Faktoring uslugama, Lizing poslovanju, izmjena i dopuna Zakona o radu, i Zakona o privrednim društvima. Udruženje je kroz stavove odbora i samog UO UBCG sublimiralo sugestije bankara i proslijedilo ih predlagaču u cilju optimizacije okvira za poslovanje banaka. Harmonizacija, usklađivanje nacionalnih zakona i propisa koji će omogućiti transpoziciju zakonske strukture EU je obaveza u pristupanju, a u cilju harmonizacije sa Direktivom 2014/59/EU – Evropskog parlamenta i Evropskog savjeta. Pored usklađivanja, kroz izmještanje dijela mjera iz postojećeg Zakona o bankama, analitičnije se pristupa problematici uz uvođenje Fonda za sanaciju, usklađujući se na taj način regulacijom sa direktivom EU koja tretira ovaj segment poslovanja. Na fonu jasnije slike očekivanja od harmonizacije i ovaj broj Bankara sadrži tekstove koji pojašnjavaju Implikacije i izazove novih bazelskih prudencijalnih zahtjeva i još jedan ugao sagledavanja novog međunarodnog računovodstvenog standarda IFRS9, ali i iskustvo iz Hrvatske o Saradnji banaka i državnih institucija u pripremi programa suﬁ nansiranja preduzetničkih projekata iz ESIF fondova i uvođenja ﬁ nansijskih instrumenata, uz očekivanje da će svi ovi procesi donijet kvalitetan pomak unaprijed.

Srdačan pozdrav, Bratislav Pejaković oktobar 2017 | :Bankar

Preface of Secretary General of the Association of Montenegrin Banks

Dear Reader,

Another issue of the magazine “Bankar” is in front of you promoting new authors, fresh ideas and referring to standards of the profession through the texts written by well-proven banking experts. In addition to useful information contained in them, we wanted to introduce innovative ideas that are interesting to the market and monitoring of trends in the banking industry.

As a country on its path to the EU accession, with the obligations arising from negotiating Chapter 9, we fi nd ourselves as a profession before the adoption of a set of laws, such as the adoption of the amendments to the Banking Law, the adoption of new Bank Resolution Law, the Law on Factoring and Lease Operations, the amendments to Labour Law, and the Law on Business Companies. The Association, through the views of its Committees and the Management Board of the Association, gathered the bankers' suggestions and forwarded them to the proposer in order to optimize the framework for banking operations. The harmonisation of the national laws and regulations that will enable the transposition of the EU legislation is the obligation during the accession process, in particular the harmonisation with the Directive 2014/59/EU of the European Parliament and Council. In addition to the harmonisation process, through the transfer of the portion of measures from the current Banking Law, more analysis are prepared on the issue of the introduction of Resolution Fund, harmonising it in this manner with the EU directive and regulation from this area. In order to have better picture with regard to the harmonisation, this issue of the Bankar contains texts that explain implications and challenges of new Basel prudential requirements and another view of new international accounting standard IFRS 9, as well as Croatian experience on the cooperation of banks with government institutions for the preparation of co-fi nancing programmes of entrepreneurial projects from ESIF funds, and introduction of fi nancial instruments, expecting that all of the said processes will contribute to more qualitative step forward.

Sincerely yours, Bratislav Pejaković IMPRESUM

BANKAR Broj 39 / oktobar 2017.

IZDAVAČ Udruženje banaka Crne Gore Mirko Marojeviæ, Glavni izvršni direktor Komercijalne banke AD Budva Novaka Miloševa bb/3 Podgorica 4 PRIMJENOM STANDARDA DO KVALITETNOG EKONOMSKOG AMBIJENTA Tel: +382 20 232-028 Standard Implementation to Quality Economic Environment www.ubcg.info TIRAŽ: 600 primjeraka Mr Dražen Vujoševiæ Èasopis izlazi kvartalno. 12 ISKORAK NAPRIJED U “PERSONALIZACIJI” OBEZVREĐENJA A Step Forward in “Personalisation” of Impairment Rješenjem Ministarstva kulture, sporta i medija èasopis Bankar je upisan u Evidenciju medija - štampani mediji 17. marta 2008, Toni Stojanovski pod rednim brojem 641. 20 RJEŠAVANJE PROBLEMA STANDARDA USKLAĐENOSTI Tackling Compliance Function REDAKCIJSKI ODBOR glavni i odgovorni urednik mr Bratislav Pejakoviæ Prof. dr Momiroviæ Dragan 30 ZAKASNELA INICIJATIVA I NOVE STRUKTURE Prof. dr Aleksandar Živkoviæ, Delayed Initiative and New Architectures dr Nikola Fabris, dr Saša Popoviæ, Mr.Sc. Marina Puljiz mr Nebojša Ðokoviæ 42 PRIPREMA PROGRAMA SUFINANSIRANJA PREDUZETNIČKIH PROJEKATA dizajn i prelom IZ ESIF FONDOVA I UVOĐENJE FINANSIJSKIH INSTRUMENATA Nikola Latkoviæ Preparing Co-Financing Programmes of Entrepreneurship Projects fotografije from ESIF Funds and Introducing Financial Instruments www.photodune.net i fotodokumentacija UBCG prevod Milena Ljumoviæ, Maja Biljuriæ Milica Vukèeviæ i Dragana Petronijeviæ 52 PRIMJENA MODELA „ANALITIČKI HIJERARHIJSKI PROCES“ štampa Aplication of Analytic Hierarchy Process Model Grafotisak, Grude, BIH Gizem Tansu 58 RJEŠAVANJE PROBLEMA STANDARDA USKLAĐENOSTI Rješavanje problema standarda usklađenosti

Prilozi Radmila Gaæeša - tekstovi se dostavljaju u elektronskom obliku na e-mail adrese: [email protected], 64 PITANJA I ODGOVORI [email protected], na disketi ili cd-u; Questions and Answers maksimalna dužina teksta do 25.000 karaktera. Dušan Pejakoviæ - reklame po normativima UBCG na e-mail: EVROPSKA UNIJA, BREXIT PROCES I IMPLIKACIJE [email protected] 72 European Union, Brexit and Implications

Miodrag Kirsanov 78 PRVE NOVČANICE NARODNE BANKE FEDERATIVNE NARODNE REPUBLIKE JUGOSLAVIJE 1946. I 1953. Th e First Banknotes of the National Bank of the Federative National Republic of Yugoslavia in 1946 And 1953

BANKAR Èasopis Udruženja banaka Crne Gore Broj 39 / oktobar 2017. INTERVJU - MIRKO MAROJEVIĆ oktobar 2017 | :Bankar GLAVNI IZVRŠNI DIREKTOR KOMERCIJALNE BANKE AD BUDVA 4 PRIMJENOM STANDARDA DO KVALITETNOG EKONOMSKOG AMBIJENTA

Ključni akcenat poslovanja KBB u 2017. godini je stavljen na osavremenjivanje Banke, optimizaciju poslovanja, kadrovsko jačanje, a sve u cilju povećanja ﬁ nansijskih i poslovnih performansi banke. Sjedište banke se seli, sa naglaskom na ublažavanju negativnih efekata. Veliki broj banaka je prednost za klijente, a i izazov za same banke. Otežavajuće okolnosti u poslovanju je najlakše riješiti primjenom postojećih I uvođenjem novih standarda. Komercijalna banka je u potpunosti spremna za primjenu IFRS 9. Digitalizacija je neminovnost, ali se ne smiju zapostaviti klasični kanali prodaje

:B Postavljeni ste za glavnog izvršnog direktora banke u izražene konkurencije i borbe za prihode na malom vrlo zahtjevnom trenutku. Kako ocjenjujete rad i poslovne tržištu sa jakom konkurencijom, sa druge strane. Nakon rezultate Komercijalne banke Budva u 2017. godini i koji značajnih rezervisanja po osnovu loših plasmana i ste- su dalji planovi rada do kraja poslovne godine? čene aktive u 2016. godini, ključni akcenat poslovanja Slažem se sa Vašom konstatacijom da presjek stanja u u 2017. godini je stavljen na osavremenjivanje Banke, trenutku mog dolaska u Komercijalnu banku Budva optimizaciju poslovanja, kadrovsko jačanje, a sve u defi nitivno možemo okarakterisati kao najzahtjevniji cilju povećanja fi nansijskih i poslovnih performansi od osnivanja Banke u Crnoj Gori. On se ogledao u banke. One su se refl ektovale u rastu performing izazovima koje prevashodno sa sobom nosi visok kredita, kako kod privrede, tako i kod stanovništva, nivo NPL i stečene aktive sa jedne strane, kao i veoma rastu broja klijenata i poslovnom rezultatu banke koji october 2017 | :Bankar INTERVIEW - MIRKO MAROJEVIĆ 5 CHIEF EXECUTIVE OFFICER OF THE KOMERCIJALNA BANKA AD BUDVA STANDARD IMPLEMENTATION TO QUALITY ECONOMIC ENVIRONMENT

The key focus of operations in 2017 has been on modernizing the Bank, setting up the operations to an optimum level, strengthening of staff, which is all aimed at increasing ﬁ nancial and business performances of the Bank. The head ofﬁ ce of the Bank will be moved, which will highlight the mitigation of negative effects. Large number of banks is the advantage for clients representing at the same time a challenge for the banks. Aggravating circumstances in operations can be easily resolved by applying the current and introducing the new standards. Komercijalna Banka is completely ready for the implementation of the IFRS 9. Digitization is inevitable, but traditional sales channels should not be neglected

:B You were appointed CEO of the Bank in a very demanding period. How do you assess the operations and business results of the Komercijalna Banka Budva in 2017? What are further plans until the end of the Th ey refl ected in the growth in performing loans both business year? in corporate and household sectors, in the growth I agree with your statement that the condition in in the number of clients and business result of the the period of my appointment can be characterized Bank which exceeded the projected for this part of as the most demanding since the establishment of the year. We will continue with the initiated activities the Bank in Montenegro. It refl ected in challenges until the end of the year, focusing on providing new, which were primarily posed by high level of NPLs innovative services to our clients. and acquired assets on one hand, as well as very high Everything that we managed to achieve in the cur- level of competition and the struggle for making rent year with the expectations until the end of the income in small market with strong competition on year will be a good introduction for the following the other hand. Aft er a signifi cant allocation of loan year, when the Komercijalna Banka will celebrate 25 loss provisions and acquired assets in 2006, the key years of doing business in Montenegro. Numerous focus of operations in 2017 was on modernizing the activities will mark jubilee year, such as opening of Bank, setting up the operations to an optimum level, new branch offi ces and modernization of the current strengthening of staff , which was all aimed at increas- ones, introducing new modern banking services and ing fi nancial and business performances of the Bank. enhancing overall business model of the Bank. october 2017 | :Bankar INTERVIEW - MIRKO MAROJEVIĆ 7 CHIEF EXECUTIVE OFFICER OF THE KOMERCIJALNA BANKA AD BUDVA

:B Information that the head ofﬁ ce of the Bank will move from Budva to the Capital has been present for several years. Is this a speculation or something that you have been working on with deﬁ ned dynamics? On the other hand, I believe that the banking sec- Since Komercijalna Bank has been operating with tor, through the implementation of its standards in its head offi ce in Budva for a number of years, we the previous years, contributed signifi cantly to the had to make very serious analysis of justifi cation of development of the economic system and, through moving the head offi ce of the Bank. Upon the analy- the requirements to clients during the lending pro- sis, we came to the conclusion that such a decision cess, played a signifi cant role in guiding customers' was fully justifi ed, and we decided to continue with business into regular fl ows, and contributed to the the activities on moving the head offi ce of the Bank. suppression of grey economy. Th is is a demanding process in every sense and time- consuming, and apart from respecting the demands :B How do you see the problems in Montenegro's real and needs of our clients, we must also take into economy as opposed to the expectations of businessmen account the employees of the Bank in Budva. Th us, from the banking sector? In your opinion, what is an we are thinking of making a representative regional opportunity to improve the banking business itself under centre in Budva. the existing conditions? Th e expectations of businessmen from the banking :B How do you assess the current situation in the sector are always higher than what the banking sector Montenegrin banking market? In your opinion, what are can really provide, and the basic reason is certainly advantages and constraints? the implementation of standards that banks must Taking into account the fact that 15 banks operate in respect in their business policy. Th e additional reason the Montenegrin banking market and that there are is the interweaving of domestic regulations on one 4-5 times more banks in proportion to the number of hand, and the obligation to respect the regulation of inhabitants than in the regional countries, it is very the European Central Bank on the other hand, since diffi cult to talk about some signifi cant advantages for a large number of banks in Montenegro have their banks. On the other hand, large number of banks is parent banks or owners in the Western countries. In something that is advantageous for clients, and the this way an impression may be created by a number bankers are compelled to make an additional eff ort of entrepreneurs that the banking sector does not in the sense of a competitive fi ght. meet their expectations in an adequate manner or Legal environment can be highlighted among the that it is too bureaucratic. main constraints, which requires a very long period Moreover, entrepreneurs need to respect accounting of time for the collection of payments in relation to standards and fully direct their business to transparent the framework of the European Union, which is a fl ows, which will also have a positive impact on their signifi cant aggravating circumstance for the opera- fi nancial performances, and thus more simply fulfi l tion of banks. their expectations from the banking sector. INTERVJU - MIRKO MAROJEVIĆ oktobar 2017 | :Bankar GLAVNI IZVRŠNI DIREKTOR KOMERCIJALNE BANKE AD BUDVA 8

je u ovom dijelu godine iznad planiranog. Do kraja imamo 4-5 puta više banaka u odnosu na zemlje regiona, godine ćemo nastaviti sa započetim aktivnostima, jako je teško govoriti o nekim značajnim prednostima uz fokus na obezbjeđenju novih, inovativnih servisa za banke. S druge strane, toliki broj banaka je nešto za klijente. što je prednost za klijente, a nas bankare primorava Sve navedeno što smo uspjeli da ostvarimo u tekućoj na dodatni napor u smislu konkurentske borbe. godini, uz očekivanja do kraja godine, biće lijepa uver- Među glavnim ograničenjima se može izdvojiti tira za narednu godinu, kada će Komercijalna banka u pravni ambijent koji zahtijeva značajno dug period Crnoj Gori proslaviti jubilej od 25 godina poslovanja. za realizaciju naplate u odnosu na okvir Evropske Jubilarnu godinu obilježiće brojne aktivnosti kao što unije, što predstavlja jako otežavajuću okolnost za su otvaranje novih poslovnica, uz modernizaciju rad banaka. postojećih, uvođenje novih, savremenih bankarskih Sa druge strane, cijenim da je bankarski sektor servisa, kao i unapređivanje sveukupnog poslovnog prethodnih godina kroz primjenu svojih standarda u modela banke. značajnoj mjeri doprinio razvoju ekonomskog sistema i kroz zahtjeve prema klijentima prilikom kreditne :B Već par godina je prisutna informacija da se podrške odigrao značajnu ulogu u usmjeravanju sjedište banke iz Budve seli u glavni grad. Da li se radi poslovanja klijenata u redovne tokove, te doprinio o spekulaciji, ili se već radi na tome, uz deﬁ nisanu suzbijanju sive ekonomije. dinamiku? Budući da Komercijalna banka posluje sa sjedištem u :B Kako vidite probleme u realnoj ekonomiji Crne Budvi dugi niz godina, morali smo veoma studiozno Gore nasuprot očekivanju privrednika od bankarskog pristupiti analizi opravdanosti preseljenja sjedišta sektora? Šta vidite kao mogućnost unapređenja samog banke. Nakon što smo odradili analizu, defi nitivno bankarskog poslovanja u postojećim uslovima? smo zaključili da postoji puna opravdanost za takvu Očekivanja privrednika od bankarskog sektora su uvijek odluku i odlučili da nastavimo sa aktivnostima koje veća od onog što bankarski sektor realno može pružiti, će voditi seljenju sjedišta banke. To je zahtjevan a osnovni razlog je svakako primjena standarda koje proces u svakom smislu i zahtijeva vrijeme, a pored banke moraju poštovati u svojoj poslovnoj politici. uvažavanja zahtjeva i potreba naših klijenata, mo- Dodatan razlog jeste preplitanje domaće regulative sa ramo voditi računa i o zaposlenima iz Budve, pa tako jedne strane, i obaveza poštovanja regulative Evropske razmišljamo da u Budvi napravimo reprezentativni centralne banke sa druge strane, budući da veliki regionalni centar. broj banaka u Crnoj Gori ima svoje matične banke ili vlasnike u zemljama Zapada. Na ovaj način se :B Kako ocjenjujete trenutnu situaciju na crnogorskom možda stvara utisak kod jednog broja preduzetnika bankarskom tržištu? Šta su iz Vašeg ugla prednosti, a šta da bankarski sektor ne ispunjava njihova očekivanja ograničenja? na adekvatan način ili da je suviše birokratizovan. Uzimajući u obzir činjenicu da na tržištu Crne Gore Preduzetnici opet trebaju sa svoje strane poštovati postoji 15 banaka i da srazmjerno broju stanovnika računovodstvene standarde i u potpunosti usmjeriti DO 15 GODINA

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www.nlb.me Kontakt centar: 19888 INTERVJU - MIRKO MAROJEVIĆ oktobar 2017 | :Bankar GLAVNI IZVRŠNI DIREKTOR KOMERCIJALNE BANKE AD BUDVA 10

svoje poslovanje u transparentne tokove, što će po- :B Kakvo je Vaše viđenje digitalizacije u bankarstvu, da zitivno uticati i na njihove fi nansijske performanse, li je to budućnost koja je već prepoznatljiva, ili će se naše a samim tim i jednostavnije ispunjenje njihovih banke još uvijek oslanjati na klasične kanale prodaje očekivanja od bankarskog sektora. uz eventualne dodatke u oblasti mobilnog bankarstva i e-bankinga ? :B U pripremi je donošenje novih i značajnih zakona, U savremenom poslovanju digitalizacija je neminov- od izmjena i dopuna Zakona o bankama, Zakona o radu, nost. Samim tim, banke u konkurentskoj utakmici Zakona o faktoringu itd. Vaš komentar? moraju ispratiti taj trend i približiti se klijentima kroz Pomenuti zakoni su od velikog značaja, kako za ban- uvođenje savremenih servisa. Banke u Crnoj Gori karski sektor, tako i za crnogorsku ekonomiju uopšte, i su po ovom pitanju uradile dosta, ali bih ja svakako iz tog razloga njihovoj sadržini treba posvetiti posebnu ovom prilikom stavio akcenat na mnoge sistemske i pažnju. Izmjene i dopune postojećih zakona, kao i zakonske okvire koji predstavljaju ograničenja bržoj i usvajanje novih, vode ka usaglašavanju sa regulativom obuhvatnijoj digitalizaciji. Upravo iz tog razloga sam pomenutih oblasti u EU, što svakako treba biti cilj. pred Udruženjem banaka pokrenuo inicijativu za Međutim, ovom prilikom bih poseban akcenat formiranje Odbora za digitalizaciju koji bi analizirao stavio na Zakon o sanaciji banaka. Mišljenja sam da sva ograničenja koja sputavaju banke po pitanju daljih prilikom predlaganja Zakona još jednom treba raz- aktivnosti na razvoju savremenih kanala prodaje, motriti dinamiku punjenja Fonda za sanaciju jer po komunikacije i servisa. više različitih osnova u kratkom roku imamo primjenu Ako govorimo o orijentaciji na digitalizaciju ili većeg broja zakona i standarda, a to će jako negativno klasične kanale prodaje, banka ne smije biti isključiva efektuirati na rezultate banaka, jer podrazumijeva u odabiru bilo koje od ove dvije opcije jer se mora značajne izdatke prema Fondu za sanaciju banaka ostaviti prostor za zadovoljenje različitih zahtjeva i primjeni IFRS 9. Samim tim, trebalo bi naći način tržišta i pristupa i navika klijenata. da primjena ide sukcesivno ili da se produže rokovi.

:B Uvođenje IFRS 9 je veoma aktuelno pitanje za naše banke. Koliko je KBB spremna u ovom momentu i koja su vaša viđenja uticaja novih računovodstvenih standarda na bankarski sektor Crne Gore, generalno? Komercijalna banka je u potpunosti spremna za primjenu IFRS 9 budući da smo dosta rano krenuli sa pripremom novih standarda, a takođe smo blagovremeno anticipirali i efekte njegove primjene na primjeru naše Banke. Uzimajući konzervativan pristup Komercijalne banke kad govorimo o segmentima na koje ima uticaj primjena IFRS 9, moje očekivanje je da primjenom ovog standarda nećemo imati izdvajanja rezervacija koje bi na bilo koji način poremetile plan našeg poslovanja i rezultat banke u narednom periodu. Budući da primjena IFRS 9 polazi od pojedinačne analize, svake banke posebno, jako je nezahvalno dati prognozu po pitanju bankarskog sektora, ali se može očekivati da kod određenog broja banaka efekti primjene mogu predstavljati određeni izazov. october 2017 | :Bankar INTERVIEW - MIRKO MAROJEVIĆ 11 CHIEF EXECUTIVE OFFICER OF THE KOMERCIJALNA BANKA AD BUDVA

:B The adoption of new and signiﬁ cant laws is pending, :B The introduction of IFRS 9 is a very important issue such as amendments to the Banking Law, the Labour Law, for our banks. How much is the Komercijalna Banka the Factoring Law, etc. What is your comment? Budva ready at this moment and what are your views Th e mentioned laws are of great importance, both for on the impact of new accounting standards on the the banking sector and for Montenegrin economy in Montenegrin banking sector, in general? general, and for this reason their content should be Komercijalna Banka is fully prepared for the imple- given special attention. Amendments to the current mentation of IFRS 9 as we have started early with laws, as well as the adoption of new ones, lead to the the preparation for new standards, and we have alignment with the regulation of the mentioned areas also anticipated the eff ects of its implementation in the EU, which certainly should be the objective. on the example of our Bank. Taking into considera- However, on this occasion I would put a special tion the conservative approach of the Komercijalna emphasis on the Bank Resolution Law. In my opin- Banka with regard to the segments aff ected by the ion, when proposing the Law, we should consider implementation of IFRS 9, my expectation is that once again the dynamics of paying contributions to the implementation of this standard will not result the Resolution Fund because we have high number in the allocation of the provisions that would in any of laws and standards applied on several diff erent way disrupt our business plan and the result of the grounds in the short term and this will have a very Bank in the forthcoming period. negative eff ect on bank results, as it implies signifi cant Since the implementation of IFRS 9 is based on expenditures of banks towards the Bank Resolution individual analyses of each bank, it is very diffi cult Fund and implementation of IFRS 9. At the same to give a forecast for entire banking sector, but it may time, one should fi nd a way to apply all obligations be expected that the eff ects of implementation may successively or to extend the deadlines. pose a challenge for certain number of banks.

:B What is your view regarding the digitization in banking, whether it is a future that is already recognizable, or our banks will still rely on traditional sales channels with possible additions in the area of mobile banking and e-banking? Digitization is inevitable in modern business. Consequently, banks in the competitive game must follow this trend and get closer to the clients through the introduction of modern services. Th e banks in Montenegro have done enough on this issue, but I would certainly emphasize many of the systemic and legal frameworks that represent limits to faster and more comprehensive digitization. For this very reason, I started an initiative in the Association of Banks for the establishment of the Digitization Board, which would analyse all the restrictions that make banks more concerned with the development of modern channels of sales, communication and services. If we are talking about an option to choose between digitization and traditional sales channels, the bank should not be exclusive in choosing any of these two options because it must leave room for meeting diff erent market requirements and clients’ access and habits. MSFI 9 oktobar 2017 | :Bankar

12 Iskorak naprijed u “personalizaciji” obezvređenja

Mr Dražen Vujošević, Ozbiljan rad u bankarskom sektoru Crne Gore na Direktor Sektora upravljanja rizicima implementaciji novog međunarodnog standarda ﬁ nansijskog i Predsjednik Odbora za upravljanje izvještavanja 9 (u daljem testu: MSFI 9) je u principu tek počeo. rizicima u Udruženju banaka Crne Gore Iako za sada ne postoji regulativa (zapravo je i ona u fazi nastajanja), banke se oslanjaju na sam standard koji je izdat 24.07.2014., koriste konsultantske usluge i počinju da rade na razvoju internih rešenja kako bi ispoštovale rok i do 01.01.2018. implementirale standard. Prva stručna okupljanja na nivou bankarskog sistema su počela krajem 2016. godine na kojima ta zapravo treba uraditi kada je su renomirane revizorske kuće predstavljale novi standard i Šu pitanju implementacija novog na kojima su se banke bliže upoznale sa konceptom novog standarda? Potrebno je da se me- standarda. U tom trenutku banke, uz izuzetak dvije ili tri čije su nadžment banke opredijeli kako će majke banke već započele projekte primjene novog standarda, klasifi kovati svoju fi nansijsku imovinu nijesu imale jasna očekivanja u vezi efekata primjene novog i obaveze. Koji će model izabrati? standarda. Ukoliko izabere da drži fi nansijsko sredstvo do dospijeća i ukoliko na- plaćuje glavnicu i kamatu (ugovorene banaka će odslikavati da se najveći dio i amortizovane vrijednosti MRS novčane tokove) onda takvu imovinu fi nansijske imovine (krediti) vrednuju 39. MRS 39 je dijelio cjelokupnu vrednuje po amortizovanoj vrijed- po amortizovanoj vrijednosti, dok fi nansijsku imovinu banke na gru- nosti, dok se u ostalim slučajevima će se HoV vrednovati po amortizo- pno i individualno ocijenjenu. U imovina vrednuje po fer vrijednosti vanoj ili fer vrijednosti, zavisno od grupno ocijenjenu je svrstavao onu (kroz bilans uspjeha ili kroz ostali toga da li će se menadžment banke fi nansijsku imovinu kod koje ne ukupan rezultat). Zadržaćemo se na opredijeliti za držanje do dospijeća postoji objektivni dokazi o njenom vrednovanju fi nansijske imovine po ili za držanje radi prodaje. obezvređenju, kao i ona fi nansijska amortizovanoj vrijednosti. Bilansi sredstva kod kojih postoje objektivni crnogorskih banaka su u principu MRS 39 & MSFI 9 KROZ PRAKSU dokazi o obezvređenju, ali je ispod jednostavni i može se jasno vidjeti da Na temelju pretpostavke da će se praga materijalne značajnosti. Dakle, se banke u Crnoj Gori bave klasičnim, fi nansijska imovina u bilansima individualno ocijenjena fi nansijska depozitno-kreditnim poslovima. banaka uglavnom vrednovati po imovina je bila ona kod koje postoje Pored kredita, u bilansima se mogu amortizovanoj vrijednosti, nave- objektivni dokazi o obezvređenju i zapaziti i uglavnom državni zapisi šćemo i u čemu bi glavne razlike pritom je bila materijalno značajna. ili obveznice (najčešće izdate od u praksi trebale biti između amor- Možemo se nadovezati na aktuelnu Crne Gore). Dakle, poslovni modeli tizovane vrijednosti po MSFI 9 Odluku o minimalnim standardima

october 2017 | :Bankar IFRS 9 15

Dražen Vujošević, M.Sc., Director of the Risk Management Department and President of the Risk Management Board in the Association of Montenegrin Banks A Step Forward in “Personalisation” of Impairment

A serious work in the banking sector of Montenegro on the implementation of new International Financial Reporting Standard 9 (IFRS 9) has just begun. Although, the regulation still does not exist (in fact, it is in its initial phase), the banks rely on the standard which was published on 24 July 2014, use consultant services, start developing internal solutions to meet the deadline, and by 1 January 2018 implement the standard. The ﬁ rst professional discussions at the level of the banking system initiated at end-2016, where renowned audit ﬁ rms presented a new standard and introduced the banks closely IAS 39 & IFRS 9 with the concept of the new standard. At that moment, banks, THROUGH PRACTICE with the exception of two or three of them which parent banks Based on the assumption that the have already started the implementation projects for new fi nancial asset in the balance sheet standard, did not have clear expectations with regard to the of banks will be mostly valued at effects of the new standard implementation. amortised cost, we shall mention also what would be the main diff erences in practice between the amortised hat in fact should be done principle simple. It can be clearly cost under IFRS 9 and amortized Wwhen it comes to the im- seen that the banks in Montenegro cost under IAS 39. IAS 39 divided plementation of new standard? are engaged in traditional, deposit the entire fi nancial assets of the Management of the bank should and credit operations. In addition to bank by those that are collectively decide how it will classify its fi nancial loans, balance sheets of Montenegrin or individually assessed. Collectively assets and liabilities. Which model banks record mostly T-Bills or assessed fi nancial assets are those will it select? If the management bonds (most frequently issued by where there is no objective evidence selects to hold fi nancial asset to the Government of Montenegro). on its impairment, as well as those maturity and if it collects principal Th us, business models of the banks fi nancial assets where there is objec- and interest (contractual cash fl ows), will refl ect that the largest portion tive evidence on impairment but it such asset is valued at amortised cost, of fi nancial assets (loans) are valued is below the threshold of material while in other cases, asset is valued at at amortised cost, while securities significance. Thus, individually fair value (through profi t and loss or will be valued at amortised cost or assessed fi nancial assets were those other comprehensive income). Let's fair value, depending on whether where there are objective evidences keep on the valuation of fi nancial the management of the bank will on impairment and thus it was ma- asset at amortised cost. Balance opt for holding them to maturity terially signifi cant. We can add to sheets of Montenegrin banks are in or for sale. the current Decision on Minimum MSFI 9 oktobar 2017 | :Bankar

za upravljanje kreditnim rizikom u izračunavao procenat rezervisanja za makroekonomske prognoze. Takođe, 16 bankama i navesti da bi se član 19 grupno ocijenjene klijente. Grupno PD-evi dobijaju vremensku kompo- (procjena na pojedinačnoj osnovi), po ocijenjeni klijenti su bili podijeljeni po nentu. Ranije bi dobijeni PD primjenili našem mišljenju, mogao kvalitetnije grupama („pool-ovima“) u zavisnosti na čitav iznos fi nansijskog sredstva, urediti ukoliko bi umjesto univerzalnog od karakteristika kreditnog rizika, gdje dok sa novim standardom PD-evi praga značajnosti od 50.000 EUR koji je svaki od „pool-ova“ imao različite „ulaze“ u amortizacione planove fi - važi za čitav bankarski sektor, uveo procente rezervisanja. Standard MRS nansijskih sredstava. Tako recimo, prag značajnosti koji bi bio relativno 39 je dozvoljavao da se „iskustvo pret- ukoliko imamo fi nansijsko sredstvo izražen u odnosu na npr. sopstvena hodnih gubitaka koriguje na osnovu ročnosti tri godine i ono se nalazi u sredstva banke, jer su za banke ra- aktuelnih uočljivih podataka da bi se fazi 2 za dio koji dospijeva u 2018. zličite kapitalne snage različiti iznosi odrazili uticaji aktuelnih uslova koji godini ćemo koristiti PD za 2018., za materijalni. nisu uticali na period na kom se zasniva dio koji dospijeva u 2019. ćemo koristiti MSFI 9 pored pitanja grupne i indi- iskustvo prethodnih gubitaka i da bi se PD za 2019. godinu itd. Dakle, način vidualne ocjene, sadrži i pitanje podjele uklonili uticaji uslova iz prethodnog izračuna PD-eva je sofi sticiraniji i fi nansijske imovine na faze u odnosu perioda koji ne postoje u sadašnjosti“ statistički zahtjevniji (napredniji). Na na kreditni rizik. MSFI 9 predviđa tri (paragraf AG89), međutim, u praksi drugoj strani, LGD je „personalizovan“. faze, označene kao faza 1, faza 2 i faza se ova mogućnost uglavnom nije ko- Personalizacija LGD podrazumijeva da 3. Finansijsku imovinu u fazi 1, fazi 2 i ristila u bankama u Crnoj Gori, niti se za konkretna fi nansijska sredstva ne fazi 3 ispod praga materijalne značaj- u pojedinim značajnijim regionalnim koriste više prosječni istorijski podaci nosti bismo mogli okarakterisati kao grupacijama. U crnogorskom bankar- o nastalim gubicima, već konkretna fi nansijsku imovinu na grupnoj ocjeni, skom sistemu obezvređenja za skupno sredstva obezbjeđenja za dato fi nan- dok bismo fi nansijsku imovinu u fazi ocijenjenju fi nansijsku imovinu su se sijsko sredstvo. Ovdje primjećujemo 3 iznad praga materijalne značajnosti snažno, gotovo isključivo, zasnivala na značajnu promjenu, jer će obezvređe- okarakterisali kao fi nansijsku imovinu istorijskom podacima. nje na grupnoj ocjeni biti djelimično na individualnoj ocjeni. U načinu MSFI 9 u čitavu priču snažnije uvodi uslovljeno vrijednošću kolaterala koji izračuna obezvređenja u fazi 3 iznad makroekonomske prognoze. Zapravo, je vezan za predmetno fi nansijsko materijalne značajnosti prema MSFI 9 istorijske matrice nisu fi nalni input za sredstvo. nema razlika u odnosu na način izra- dobijanje PD-a već se on koriguje za čuna obezvređenja na individualnoj ocjeni po MRS 39. Način izračuna je isti, posmatra se konkretno fi nan- OČEKIVANJA OD PRELASKA NA MSFI 9 I MOGUĆE IMPLIKACIJE sijsko sredstvo, šta su njegovi izvori EBA (European Banking Authority) je u svojoj Kvantitativnoj otplate, koliko su realni, primjenjuju studiji uticaja iz 2016. godine (Quantitative Impact Study 2016) se adekvatni „haircut-ovi“ i diskon- objavila očekivanje rasta obezvređenja u prosjeku između 18% tovanje imovine i dolazi se do iznosa i 30% uslijed prelaska sa MRS 39 na MSFI 9 standard. Procjena obezvređenja. uticaja je rađena na uzorku od 50 fi nansijskih institucija širom Sa druge strane, u dijelu načina Evropske ekonomske zone (European Economic Area). Takođe, izračuna obezvređenja u fazi 1, fazi 2 i u istom izvještaju je navedeno da je prognoziran negativan uti- fazi 3 ispod materijalne značajnosti po caj na regulatorni kapital od 59 bazičnih poena. Treba naglasiti MSFI 9 postoje veće razlike u odnosu da promjena obezvređenja usled prelaska sa MRS 39 na MSFI na način izračuna obezvređenja grupno 9 neće tangirati bilans uspjeha, već kapital banke. U Crnoj Gori ocijenjene fi nansijske imovine prema nema javno dostupnih analiza u pogledu očekivane promjene MRS 39. MRS 39 je koristio istorijske nivoa obezvređenja zbog prelaska na MSFI 9. Za sada banke vrijednosti vjerovatnoće prelaska u ne- samostalno rade testiranja, komuniciraju sa CBCG, ali se poda- kvalitetnu aktivu („probability default ci ne objavljuju, niti ima javnih istraživanja na ovu temu. - PD“) i istorijsku vrijednost gubitka u U ovom trenutku, samo možemo pretpostaviti različite sce- nekvalitetnoj aktivi („loss given default - narije. Možemo pretpostaviti sljedeće: individualno značajna LGD“) i kombinacijom te dvije varijable fi nansijska sredstva će ostati individualno značajna i u tom october 2017 | :Bankar IFRS 9 17 Standards for Credit Risk Management historical values of loss given default adjusted by macroeconomic fore- in Banks and state that Article 19 (LGD) and the percentage of provi- casts. In addition, PD obtains time (assessment on individual basis) in sions for collectively assessed clients component. Previously, the obtained our opinion could be regulated more is obtained by combining these two PD would be applied to the entire qualitatively if, instead of universal variables. Th ese clients were divided amount of fi nancial asset while with threshold of signifi cance of 50.000 into pools depending on the credit risk new standard, PD is included into the euros that is for the entire banking characteristics, where each of the pools depreciation plan of the fi nancial as- sector, a significance threshold is had diff erent provisioning percentage. set. Th us, for example, if we have the introduced which would be relatively IAS 39 allowed that “historical loss fi nancial asset that matures in three high compared to own funds of the experience is adjusted on the basis years and it is in the phase 2 for the bank, since diff erent amounts are of current observable data to refl ect portion of funds maturing in 2018, material for banks that have diff erent the eff ects of current conditions that we will use PD for 2018, while for capital strength. did not aff ect the period on which the the portion maturing in 2019 we will In addition to collective and indi- historical loss experience is based and use PD for 2019, and the like. Th us, vidual assessment, IFRS 9 contains also to remove the eff ects of conditions the manner of calculation of PD is the issue of division of fi nancial assets in the historical period that do not more sophisticated and statistically on the phases compared to credit risk. exist currently” (paragraph AG89). demanding (more advanced). On Th e IFRS 9 envisages three phases: However, in practice this possibil- the other hand, LGD is personalised. phase 1, phase 2 and phase 3. Financial ity was not used mostly in banks in Personalisation of LGD implies that assets in phase 1, phase 2 and phase 3 Montenegro or individual important the specifi c fi nancial asset is not used below material signifi cance threshold regional groups. Impairment for col- any more for average historical data could be characterised as fi nancial lectively assessed fi nancial assets was on incurred losses, but the specifi c assets collectively assessed, while almost exclusively based on historical impairment for a given fi nancial asset. the fi nancial asset in phase 3 above data in Montenegrin banking system. We notice here signifi cant change, the material signifi cance threshold IFRS 9 introduces macroeconomic since collectively assessed impairment can be characterised as fi nancial as- forecasts into entire story. In fact, will partially result from the value of set individually assessed. According historical matrices are not the fi- collateral pledged for the respective to IFRS 9, there is no diff erence in nal input for obtaining PD, but it is fi nancial asset. calculating the impairment in phase 3 above the material significance compared to the manner of calcula- EXPECTATIONS FROM TRANSITION TO IFRS tion of impairment at individual basis 9 AND POSSIBLE IMPLICATIONS by IAS 39. Th e manner of calculation The European Banking Authority (EBA) published in its is the same, specifi c fi nancial asset Quantitative Impact Study (2016) the expectation that the im- is reviewed, what are its sources of pairment will increase between 18% and 30% on average due repayment, how realistic are they, the to transition from IAS 39 to IFRS 9. Impact assessment was same adequate haircuts are applied, made on the sample of 50 fi nancial institutions throughout the discounting of assets, which gives European Economic Area (EEA). In addition, the same report the amount of impairment. On the noted that negative impact on regulatory capital of 59 basis other hand, based on IFRS 9, in the points was forecasted. It should be pointed out that the chan- part of the calculation of impairment ge in impairment due to the transition from IAS 39 to IFRS 9 in phase 1, phase 2 and phase 3 below will not tackle profi t and loss statement but capital of the bank. material signifi cance, there are bigger In Montenegro, there are not publicly available analysis with re- diff erences in the manner of calcula- gard to expected changes in the level of impairment due to the tion of impairment of the collectively transition to IFRS 9. Currently, banks run tests independently, assessed fi nancial assets compared to communicate with the CBCG, but the data are not published, IAS 39. IAS 39 used historical values nor there are public researches on this topic. of probability of default (PD) and We can only assume different scenarios in this moment. MSFI 9 oktobar 2017 | :Bankar

dijelu se neće ništa promjeniti. Kod skupno 9 vjerovatno povećati obezvređenja na nivou 18 ocijenjenih potraživanja, vanbilansa, izlože- bankarskog sektora u posebnom riziku od „re- nosti prema državi i prema bankama moguće gulatorne nesolventnosti“ su one banke koje su materijalnije promjene. Skupno ocijenje- su već na granici propisanog koefi cijenta sol- na fi nansijska sredstva se u principu dijele na ventnosti. Kod takvih banaka bi povećanje ni- fazu 1 i fazu 2 (zanemarimo u ovom momen- voa obezvređenja moglo značiti nepoštovanje tu neznačajna potraživanja u fazi 3). U fazi 1 propisanog minimalnog koefi cijenta solvent- se nalaze po pravilu manje rizična fi nansijska nosti što bi zahtijevalo dokapitalizaciju ili uzi- sredstva i obezvređenje se računa u dijelu izlo- manje hibridnih instrumenata/subordinisanog ženosti koji se odnosi na sledeću jednu godi- duga ako su ispunjeni uslovi za njihovo prizna- nu. U fazi 2, u kojoj se nalazi takođe kvalitetna vanje u skladu sa Odlukom o adekvatnosti ka- aktiva, ali relativno rizičnija u odnosu na fazu pitala banaka. Takve banke bi već trebalo da 1, se obezvređenja računa za čitav životni vi- traže izvore za dokapitalizaciju kako bi blago- jek fi nansijskog sredstva. Upravo u fazi 2 ban- vremeno reagovale jer treba imati na umu da ke mogu očekivati potencijalno najveće nega- CBCG dodatno unaprjeđuje sistem kontrole tivne efekte. bankarskog sektora pripremanjem radne ver- Može biti interesantno gledište da upravo ban- zije nacrta Zakona o sanaciji banaka, koji veliki ke koje su prošle kroz krizu na način da su u akcenat polaže između ostalog i na kapitalizo- periodu fi nansijske krize imale veće prelaske vanost (solventnost) banaka. u nekvalitetnu aktivu, mogu imati blaže utica- U pogledu kamatnih stopa, ne očekuje se po- je na obezvređenja uslijed prelaska na MSFI većanje zbog prelaska na MSFI 9 pod uslovom 9. Obično su ovakve banke poslije krize za- da banke implementiraju razvijenu politiku i me- oštravale svoju kreditnu politiku, povećavaj- todologiju upravljanja kreditnim rizikom. Efekti ući standarde upravljanja kreditnim rizikom, prelaska na MSFI 9 su u principu jednokratni - tražeći kvalitetnija sredstva obezbijeđenja, efekat na kapital banke, koji će se rješavati ako smanjivanjem učešća dugoročnih kredita (pre- bude potrebe za tom dokapitalizacijom. Trošak ko pet godina) u svom portfoliju. Namjerno ili kreditnog rizika (Cost of Risk - CoR) ne bi tre- ne, ali ovakav pristup može povoljno djelova- balo da bude veći zbog prelaska na MSFI 9. ti kada je u pitanju prelazak na MSFI 9 jer, kao Ukoliko se ne povećaju troškovi, onda se neće što smo prethodno naveli, na nivo obezvređe- praviti ni „pritisak“ na prihode. Razvijena po- nja kod MSFI 9 između ostalog utiču: vrijednost litika i metodologija upravljanja kreditnim rizi- i kvalitet kolaterala (vredniji kolaterali smanjuju kom treba, između ostalog, da omogući banci obezvređenja i kod skupno ocijenjenih!), roč- da smanji vjerovatnoću prelaska između faze 1 nost fi nansijskog sredstva (relativno kraće roč- u fazu 2. Ovo podrazumijeva odgovorno mjere- nosti znače manje ispravke u fazi 2!), volatil- nje kreditnog rizika prilikom odobravanja pla- nost kreditnog rizika (izborom visokobonitetnih smana, odgovorno praćenje kreditnog rizika dužnika smanjuje se vjerovatnoća za tranzi- tokom otplate plasmana, implementaciju ranih ciju između faze 1 i faze 2 što povoljno utiče znakova upozorenja povećanog kreditnog rizi- na obezvređenja!). Dodatne, ovakve banke su ka, uvođenjem novih procedura za naplatu po- neposredno poslije krize obično imale viso- traživanja (klijenti ne bi trebali kasniti preko 30 ke PD-eve i posljedično procente rezervisanja dana) itd. Banke koje ne uspiju da implementi- za skupno ocijenjene što znači da su već kod raju ove standarde imaće veći pritisak na CoR skupno ocijenjene fi nansijske imovine imali re- i posljedično na neto rezultat. Da li će uspjeti lativno visok nivo obezvređenja. da to „peglaju“ preko visočijih kamatnih stopa? Koje su moguće implikacije na bankarski Mislimo da neće imati prostora za tako nešto. sektor i generalno na fi nansijski sistem usli- Na tržištu će sigurno biti banaka koji će uspjeti jed prelaska na MSFI 9? Budući da će MSFI da stave pod kontrolu CoR. october 2017 | :Bankar IFRS 9 19 Therefore, we can assume the following: indivi- and, in general, for the fi nancial system due to dually signifi cant fi nancial asset will remain indi- the transition to IFRS 9? Since IFRS 9 is likely to vidually signifi cant and in that part, nothing will increase impairment at the level of the banking change. When it comes to collectively assessed sector, banks whose solvency ratio is already at receivables, off balance sheet, exposures to the the minimum prescribed limit are in separate re- sovereigns and banks, material changes are po- gulatory insolvency risk. An increase in the level ssible. Collectively assessed fi nancial asset in of impairment with these banks could mean fai- principle is divided into phase 1 and phase 2 (in- lure to comply with the prescribed minimum sol- signifi cant receivables in phase 3 are neglected vency ratio, which would require recapitalization in this moment). As a rule, phase 1 covers less or the taking of hybrid instruments/subordinated risky fi nancial asset and impairment is calcula- debt if the conditions for their recognition were ted in the part of exposure that refers to the fol- fulfi lled in accordance with the Decision on the lowing one year. In phase 2, which contains also Capital Adequacy of Banks. Such banks should qualitative assets, but relatively riskier compared already seek sources for recapitalization in or- to phase 1, impairment is calculated for entire der to react in a timely manner because it should life of the fi nancial asset. Therefore, in phase 2, be kept in mind that the CBCG further improves banks may expect potentially largest negative the banking sector supervision by preparing the effects. draft Bank Resolution Law, which highlights, in- There is an interesting view that the banks that ter alia, the capitalization (solvency) of banks. had higher transfers to non-performing assets In terms of interest rates, no increase is expec- during fi nancial crisis may have milder impacts ted due to transition to IFRS 9, provided that on impairment due to the transition on IFRS 9. banks implement the developed credit risk ma- Usually, these banks tightened their lending po- nagement policy and methodology. The effects licy in post-crisis period, increasing their credit of transition to IFRS 9 are in principle one-off - risk management standards, requiring better the effect on the capital of the bank, which will quality collateral and reducing share of long- be dealt with if there is a need for recapitaliza- -term loans (over fi ve years) in their portfolio. tion. Cost of Risk (CoR) should not be higher Deliberately or not, this approach can be favo- due to the transition to IFRS 9. Unless costs urable when it comes to the transition to IFRS are increased, no "pressure" on earnings will be 9, because, as we have already mentioned, the made. The developed credit risk management level of impairment in IFRS 9, inter alia, affects: policy and methodology should, among other the value and quality of collateral (more valuable things, enable the bank to reduce the probabi- collateral reduces impairment even in collec- lity of transferring between Phase 1 to Phase 2. tively assessed fi nancial asset), the maturity of This implies responsible measurement of credit fi nancial asset (relatively shorter maturities me- risk when approving loans, responsible monito- ans lower adjustment in phase 2), the volatility ring of credit risk during loan repayment, imple- of credit risk (the probability for transition betwe- mentation of early warning signs of increased en Phase 1 and Phase 2 is reduced by selecting credit risk by introducing new procedures for the debtors with high credit capacity, which has a collection of receivables (clients should not de- favourable impact on impairment). Additionally, fault more than 30 days), and the like. Banks that these banks often had high PD immediately after fail to implement these standards will have more the crisis, and consequently high percentage of pressure on the CoR and consequently the net the provision for collectively assessed fi nancial result. Will they succeed in correct it by imposing asset, which means that they already had rela- higher interest rates? We do not think that the- tively high level of impairment in collectively as- re will be room for such a thing. The market will sessed fi nancial assets. surely have banks that will manage keep the What are the implications for the banking sector CoR under the control. USKLAĐENOST POSLOVANJA oktobar 2017 | :Bankar

20 U susret standardima usklađenosti

Toni Stojanovski, Glavni direktor za rizike i član Odbora direktora Stopanske banke AD Skoplje

Od 1988. godine, kada je uveden prvi Bazelski sporazum, pa do danas, standardi kapitala za banke su se značajno promijenili. Finansijska kriza iz 2008. godine je jasno ukazala na potrebu za značajnim promjenama kapitala i ostalih promišljenih (prudencijalnih) zahtjeva za banke nakon iskustva i slabosti koji su se pojavili od uvođenja Bazela II 2004. godine. U to vrijeme se smatralo da Bazel II predstavlja veliki korak unaprijed u promovisanju standarda kapitala prema većoj osjetljivosti rizika i transparentnosti, ali sigurno po cijenu jednostavnosti i uporedivosti. Ovaj Sporazum o kapitalu se snažno oslanjao na samoregulaciju i tržišnu disciplinu i bio je izgrađen na tri stuba (pilara): Stub 1 – Minimalni zahtjevi za izdvajanjem kapitala, Stub 2 – Supervizorski pregled i dodatni zahtjevi za izdvajanjem kapitala kao dopune kapitala speciﬁ čne za individualne banke, i Stub 3 - Objelodanjivanje. Međutim, ozbiljna kriza iz 2008. godine je razotkrila nedostatke Bazela II i zahtijevala je hitne promjene. Naime, Bazel II je kritikovan zbog mnogih slabosti kao što su: dozvoljavanje upotrebe internih modela za utvrđivanje regulatornog kapitala za kreditni rizik što je dovelo do potcijenjenih troškova kapitala za kreditni rizik; jačanje procikličnosti bankarskog sektora; preveliko oslanjanje na agencije za dodjelu kreditnog rejtinga; stvaranje prednosti za velike banke koje su imale dovoljno informacija i resursa za upotrebu internih modela za izračunavanje troškova kapitala, itd.

ao što je pisano i mnogo puta ranije, kriza koja je Bazelski odbor za superviziju banaka (BCBS) je odgo- Kzapočela 2008. godine je bila najgora od Velike vorio na krizu revidirajući Sporazum o kapitalu Bazel depresije iz 1930., transformišući se iz fi nansijske u II, i kao rezultat toga, predložio je Bazel III kao treći ekonomsku krizu i utičući na ljude, kompanije i dr- od Bazelskih sporazuma od 1988. Ovaj Sporazum o žave širom svijeta. Korijeni krize i njene implikacije kapitalu je usaglašen 2010. godine uključujući regu- na fi nansijske sisteme, privrede, vlade i cjelokupna latore iz 26 država. U osnovi, glavni ciljevi/promjene društva su donijele dragocjene uvide u ranjivosti standarda koji su sadržani u Bazelu III mogu se sažeti fi nansijskih sistema, podstičući, između ostalog, na sljedeći način: promjene u regulativama i superviziji banaka. october 2017 | :Bankar COMPLIANCE 21 Heading Towards Compliance Standards Toni Stojanovski, Chief Risk Ofﬁ cer and Member of The Board of Directors Stopanska Banka AD Skopje

Since 1988 when fi rst Basel Accord was introduced, until today, banking capital standards have changed substantially. The 2008 fi nancial crisis clearly refl ected the need for substantial changes of the capital and other prudential requirements for banks, following the experience and weaknesses that appeared from Basel II framework introduced in 2004. At that time Basel II was considered as a big step further in promoting the capital standards toward more risk sensitivity and transparency, but for sure, on the expense of simplicity and comparability. This Capital Accord relied heavily on self-regulation and market discipline and was built on three Pillars: Pillar 1 – Minimum Capital requirements, Pillar 2 Supervisory Review and additional capital requirements as a bank specifi c capital add-ons after supervisory review and Pillar 3 – Disclosure. However, the severe crisis from 2008 exposed the defi ciencies of Basel II and required immediate changes. Namely, Basel II was criticized for many weaknesses such as: allowing the use of the internal models for determining the regulatory capital for credit risk leading to understated capital charges for credit risk; boosting pro-cyclicality of the banking industry; too big reliance on the credit rating agencies; generating advantages for the big banks which had enough information and resources to use internal models for calculation of the capital charges etc.

s it has been written many times before, the crisis the Basel Accords since 1988.Th is capital Accord was Athat started in 2008, has been the worst one since agreed in 2010 involving regulators from 26 countries. the Great Depression in 1930s’, transforming itself from Basically, the main objectives/changes of standards fi nancial crisis into an economic crisis and aff ecting contained in Basel III can be summarized as following: people, businesses and sovereigns all over the globe. Th e roots of the crisis and its implications for the fi nancial a) To strengthen the quantity and quality of the systems, economies, governments and societies as a whole, bank capital including, inter alia, the capital buff ers have brought valuable insights for the vulnerabilities of with the elements of counter cyclicality and higher the fi nancial systems, triggering, among other things, capital requirements for systematically important changes in the regulations and the banking supervision. fi nancial institutions. Namely, with regards to the Th e Basel Committee on Banking Supervision capital requirements/standards, the main changes refer (BCBS) responded by reviewing the Basel II accord to increased importance of Tier 1 Capital, changes in and, consequently, proposing the Basel III as third of the eligibility requirements of additional Tier 1 and USKLAĐENOST POSLOVANJA oktobar 2017 | :Bankar

a) Ojačati kvantitet i kvalitet kapitala banaka koefi cijent zaduženosti je utvrđen u iznosu od 3% uključujući, između ostalog, zaštitne slojeve (amorti- osnovnog kapitala koji će spriječiti, prema očekiva- zere) kapitala sa elementima kontracikličnosti i većim njima globalnih regulatora i EU regulatora, banke da potrebnim kapitalom za sistemski važne fi nansijske prekomjerno povećavaju kreditiranje kada nemaju institucije. Naime, u pogledu standarda/potreba za dovoljno kapitala. Objelodanjivanje ovog koefi cijenta izdvajanjem kapitala, glavne promjene odnose se je započelo 2015. godine, a primjena počinje u january na povećanu važnost osnovnog kapitala, promjene 2018. kvalifikovanih zahtjeva za izdvjanjem dodatnih instrumenata osnovnog i dopunskog kapitala, pro- c) Povećati pozicije likvidnosti banke uvođenjem mjene u izračunavanju rizikom ponderisane aktive, koefi cijenta pokrića likvidnosti (Liquidity Coverage i uvođenje zaštitnih slojeva kapitala i koefi cijenta Ratio - LCR) i koefi cijenta neto stabilnog fi nansiranja zaduženosti. Limiti koefi cijenta kapitala su revidirani (Net Stable Funding Ratio - NSFR), za kratkoročnu i i postavljeni na sljedećim nivoima: redovni osnovni dugoročnu otpornost likvidnosti. LCR se već primje- kapital (koefi cijent CET1) mora biti uvijek najmanje njuje sa setom minimalnih zahtjeva u iznosu od 60% 4,5% rizikom ponderisane aktive, osnovni kapital od oktobra 2015. godine i postepeno će se povećavati najmanje u iznosu od 6%, dok ukupni kapital (osnovni kako bi dostigao 100% 2018. godine u EU, godinu i dopunski kapital) mora biti najmanje 8% rizikom dana prije nego što Bazelski standard stupi na snagu. ponderisane aktive. NSFR će biti minimalni standard koji će početi da se Osim povećanja kvaliteta kapitala i povećanja primjenjuje od januara 2018. godine. važnosti akcijskog kapitala, druga ključna promjena koja je povećala troškove kapitala za banke su zaštitni d) Poboljšati objelodanjivanje i transparentnost slojevi kapitala. Sa zaštitnim slojem za čuvanje kapitala u iznosu od 2,5%, kontracikličnim zaštitnim slojem Svi gore pomenuti zahtjevi za kapital i likvidnost iz između 0% i 2,5% (koji se implementira u slučaju Bazela III kao neobavezujuće odredbe prenijeti su u potrebe), zaštitnim slojem za sistemski važne banke norme EU kroz Direktivu i Regulativu o zahtjevima za između 1%-3,5%, zaštitnim slojem za ostale sistemski minimalnim kapitalom (CRD-IV/CRR – paket CRD važne banke između 0 – 2% i zaštitnim slojem za IV). Istovremeno, u cilju rješavanja pitanja „prevelikih sistemski rizik između 1%-3%, teret kapitala koji se da bi propali“, Odbor za fi nansijsku stabilnost (FSB) stavlja na banke može potencijalno dostići 18% za je pripremio standarde za globalno sistemski važne sistemski važne banke ne uzimajući u obzir dodatke banke (G-SIBs). Takozvani TLAC (ukupna sposobnost iz Stuba 2. Dodatak iz Stuba 2 je rezultat procesa pokrivanja gubitaka - Total Loss Absorbing Capacity) procjene adekvatnosti internog kapitala i ima za cilj kojim se zahtijevaju čak i veći zaštitni slojevi za G-SIBs, da obuhvati rizike koji su specifi čni za banku, a koji stupiće na snagu nakon 2019. Evropska bankarska unija nijesu obuhvaćeni Stubom 1. Suvervizori u Evropskoj priprema sopstvena pravila za minimalne zahtjeve za uniji i ne samo oni, dodaju ih povrh zaštitnih slojeva sopstvena sredstva i kvalifi kovane obaveze, takozvani kapitala (koji se mogu kretati između 0% i 4%, pa MREL. Direktiva EU za oporavak i sanaciju banaka čak i više), zbog čega bi trošak kapitala mogao da (BRRD), utvrđuje zahtjeve za kapitalom fi nansijskih pređe 20%. institucija za apsorpciju gubitaka i za dokapitalizaciju nakon procesa sanacije. b) Smanjiti zaduženost banke uvođenjem koefi ci- Naravno, svi ovi gore pomenuti novi standardi imaju jenta zaduženosti (LR) kao dodatne prudencijalne za cilj jačanje otpornosti bankarskog sektora i izbjega- mjere (zaštitne mjere) u cilju snaženja finansij- vanje propasti banaka i kriza gdje bi poreski obveznici ske stabilnosti utvrđivanjem potrebnog kapitala na opet snosili troškove spašavanja problematičnih ba- osnovu ponderisane aktive koja ne nosi rizik, pored naka. Ovo je bilo u fokusu ukupnog podsticaja da se i zajedno sa potrebnim kapitalom na osnovu rizikom kreiraju pravila i mehanizmi za unutrašnje spašavanje ponderisane aktive. Prema regulativi Evropske unije, problematičnih banaka umjesto spašavanja tih banaka

USKLAĐENOST POSLOVANJA oktobar 2017 | :Bankar

od strane države i da se internalizuju troškovi sanacije o kapitalu, Komisija EU je mjerila troškove i predno- 24 umjesto njihove eksternalizacije prema ukupnom sti, navodeći i troškove iz fi nansijske krize, pri čemu društvu. Jedna od bolnih lekcija iz fi nansijske krize su prezentovane brojke pokazale da su troškovi iz su bili mnogobrojni programi spašavanja za banke u perioda krize prevagnuli u odnosu na troškove iz Evropskoj uniji. Primjera radi, vlade EU su iskoristile regulative o kapitalu. gotovo 2 biliona državne pomoći u periodu između Ipak, implementacija standarda o kapitalu stavlja 2008. i 2014. (14% BDP-a Evropske unije za 2014) dodatni pritisak na profi tabilnost banaka. Naime, kako bi spasile fi nansijski sektor. nakon krize, banke u EU bore se da postignu zado- Međutim, banke kao jedan od glavnih stubova voljavajuće povraćaje na akcijski kapital: ukupnog ekonomskog sistema u EU i glavni 3RYUDüDMQDDNFLMVNLNDSLWDOXRGDEUDQLP(8GUåDYDPD

pružalac kredita realnoj 10.00% ekonomiji i stanovniš- 5.00% tvu, već osjećaju pritisak 0.00% Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 od povećanih zahtjeva -5.00% za izdvajanjem kapitala. -10.00% Kao što se i očekivalo, -15.00% postoji trend povećanja 1MHPDþND )UDQFXVND 9HOLND%ULWDQLMD

koefi cijenta adekvatnosti kapitala, naročito koefi cijenta osnovnog kapitala Grafikon 1: Povraæaj na akcijski kapital u odabranim EU državama u jurisdikcijama koje su implementirale zahtjeve Izvor: http://sdw.ecb.europa.eu/ Bazela III. Shodno CRD IV-CRR/ Vježbi nadgledanja banaka po Bazelu III – Rezultati na osnovu poda- Pored sporog ekonomskog oporavka, povećani za- taka na dan 30. jun 2016., koju je sproveo Evropski htjevi za kapitalom su sigurno doprinijeli anemičnim bankarski regulator i objavio u februaru 2017., došlo nivoima povraćaja na akcijski kapital. je do povećanja koefi cijenata adekvatnosti kapitala Banke iz našeg regiona su tradicionalno zadržale za 164 banke od početka vježbe nadgledanja u 2011. relativno visoko nivoe koeficijenta adekvatnosti Rezultati pokazuju da se CET1 povećao u analiziranom kapitala (osim Slovenije), a kretanje nekvalitetnih periodu i pokazuju da banke pokušavaju da ispune kredita uglavnom je uticalo na njihove povraćaje na tržišna očekivanja mnogo prije datuma pune imple- akcijski kapital. mentacije CRD IV- CRR/ okvira Bazela III. Primjera Kretanje koeficijenta adekvatnosti kapitala radi, koefi cijent CET1 za 25% međunarodne banke sa 20% osnovnim kapitalom preko 15% 3 milijarde eura povećao 10% se na 13,3% u junu 2016. 5% 0% sa nešto malo preko 10% Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 u junu 2011. Makedonija Srbija Hrvatska Slovenija Crna Gora Empirijski dokaz iz glavnih ekonometrijskih studija

koje je sažeo Bazelski odbor za superviziju banaka u Grafikon 2: Kretanje koeficijenta adekvatnosti kapitala u odabranim martu 2016. godine ukazuje na povećanje potrebnog balkanskim državama (za Sloveniju najnoviji raspoloživi podaci na jun 2016) Izvor: NBRM, NBS, HNB, BSI, CBCG, IMF kapitala za 1 procentni poen, smanjuje kreditni rast za 1,2%-4,6%. Uticaj na ekonosmku aktivnost, međutim (kreditiranje u odnosu na BDP), je relativno malo i iznosi do 0,3%. Prilikom implementacije modifi kovane regulative october 2017 | :Bankar COMPLIANCE 25

for Tier 2 instruments, changes in the calculation already in application with the minimum requirement of the risk weighted assets, and the introduction of set at 60% since October 2015 and will be gradually the capital buff ers and the leverage ratio. Th e capital increased, reaching 100% in 2018 in EU, one year ratio limits have been revised and set at the following before the Basel standard comes into force. NSFR will levels: Common Equity Tier 1 (CET1 Ratio) must be be minimum standard starting from January 2018. at least 4.5% of risk weighted assets at all times, Tier 1 capital at least 6%, while Total capital (Tier1+Tier2) d) Improve the disclosure and transparency at minimum 8% of risk-weighted assets. Apart from raising the quality of capital and increas- All the above mentioned capital and liquidity require- ing the importance of the equity, the second crucial ments from the Basel III Framework as a non-binding change which increased the capital charge for the provisions have been transposed into the EU norms banks are the capital buff ers. With capital conserva- through the Capital Requirements Directive and tion buff er of 2.5%, countercyclical buff er between Regulation (CRD-IV/CRR – CRD IV package). At the 0% and 2.5% (implemented in case of need), buff er same time, in order to address “too big to fail issue”, for global systemically important banks between 1%- the Financial Stability Board (FSB) has developed 3.5%, buff er for other systematically important banks standards for globally systematically important banks between 0 – 2% and systemic risk buff er between (G-SIBs). Th e so-called TLAC (Total Loss Absorbing 1%-3%, the capital burden placed on banks could Capacity) that requires even higher buff ers for the potentially reach 18% for the systemically important G-SIBs will enter into force aft er 2019. EU Banking banks, not considering the Pillar 2 adds-on. Th e Pillar Union is working on its own rules for minimum 2 add on, is a result of the internal capital adequacy requirement for own funds and eligible liabilities, so assessment process and aims at covering the risks called MREL. Th e EU Bank Recovery and Resolution which are bank specifi c and not encompassed with Directive (BRRD), sets the capital requirements of Pillar 1. Th e supervisors all over EU, and not only, are the fi nancial institutions for loss absorption and for adding it on top of the capital buff ers (could range recapitalization aft er the process of resolution. between 0% and 4%, even higher), as a result of which, Of course, all these mentioned new standards/rules the capital charge would surpass 20%. are aimed to strengthen the resilience of the banking industry and to avoid the bank failures and crisis b) To decrease the Bank leverage by introducing where the tax payers again should bear the cost of the leverage ratio (LR) as an additional prudential the bailing out of the troubled banks Th is was in the measure (backstop) in order to enhance fi nancial focus of the overall incentive to design the rules and stability by determining the capital requirements mechanisms for bailing in instead of bailing out the on the basis of non-risk weighted assets, apart and troubled banks and to internalize the resolution cost parallel with the capital requirements based on the instead of their externalization to the overall society. risk weighted assets. According to the EU regulations, One of the painful lessons from the fi nancial crisis the leverage ratio has been set at 3% of Tier 1 Capital, was the numerous rescue programs for the banks in which, according to the expectations of the global and EU. For illustration, between 2008 and 2014 the EU EU Regulators, will prevent banks from excessively Governments used almost EUR 2 trillion in State increasing lending when they do not have enough aid (14% of the 2014 EU GDP) in order to rescue the capital. Disclosure of this ratio started in 2015 and fi nancial sector. application begins as of January 2018. However, the banks that are one of the main pillars of the overall economic system in EU and the main c) To increase the Bank liquidity positions by provider of lending to the real economy and households, introducing the Liquidity Coverage Ratio (LCR) and are already feeling the pressure from the increased Net Stable Funding Ratio (NSFR), for a short and capital requirements. As expected, there is a trend of long term liquidity resilience, respectively. LCR is increase of the capital adequacy ratio, especially Tier USKLAĐENOST POSLOVANJA oktobar 2017 | :Bankar

NPL i RoE Novi kapitalni zatjevi su 26 25% 20% dalje povećani dodacima iz

20% 10% Stuba 2. Iako su oni uvedeni

15% 0% sa Bazelom II, nakon uvo-

10% -10% đenja Bazela III, supervizori ih eksplicitno zahtijevaju. 5% -20% Kako je ranije pomenuto, 0% -30% Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 supervizori dodaju zahtjeve

Makedonija NPL Hrvatska NPL Crna Gora NPL iz Stuba 2 povrh amortizara Makedonija RoE Hrvatska RoE Crna Gora RoE kapitala kako bi obuhva- Grafikon 3: Kretanje nekvalitetnih kredita (NPL) i povraæaja na tili ostale rizike kojima su banke izložene (one koji akcijski kapital (RoE) u Makedonijim Crnoj Gori i Hrvatskoj Izvor: NBRM, HNB, CBCG, Svjetska banka, MMF nijesu pokriveni rizikom ponderisanom aktivom i amortizerima kapitala). Iako je važno uzeti u obzir sve rizike kojima su banke izložene i preduzeti od- Hrvatska i Slovenija, kao države članice EU, imple- govarajuće mjere ublažavanja, važno je naglasiti da mentirale su CRD IV –CRR na 1. januar 2014. godine prenošenje svakog rizika u trošak kapitala povećava (sa postepenim uvođenjem određenih koefi cijenata troškove poslovanja. Prema tome, pitanje se samo u periodu između 2014. i 2019.), što znači da se ve- nameće: Koliko daleko bi supervizori/regulatori išli ćina korekcija kapitala već dogodila. Makedonija je u obezbjeđivanju pokrića kapitala za sve rizike sa implementirala regulativu o kapitalu usklađenu sa kojima se banke suočavaju? Iz današnje perspektive Bazelom III na dan 1. mart 2017., a Srbija na 30. jun izgleda samo da je nebo granica. 2017. Imajući u vidu istorijski visoke koefi cijente Do danas, akcionari banaka su očekivali visoke prinose adekvatnosti kapitala u ove dvije države, značajne (između 12%-15%) na svoje investicije zbog rizičnosti promjene nivoa kapitala ne treba očekivati. Međutim, poslovanja. Pošto su banke primorane da povećaju zbog uvođenja amortizera za kapital zajedno sa oba- nivoe kapitala, veći kapital bi ukazao na veću stabilnost veznim zhtjevima za kapital po Stubu 2 koji je ostao i sigurnost bankarskog sektora. Jedna mogućnost je iz okvira Bazela II, očekuje se da bi se nivoi kapitala da invstitori smanje očekivanja u vezi sa prinosima iz povećali, stavljajući dodatni pritisak na koefi cijente bankarskog sektora što bi dozvolilo bankama da sakupe povraćaja na akcijski kapital. relativno lako dodatni potrebni kapital. Da li će ovo biti Imajući u vidu regulative i očekivana kretanja, ishod i šta leži u budućnosti, moraćemo da sačekamo pitanje se postavlja kako će banke biti sposobne da i vidimo. Budućnost ima sve odgovore. obezbijede dodatni kapital ako povraćaj nije dovoljno Komisija EU je kazala prilikom neke izjave za privlačan investitorima? Da li su regulatori uzeli u štampu u novembru 2016.: "Banke su ključni izvor obzir ovaj aspekt kada su usvajali regulativu? Ili da li fi nansiranja kompanija i stanovništva. U cilju da bolje je niski povraćaj na akcijski kapital poželjan i očekivan obave ovu funkciju, regulatorno okruženje treba da kako bi se smanjila sklonost investitora ka profi tu, i bude srazmjernije, gdje je to odgovarajuće, složenosti, kao rezultat toga sklonost ka preuzimanju rizika? veličini, poslovnom profi lu i spefi cičnostima banaka". U ovim uslovima i s obzirom da banke moraju da se Imajući sve gore navedene nove standarde i propise usaglase sa visokim zahtjevima kapitala, povećanim već implementirane ili u fazi implementacije, više je potrebama fi nansiranja i moraju da imaju dodatne nego jasno da izazovi koji stoje pred regulatorima i regulatorne zahtjeve (osnaženi okvir za upravljanje bankarskim sektorom su značajni. Naročito je to slučaj rizikom, priprema plana oporavka, implementacija u državama zapadnog Balkana koje još uvijek nijesu MSFI 9, samo da napomenemo neke od njih), očekuje članice EU, a na nacionalnim bankama/regulatorima se da će banke morati da odgovore implementirajući je da nađu način da implementiraju nove standarde različite mjere interne reorganizacije, smanjujući ali na odgovarajući način i u vremenskom okviru troškove, poboljšavajući efi kasnosti, i zasigurno, po- imajući sve koristi od toga ali ne ugrožavajući već većavajući aktivne kamatne stope kako bi podstakle postignutu stabilnost bankarskih sistema i sposobnost u određenoj mjeri povraćaj na akcijski kapital. kreditiranja za fi nansijsku podršku našim realnim october 2017 | :Bankar COMPLIANCE 27 1 ratio, in the jurisdictions which have implemented profi tability of the banks. Namely, aft er the crisis, the Basel III requirements. According to CRD IV-CRR/ the banks in EU are struggling to achieve satisfactory Basel III Monitoring Exercise –Results Based on Data as returns on equity: of June 30th 2016, conducted by the European Banking Return on equity

Authority and published 10.00% in February 2017, there has 5.00% been an increase of the capi- 0.00% Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 tal adequacy ratios of 164 -5.00% banks since the beginning of -10.00% the monitoring exercise in -15.00% 2011. Th e results prove that Germany France UK the CET1 has been increas- Chart 1: Return on equity in selected EU countries ing in the analyzed period Source: http://sdw.ecb.europa.eu/ and show that the banks are trying to meet market expectations well in advance of Besides the slow economic recovery, the increased the date for full implementation of the CRD IV- CRR/ capital requirements, have surely contributed for the Basel III framework. For illustration purposes, the CET anemic levels of the return on equity. 1 ratio for the international banks with Tier 1 capital in Th e banks from our region, have traditionally kept excess of EUR 3 billion, has increased to 13.3% in June relatively high capital adequacy ratio levels (except 2016, from just over 10% in June 2011. Slovenia) and their return on equity has been mainly Th e empirical evidence from major econometric impacted by the non-performing loans development. studies, summarized in March 2016 by the Basel Capital Adequacy Ratio Developments Committee on Banking 25% Supervision, indicates that 20% the increase in capital re- 15% quirements by 1 percentage 10% point, reduces the credit 5% growth by 1.2%-4.6%. Th e 0% Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 impact on economic activ- Macedonia Serbia Croatia Slovenia Montenegro ity, however, (lending to GDP) is relatively small, Chart 2: Development of Capital Adequacy Ratio in selected Balkan countries up to 0,3%. (for Slovenia, the latest available data is as of June 2016) Source: NBRM, NBS, HNB, BSI, CBCG, IMF When implementing the modifi ed capital regulation, NPL and RoE the EU Commission meas- 25% 20%

ured its costs and benefi ts, 20% 10%

stating also the costs from 15% 0%

the fi nancial crisis, and the 10% -10% fi gures presented showed 5% -20% that the costs from the crisis 0% -30% outweigh the costs from the Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16

capital regulation. Macedonia NPL Croatia NPL Montenegro NPL Macedonia RoE Croatia RoE Montenegro RoE Nevertheless, the implementation of the capital Chart 3: Development of NPL and RoE in Macedonia, Montenegro and Croatia Source: NBRM, HNB, CBCG, World Bank, IMF standards is putting additional pressure on the october 2017 | :Bankar COMPLIANCE 29

Croatia and Slovenia as EU members have imple- exposed to (the ones which are not covered by the risk mented the CRD IV –CRR as of January 01st 2014 weighted assets and the capital buff ers). While it is (with phasing out of certain ratios between 2014 and important to consider all risks to which the banks are 2019), meaning that most of the capital adjustments exposed to and to take appropriate mitigation meas- have already taken place. Macedonia has enforced the ures, it is also vital to underline that the translation Basel III harmonized capital regulation as of March of each risk in a capital charge is raising the costs of 01st 2017, whereas Serbia as of June 30th 2017. Having doing business. Th us, a question imposes itself: How in mind the historically high capital adequacy ratios far would the supervisors/regulators go in providing in these two countries, signifi cant changes in the capital coverage for the all the risks that the banks are capital levels are not to be expected. However, due to facing? From today’s perspective it seems that only the introduction of the capital buff ers together with sky is the limit. the mandatory Pillar II capital requirements that re- Up to now, banks’ shareholders were expecting high mained from Basel II framework, it is expected that returns (between 12%-15%) from their investments, the levels of capital would increase, putting additional due to the riskiness of the business. As the banks are pressure on the return on equity ratios. forced to increase their capital levels, the higher capital Having in mind the regulations and the expected would imply greater stability and safety of the banking developments a question arises: how the banks will industry. One possibility is that the investors lower be able to provide the additional capital, if the return their return expectations from the banking industry, is not attractive enough for the investors? Have the which would allow the banks to raise relatively easy regulators considered this aspect when adopting the additional capital needed. Whether this will be the regulation? Or, maybe the low return on equity the outcome and what lies ahead, we will have to wait has been desired and expected, in order to reduce and see. Th e future holds the answers. investors’ appetite for profi t, and consequently, their EU Commissions has stated in one of its press re- risk appetite? leases dated November 2016: “Banks are a key source In these conditions, since the banks have to comply of funding for businesses and households. In order with high capital requirements, increased funding for them to better fulfi l this function, the regulatory needs, and have additional regulatory requirements environment should be made more proportionate, (strengthened risk management framework, recov- where appropriate, to banks’ complexity, size, busi- ery plan development, implementation of IFRS 9, to ness profi le and specifi cities”. Having all the above name a few), it is expected that the banks will have mentioned new standards and rules already imple- to respond by implementing different measures mented or on the way, it is more than clear that the of internal reorganization, cost-cutting, effi ciency challenges ahead for the regulators and the banking improvements, and, for sure, increase of the lending industry are signifi cant. Especially it is the case in the interest rates, in order to boost the return on equity countries of the Western Balkans that are still not part to some extent. of EU and it is up to the National Banks/ Regulators Th e new capital requirements are furthermore to fi nd the way to implement the new standards but increased by the Pillar II add on. Although it was in- in appropriate manner and time framework having troduced with Basel II, aft er the introduction of Basel all the benefi ts from that, but without jeopardizing III it has been explicitly demanded by the supervisors. the already achieved stability of the banking systems As mentioned earlier, the supervisors add the Pillar and their lending capacity for fi nancial support of our II requirements on top of the capital buff ers in order real economies and households. to cover for the other risks to which the banks are REFORMA OTC TRŽIŠTA FINANSIJSKIH DERIVATA oktobar 2017 | :Bankar

30 Zakašnjela inicijativa i nove strukture Prof. dr Momirović Dragan, Fakultet za poslovno industrijski Nakon ekonomsko-fi nansijske krize iz 2008. god., identifi kovane su opasnosti menadžment i pretnje od neregulisane trgovine OTC tržišta fi nansijskih derivata. Enormna Beograd ekspanzija ovog tržišta, sedamdesetih i početkom osamdesetih godina prošlog veka, a koja je dostigla kulminaciju nekoliko godina pre krize, je tokom krize pokazala određene regulatorne, nadzorne i kontrolne nedostatke. I pored toga što je dokazano da ono nije glavni uzrok velike fi nansijske krize, bez sumnje, doprinelo je njenom rasplamsavanju. Neuspeh fi rme Lehman Brothers, i spašavanje AIG, zbog velike izloženosti kreditnom riziku, je otkrilo da su OTC tržišta fi nansijskih derivata izvor nagomilavanja sistemskog rizika. Kriza je pokazala da nepravilno korišćenje fi nansijskih derivata od strane fi nansijskih i drugih aktera, u potrazi za novim prinosima, može izazvati fi nansijske nevolje, istovremeno ih pretvarajući ih „fi nansijska oružja za masovno uništenje“ „Masovnost uništenja“ proizilazi iz samih karakteristika derivata i OTC tržišta fi nansijskih derivata. Te karakteristike omogućavaju njihovu snažnu međusobnu fl eksibilnost i prilagodljivost, koje, uz nedovoljnu regulaciju, nadzor i superviziju, mogu da izazovu jaku, kombinovanu sinergiju, koja stimuliše investitore da stalno tragaju za novim proizvodima fi nansijskih derivata, koji će im obezbediti nove, veće prinose.

rgovina na neregulisanim, van derivata je snažno delovala na širenje međunarodni napori i mehanizmi Tberzanskim, odnosno OTC već nastale fi nansijske zaraze, ne za jačanje globalnog regulatornog tržištima fi nansijskih derivata, obav- samo u SAD-u, već se, zbog velike okvira, sa posebnim fokusom na ljala se bilateralno, telefonom ili na prekogranične povezanosti, domino povećanu standardizaciju uslova drugi pristupačan način, na osnovu efektom prelila na ceo svet. ugovora, obaveze centralnog kliringa, ugovora poslovnih partnera, bez Identifi kovani negativni efekti trgovinu preko berzi ili na elektron- obaveze kliringa, obelodanjivanja OTC tržišta fi nansijskih derivata skim platformama, prijavljivanje podataka o vrsti ugovora, cenama, doveli su do preduzimanja odre- u trgovinskim repozitorijumima i iznosu, kao i bez obaveze prijavljiva- đenih akcija, u pravcu revidiranja izveštavanje sa rokom primene od nja transakcije i izvršenja ugovora. postojeće i izgradnje nove strukture 2012. god. Takva trgovina nije bila dostupna OTC tržišta fi nansijskih derivata. U skladu sa obavezujućim prepo- organima za nadzor i superviziju, Neuspeh OTC tržišta fi nansijskih rukama samita G20, preduzete su a jedini zakonski okvir je bio sam derivata je na Pitsburg samitu li- odgovarajuće aktivnosti od strane ugovor. Enormna trgovina na nere- dera G20 2009. god., uticao na do- Odbora za fi nansijsku stabilnost gulisanim, vanberzanskim tržištima nošenje obavezujućih preporuka (FSB-Financial Stability Board) i i jaka sinergija kombinovanog efekta za povećano regulisanje i nadzor drugih međunarodnih organiza- derivata i OTC tržišta fi nansijskih ovog tržišta. Time su pokrenuti cija i tela, u pravcu poboljšanja october 2017 | :Bankar OTC DERIVATIVES MARKETS REFORM 31

Prof. Momirović Dragan, PhD, Faculty for Business and Industrial Management Belgrade Delayed Initiative and New Architectures

PN After the 2008 economic and fi nancial crisis, perils and threats coming from unregulated trade in the OTC derivatives markets were identifi ed. The enormous expansion of this market in 1970s and at the beginning of 1980s that culminated several years before the crisis showed certain regulatory, supervisory and control defi ciencies during the crisis. In addition to the fact that it was proved that it was not the main cause of great fi nancial crises, it contributed, without any doubt, to its spreading. The failure of Lehman Brothers and bail-in of the AIG, due to high exposure to credit risk, revealed that the OTC derivatives markets were the source of piling up of the systemic risk. The crisis showed that irregular use of fi nancial derivatives by fi nancial and other players searching for new yields may cause fi nancial distresses converting them simultaneously into fi nancial weapons for mass destruction. Mass destruction arises from the very characteristics of derivatives and OTC derivatives markets. These characteristics enable their strong inter-fl exibility and adjustability, which may cause, together with insuffi cient regulation, supervision and surveillance, strong and combined synergy, which encourages investors to search permanently for new derivative products derivatives that will provide new higher returns to them.

rading in unregulated over- of the fi nancial contagion not only of the contract, obligation of cen- Tthe-counter (OTC) derivatives in the USA but it spilled over by tralised clearing counterparties, markets was executed bilaterally, by domino eff ect to entire world due stock exchange trading or trading phone or in some other accessible to high cross-border connectivity. on electronic platforms, registering manner based on the contract signed Th e identifi ed negative eff ects of in trade repositories and reporting between counterparties, without the OTC derivatives markets re- with the implementation deadline an obligation of performing clear- sulted in taking certain actions with from 2012. ing, disclosing data on the type of regard to revising the existing and In accordance with the bind- contract, prices and amount, and developing new structure of OTC ing recommendations of the G20 without the obligation of reporting derivatives markets. Th e failure of Summit, the Financial Stability transactions and execution of the OTC derivatives markets resulted Board (FSB) and other international contract. Such trade was not avail- in the adoption of binding recom- organisations and bodies have taken able to the supervisory and surveil- mendations for increased regulation certain activities to improve the ex- lance authorities, and the only legal and supervision of this market on isting and develop new architecture framework was the contract itself. 2009G20 Pittsburgh Summit. Th is of the OTC derivatives markets, Th e enormous trade in unregulated initiated international eff orts and focusing primarily on the regula- OTC derivatives markets and strong mechanisms for strengthening the tion of the disclosed defi ciencies synergy of combined eff ects of de- global regulatory framework, pay- that emerged aft er the recent crisis. rivatives and OTC derivatives mar- ing special focus on the increased kets aff ected strongly the widening standardisation of the conditions REFORMA OTC TRŽIŠTA FINANSIJSKIH DERIVATA oktobar 2017 | :Bankar

postojeće i izgradnju nove strukture Option Pricing Modela, ranih ’70-tih kapitala, doprinelo povećanju rizika 32 OTC tržišta fi nansijskih derivata, godina, uz primenu kompjuterske poslovanja. Povećani rizik poslovanja usredsređujući se prevashodno na tehnologije sa do tada neviđenim na fi nansijskim tržištima nametnuo regulaciju uočenih nedostataka koji prednostima, su zauvek promenili je menadžerima da stalno tragaju za su isplivali nakon nedavne krize. trgovanje derivatima. novim i efi kasnijim rešenjima, koja U toj deceniji, usled sloma Bretton- bi im omogućila efi kasniju zaštitu ISTORIJAT OTC TRŽIŠTA Woods sporazuma, došlo je do od rizika. Rešenja su pronađena u FINANSIJSKIH DERIVATA volatilnosti kamatnih stopa i naglog stalnom istraživanju i kreiranju novih Sve do sedamdesetih godina prošlog porasta valuta - deviznog kursa, što fi nansijskih proizvoda, odnosno veka, tržište derivata je po obimu je zajedno sa kasnijom deregulacijom fi nansijskih derivata, sa drugačijim trgovanja bilo malo. Uglavnom su u raznim ekonomskim oblastima, obeležjima od dotadašnjih, otporni- funkcionisali derivati oblika forvarda, povećanim obimom međunarodne jim na udar sve snažnijeg i rastućeg opcija i fj učersa. Razvoj Black-Scholes trgovine i prekograničnog kretanja fi nansijskog rizika.

OTC TRŽIŠTE – POJMOVNIK, POGODNOSTI I RIZICI obezbeđenju dodatne likvidnosti i poboljšanjem Derivat je reč preuzeta iz hemijskih nauka, koja se cenovnog rizika. U fi nansijskom sistemu pružaju prema Wikipedia rečniku defi niše kao „jedinjenje koje prilagođene alate za upravljanje rizikom, smanjenje je izvedeno iz nekog polaznog jedinjenja“. Analogno transakcionih troškova, niže troškove fi nansiranja tome, Komisija za evropsku komunikaciju (CEC- i poboljšanje portfolia prinosa. Commission of the European Communities), defi niše Investitori na fi nansijskom tržištu koriste derivate fi nansijske derivate kao „fi nansijske instrumenti za hedžing, špekulaciju i arbitražu. Hedžing koriste čija je vrednost izvedena iz vrednosti osnovnog da bi se zaštitili i smanjili sopstvenu izloženost fi nansijskog sredstva ili tržišne varijable“. Inače, riziku koji može nastati usled promena varijabli sam termin fi nansijski derivati se odnosi na skup na tržištu, kao što su kamatne stope, akcije i cena fi nansijskih instrumenata koji obuhvataju forvarde, robe ili usled kreditnog rizika. Finansijski deri- fj učerse, opcije, svopove i hibridne instrumente. vati se mogu koristiti i za spekulativne radnje na OTC tržišta fi nansijskih derivata su privatna trgovina fi nansijskom tržištu, radi sticanja visokih prinosa, između dva partnera bez posredovanja kroz razmenu. koji se mogu ostvariti na osnovu kretanja tržiš- Ona su manje formalna, i odlikuju se visokim ste- nih varijabli ili kreditne sposobnosti. Korišćenje penom prilagođenosti i fl eksibilnosti, nedostatkom fi nansijskih derivata u arbitražne svrhe zasniva transparentnosti, visokom koncentracijom tržišta, se na mogućnosti iskorišćavanja cena između međusobnom povezanošću velikih tržišnih učesnika različitih tržišta. na nacionalnom i globalnom nivou, nedostatkom Pored pogodnosti koje pružaju, OTC-a tržišta regulacije, nadzora, monitoringa i supervizije kao fi nansijskih derivata, mogu biti izvori sistemskog i mogućnošću neizvršenja ugovora. Predmet trgo- rizika. Finansijska kriza iz 2008 god. je ukazala na vanja su forvardi deviznim ugovorima, valutama, mnogobrojne probleme funkcionisanja fi nansijskih kamatnim stopama, kapitalom i slično ili privatni tržišta, uključujući i OTC tržišta fi nansijskih derivata. dogovori -opcije kao što su valute, opcije obveznica, Među istaknutijim su prevelika nacionalna i preko- kapitala, svopova itd. Trgovina se odnosi na razne granična povezanost između fi nansijskih učesnika, bilateralne, multilateralne i mešovite ugovore čija netransparentnost i procikličnost pojedinih margina isplata proističe iz osnovnog sredstava, referentne u praksi (korišćenje „aktivnog CSA s ugovora“ gde je kamatne stope ili indeksa. suprotna strana morala da postavi početne margine Pogodnosti ovih tržišta se ogledaju u mogućno- a nije, a koje bi mogle biti potencijalno velike, ako sti doprinosa poboljšanju upravljanja rizikom, bi se smanjile ispod određenog praga). october 2017 | :Bankar OTC DERIVATIVES MARKETS REFORM 33 HISTORY OF OTC In that decade, the interest rates permanently for new and more ef- DERIVATIVES MARKETS became volatile and currencies – fi cient solutions that would enable Until 1970s, derivative markets were exchange rates plummeted due more effi cient protection against small with regard to their volume. to the failure of Bretton-Woods the risk. Th e solutions were found Th ey mainly functioned in the form Agreement, which contributed, to- in constant search and creation of of forwards, options and futures. Th e gether with the later deregulation in new fi nancial products i.e. fi nancial development of the Black-Scholes various economic areas, the increased derivatives with features that were Option Pricing Model, in the early volume of international trade and diff erent from the current, more of 1970s, with the implementation cross border movements in capital, resilient to the impact of stronger of computer technologies with all to the increase in operating risk. Th e and growing fi nancial risk. of their advantages, has changed increased operating risk in fi nancial derivatives trading forever. markets imposed managers to search

OTC MARKET – TERMS, ADVANTAGES AND RISKS A derivative is the word taken from chemistry which, provision of additional liquidity and improvement of according to the Wikipedia dictionary, is defi ned price risk. Th ey off er adjusted tools for risk manage- as a “compound that is derived from a similar ment in fi nancial system, reduction in transaction compound by a chemical reaction”. Based to that, costs, lower fi nancing costs and improvement of the Commission of the European Communities return portfolio. (CEC) defi nes the fi nancial derivatives as “fi nancial Th e investors in the fi nancial market use derivatives instruments whose value is derived from the value for hedging, speculation and arbitrage. Th ey use of underlying assets or other fi nancial instruments hedge to protect against and reduce their exposure or market variable”. Th e term fi nancial derivative to risk that may result from the changes in variables also refers to a set of fi nancial instruments that in the market such as interest rates, shares and price include forwards, futures, options, swaps and hybrid of commodities or from credit risk. Th e fi nancial instruments. derivatives may be used also for speculative actions OTC derivatives markets are private trades between in the fi nancial market, for making high returns two partners without intermediation through a that may be made based on the movement market swap. Th ey are less formal and have high level of variables or credit capacities. Th e use of fi nancial adjustability and fl exibility, lack of transparency, derivatives in arbitrage purposes is based on the high market concentration, and interconnectivity possibility of using prices between diff erent markets. of large market participants nationally and globally, In addition to the advantages they off er, OTC de- lack of regulation, supervision, monitoring and rivatives markets may be sources of systemic risk. surveillance, and the possibility of contract default. Th e 2008 fi nancial crisis indicated to the numerous Th e subject of the trade are forward FX contracts, problems in the functioning of the fi nancial mar- currencies, interest rates, capital and the like, or kets including also OTC derivatives markets. Th e private deals – options such as currencies, bond most distinguished ones are too large national and options, capital, swaps and the like. Trade refers to cross-border connectivity between the fi nancial various bilateral, multilateral and mixed contracts participants, non-transparency and pro-cyclicality whose payments results from the underlying asset, of some margins in practice (the use of active CSA reference interest rate or index. with contract where counterparty should set initial Th e advantages of these markets refl ect also on the margins and it did not, which could be potentially possibility of contributing to better risk management, big, if reduced below certain threshold). REFORMA OTC TRŽIŠTA FINANSIJSKIH DERIVATA oktobar 2017 | :Bankar

ULOGA DERIVATA U transparentnost, izloženost riziku i Istovremeno su predložene preporuke 34 FINANSIJSKOJ KRIZI neadekvatnom ograničavanju i ubla- obaveznih zahteva u kliringu, kao i Inicijalni šok krize, prouzrokovan sek- žavanju kreditnog i operativnog rizika. snažni zahtevi za upravljanje rizikom juritizacijom hartija od vrednosti na Na samitu u Pitsburgu, lideri G20 preostalih neočišćenih centralnih trži- fi nansijskom tržištu SAD-a, nije zaobišao su doneli obavezujuće preporuke za šta, regulisanje i superviziju centralnih ni tržište OTC fi nansijskih derivata. reformu postojeće i izgradnju nove klijenata (CCP). Bez obzira što oni nisu glavni nosioci institucionalne strukture OTC tržišta Berze ili elektronska platforma trgo- uzroka krize, ipak, ona je otkrila odre- finansijskih derivata. Preporuke se vanja - U narednom periodu treba da đene slabosti u strukturi ovih tržišta, odnose na standardizaciju ugovora, se identifi kuju sve akcije koje mogu posebno kod određenih vrsta CDS (credit obavezan centralni kliring svih tran- biti od značaja za ostvarenje obaveza za default swap, specifi čna vrsta sporazuma sakcija, trgovinu preko berzi ili na trgovanje na berzi ili preko trgovinskih ugovornih partnera koji omogućava elektronskim platformama, kapitalnim i platformi standardizovanim ugovorima. transfer kreditnog rizika trećoj strani margina zahtevima i izveštavanje preko Izveštavanje o trgovini preko repozito- od jednog ili drugog partnera), koji trgovinskih repozitorijuma. Analogno rijume - Vlasti moraju da imaju globalni su uticali na povećano nagomilavanje predloženim preporukama, na među- pogled na OTC tržište fi nansijskih sistemskog rizika. Kriza je pokazala da je narodnom nivou FSB je preduzeo niz derivata, kroz puni i blagovremeni u određenim situacijama kombinovani inicijativa, zajedno sa drugim relevan- pristup podacima potrebnim za vršenje efekat samih karakteristika koje čine tnim svetskim organizacijama, sa ciljem njihovih ovlašćenja. derivate (posebne poluge) i OTC tržišta poboljšanja postojećih i izgradnji novih fi nansijskih derivata (visok stepen prila- predloga i mera, koje je predstavila u PRIMENA REGULATORNIH gođenosti, nedostatak transparentnosti, nekoliko izveštaja, da bi nakon mnogih MERA U SAD-U visoka koncentracija tržišta, visoka konsultacija, debata, predloga i izmena, Reforme OTC fi nansijskih derivata u povezanost velikih tržišnih učesnika i konačno bio usvojen završni dokument SAD-u su inicirane usvajanjem Dodd- nedostatak regulacije) tako privlačan, na samitu G20 u Kanu 2011. god sa Frank Act-a, poglavlje VII. zakona, da može imati razorne posledice po obavezom primene od 2012. god. pod nazivom Wall Street Transparency fi nansijski sistem. Kombinovani efekat Ključne poluge, reforme mogu se and Accountability Act od 2010. god. derivata i OTC tržišta fi nansijskih deri- elaborirati u četiri tačke: standardi- koji definiše uspostavljanje novog vata je neposredno delovao na širenje zacija; centralni kliring; berzanske okvira regulacije, nadzora i supervi- fi nansijske zaraze u SAD-u, posebno ili elektronske platforme trgovanja; zije OTC tržišta fi nansijskih derivata. kanalom CDS ugovora, i to onim ugo- izveštavanje o transakcijama OTC u Novi regulatorni okvir je ustvari revi- vorima koji su obezbeđivali kupca od trgovinskim repozitorijumima. dirani i modifi kovani zakonski okvir gubitka na hipotekarnom tržištu. Kada Standardizacija - Podrazumeva koji dopunjuje Robni berzanski akt su fi nansijske nevolje preplavile OTC povećanje udela standardizacije OTC (CEA-Commodity Exchange Act) i tržište finansijskih derivata SAD-a, ugovora, povećanjem centralnog kli- HoV akt (Securitees act) iz 1933. god., brzo su se proširile, domino efektom, ringa i trgovanje na berzama i trgo- kao i Berzanski akt (Exchange act) iz na ostatak sveta. vinskim platformama sa ciljem ubla- 1934. god, koji teži da uspostavi novi žavanja sistemskog rizika i poboljšanje sveobuhvatni nadzorni i regulatorni MEĐUNARODNE AKTIVNOSTI transpsrentnosti. okvir za sve vanberzanske trgovine U REGULISANJU TRŽITA Centralni kliring - FSB je identifi kovao svopovima, da smanji rizik, poveća FINANSIJSKIH DERIVATA širok dijapazon faktora koji treba da transparentnost i promoviše integritet Kolaps Bear Sterns-a u martu 2008. ukažu na mogućnosti uspostavljanja tržišta. Ovaj zakon je trebao da stupi na god. i Lehman Brothers-a iste godine u kliring obaveza, koji se mogu subli- snagu 16. jula 2011. god., ali je njegova septembru, spašavanje AIG uz kauciju mirati u tri grupe: uslove stepena primena odložena početkom 2012. god. dan kasnije, je ukazao na neuspeh i standardizacije ugovorenog proizvoda Ovim zakonom je uspostavljeno nedostatke funkcionisanja vanber- i operativne procese; prirodu, dubinu nekoliko novih regulatornih oznaka za zanskog ili OTC tržišta fi nansijskih i likvidnost tržišta za proizvod koji je učesnike u trgovini svopovima. Brokeri- derivata. Identifikovani neuspesi i u pitanju; dostupnost, fer, pouzdanost dileri koji čine tržište svop proizvoda nedostaci se odnose na nedovoljnu i opšta prihvaćenost cena. moraju se registrovati kao Svop dileri

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Bulevar Džordža Vašingtona 56/I Tel: +382 (0)20 205 410 81000 Podgorica Fax: +382 (0)20 205 411 www.lovcenbanka.me oﬃ[email protected] october 2017 | :Bankar OTC DERIVATIVES MARKETS REFORM 37 ROLE OF DERIVATIVES IN the OTC derivative market. Th e of establishing clearing of obliga- FINANCIAL CRISIS identifi ed failures and defi ciencies tions that can be divided into three Th e initial shock of crisis, resulted refer to the insuffi cient transparency, groups: conditions of the level of from the securitised bonds in the risk exposure and inadequate re- standardisation of the contracted fi nancial market of the USA did striction and mitigation of credit product and operating processes; not bypass OTC derivatives market. and operational risks. nature, depth and liquidity of the Regardless of the fact that they were The Pittsburgh G20 Summit market for the respective product; not the main drivers of the crisis, brought binding recommendations availability, fairness, reliability and they have, however, revealed certain for the reform of the existing and general acceptability of prices. weaknesses in the structure of these development of new institutional Simultaneously, the recommen- markets, particularly certain CDS architecture of the OTC derivative dations on binding requirements (credit default swaps, a specific markets. The recommendations in clearing were proposed, as well type of the agreement between refer to the standardisation of the as strong requirements for risk counterparties that enables the contracts, binding central clearing management of the remaining non- transfer of credit risk to a third of all transactions, trading in the cleared central markets, regulation party from one or another party), exchanges or in electronic platforms, and supervision of central clearing which infl uenced to increased piling capital and margin requirements and counterparties (CCP). up of the systemic risk. Th e crisis reporting through trade reposito- Stock exchanges or electronic showed that the combined eff ect ries. Based on the proposed recom- platform for trading – All actions of the derivatives features (special mendations, the FSB has taken the that may be important for meeting purchases) in certain situations and initiative at the international level, the obligations for trading with OTC derivatives markets (high level together with other relevant global standardised contracts in the stock of adjustability, lack of transparency, organisations, in order to improve exchange or electronic platforms high market concentration, high the existing and build new propos- should be identifi ed in the follow- connectivity of big market partici- als and targets. It presented them ing period. pants and lack of regulation) are so in several reports aft er numerous Trade reporting through reposi- attractive that may have destructive consultations, debates, proposals and tories – Th e authorities must have consequences to the fi nancial system. amendments, and the fi nal docu- global review on the OTC derivative Th e combined eff ect of the deriva- ment was adopted at the 2011 G20 market through full and timely ac- tives and OTC derivative market Cannes Summit with the obligatory cess to data needed for performing directly infl uenced the spreading implementation starting from 2012. their competences. of the fi nancial contagion in the Key messages of the reform may USA, specifi cally through the CDS be elaborated in four points: stand- IMPLEMENTATION OF REGULATORY contracts, i.e. those contracts that ardisation; central clearing, stock MEASURES IN THE USA secured buyer from the loss in the exchange or electronic platforms Th e OTC derivative markets reforms mortgage market. When fi nancial for trading; reporting on the OTC in USA were initiated by the adop- distresses flooded the OTC de- transactions in trade repositories. tion of Dodd-Frank Act, Chapter rivative market of the USA, they Standardisation – It implies in- VII - Wall Street Transparency expanded swift ly through domino crease of the share of the stand- and Accountability Act from 2010 eff ect to the rest of the world. ardisation of OTC contracts, by that defi nes the establishment of increasing central clearing and new regulatory, supervisory and INTERNATIONAL ACTIVITIES IN trading in the stock exchange and surveillance framework for OTC REGULATING DERIVATIVE MARKET electronic platforms in order to derivative markets. New regula- Th e failure of Bear Sterns in March mitigate systemic risk and improve tory framework is in fact a revised 2008 and Lehman Brothers also in the transparency. and modifi ed legal framework that 2008, bailing-in of the AIG a day Central clearing – Th e FSB identi- supplements Commodity Exchange later indicated to the failure and fi ed a wide spectrum of factors that Act (CEA) and Securities Act from defi ciencies of the functioning of should indicate to the possibility 1933, and Exchange Act from 1934 REFORMA OTC TRŽIŠTA FINANSIJSKIH DERIVATA oktobar 2017 | :Bankar

(SD - Swaps Dealers) kod CFTC-a 38 REGULATORNE MERE U EVROPI ili SEC-a, ili na oba mesta u zavisnosti od toga sa kojima svopovima Evropski savet (EC-European Council) je analogno preporukama trguju. U istom aktu, ispostavljeni su samita G20 u Pitsburgu doneo zaključak 2. decembra 2009. god. o zahtevi za prudencijalnu regulaciju potrebi revidiranja postojećeg regulativnog okvira, OTC tržišta fi nan- koji se odnose na kapital, margine sijskih derivata, sa ciljem ublažavanja kreditnog rizika, poboljšanja ili kolateral, upravljanje rizikom, transparentnosti, likvidnosti, efi kasnosti i jačanja integriteta tržišta. segregaciju i likvidnost. Istovremeno Nakon rasprava i nekoliko revizija zakonskih predloga, Komisije za je uspostavljen zahtev i za kolateral, regulaciju OTC fi nansijskih derivata, centralnih ugovornih partnera gde je jasno stavljeno do znanja da i trgovinskih repozitorijuma, Evropska komisija, Evropski parla- kolateral mora da bude odvojen od ment i Savet Evrope su postigli politički sporazum 9. marta 2012. računa ili imovine i da se ne sme god., o prihvatanju zakonskih predloga EMIR-a (European Market koristiti kolateral jednog kupca da Infrastructure Regulation) da bi ga 29. marta 2012 god. Evropski bi se pokrila obaveza drugog kupca parlament i formalno usvojio. Usvojene uredbe EMIR-a o regu- ili sopstvena obaveza. lisanju OTC derivata su prilično stroge, jer nameću kliring preko Od regulatora se zahteva da se svi centralnih poslovnih partnera (CCP) sa obavezom preuzimanja proizvodi koji se smatraju svopo- rizika ugovornih stranaka, kao i obezbeđenje izvršenja fi nansijske vima moraju podvrgnuti kliringu, obaveze nelikvidne strane. Članovi kliringa su u obavezi da polože podnošenjem prijave Organizaciji za određenu sumu novčanih sredstava za pokriće inicijalnih margina, kliring derivata (DCO - Derivatives koje su dizajnirane da pokriju promene koje se mogu javiti u tržišnim Clearing Organization). Na taj način vrednostima, i da posluže kao amortizer u pokriću gubitka. Svaki se obezbeđuje sigurnost od strane CCP treba da ima poseban fi nansijski fond od uplate doprinosa svojih klirinške kuće u eliminisanju izlo- članova. Visina margina i doprinosa CCP će se meriti i određivati ženosti stranaka riziku. I pored na osnovu likvidnog rejtinga i kreditne izloženosti svakog člana i svih regulatornih napora, neće svi cena, zahtevajući stalna prilagođavanja konkretnim situacijama. svopovi biti podobni za kliring. Segregacija obuhvata obavezu tzv. „pojedinačnog klijenta segrega- Trgovina kliring svopovima mora cije“, gde imovina i pozicija svakog klijenta treba da se razlikuje od da se izvršava na registrovanim onih koje su zadržane za drugog klijenta. Dalje, to podrazumeva trgovačkim mestima, uključujući da klijent nije izložen gubitku zbog pozicije drugih, s tim da treba Određene tržišne ugovore (DCM blagovremeno biti obezbeđen povratak njegovih sredstava nakon - Designated Contrast Market) ili nelikvidnosti klirinškog člana. Objekte svop izvršenja (SEF - Swap Obaveza kliringa odrediće se na osnovu usvojena dva pristupa Execution Facilities). CFTC i SEC „pristup odozgo-nadole“ po kome će Evropska komisija za tržište su na osnovu objavljenih završnih i hartije od vrednosti (ESMA -European Securities and Markets odredbi, januara 2012 god., usposta- Authority) u dogovoru sa Evropskom komisijom za sistemski rizik vili sistem evidentiranja transakcija (ESRB – European Board of systemic risk) proceniti da li je obavezno koje moraju da se prijave i sistem primeniti kliring na određeni derivat za koje CCP nema ovlašćenja izveštavanja o svop trgovini. Izveštaji i pristup „odozdo nagore“, gde CCP , u saglasnosti sa nacionalnim i evidentiranje podataka se odnose super-revizorima, sami odlučuju koji će ugovori biti podvrgnuti na transakcije koje podležu kliringu obaveznom kliringu. na berzi ili SEF-u „registrovane Standardizovani ugovori OTC derivata kojima se trguje na orga- SDRs, DCOs, DCMs, SEFs, SDs, nizovanim tržištima, biće podvrgnuti obaveznom kliringu preko MSPs, i na ne –SD/MSP poslovnih CCP, za razliku od opozvanih za koje će se zahtevati veći kolateral. partnera“. Istovremeno se zahteva Argument da koncentracija kolaterala može izazvati rizik, rešena da svi podaci vezani za trgovinu je strogim prudencijalnim nadzorom i jačanjem organizacionih svopovima, budu dostupni široj i poslovnih kapaciteta upravljanja rizikom CCP. Strogi tehnički javnosti kroz pravovremeno i pot- standardi koji su u pripremi će ove nedoumice otkloniti. puno izveštavanje. Svi derivatni ugovori, uključujući i OTC derivate, moraju ubuduće october 2017 | :Bankar OTC DERIVATIVES MARKETS REFORM 39 that strives to establish new comprehensive REGULATORY MEASURES IN EUROPE supervisory and regulatory framework for all over-the-counter swap trades, reduce risk, Based on the G20 Pittsburgh Summit recommendations, the European increase transparency and promote market Council (EC) adopted, on 2 December 2009, a Conclusion on revising integrity. Th is Act should come into force the existing regulatory framework of the OTC derivatives market on 16 July 2011, but its implementation was aimed at mitigating credit risk, enhancing transparency, liquidity, postponed for the beginning of 2012. effi ciency and strengthening the market integrity. Aft er the discu- Th is law established several new regulatory ssions and several revisions of legal proposals of the Commission signs for the participants in swap trading. for regulating OTC derivatives, central counterparties and trade Brokers and dealers comprising market of swap repositories, the European Commission, European Parliament and products must be registered as swaps dealers European Council reached a political agreement on 9 March 2012 (SD) with the Commodity Futures Trading on accepting the proposal of the European Market Infrastructure Commission (CFTC) or the Securities and Regulation (EMIR), which was formally adopted on 29 March 2012 by Exchange Commission (SEC), or with both of the European Parliament. Th e provisions of the EMIR on regulating them depending on the type of swaps they are OTC derivatives are rather strict as they impose clearing through trading. Th e same legal document established central clearing counterparties (CCPs) with the obligation of risk the requirements for the prudential regulation assumption of the counterparties and the execution of fi nancial that refer to capital, margins or collateral, liability of the insolvent party. Members of the clearing are obliged risk management, segregation and liquidity. to pledge a certain amount of money to cover the initial margins Simultaneously, the requirement was set up that are designed to cover the changes that may incur in market for collateral, where it is clearly stated that values and to be a buff er for loss coverage. Each CCP should have collateral must be separated from the account a separate fi nancial account from the payment of membership or assets, and the collateral of one buyer must contributions. Th e amount of margins and contributions will be not be used to cover the obligation of another determined by the CCP based on liquid rating and credit exposure buyer or own liability. of each member and price, requiring ongoing adjustments to specifi c Th e regulators are required to undergo all situations. Th e segregation covers the obligation of individual client products considered as swaps to clearing by segregation, where the assets and position of each client should submitting the application to the Derivatives diff er from those kept for another client. Furthermore it implies Clearing Organisation (DCO). Th is will ensure that the client is not exposed to the loss due to the position of other the security by the clearing house in eliminat- client, whereby the recovery of its funds should be timely secured ing counterparties exposures to risk. Even in aft er the illiquidity of clearing member. addition to tall regulatory eff orts, all swaps Clearing will be performed based on two approaches adopted: will not qualify for clearing. Cleared swaps top –down approach, where the European Securities and Markets must be traded in registered trading places Authority (ESMA), in the agreement with the European Systemic including Designated Contract Market (DCM) Risk Board (ESRB), assesses whether clearing should be applied to or Swap Execution Facilities (SEF). Th e CFTC a certain derivative for which CCP is not authorised and cannot and the SEC established a system of recording access, and bottom-up approach, where CCP, in the agreement with transactions that must be reported as well as the national supervisors, decides which contracts will be subject to a reporting swap trading system based on the mandatory clearing. published closing provisions in January 2012. Standardised OTC derivative contracts traded in an organised Th e reports and records refer to the transac- market will be subject to mandatory clearing through CCP, as opposed tions subject to clearing at the exchanges or to called derivatives that will require higher collateral. Th e argument SEF, i.e. “registered SDRs, DCOs, DCMs, that the concentration of collateral may result in risk was resolved by SEFs, SDs, MSPs, and they do not refer to strict prudential supervision and strengthening of the organisational SD/MSP of counterparties”. Simultaneously, and business capacities of CCP risk management. Strict technical it is required that all data on swap trading standards that are under preparation will remove these dilemmas. are available to public through timely and All derivative contracts, including also OTC derivatives, must comprehensive reporting. be reported and registered with the central trade repositories in REFORMA OTC TRŽIŠTA FINANSIJSKIH DERIVATA oktobar 2017 | :Bankar da budu prijavljeni i registrovani kod centralnih trgo- zakonodavstvu, ali će biti direktno obavezujuće za 40 vinskih repozitorijuma, sa ciljem obezbeđenja nadzora države članice. Istovremeno, EMIR treba posmatrati u i kontrole. Predviđeni su izuzeci od obaveznog kliringa široj globalnoj dimenziji, posebno u okviru preporuka (CCP), koji se odnose na penzione fondove za period od Pitsburg samita iz 2009. god., u kontekstu preuzetih tri godine, nefi nansijske fi rme koje su ispod „klirinškog obaveza G20 na sprovođenju snažnih mera regulacije praga“ i u još nekim specifi čnim prilikama (hedžing i izgradnji nove strukture OTC derivata. aktivnosti trezora, transakcije unutar grupe). ESMA, U svetlu sveukupnih promena ESMA će propisati re- ESRB i drugi nadležni organi su u obavezi da urade gulatorna pravila za formiranje novih TR ili trgovinske nacrt tehničkih standarda „klirinškog praga“. Složeniji centre centralnih podataka u kojima će učesnici OTC derivatni proizvodi će ostati bez centralnog kliringa, tržišta fi nansijskih derivata biti u obavezi da registruju koji će, dodatnim propisima implementacije Bazela sve svoje transakcije. Registrovane transakcije derivata III, biti predmet viših regulatornih naknada kapitala razvrstavaće se po klasama, kako bi se osigurala veća za kreditni rizik i drugih procedura ublažavanja rizika. jasnoća i pristup zainteresovanim trgovcima. Primena Obavezno je blagovremeno izveštavanje o trgovini ESMA se očekuje posle potpunog usvajanja tehničkih čime se poboljšava transparentnost. Pored toga, EMIR standarda, čiji je nacrt objavljen 16. februara 2011. god. u će se usredsrediti i na post-trgovinu OTC derivatima i formi konsultativnog dokumenta, pod nazivom „Nacrt drugim, nerešenim aspektima regulacije, sarađujući sa uredbe tehničkih standarda o OTC derivatima, CCP svim relevantnim i nadležnim regulatornim telima. S i trgovinskim repozitorijumima“ sa rokom dostave obzirom da se propisi EMIR preuzimaju u formi regu- predloga i primedbi do septembra meseca iste godine, lacije, to neće zahtevati implementaciju u nacionalnom sa obavezom usvajanja od isteka 2012. god.

IMPLEMENTACIJA MEĐUNARODNIH koji će na nivou celokupnog azij- može još više da pogorša situaciju. AKTIVNOSTI U AZIJI skog tržišta doneti pravila, propise Zbog toga je predloženo da azijska Zemlje azijskog kontinenta, ana- i zakone o regulisanju OTC tržišta regulatorna tela preduzmu inicijative logno preporukama lidera G20 fi nansijskih derivata. Učesnici na u pravcu preuzimanja zajedničkog, Pitsburg samita, uključile su se u azijskom tržištu su primetili da regionalnog pristupa, sa ciljem odre- rešavanje regulatornih i drugih nacionalne berze i regulatori, po- đivanja jednog regionalnog organa problema OTC tržišta fi nansijskih jedinačno sa sopstvenim idejama koji će se baviti regulisanjem OTC derivata. Nacionalna tržišta derivata sprovode preporuke i obaveze grupe tržišta fi nansijskih derivata. azijskih zemalja su po veličini mala G20. Istovremeno, investitori su U azijskim zemljama se tek očekuje i fragmentarna. I pored, toga ona utvrdili da nacionalna regulatorna formiranje berzi i klirinških agencija su odgovorila zahtevima za veću tela ne rade zajednički na regional- za OTC fi nansijske derivate, odno- standardizaciju i centralni kliring nom nivou i zaključili da na duži sno CCP, koji će u početku imati na različite načine. Primena kliringa rok, poslovanje na ovom tržištu nije sigurno mali obim trgovanja, koja u trgovini je drugačija od primene održivo. Javlja se i problem margina. će obavljati većinom na lokalnom u velikim fi nansijskim centrima Mnogi nacionalni regulatori prime- nivou. Ali, postoje i oprečni stavovi SAD i EU, prevashodno zbog same njuju DFA u određivanju margina. o uspostavljanju CCP na nivou cele razlike u veličini tržišta, razvijenosti Nedostatak zajedničke regionalne Azije, u smislu visokih troškova i OTC tržišta fi nansijskih derivata i regulative izaziva probleme kliringu malog obima trgovanja. S obzirom obima trgovine. preko CCP, kao i TR. Kliring trgo- na veličinu tržišta Kine i Indije, Nacionalni pristup regulisanja vine kroz lokalno licencirane CCP, moguće je da one uspostave u bu- OTC tržišta fi nansijskih derivata koje mnoge jurisdikcije preferiraju, dućnosti CCP. U nekim zemljama u raznim jurisdikcijama je izazvao se odvija u saradnji sa advokatima Azije neke od klirinških agencija zabrinutost i nedoumice kod investi- koji su u kontaktu sa regulatorima. pružaju usluge bilateralne trgovine tora. Berze i regulatori funkcionišu u Pristup kliringu preko lokalnih CCP preko centralnog kliringa CCP, kao nacionalnim okvirima, ali ne postoji može izazvati konfl iktne propise, što su SGX u Singapuru, JSCC u organ kao što je u Evropi EMIR, dok eksteriteritorijalni domet DFA Japanu i HKeX u Hong Kongu. october 2017 | :Bankar OTC DERIVATIVES MARKETS REFORM 41 future in order to provide supervision and control. Some directly binding for member states. Simultaneously, EMIR exceptions from mandatory clearing (CCP) are envisaged, should be viewed in wider global dimension, particularly which refer to pension funds for period of three years, within the recommendations of the 2009 G20 Pittsburgh non-fi nancial counterparties below clearing threshold Summit in the context of assumed obligations of the G20 and in some other specifi c situations (hedging of treasury, to implement strong regulation measures and develop new intragroup transactions). Both ESMA and ESRB and other OTC derivatives architecture. competent authorities are obliged to prepare the draft In light of overall changes, ESMA will prescribe regula- technical standards for clearing threshold. More complex tory rules for establishing new trade repositories or trade derivative products will remain without central clearing, centres of centralised data, where the OTC derivatives which will be, based on the additional regulations of the market participants will be obliged to register all their Basel III implementation, subject to higher regulatory transactions. Registered derivative transactions will be capital requirements for credit risk and other procedures classifi ed by types to ensure higher clarity and access to for risk mitigation. interested traders. Th e ESMA implementation will be Trade reporting on trade on timely basis is obligatory, expected aft er full adoption of technical standards. Th e which improves the transparency. In addition, EMIR will draft of these standards was published on 16 February focus also on post-trade in OTC derivatives and other 2011 as consultative paper “Draft Technical Standards unresolved aspects of regulation, cooperating with all for the Regulation on OTC Derivatives, CCPs and Trade relevant and competent regulatory bodies. Since the EMIR Repositories” with the deadline for submitting proposals is transposed in the form of regulation, it will not require and remarks until September 2011 and the obligation of the implementation into national legislation, but it will be their adoption by end-2012.

IMPLEMENTATION OF would adopt rules, regulations and range of DFA may deteriorate the INTERNATIONAL ACTIVITIES IN ASIA laws at the level of entire Asian market situation even more. Th erefore, it Based on the G20 Pittsburgh Summit for regulating the OTC derivative is proposed that Asian regulatory recommendations, Asian countries markets. Asian market participants authorities take the initiative for joined to resolve regulatory and other noticed that the national exchanges joint regional approach in order to problems emerging from OTC deri- and regulators implement recom- determine one regional authority that vatives markets. National derivative mendations and obligations of the will regulate OTC derivative markets. markets of the Asian countries are G20 on individual basis and in their The establishment of stock ex- small by size and fragmented. In addi- own way. Simultaneously, investors changes and clearing agencies for tion, they responded to the require- determined that the national regula- OTC derivative markets or CCPs is ments for higher standardisation and tory bodies do not work together at expected in Asian countries, which central clearing in diff erent ways. Th e the regional level. Th ey concluded will at the beginning have small implementation of clearing in trade that the activities on this market volume of trade performed mostly diff ers from the implementation in are not sustainable in long period. locally. However, there are opposite big fi nancial centres of the USA and Many national regulations implement opinions regarding the establishment EU, primarily due to the diff erence in DFA in setting up the margins. Lack of CCPs at the level on entire Asia, the size of markets, development of of joint regional regulation raises with regard to high expenses and small OTC derivative markets and volume problems to clearing through CCPs volume of trade. Considering the size of trade. and trade repositories. Clearing of of the markets in China and India, National approach for regulating trade through locally licensed CCPs, it is possible that they will establish the OTC derivative markets raised a which many jurisdictions prefer, is CCPs in the future. In some Asian concern and dilemma of the inves- performed in cooperation with the countries, some of clearing agencies tors in diff erent jurisdictions. Stock lawyers that are in contact with the provide services of bilateral trade exchanges and regulators act within regulators. Access to clearing through through central clearing CCP, such the national frameworks, but there is local CCPs may result in confl icted as SGX in Singapore, JSCC in Japan no authority like EMIR in Europe that regulations, while extra territorial and HKeX in Hong Kong. SARADNJA BANAKA I DRŽAVNIH INSTITUCIJA oktobar 2017 | :Bankar

42 Priprema programa sufi nansiranja preduzetničkih projekata iz ESIF fondova i uvođenje fi nansijskih instrumenata Mr.Sc. Marina Puljiz, Otkad je 2013. godine postala članica EU, Republici Hrvatskoj stavljena članica uprave, su na raspolaganju značajna sredstva za razvoj preduzetništva iz fondova Partner banka d.d. Evropske unije. Dok je u pretpristupnom razdoblju za fi nansiranje projekata Zagreb malih i srednjih preduzetnika u okviru programa Regionalna konkurentnost bilo osigurano svega 23 miliona eura, a kroz IPARD program za ulaganja u sektor poljoprivrede 77 miliona eura, u razdoblju 2014-2020 preduzetnici mogu konkurisati za preko dvije milijarde eura sredstava. Ta sredstva su im stavljena na raspolaganje za razvoj malog i srednjeg preduzetništva, podsticanje inovacija, istraživanja i razvoja, energetske učinkovitosti te posebno za razvoj poljoprivrede, ribarstva i proizvodnje hrane. Tako značajna sredstva zaista predstavljaju veliku šansu za snažniji i kvalitetniji razvoj preduzetništva ukoliko se budu iskoristila na pravilan način.

eć je sama najava konkursa sufi nansiranih putem služi kao pokriće za dobivanje sredstava, već kao VEU fondova izazvala veliko zanimanje među svojevrsni vodič prema kojem će jednom kada im se preduzetnicima, jer su mnogi vidjeli velike moguć- odobre sredstva morati i postupati. Osim toga, čak i nosti za dobijanje bespovratnih sredstava, no put od kada su preduzetniku bila odobrena sredstva, to nije ideje do povlačenja sredstava se pokazao kao dug i značilo da je novac već na računu, jer je preduslov zahtjevan. Prvi problem s kojim se trebalo suočiti je za isplatu bilo kvalitetno sprovođenja projekta. Može manjak edukovanosti, ne samo preduzetnika nego i se slobodno reći da je vrlo formalistički i strogo- banaka koje prate preduzetnike u procesu povlačenja proceduralni pristup korištenju EU fondova, koji sredstava iz EU fondova. Prije svega, bilo je važno su pravila EU u kombinaciji s domaćim pravilima shvatiti funkciju EU fondova, kao i razumijevanje nadležnih državnih institucija zadali preduzetnicima, krovnih strateških dokumenata koji defi nišu područja u početku stvarao znatne poteškoće jer je preduzet- ulaganja. Sljedeći problem bio je pisanje kvalitetnih ništvo po defi niciji kreativno, fl eksibilno, naučeno na prijava za EU fondove koje preduzetnici ne smiju „prilagođavanje u hodu“, dakle, prilično suprotno od shvatiti kao samo još jedan formalni dokument koji pristupa u korištenju EU fondova. Posljedično, svako october 2017 | :Bankar COOPERATION OF BANKS AND GOVERNMENT INSTITUTIONS 43 Preparing Co-Financing Programmes of Entrepreneurship Projects from ESIF Funds and Introducing Financial Instruments

Marina Puljiz, M.Sc., Management Board Member, Partner banka d.d. Zagreb

Since 2013, when the Republic of Croatia has become the EU Member State, it has had at its disposal a substantial amount of funds for the development of entrepreneurship from the EU funds. In the pre-accession period, only 23 million euros was provided for fi nancing SME projects within the Regional competitiveness programme, and 77 million euros through IPARD programme for the investment in agriculture sector. However, in period 2014-2020, the entrepreneurs may bid for the funds in the amount of over 2 billion euros that are at disposal for SME development, encouraging of innovations, research and development, energy effi ciency and particularly for the development of agriculture, fi shing and food production. If used properly, such a signifi cant amount of funds represents indeed a great opportunity for stronger and more qualitative development of entrepreneurship.

he announcement of tender co-fi nanced through document that serves only as a cover for obtaining TEU funds resulted in great interest among entre- funds but as a guidance to be respected once the preneurs, as many of them saw great opportunities funds are granted. In addition, even when the funds for obtaining grants. However, the path from an idea are approved to the entrepreneur, it did not mean to the funds’ withdrawal has proven to be long and that the money has already been at the account, since demanding. Th e fi rst problem to face was lack of the precondition for the disbursement is qualitative education not only of the entrepreneurs but also of implementation of the project. It can be said that the banks following entrepreneurs in the process of very formal and strictly approach for using the EU funds withdrawal from EU funds. Primarily, it was funds that imposed EU rules combined with local important to understand the function of the EU funds, rules of government authorities created signifi cant to understand master strategic documents defi ning diffi culties at the beginning to entrepreneurs, since the investment areas. Th e following problem was entrepreneurship by a definition is creative and writing qualitative applications for the EU funds that fl exible, learned to adjust on-the-go, which is rather the entrepreneurs must not see as another formal contrary from the approach for using the EU funds. SARADNJA BANAKA I DRŽAVNIH INSTITUCIJA oktobar 2017 | :Bankar

značajnije odstupanje od plana sprovođenja projekta 44 rezultiralo je penalima, pa se tako događalo da neko kome je odobreno npr. dva miliona eura bespovratnih sredstava na kraju uspije povući samo 1,5 miliona eura, dok je na ostalo izgubio pravo korištenja zbog spomenutih odstupanja. Glavno pitanje koje je sebi postavljala državna uprava na početku procesa je bilo kome dati sredstva i pod kojim uslovima, odnosno kako dobro postaviti kriterijume koji defi nišu ko uopšte može aplicirati za bespovratna sredstva, a da se pri tome sa raspoloživim sredstvima ostvari najveća moguća korist za ekonomiju u smislu povećanja zapošljavanja, rasta investicija i izvoza. Svaki bankar će reći da prezadužena kompanija koja ima nizak kapital ili učestalo blokade poslovnog računa ili posluje s gubitkom nije kreditno sposobna, ali da li to znači da ona nije prihvatljiva niti za dodjelu bespovratnih sredstava iz EU fondova? S druge strane, postavljalo se pitanje kako osigurati da sa bespovratnim sredstvima potpomažemo one kompanije koje bi ionako krenule u investiciju jer naprosto imaju takav fi nansijski potencijal. Dodatni problem na samom početku je bila ukupna situacija u hrvatskoj ekonomiji, koju je fi nansijska i ekonomska kriza značajno polju- ljala, te se jako veliki broj kompanija našao u izuzetno teškom položaju, prisiljen da razmišlja o opstanku, a ne o novim ulaganjima i zapošljavanju.

FORMIRANJE RADNE GRUPE I UVOĐENJE KRITERIJUMA Izazov uspješne primjene je bio ogroman, kako za preduzetnike tako i za državne institucije, koje su se po prvi put našle u situaciji da upravljaju s tako velikim sredstvima za fi nansiranje preduzetništva, no, trebalo je od nekud krenuti. Što je napravljeno? Shvaćajući da je za ovako velike izazove nužna zajednička saradnja svih aktera, 2013. godine je pod koordinacijom tadaš- njeg Ministarstva preduzetništva i obrta pokrenuto formiranje radne skupine pri Hrvatskoj udruzi banaka (HUB), u kojoj je sjedjele po jedan do dva predstavnika svake banke, predstavnici Hrvatske banke za obnovu i razvoj (HBOR), predstavnici Hrvatske agencije za malo i srednje preduzetništvo (HAMAG-BICRO) te predstavnici resornih ministarstava. Ova radna sku- pina je bila zadužena za pripremu dijela kriterijuma za dodjelu sredstava iz EU fondova za preduzetnike. Saradnja je bila vrlo intenzivna, s vrlo velikim brojem sastanaka, a takav je pristup nastavljen i dalje. Za prvi october 2017 | :Bankar COOPERATION OF BANKS AND GOVERNMENT INSTITUTIONS 45 Consequently, any signifi cant deviation from the plan for the project implementation resulted in penalties. Th erefore, there were situations where 2 million euros in grants were approved to an entrepreneur, but only 1.5 million euros was disbursed at the end, whereby the right to withdraw the remaining portion was lost due to the aforementioned deviations. Th e main question raised by the government authority at the beginning of the process was to whom the funds should be granted and under what conditions, i.e. how the criteria should be set up to defi ne who can apply for grants gaining at the same time maximum possible benefi t for the economy with regard to the increase in employment, investment growth and exports. Every banker will say that over-indebted company with low amount of capital or frequently frozen business account or which operates with loss does not qualify for the loan. Or, does this mean that such a company is not acceptable also for awarding grants from the EU funds? On the other hand, the question was raised on how to provide support in the form of grants to those companies that would invest anyway since they just have fi nancial capacity to do so. Additional problem that occurred at the beginning of the process was overall situation in Croatian economy, which was signifi cantly hit by fi nancial and economic crisis fi nding a large number of companies in extremely diffi cult position. Th ese companies were forced to think about survival and not on new investments and employment.

ESTABLISHING WORKING GROUP AND INTRODUCING CRITERIA Th e challenge for the successful implementation was enormous for both the entrepreneurs and the government institutions that found themselves for the fi rst time in the situation to manage such a large amount of funds for fi nancing entrepreneurship, but it should be started from somewhere. What has been done? Understanding that mutual cooperation of all players is needed for such a big challenge, in 2013, under the coordination of then the Ministry of Entrepreneurship and Craft s, the working group was established in the Croatian Banking Association (HUB), which included one to two representatives of each of the banks, representatives of the Croatian Bank for Reconstruction and Development (HBOR), representatives of the Croatian Agency for SMEs, SARADNJA BANAKA I DRŽAVNIH INSTITUCIJA oktobar 2017 | :Bankar

konkurs namijenjen podsticanju novih ulaganja u pro- Amortizacija kao „rezerva za buduća ulaganja u 46 izvodne kapacitete i opremu defi nisani su kriterijumi funkciji očuvanja kontinuiteta poslovanja“ ima svoju s ciljem da se što većem broju preduzetnika omogući logiku i ne treba je zanemariti, ali ako preduzetnik pristup EU fondovima uz istovremeno eliminisanje kroz ESIF fondove može nadomjestiti dio CAPEXa svih onih koji su bili prerizični, odnosno za koje se onda dostupna rezerva prikupljena kroz višegodišnju pomoću određenih pokazatelja procijenilo da će im amortizaciju postaje irelevantna. Isto tako, ispravak poremećaji u poslovanju (loše bazično poslovanje) vrijednosti zbog nenaplaćenih potraživanja dovodio ugroziti i primjenu projekta iz EU fondova. Jedan od je do negativnog rezutata koji je bio jednokratan, a ključnih noviteta tada bilo je uvođenje tri osnovna po kriterijumu neto dobiti bi u startu diskvalifi kovao kriterijuma za prihvatljivost preduzetnika: kriterijum takve kompanije. S druge strane, neke su kompanije zaduženosti, likvidnosti i profi tabilnosti. Cilj nije bio rasprodavale vlastitu imovinu da bi preživjele i tako postaviti idealne kriterijume, već „dovoljno dobre“ s su kroz visoku izvanrednu dobit ostvarivale pozitivnu aspekta procjene rizika realizacije novih projekata. neto dobit, a zapravo se radilo o neperspektivnom Kod kriterijuma zaduženosti postavljen je uslov da ili lošem bazičnom poslovanju sa trendom pada ili kompanija mora imati najmanje 15% vlastitog kapitala negativnom operativnom dobiti. Takve kompanije i rezervi. Poznato je da je prvi i najčešći pokazatelj sigurno nisu perspektivni kandidati za ulaganja iz EU kompaniji koje su završile u defaultu visoka zaduže- fondova, pa ih je trebalo prepoznati i diskvalifi kovati nost, jer takve kompanije nemaju „unutrašnje rezerve“ odmah u početku. Iz tog razloga, kao kriterijum pri- za preživjeti određene tržišne poremećaje koji ih hvatljivosti odabran je pokazatelj pozitivne EBITDA mogu zadesiti, a koje je teško unaprijed predvidjeti. (Earnings Before Interest, Tax and Depretiation). Iako bi u normalnim okolnostima ovaj pokazatelj Naime, ukoliko kompanija ima pozitivnu operativnu fi nansijske stabilnosti bio pozicioniran na 30% vla- dobit prije amortizacije, kamate i poreza, to znači da stitog kapitala u strukturi izvora, odluka da to bude njeno osnovno poslovanje generiše dobit. 15% je donesena upravo zbog činjenice da su brojne kompanije izgubile dio kapitala tokom krize. Drugi OBAVEZUJUĆE I NEOBAVEZUJUĆE PISMO NAMJERE kriterijum bila je likvidnost mjerena brojem dana blo- Treba napomenuti da je postojala još jedna tema kade poslovnog računa. U Hrvatskoj su tokom krize oko koje su se lomila koplja, a to je pismo namjere brojne kompanije bile u blokadi, neke su završile u banke o kreditnom fi nansiranju projekta. Naime, dugotrajnim blokadama, a neke su tek provremeno kako je maksimalni iznos bespovratnih sredstava imale problema s likvidnošću. Zato je zauzet stav da iznosio 35% za srednja i 45% od ukupno prihvatlji- su prihvatljive kompanije koje nisu imale blokirane vih troškova za mala preduzeća, razliku fi nansiranja poslovne račune ukupno više od 15 dana, od toga ne preduzetnik je trebao osigurati iz vlastitih sredstava duže od pet dana u kontinuitetu, u roku od šest mje- ili, što je uglavnom bio slučaj, putem kredita banke, seci od dana predaje projektne prijave. Na ovaj način te je prilikom podnošenja projektne prijave trebalo eliminisane su kompanije koje se ne mogu deblokirati dostaviti dokaz da ima osigurano fi nansiranje banke. po npr. mjesec dana (što je indikator visokog rizika Pitanje je bilo da li ići na obavezujuće pismo namjere nelikvidnosti), a ipak je omogućeno onim kompa- ili na neobavezujuće pismo namjere već u fazi prijave nijama koje su, često ne svojom krivicom nego zbog projekta. Obavezujuće pismo namjere značilo je da nemogućnosti da naplate svoja potraživanja, završa- prije podnošenja prijave u Ministarstvu, preduzetnik vale u povremenim i kratkotrajnim blokadama da se mora proći cjelokupnu proceduru odobrenja kredita jave na konkurs. I na kraju, treći ključni kriterijum u banci, te praktički dobiti odluku o odobrenju kre- prihvatljivosti je bila profi tabilnost. U pretpristupnim dita uz uslov dobijanja EU sredstava u nedostajućem konkurisanjima se kao kriterijum za profi tabilnost iznosu. Alternativa je bila da preduzetnik dostavi uzimala neto dobit, ali ona je zapravo kažnjavala ka- neobavezujuće pismo namjere koji predstavlja svo- pitalno intenzivne kompanije koje su imale neznatnu jevrsnu izjavu banke da je upoznata s projektom i da dobit ili čak negativan rezultat zbog visoke iskazane je spremna fi nansirati projekat ukoliko klijent bude amortizacije. Uzmimo za primjer jednu lošiju godinu kreditno sposoban u datom trenutku. U prvom kon- poslovanja u turizmu i visoku redovnu amortizaciju. kursu objavljenom 2014. godine odabran je pristup october 2017 | :Bankar COOPERATION OF BANKS AND GOVERNMENT INSTITUTIONS 47 Innovations and Investments (HAMAG-BICRO), unable to collect their receivables oft en without be- and the representatives of line ministries. Th is working wrong and ended in temporary and short-term ing group was responsible for preparing a set of account freezing to apply for tender. Finally, the third criteria for awarding funds from EU funding for acceptability criterion was profi tability. In the pre- entrepreneurs. Th e cooperation was very intensive, accession tenders net income was taken as profi tability where a large number of meetings was held. Such an criterion, but in fact it punished capital-intensive approach continued even in the following period. companies that had small profi t or even negative result Th e criteria for the fi rst tender, which was intended due to high depreciation reported. As an example, it for encouraging new investments in production can be taken one poor business year in tourism and capacities and equipment, were defi ned in order to high regular depreciation. Depreciation, as a reserve enable larger number of entrepreneurs the access the for future investment in the function of preserving EU funds. Simultaneously, using certain indicators, business continuity, has it logic and it should not be companies that were too risky were eliminated, i.e. neglected, but if an entrepreneur can compensate a those companies to which certain disruptions in op- portion of CAPEX through ESIF funds, the additional erations (poor basic operations) would jeopardise the provisions gathered through multi-year depreciation implementation of projects funded by the EU funds. become irrelevant. Simultaneously, value adjustment One of the key novelties was the introduction of three due to unpaid receivables resulted in negative result main criteria for the acceptability of entrepreneurs: which was one-sided, and according to the net income criteria of indebtedness, liquidity and profi tability. Th e criteria, it would disqualify such companies at the objective was not to set up the ideal criteria, but only beginning. On the other hand, some of the companies those that are “suffi ciently good” from the aspect of the sold their property to survive and recorded positive assessment of risk of the new project implementation. net income through high extraordinary profi t. In fact, With regard to the indebtedness criterion, it was de- these were non-perspective or poor main operations termined that the company must have at least 15% of with a declining trend or negative operating income. own capital and reserves. It is known that the fi rst and Such companies were not surely perspective candidates most frequent indicator of the defaulted companies for the EU funding and they were supposed to be is high indebtedness, since such companies do not recognized and disqualifi ed at the beginning. Th us, have internal reserves to overcome certain market positive EBITDA (Earnings Before Interest, Tax and disruptions that may occur and which is diffi cult Depreciation) was selected as acceptability criteria. to anticipate in advance. Although this indicator of Namely, if a company reports positive operating earn- fi nancial stability in normal conditions would be set ings before depreciation, interest and taxes, it means up at 30% of own capital in the structure of sources, that its main operations generates income. the decision that it would amount to 15% was passed due to the fact that numerous companies lost a portion BINDING AND NON-BINDING LETTER OF INTENT of their capital during crisis. Th e second criterion was It is worth mentioning that there was also another liquidity measured by the number of days of account hot topic, which referred to the letter of intent of freezing. During the crisis, the accounts of large the bank on project fi nancing. Namely, since the number of companies in Croatia were frozen; some maximum amount of grants was 35% for medium of them ended up in long-term freezing of account enterprises and 45% of total acceptable costs for small and some had occasional problems with liquidity. enterprises, the entrepreneur should provide the Therefore, a position was taken that companies diff erence in fi nancing from own funds or, as it was whose accounts were not frozen more than 15 days oft en the case, through banking loan. Th erefore, the of which no longer than 5 consecutive days in the entrepreneur should submit the evidence on providing last 6 months following the day of the submission bank funding when submitting project application. of application were acceptable. Th is eliminated the Th e question was raised whether the letter of intent companies that cannot unfreeze their accounts for should be binding or non- binding when applying a month (which was an indicator of high illiquidity for the project. A binding letter of intent meant that risk). On the other hand, those companies that were an entrepreneur must go through the entire loan SARADNJA BANAKA I DRŽAVNIH INSTITUCIJA oktobar 2017 | :Bankar

da se traži obavezujuće pismo namjere. Ta odluka vrsta potpore se u velikom dijelu vraća nadležnim 48 je u početku usporila proces pripreme projekata, pa fi nansijskim institucijama te je stoga i potencijalni su prve prijave krenule nešto kasnije pristizati, ali multiplikativni učinak ovih programa veći nego kad je s druge strane za preduzetnika bila prednost što je riječ o bespovratnim sredstvima. je nakon odobrenja bespovratnih sredstava mogao Da bi se razradila dobra jemstvena šema bilo je odmah započeti s primjenom projekta jer je imao potrebno utvrditi ključne slabosti u postojećem riješeno kompletno fi nansiranje. Upravo iz razloga pristupu kreditiranju preduzetnika. Pokazalo se da što neki preduzetnici nisu uspjeli ishodovati pisma dobri projekti u komercijalnim bankama teško prolaze namjere, nakon prvog konkursa javio se pritisak da ukoliko nemaju primjerene kolaterale, stoga je ovaj se ukine obavezujuće pismo namjere koje se navodilo paket mjera obuhvatio izdavanje državnog jemstva u kao razlog zašto dio preduzetnika nije prispio u pro- korist poslovne banke koja fi nansira projekat. Drugi pisanom roku podnijeti prijavu. Stoga je u sljedećem bitan element je cijena investicije u koju svakako ulazi konkursu (2016. godine) prihvaćeno neobavezujuće trošak fi nansiranja pa je subveniconiranje komerci- pismo namjere. Međutim, prvi efekti ovog pristupa jalne kamate uzeto kao druga važna korist i podsticaj pokazuju određene slabosti. Tek po odobrenju granta, za preduzetnike da pokrenu investicionu aktivnost. pokreću se procedure za odobrenje kredita, banke Državna agencija za malo i srednje preduzetništo se tek tad dubinski upoznaju s tim projektima i dio (HAMAG-BICRO) razradila je model pojedinačnih preduzetnika koji je dobio odluku o sufi nansiranju jemstava, pri čemu preduzetnici apliciraju za projekat projekata iz EU fondova nije mogao dobiti kredit, u poslovnoj banci, te ukoliko banka odobri projekt jer, ili nema dovoljno kolaterala ili prema bančinoj procjeni rizika ne zadovoljava ostale kriterijume za odobrenje kredita. Kada se gleda cijeli proces, da li će kredit biti odobren u fazi pripreme projektne prijave ili će biti odobren nakon što preduzetnik prođe na EU konkursu apsolutno je nevažan, jer uvijek govorimo o jednakom utrošku vremena za odobrenje kredita koje prethodi povlačenju EU sredstava. No, kada gledamo ozbiljnost i profesionalnost u pristupu cijelom poslu, čini se da je obavezujuće pismo namjere puno bolji izbor. Naime, u tom slučaju svi sudionici imaju čvrstu sigurnost da je zatvorena fi nansijska konstrukcija i da formalne prepreke za realizaciju projekta nema.

FINANSIJSKI INSTRUMENTI I MODELI Osim direktne potpore preduzetnicima kroz dodjelu bespovratnih sredstava, strateški dokumenti koji se odnose na korištenje EU fondova u razdoblju 2014- 2020 predviđaju da se dio sredstava alocira preduzetnicima kroz tzv. fi nansijske instrumente. Finansijski instrumenti se u najvećoj mjeri odnose na programe potpore preduzetnicima gdje se podrška investicijama u preduzetništvu osigurava kroz posebne kreditne linije, zatim subvenciju kamatne stope te kroz osiguravanje jamstva za kredite. Od 970 miliona eura namijenjenih malom i srednjem preduzetništvu, čak 250 miliona eura je usmjereno prema fi nansijskim instrumentima. Takođe, valja naglasiti da za razliku od bespovratnih sredstava koji predstavljaju jednokratnu potporu, ova october 2017 | :Bankar COOPERATION OF BANKS AND GOVERNMENT INSTITUTIONS 49 approval procedure in the bank before applying to the into consideration, it seems that the binding letter Ministry and practically obtain the decision on loan of intent is much better choice. Namely, in this case approval with the condition of obtaining EU funds all participants have fi rm security that the fi nancial in the lacking amount. Th e alternative was that the construction is closed and there is no formal obstacle entrepreneur submits a non-binding letter of intent, for the project implementation. which represents a statement of the bank that the bank is introduced with the project and is ready to FINANCIAL INSTRUMENTS AND MODELS fi nance the project if a client has credit capacity in a In addition to direct support to entrepreneurs through given moment. In the fi rst tender that was published awarding grants, strategic documents that refer to the in 2014, an approach to request a binding letter of use of EU funding in period 2014-2020 envisage that intent was selected. Th is decision slowed down the a portion of funds is disbursed to the entrepreneurs process of project preparation in the beginning, and through fi nancial instruments. Th e fi nancial instru- the fi rst application came with the delay. However, ments largely refer to the support programmes to the on the other hand, it was the advantage for the en- entrepreneurs where the support to entrepreneurial trepreneur, since it could start immediately with the investments is provided through special credit ar- project implementation aft er grant approval as its rangements, subsidising of interest rate, and security fi nancing was completely resolved. Due to the fact that insurance for loans. Out of 970 million euros intended some of the entrepreneurs did not manage to obtain for small and medium enterprises, even 250 million the letter of intent, a pressure was made to abolish a euros is directed to fi nancial instruments. In addition, binding letter of intent aft er the fi rst it is worth mentioning that as opposed to grants bid that was mentioned as a reason representing one-off support, this type of support is why some of entrepreneurs did not largely returned to competent fi nancial institutions apply on time. Th erefore, in 2016, in and thus the potential multiplication eff ect of these the next bid, a non-binding letter of programmes is higher than when it comes to grants. intent was accepted. However, the In order to develop a good guarantee scheme, it was fi rst eff ects of this approach showed necessary to identify key weaknesses in the existing certain weaknesses. Only upon the approach to lending to entrepreneurs. Good projects approval of the grant, the procedures in commercial banks have proven to be diffi cult if for the loan approval initiated and the they do not have adequate collateral, so this pack- banks started project due diligence. age of measures encompassed the issuance of a state Some entrepreneurs that obtained a guarantee in favour of the commercial bank that decision on co-fi nancing the project funded the project. Another important element is the from the EU funds were not able to price of the investment, which certainly entails the obtain the loan because either the cost of fi nancing. Th us, subsidizing the commercial collateral was insuffi cient or other interest rate is taken as another important benefi t and criteria for loan approval were not incentive for the entrepreneurs to start the investing met according to the bank’s risk as- activity. Croatian Agency for SMEs, Innovations sessment. When the entire process is and Investments (HAMAG-BICRO) has developed reviewed, it is absolutely irrelevant a model of individual guarantees, whereby the en- whether the loan will be approved trepreneurs apply for a project in a commercial bank during the preparation of project and if the bank approves the project, the same goes application or aft er the entrepreneur further to the approval of the guarantee and interest passes the EU tender, because we subsidy in HAMAG-BICRO. Th e highest amount of always talk about equal time spend- government guarantee available under this Guarantee ing for loan approval preceding the Scheme is 80% of the project cost without recoverable withdrawal of EU funds. However, VAT. When it comes to the amounts, the minimum if the seriousness and profession- guarantee was set at 150 thousand euros, while the ality of entire approach is taken maximum amount of guarantee is 2 million euros. Th e SARADNJA BANAKA I DRŽAVNIH INSTITUCIJA oktobar 2017 | :Bankar

on se dalje upućuje na odobrenje jemstva i subvencije ima za cilj da subvencija najintenzivnije djeluje u 50 kamate u HAMAG-BICRO. Najviši iznos državnog početnom periodu kada investicija još ne daje pune jemstva koji se može dobiti po ovoj garancijsokoj efekte i kada poslovanje uistinu i treba biti rasterećeno šemi iznosi 80% troška projekta bez nadoknadivog fi nansijskih rashoda. Program je namijenjen za sve PDVa. Kada je riječ o iznosima, minimalno jemstvo preduzetnike, dakle i početnike i one koji već imaju utvrđeno je u iznosu od 150 hiljada eura , a maksimalo uhodano poslovanje i vrlo je popularna mjera. Osim u iznosu od dva miliona eura. Model utvrđivanja pojedinačnih jemstava, HAMAG-BICRO je upravo u subvencije kamate razrađen je vrlo stimulativno postupku uvođenja dodatnog fi nansijskog instrumenta za banku - koliko god banka po ovom programu tzv. “portfeljna jemstva“, gdje zapravo cijeli postupak umanji svoju redovnu kamatu, HAMAG-BICRO davanja jemstava prebacuje na banke koje dobijaju daje još trostruku subvenciju na iznos umanjenja limite za izdavanje jemstava i subvencije kamate do kamatne stope banke. Kako to u praksi izgleda? iskorištenja okvira. Okvir funkcioniše na revolving Ukoliko banka redovne kredite daje po kamatnoj principu i ima uključenu „default margin“, što pred- stopi od 5,8% godišnje, a za ovaj program klijentu stavlja stopu očekivanog gubitka koja se toleriše na odobri kamatu od 4%, umanjenje banke iznosi 1,8% nivou portfolija. Znači, iako svaki kredit unutar grupe (5,8% umanjeno za 4%). Na to umanjenje HAMAG kredita osiguranih porft eljnim jemstvom ima odobreno nagrađuje trostrukom subvencijom koja onda iznosi jemstvo do visine npr. 80% glavnice kredita, proizilazi 3 puta 1,8%, što sveukupno daje subvenciju u visini da je rizik banke po kreditu 20%. No, ukoliko dođe 5,4% godišnje kamatne stope. Konačna kamatna do defaulta većeg broja kredita osiguranih HAMAG stopa za klijenta dakle neće iznositi 5,8% nego 0,4% jemstvom u portfoliju, tad se pokriva rizik do visine (5,8% - 5,4%). Na ovaj način je ona banka koja je utvrđene „default margin“ od npr. 30% na razini grupe više smanjila svoje komercijalne uslove kreditiranja svih kredita, dok iznos preko 30% defaulta postaje bila nagrađena, te je mogla ponuditi klijentu uslove rizik banke. Default margin utvrđena je na osnovu koji su konkurentniji od kamatne stope banke koja je istorijskih podataka kretanja udjela loših plasmana malo smanjila redovnu kamatnu stopu (upravo zbog (NPL) u ukupnim plasmanima pravnim osobama. učinka multiplikatora subvencije na iznos umanjenja Taj pokazatelj je na nivou cijelog bankarskog sektora kamatne stope). Ovaj pristup donio je značajnu korist u Republici Hrvatskoj tokom 2012-2013.g. (posebno klijentima na tržištu, jer je konkurencija među ban- zbog uticaja fi nansijske krize), dosegao visokih 31% kama dovela do pojave kreditnih linija koje su gotovo za portfolio kredita pravnim subjektima. beskamatne. Subvencija se primjenjuje od prvog dana Po sličnom principu kao što su programi HAMAG- otplate kredita do konačnog iskorištenja vrijednosti BICROa, napravljen je program Hrvatske banke za subvencije koja iznosi 50% svih kamatnih troškova po obnovu i razvoj i poslovnih banaka koji fi nansira kreditu. U datom primjeru, to znači da klijent okvirno veće investicije malih i srednjih preduzetnika po u prvoj trećini roka otplate kredita plaća kamatu od metodi podjele rizika, tako da svaka institucija daje 0,4%, a tek po iskorištenju subvencije kamata raste 50% sredstava, uz dodjelu subvencije kamatne stope na redovnu kamatnu stopu od 5,8%. Ovaj model i jemstvenu šemu.

EU fondovi su kroz različite modele sufi nansiranja projekata donijeli niz dodatnih mogućnosti za fi nansiranje preduzetništva u Hrvatskoj. Pored već ranije opisanih, do danas su otvoreni i brojni drugi konkursi za mala i srednja preduzeća kojima se, između ostalog, fi nansiraju aktivnosti za poboljšanje internacio- nalizovanosti SME kompanija, za poboljšanje primjene IT-a u poslovanju, za manja ulaganja u inovacije, za programe sertifi kovanja i dr. Procedura dobijanja sredstava iz EU fondova jeste nešto kompleksnija i zahtijeva vrlo preciznu pripremu projekta i promišljanje o razvoju projekta već u fazi pripreme, ali upravo ta specifi čnost mogla bi se okarakterizirati kao dodatna prilika za preduzetnike da kritički sagledaju svoju ideju, da procijene njenu ekonomsko-fi nansijsku isplativost i da precizno planiraju troškove i procjenjuju rizike već od samog početka. Oni koji su usvojili ovaj pristup uspješno su povukli sredstva i spremno čekaju nove konkurse za budući razvoj svog poslovanja. october 2017 | :Bankar COOPERATION OF BANKS AND GOVERNMENT INSTITUTIONS 51 interest rate subsidy model has been elaborated very intended for all SMEs, therefore, both for the begin- stimulating for the bank, so that as much as the bank ners and those who already have businesses and it reduces its regular interest rate for this programme, is a very popular measure. In addition to individual HAMAG-BICRO gives another triple subsidy to the guarantees, HAMAG-BICRO is currently in the amount of interest rate cut by the bank. How does process of introducing an additional fi nancial instru- this look in practice? If the bank provides regular ment called "Portfolio Guarantees" where the entire loans at an interest rate of 5.8% per annum and 4% guarantee process is actually transferred to banks that interest rate is approved to the client for this pro- receive the limits for issuing guarantees and interest gramme, the bank's decrease is 1.8% (5.8% less 4%). subsidies until the utilization of the framework. Th e HAMAG-BICRO rewards this with a triple subsidy, framework functions on the revolving principle and which then amounts to 3 times 1.8%, which altogether has a "default margin", which represents the expected gives a subsidy of 5.4% of the annual interest rate. loss rate that is tolerated at the portfolio level. Th is Th e fi nal interest rate for the client will therefore not means that although each loan within a group of be 5.8% but it will amount to 0.4% (5.8% - 5.4%). In loans secured by portfolio guarantee has an approved this way, the bank that had lowered its commercial guarantee of up to 80% of the loan principal, the credit lending terms was rewarded and it could off er the risk of the bank is 20%. However, if large number of client conditions that are more competitive than the loans insured by the HAMAG portfolio guarantee interest rate of the bank which slightly reduced the defaults, the risk is covered up to the amount of the regular interest rate (precisely because of the eff ect of established "default margin" of, for example, 30% for the subsidy multiplier on the amount of interest rate the group of all loans, while the amount over 30% of cut). Th is approach has brought signifi cant benefi ts to defaults becomes the bank's risk. Th e default margin market customers, as the competition among banks is determined on the basis of historical data on the has led to emerging of credit lines that are almost movement of non-performing loans (NPL) in total non-interest-bearing. Th e subsidy is applied from the corporate loans. Th is indicator reached a high 31% fi rst day of the loan repayment to the fi nal utilization for the loan portfolio of loans to legal persons at the of the subsidy amount, which amounts to 50% of all level of the entire banking sector in the Republic of interest expenses on the loan. In a given example, Croatia during 2012-2013, especially due to the impact this means that the client pays interest at a rate of of the fi nancial crisis. 0.4% in the fi rst third of the loan repayment period, A similar programme, such as the HAMAG-BICRO and only upon the use of the subsidy, the interest programmes, has been developed by the Croatian Bank rate is raised at a regular interest rate of 5.8%. Th is for Reconstruction and Development and commercial model aims to have the most intensive subsidy in banks that fi nance larger investments of small and the initial period when the investment still does not medium-sized enterprises by risk-sharing method so give full eff ect and when the business really needs to that each institution provides 50% of the funds, with be relieved of fi nancial expenses. Th e programme is providing interest rate subsidies warranty scheme.

EU funds through various models of co-fi nancing projects have brought a number of additional opportunities for fi nancing entrepreneurship in Croatia. In addition to the aforementioned, a number of other tenders have been established to date for small and medium-sized enterprises, which fi nance, inter alia, the activities for improving the internationalization of SMEs, the activities for improving IT applications in business, smaller investments in innovation, certifi cation programmes, and the like. Th e procedure for obtaining funds from EU funds is somewhat more complex and requires a very precise project preparation and refl ection on project development that is already in the preparation phase, but this specifi city could be characterized as an additional opportunity for entrepreneurs to critically see their idea, to assess its economic-fi nancial cost-eff ectiveness and precisely plan costs and assess risks from the very beginning. Th ose who have adopted this approach have successfully withdrawn funds and are waiting for new tenders for further development of their business. IZBOR IZ NAGRAĐENIH RADOVA CENTRALNE BANKE CRNE GORE oktobar 2017 | :Bankar

Primjena modela „analitički hijerarhijski proces“

Svakodnevno smo u prilici da donosimo odluke, posebno u uslovima poslovanja gdje je dostupan veliki broj informacija. Stoga je postalo veoma teško iz mnoštva informacija izabrati onu pravu, kojom ćemo u najvećoj mjeri ostvariti željeni cilj, a da pri tome vodimo računa o spoljnim uticajima, koji u većoj ili manjoj mjeri limitiraju našu slobodu izbora. Često su sve te informacije za donosioca odluka Milica Vukčević alternative, između kojih on mora da bira, pa se potreba za odlučivanjem javlja uvijek kada se javi neki problem koji je potrebno riješiti. U ovom radu ćemo prikazati kako uz pomoć modela Analitički hijerarhijski proces i softverskog paketa Super Decisions, klijent može odabrati najbolju banku (alternativu) na crnogorskom tržištu, u mnoštvu njih, a koja se odnosi na izbor one koja obezbjeđuje najpovoljniju ponudu kada su u pitanju gotovinski krediti.

nalitički hijerarhijski proces AHP metodu čine četiri faze: A(Analytic Hierarchy Process - • Strukturiranje problema AHP) je jedna od najpoznatijih me- • Prikupljanje podataka toda višekriterijumskog odlučivanja, • Ocjenjivanje relativnih težina koja se najčešće koristi u slučajevima • Određivanje rješenja problema kada postoji mogućnost hijerarhijskog strukturiranja relevantnih kriterijuma. Prije svega je potrebno defi nisati hijerarhijski Metodu je osmislio Th omas Saaty. Kroz model i njegove elemente, tačnije, potrebno više nivoa se koristi kao hijerarhij- je da cilj bude na vrhu sa kriterijumima i ska struktura objekata, kriterijuma, podkriterijumima kao segmentima na nižem subkriterijuma i alternativa. Podaci se nivou, dok se na posljednjem nivou nalaze izvode korišćenjem seta poređenja. Ova alternative. Nakon određivanja kriterijuma poređenja se koriste za dobijanje nivoa i alternativa formira se matematički model. važnosti kriterijuma odlučivanja i kao Ovim modelom se upoređuju parovi, odnosno relativne mjere performansi alternativa na svakom nivou hijerarhijske strukture u u pogledu pojedinačnog donošenja parovima se međusobno upoređuju elementi odluka o kriterijumima. Metodološki te strukture. Pomoću skale se izražavaju pre- posmatrano AHP je višekriterijumska ferencije donosioca odluke. Saaty-eva skala tehnika koja se zasniva na razlaganju ima pet stepeni i četiri međustepena, verbalno složenog problema u hijerarhiju. Cilj opisane intenzitete i odgovarajuće numeričke se nalazi na vrhu hijerarhije, dok su vrijednosti za njih koje se nalaze u rangu od 1 kriterijumi, podkriterijumi i alternative do 9. Saaty-jeva skala je data u Tabeli 1. koju na nižim nivoima. ćemo objasniti u nastavku rada. october 2017 | :Bankar SELECTION FROM THE AWARDED PAPERS OF THE CENTRAL BANK OF MONTENEGRO 53

Milica Vukčević Aplication of Analytic Hierarchy Process Model

We are facing every day with decision making process, particularly in operating conditions where large number of information is available. Therefore, it has become very difﬁ cult to choose from the variety of information the right one, which will help us, to a large extent, to accomplish desirable objective. Thus, we have to take into account external impacts which limit our freedom of choice to a larger or lower extent. All information are often alternatives for decision maker, which he has to select, and the need to make decision always occurs when some problem that needs to be resolved appears. This paper will present the manner in which a customer may select the best bank (alternative) in Montenegrin market amongst many of them using the model Analytic Hierarchy Process and software package Super Decisions, which refers to the selection of those that provide the most favourable offer when it comes to cash loans.

Analytic Hierarchy Process (AHP) is AHP method comprises of four phases: one of the most famous methods of ■ Problem solving multi-criteria decision making process, ■ Gathering data which is most frequently used in cases ■ Evaluating relevant weights when there is a possibility of hierar- ■ Determining the solution of the chy structuring of relevant criteria. problem Th e method was designed by Th omas Hierarchy model and its elements should Saaty. It is used as hierarchy structure be defi ned at the beginning; more precisely, of facilities, criteria, sub-criteria and the objective should be on the top with the alternatives through several levels. Data criteria and sub-criteria as segments at lower are derived using a set of comparisons. level, while alternatives are located on the Th ese comparisons are used for obtain- bottom level. Aft er determining criteria and ing the level of importance of decision alternatives, mathematical model is formed. making criteria and as relative measure Th is model is used to compare pairs, i.e. of performance of alternatives with elements of the structure are compared in regard of individual decision making pairs at each level of hierarchy structure. on criteria. Methodologically viewed, Th e scale is used to express preferences of AHP is multi-criteria technique that the decision makers. Saaty’s scale has fi ve is based on disassembling a complex values and four intermediate values, verbally problem in hierarchy. Th e objective described intensities and corresponding is on the top of hierarchy, while the numerical values that are ranged from 1 to criteria, sub-criteria and alternatives 9. Saaty’s scale is given in the Table 1 below are on lower levels. that will be further elaborated in the paper. IZBOR IZ NAGRAĐENIH RADOVA CENTRALNE BANKE CRNE GORE oktobar 2017 | :Bankar

54 Intezitet važnosti Deﬁ nicija Objašnjenje Dvije alternative jednako 1 Jednako važno doprinose cilju 2 Slaba važnost Na temelju iskustva i procjena 3 Umjereno važno daje se umjerena prednost jednoj alternativi u odnosu na drugu 4 Umjereno važno + Na temelju iskustva i procjena 5 Strogo važnije strogo se favorizuje jedna alternativa u odnosu na drugu 6 Strogo + Jedna alternativa se izrazito Vrlo stroga, favorizuje u odnosu na drugu; 7 dokazana važnost njena dominacija dokazuje se u praksi 8Veoma strogo Dokazi na temelju kojih se favorizuje jedna alternativa u 9 Ekstremna važnost odnosu na drugu potvrðeni su sa najveæom uvjerljivošæu Ako je stepen konzistentnosti 2,4,6,8 Meðuvrijednosti Kada je neophodan kompromis (CR) manji od 0,10, rezultat je Recipročne Ako alternativa i ima neku od dovoljno tačan i nema potrebe vrijednosti navedenih vrijednosti iz skale, kada se gornjih nenula uporeðuje sa alternativom j, tada j za korekcijama u poređenjima i uzima reciproènu vrijednost kada se uporeðuje sa alternativom i. ponavljanju proračuna. Ako je Tabela 1. Saaty-jeva tabela za komparaciju parova alternativa stepen konzistentosti veći od alternativa. Kada dobijemo konačnu 0,10, rezultate bi trebalo ponovo Ova tabela prikazuje način na koji rang listu, može se sprovesti analiza analizirati i ustanoviti razloge ne- je Saaty izvršio komparaciju između osjetljivosti. konzistentnosti, ukloniti ih djeli- parova alternativa i upravo to pred- Za Analitički hijerarhijski proces mičnim ponavljanjem poređenja stavlja bazu na kojoj počiva AHP od posebne važnosti je razumijevanje u parovima, a ako ponavljanje (metoda analitičkih i hijerarhijskih indeksa konzistentnosti i slučajnog procedure u nekoliko koraka ne procesa). indeksa čiji odnos predstavlja ste- dovede do sniženja stepena kon- Lokalni prioriteti kriterijuma, pen konzistentnosti (CR). Indeks zistentnosti do tolerantnog limita podkriterijuma i alternative se sinte- konzistentnosti - CI (consistency 0,10, sve rezultate treba odbaciti i tizuju u ukupne prioritete alternativa. index) predstavlja mjeru odstu- ponoviti cio postupak od početka. Određivanje rješenja predstavlja panja n od λmax, gdje je λmax Prikazani model primijenili smo na posljednju fazu ovog modela, tačnije maksimalna sopstvena vrijednost crnogorskom bankarskom tržištu, nalazi se kompozitni normalizovani matrice poredjenja, i što je bliža n što je i predstavljeno u nastavku vektor. U prethodnoj fazi je odre- manja je nekonzistentnost, dok je rada. đen vektor redosljeda aktivnosti n red posmatrane matrice. U Crnoj Gori postoji četrnaest kriterijuma u modelu. Nakon toga Formula po kojoj se izračunava poslovnih banaka i Centralna banka u sklopu kriterijuma potrebno je indeks konzistentnosti glasi: kao vrhovna monetarna institucija. odrediti redosljed važnosti alter- Prisustvo ovolikog broja poslovnih λmax-n nativa u modelu. Kraj ovog procesa CI= ------banaka ukazuje na snažan razvoj podrazumijeva dobijanje rang liste n-1 konkurencije među njima, što do koje se dolazi tako što se učešće Slučajni indeks (RI) predstavlja in- ukazuje da iako bankarski sistem svake alternative pomnoži sa teži- deks konzistentnosti za matrice reda bilježi trend rasta, tržišna konku- nom posmatranog kriterijuma, a n slučajno generisanih upoređivanja rentnost je dovela do značajnih zatim se sve te vrijednosti saberu u parovima. Za ovaj indeks koristi promjena u bilansnoj strukturi i za svaku alternativu pojedinačno. se tablica sa gotovim vrijednostima. poziciji pojedinih banaka. Podatak koji dobijemo predstavlja N123456789101112131415 težinu posmatrane alternative u modelu. Ovaj postupak se ponavlja RI 0 0 0,52 0,89 1,11 1,25 1,35 1,40 1,45 1,49 1,51 1,54 1,56 1,57 1,58 sve dok se ne dobije ukupan poredak Tabela 2. Sluèajni indeksi october 2017 | :Bankar SELECTION FROM THE AWARDED PAPERS OF THE CENTRAL BANK OF MONTENEGRO 55

Intensity of importance Deﬁ nition Explanation Two activities contribute equally to 1 Equal importance the objective 2 Weak importance Experience and activity slightly 3 Moderate importance favour one activity over another 4 Moderate + Experience and activity strongly 5 Strong importance favour one activity over another 6 Strong + The activity is favoured very Very strong, demonstrated strongly over another; its 7 importance dominance is demonstrated in practice 8 Very strong The evidence favouring one activity over another is of the 9 Extreme importance highest possible order of affirmation 2,4,6,8 Intermediate values When compromise is needed repeat the calculation. If consistency Reciprocals of above If activity i has one of the above values assigned to it ratio is higher than 0.10, the results when compared with the activity j, then j has the should be again analysed and the reciprocal value when reasons for inconsistency should be compared with activity i. determined, remove them through Table 1 – Saaty’s Scale for Comparison of Alternative Pairs partial repetition of comparisons Th is table displays the manner It is very important for analytic in pairs. If the repetition process in which Saaty has made pairwise hierarchy process to understand in several steps does not result in comparison and it represents the the consistency index and random lowering the consistency ratio until foundation for AHP (method of index, which ratio represents the tolerance limit of 0.10 is obtained, analytic and hierarchy processes). consistency ratio (CR). Consistency all results should be rejected and the Local priorities of criteria, sub- index (CI) is a measure of deviation entire process should be repeated criteria and alternatives are synthe- of an n from λmax, where λmax is from the beginning. Th e displayed sised in total priorities of alternatives. maximum own value of comparison model was applied to Montenegrin Th e last phase of this model is to matrix, and the closer the n the banking market, which is presented determine the solution, more accu- lower the inconsistency, whereas n below in the paper. rately, there is composite normalised is the order of the observed matrix. Fourteen commercial banks oper- vector. Th e previous phase deter- Th e formula for the calculation of ate in Montenegro and the Central mined vector of order of activities consistency index is the following: Bank is supreme monetary institu- of the criteria in the model. Aft er tion. Th e presence of such a num- λmax-n that, within the criteria, the order CI= ------ber of commercial banks indicates of importance of alternatives in the n-1 on the strong development of the model should be determined. Th e Random index (RI) is a consist- competition among them, which end of this process implies obtain- ency index for matrices of the order implies that although the banking ing an order by multiplying each n randomly generated comparisons system recorded an uptrend, the alternative with the weight of the in pairs. A table below with the fol- market competition resulted in observed criterion, and all values lowing values is used for this index. signifi cant changes in the balance are summed up for each individual N123456789101112131415 alternative. Th e data obtained rep- RI 0 0 0,52 0,89 1,11 1,25 1,35 1,40 1,45 1,49 1,51 1,54 1,56 1,57 1,58 resents the weight of the observed alternative in the model. Th is pro- Table 2 - Random indices cess is repeated until total order of If consistency ratio (CR) is lower sheet structure and market position alternatives is obtained. Once total than 0.10, the result is suffi ciently of some of the banks. rank list is obtained, the sensitivity accurate and there is no need to make With a view to proper functioning analysis can be performed. corrections in comparisons and to of Montenegrin banking market, the IZBOR IZ NAGRAĐENIH RADOVA CENTRALNE BANKE CRNE GORE oktobar 2017 | :Bankar

Da bi bankarsko tržište Crne Gore ■ Kvantitativni Period otplate – svaki klijent banke 56 funkcionisalo na pravi način, ne- ▷ iznos kredita želi da zna koji je to vremenski ophodna je kontrola. Tu kontrolu ▷ period otplate period za koji je potrebno da vrati sprovodi upravo Centralna banka ▷ visina kamatne stope kredit, stoga je bitno da vrijednost Crne Gore. „Osnovni cilj Centralne ▷ mjesečni anuitet ovog kriterijuma bude što veća. banke Crne Gore je podsticanje i ■ Kvalitativni Tome doprinosi činjenica da se očuvanje stabilnosti fi nansijskog ▷ godine poslovanja. vrijednost novca mijenja tokom sistema, uključujući podsticanje Podaci o svim kriterijumima vremena, tj. da nije konstantna. i održavanje zdravog bankarskog i alternativama u istraživanju su Visina kamatne stope – ovaj sistema i sigurnog i efikasnog preuzeti sa zvaničnih website-ova kriterijum je od izuzetne važnosti, platnog prometa.” banaka, kao i direktnom komuni- jer klijentu je bitno da zna koja U ovom radu bazirali smo se na kacijom sa zaposlenima u banci. je to cijena novca koju on mora rangiranju tj. komparaciji banaka Kriterijume za ovo istraživanje da vrati uz glavnicu kredita, zato u Crnoj Gori. Upoređivanje je određivali smo sa aspekta mišlje- je ovaj kriterijum - kriterijum izvršeno na osnovu jednog proi- nja klijenta, tačnije šta je to što je minimuma. zvoda banke, tačnije gotovinskog klijentu bitno prilikom odabira Mjesečni anuitet – ne manje kredita. Cilj ovog istraživanja je banke u kojoj će podići gotovinski važan, jer je bitno da se zna koji je bio da se sagleda koja banka pruža kredit. Neke kriterijume postavili to mjesečni iznos novca koji klijent najpovoljnije uslove za izdavanje smo kao kriterijume maksimuma treba da izdvoji iz svog „budžeta“, kredita klijentima. Odlučivanje (iznos kredita, period otplate i kako bi vratio kredit. je ograničeno na pet kriterijuma, godine poslovanja), a neke kao Godine poslovanja banke – ovom dok su kao alternative postavljene minimuma (kamatna stopa i mje- kriterijumu se pristupa više sa gotovo sve banke u Crnoj Gori sečni anuitet). psihološkog aspekta. Tačnije, više koje pružaju gotovinske kredite Na osnovu ovih kriterijuma, godina poslovanja, daje klijentu stanovništvu, kao svoj proizvod. a uz pomoć AHP modela, došli jasniju i sigurniju sliku o poslo- Banke koje su kao alternative smo do zaključka koja je to banka vanju banke. bile uključene u ovom istraživanju koja ima najpovoljnije uslove za Nakon istraživanja i rezultata (rađeno u maju 2016. godine) su: klijenta, što će biti predstavljeno modela zaključujemo da je veoma ■ Atlas banka u nastavku istraživanja. teško sagledati sve činioce koji ■ Crnogorska komercijalna Cilj ovog modela jeste istražiti utiču na alternative odlučivanja, iz banka koja banka nudi najpovoljnije razloga što je u današnjim uslovima ■ Erste banka uslove za podizanje gotovinskog zastupljena kompleksnost i dina- ■ Hipotekarna banka kredita. U skladu sa tim postavili mičnost okruženja, potvrđujući još ■ Hypo Alpe Adria banka (sada smo kriterijume, koji na pravi način jednom krilaticu da je promjena Addiko banka) mogu da doprinesu i prikažu koja jedina konstanta. Sve ovo ukazuje ■ Invest banka banka nudi najpovoljnije uslove do je potrebna detaljnija analiza ■ Komercijalna banka AD u Crnoj Gori. Shodno tome kao odlučivanja, koja dovodi do mo- Budva alternative izabrane su banke koje dela za rješavanje problema. Ona ■ Lovćen banka posluju na tržištu, a koje u svom ujedno obezbijeđuje prikupljanje ■ NLB Montenegrobanka portfoliju imaju gotovinske kredite. dodatnih informacija, sa ciljem da ■ Prva banka Crne Gore Kako bi što bolje prikazali zna- se smanji neizvjesnost i rizik da se ■ Societe Generale Montenegro čajnost kriterijuma, u nastavku donese pogrešna odluka. banka ćemo opisati svaki od njih. Kroz sprovedeno istraživanje ■ Universal Capital banka Iznos kredita – ovaj kriterijum smo smo ukazali na mogućnost da ■ Zapad banka uzeli kao kriterijum maksimuma, iz se kroz primjenu modela AHP Kriterijumi koji su uzeti kao „pa- razloga što svaki klijent banke želi može donijeti niz odluka koje će rametri“, a koji će na pravi način da zna koji je to maksimalni iznos olakšati klijentima sam proces doprinijeti u donošenju odluke su: kredita koji može podići. odlučivanja. october 2017 | :Bankar SELECTION FROM THE AWARDED PAPERS OF THE CENTRAL BANK OF MONTENEGRO 57 supervision is needed. Th e supervi- ■Qualitative timeframe for the loan repayment. sion is performed by the Central Bank ▷ Years of operations. Th erefore, it is important that the of Montenegro. “Th e main objective Data on all criteria and alterna- value of this criterion is as high as of the Central Bank of Montenegro is tives in the research were taken from it can be. Th is is contributed by fostering and preserving the stability the offi cial websites of banks and the fact that the value of money of the fi nancial system, including from direct communication with changes over time, i.e. it is not fostering and maintaining sound the employees in banks. constant. banking system and safe and effi cient The criteria for this research Level of interest rate – this cri- payment system”. were determined from the cus- terion is extremely important as Th is paper is based on ranking i.e. tomers’ opinion perspective, i.e. the customer wants to know the comparison of banks in Montenegro. what is important to the customer price of money for the principal Comparison is made based on one when selecting a bank for obtain- repayment. Th us, this is a criterion banking product, i.e. cash loan. Th e ing cash loan. Some criteria were of maximum. objective of this research is to re- set as criteria of maximum (loan Monthly instalment – not less view which bank provides the most amount, repayment period and important, since it is important to favourable conditions for granting years of operations), while some of know what is the monthly amount loans to customers. Th e decision- them were set as criteria of mini- of money the customer has to al- making process is limited on fi ve mum (interest rate and monthly locate from his budget to repay criteria, while almost all banks in instalment). the loan. Montenegro that provide, as their Based on these criteria and using Years of bank’s operations – this product, cash loans to households AHP model, the conclusion was criterion is being approached more were set up as alternatives. drawn which of the banks has most from psychological perspective. Th e following banks were included favourable conditions for customer, More accurately, higher number as alternatives in this research (it which will be presented further in of operating years gives the cus- was performed in May 2016): the research (see the web site of tomer clearer and safer picture of ■Atlas Bank the Central Bank of Montenegro). the operations of the bank. ■ Crnogorska Komercijalna Bank Th e objective of this model is to Aft er the completed research ■ Erste Bank study which bank off ers the most and results of the model, it can be ■Hipotekarna Bank favourable conditions for obtaining concluded that it is very diffi cult to ■ Hypo Alpe Adria Bank (now cash loan. In this regard, we have set summarise all factors infl uencing Addiko Bank) up the criteria which can properly the alternatives of decision mak- ■ Invest Bank contribute to and show the bank ing process, since complex and ■ Komercijalna Bank AD Budva that off ers the most favourable dynamic environment is present ■ Lovćen Bank conditions in Montenegro. Having nowadays confi rming once more ■ NLB Montenegrobanka that in mind, banks operating at that the change is the only constant. ■ Prva banka Crne Gore the market, which have in their Th is indicates that more detailed ■ Societe Generale Montenegro portfolios cash loans, are selected analysis of decision making process Bank as alternatives. is needed. Th is leads to the model ■ Universal Capital Bank Th e description of each of the for resolving the problems. It also ■ Zapad Bank criterion is given below in order provides gathering of additional Th e criteria taken as “indicators” that to present better their importance. information aimed at decreasing will properly contribute to decision Loan amount – this criterion uncertainty and risk to make wrong making process were as follows: is taken as the criterion of maxi- decision. ■ Quantitative mum because each customer of the Th is research indicated to the ▷Loan amount bank wants to know the maximum possibility to make a series of deci- ▷ Repayment period amount of the loan to be withdrawn. sions using the AHP model that ▷ Level of interest rate Repayment period – every cus- will facilitate the decision-making ▷ Monthly instalment tomer of the bank wants to know process to customers. BORBA PROTIV FINANSIJSKOG KRIMINALA oktobar 2017 | :Bankar

Rješavanje problema standarda usklađenosti

Gizem Tansu, Manager Financial Crime Compliance Initiatives – EMEA

Usklađenost sa fi nansijskim kriminalom je neophodna svakoj instituciji koja posluje na današnjim, sve regulisanijim fi nansijskim tržištima. Pojačana kontrola sankcija, fi nansiranja terorizma (CFT), sprečavanja pranja novca (AML) i pravila „upoznaj svoj klijenta“ (KYC) stvorila je složeni spoj tehnoloških, fi nansijskih i operativnih izazova. Razvijanje sajber prijetnji takođe je naglasilo potrebu za snažnim programima i praksama sprječavanja prevara. U tekstu ćemo obratiti pažnju na sve veće izazove sa kojima se suočavaju banke i fi nansijske institucije pri upravljanju usklađenošću standarda za borbu protiv fi nansijskog kriminala, i kako SWIFT može pomoći u pružanju podrške tim organizacijama

Rješavanje rizika – pristup zajednice

anas se očekuje, kao rezultat povećanja regu- Usklađenost je izazov koji dijele sve finansijske Dlatornih pritisaka, da banke i druge fi nansijske institucije, i to onaj koji se najbolje ispunjava zajed- institucije pokažu snažno razumijevanje profi la rizika ničkim radom. Budući da ulaganja u usklađenost klijenata, lokacije i izvore sredstava. Očekuje se i da standarda za borbu protiv fi nansijskog kriminala će proaktivno spriječiti olakšavanje pranja novca na ne daju konkurentne prednosti, SWIFT je preduzeo međunarodnim granicama i smanjiti sposobnost pristup saradnje radi usklađivanja troškova i rizika terorista da fi nansiraju operacije putem bankarskih za sve svoje klijente. mreža. Primjenjujući više od 40 godina inovativnosti i Kada je riječ o sankcijama, banke su sada postale stručnosti, SWIFT-ov portfolio proizvoda za usklađi- odgovorne za uklanjanje nezakonitih tokova državama vanje standarda za borbu protiv fi nansijskog kriminala kojima su izrečene sankcije, pojedincima i organiza- omogućava bankama i fi nansijskim institucijama cijama. Od ključne je važnosti da oni štite sebe, svoje postavljanje standarda o operativnom uvidu, tran- partnere i zajednicu od prevare i sajber prijetnji. sparentnosti i usklađenosti sa propisima. Ispunjavanje takvih obaveza u više jurisdikcija je SWIFT nudi niz domaćih usluga koje podržavaju zahtjevno - i izuzetno skupo - ali troškovi i reputacioni funkcije usklađenosti sa sankcijama, KYC i AML i uticaj neusklađenosti još su veći. sprječavanje prevara. Njihov cilj je rješavanje potreba october 2017 | :Bankar TACKLING FINANCIAL CRIME COMPLIANCE HEAD ON 59

Resolving Compliance Standard Problems

Gizem Tansu, Manager at Financial Crime Compliance Initiatives – EMEA

Financial crime compliance is imperative to every institution operating in today’s increasingly regulated fi nancial markets. Intensifi ed scrutiny around sanctions, counter terrorist fi nancing (CFT), anti-money laundering (AML) and know your customer (KYC) obligations has created a complex combination of technological, fi nancial and operational challenges. Evolving cyber threats have also highlighted the need for robust fraud prevention programmes and practices. In the article below we will look at the increasing challenges that banks and fi nancial institutions facing when managing fi nancial crime compliance, and how SWIFT can help support these organisations

owadays, as a result of increasing regulatory Addressing the risk – a community approach Npressure, banks and other fi nancial institutions are expected to demonstrate acute understanding of Compliance is a challenge shared by all fi nancial customers’ risk profi les, location and source of funds. institutions, and one that is best met together. Since Th ey are also expected to proactively prevent the investments in fi nancial crime compliance do not facilitation of money laundering across international yield competitive advantages, SWIFT has taken a borders and reduce the ability of terrorists to fi nance collaborate approach to compliance to mitigate costs operations through banking networks. and risks for all its customers. When it comes to sanctions, banks have now Leveraging more than 40 years of innovation become responsible for eliminating illicit fl ows to and expertise, SWIFT’s portfolio of fi nancial crime sanctioned countries, individuals and organisations. compliance products enables banks and fi nancial It is also crucial that they are protecting themselves, institutions to set the standard in operational insight, their counterparties and the community against fraud transparency and regulatory compliance. and cyber threats. SWIFT off ers a range of hosted services that sup- Complying with such obligations in multiple juris- port Sanctions, KYC and AML compliance and fraud dictions is demanding - and increasingly costly - but prevention. Th e aim of these is to address the needs the costs and reputational impact of non-compliance of all our customers by leveraging data and report- are even higher. ing between our products and services and deliver a BORBA PROTIV FINANSIJSKOG KRIMINALA oktobar 2017 | :Bankar

svih naših klijenata pomoću podataka i izvještavanja Za veće banke to znači izdvajanje manje vremena za između naših proizvoda i usluga kao i isporuke jedno- prikupljanje podataka i više vremena za procjenu po- stavnijeg i isplativijeg načina kako bismo odgovorili vezanih rizika kod postojećih odnosa i novih klijenata. na izazove usklađenosti sa fi nansijskim kriminalom. Manje banke ili one na tržištu sa većim rizikom mogu dostaviti podatke Registru KYC-a, kako bi pokazali Optimizovanje usklaðenosti sa sankcijama transparentnost i usklađenost, i smanjili troškove KYC za njihove korespodente, jačajući njihov poslovni Naglasak na suzbijanju terorističkih grupa i povećanje predmet za održavanje svojih odnosa. sankcija protiv zemalja, pojedinaca i organizacija, doveo je do složenog izazova za odjeljenja za usklađivanje. Jedinstveni podaci, svjetska analitika Kompanije su suočene sa zadatkom provjere ši- rokog raspona dostupnih informacija protiv brzo Složenost regulatornih zahtjeva za suzbijanje tehnika rastućih, negrupisanih i nestandardizovanih spiskova pranja novca koje koriste kriminalci i teroristi i or- sankcionisanih pojedinaca i organizacija. Prečesto ganizacije raste. Istovremeno, podaci se povećavaju automatizovani alati za fi ltriranje stvaraju neispravna eksponencijalno, a nestandardizovani setovi podataka upozorenja, pa se prateće istrage moraju sprovoditi često se šire na više IT sistema i subsidijarnih lica i ručno – što predstavlja dugotrajan i operativno ri- dostavljaju se u višestrukim formatima. Budući da skantan proces. međunarodna bankarska zajednica ujedinjuje svoje SWIFT nudi modularni set usluga koji omogućava napore u borbi protiv pranja novca i fi nansiranja tero- timovima za usklađenost da preuzmu kontrolu nad rizma, samoreaktivni pristupi za fi nansijski kriminal procesom usklađenosti sa sankcijama uz maksimalnu nisu više prihvatljivi i mogu dovesti do fi nansijskih preciznost, efi kasnost i isplativost. Te usluge uklju- gubitaka i reputacione štete. SWIFT-ova rješenja za čuju pregled transakcija i imena, standardizovane analitiku usklađenosti podržavaju usklađenost sa liste sankcija i osiguranje kvaliteta, uz integrisano globalnim regulatornim standardima dostavljanjem izvještavanje i upravljanje predmetima. sveobuhvatnih setova podataka na osnovu prometa SWIFT poruka kako bi se identifikovao, pratio, Uspostavljanje i jaèanje odnosa analizirao i riješio rizik nesvjesnog kršenja sankcija korespondentnog bankarstva i olakšavanja pranja novca.

Strožije obaveze u pogledu pristupa KYC poslednjih Ispunjavanje obaveza usklaðenosti - zajedno godina dovele su do velikih troškova i efi kasnosti za korespondentno bankarstvo. Prikupljanje podataka u Kako se povećava regulatorni pritisak, SWIFT nepre- oblasti KYC odvaja vrijeme od poslovnih aktivnosti i stano traži načine kako bi bolje podržao zajednicu upravljanja odnosima i zahtijeva provjeru ogromnih jer traži najbolji i najisplativiji način za ispunjavanje količina nepreglednih podataka i dokumentacije. njihovih obaveza usklađenosti. Već pomažemo kli- Poteškoće i troškovi pribavljanja tačnih KYC infor- jentima u više od 200 zemalja koje se suočavaju sa macija doveli su do toga da neke banke ne preuzimaju usklađenošću, koristeći defi nisane sektorske standarde, rizike, odnosno ukidaju korespondentne odnose, zajedničku infrastrukturu, jedinstveni nivo pristupa potencijalno ometajući ekonomski rast. podacima i zajedničke troškove za isporuku inovativnih SWIFT pomaže bankama svih veličina i lokacija da rješenja za ove izazove širom sektora. rješavaju taj izazov. Naša KYC rješenja omogućavaju pristup najpotpunijim i najtačnijim KYC grupama Ako imate nekih pitanja u vezi inicijative SWIFT-a podataka sa sigurne globalne platforme. za usklađenost, kontaktiraje gizem.tansu@swift .com Nagrada za izvrsnost 2017.

Važno je koja je Vaša banka.

“Euromoney Awards for Excellence 2017“ u kategoriji Najbolja banka u Crnoj Gori. Nagradu dodjeljuje renomirani časopis specijalizovan za bankarstvo i tržište kapitala, londonski Euromoney. Komplikovano? Jednostavno. october 2017 | :Bankar TACKLING FINANCIAL CRIME COMPLIANCE HEAD ON 63

simpler, more cost eff ective way to meet the challenges banks or those in a higher risk market can contribute of fi nancial crime compliance. data to Th e KYC Registry to demonstrate transparency and compliance and reduce KYC costs for your Optimising sanctions compliance correspondents, reinforcing their business case for maintaining their relationships. Th e focus on countering terrorist groups and increasing sanctions against countries, individuals Unique data, world-class analytics and organisations has led to a complex challenge for compliance departments. Th e complexity of regulatory requirements to combat Firms are faced with the task of checking a wide money laundering techniques used by criminal and variety of available information against rapidly growing, terrorist individuals and organisations is growing. At unaggregated and unstandardised lists of sanctioned the same time, data volumes are increasing exponenti- individuals and organisations. All too oft en automated ally, with unstandardised data sets oft en spread across fi ltering tools generate false positives alerts, and so multiple IT systems and subsidiaries and delivered follow-up investigations must be conducted manually in multiple formats. – a time consuming and operationally risky process. As the international banking community unites its SWIFT provides a modular set of services that eff orts against money laundering and terrorist fi nanc- empowers compliance teams to take control of the ing, reactive-only approaches to fi nancial crime are sanctions compliance process with maximum accu- no longer acceptable and can lead to fi nancial losses racy, effi ciency and cost-eff ectiveness. Th ese services and reputational damage. include transaction and name screening, standardised SWIFT’s Compliance Analytics solutions support sanctions lists, and quality assurance, with integrated compliance with global regulatory standards by de- reporting and case management. livering a comprehensive dataset based on SWIFT message traffic to identify, monitor, analyse and Establishing and strengthening address the risk of unknowingly violating sanctions correspondent banking relationships and facilitating money laundering.

In recent years, stricter KYC obligations have had Meeting compliance obligations - together major cost and effi ciency implications for correspondent banking. KYC data collection diverts time from As regulatory pressure increases, SWIFT is continually business activities and relationship management and looking for ways to better support the community requires the verifi cation of massive amounts of un- as they look for the best and most cost eff ective way standardised data and documentation. Th e diffi culty to meet their compliance obligations. We are alre- and cost of sourcing accurate KYC information has led ady helping customers in over 200 countries tackle some banks to ‘de-risk’, or terminate correspondent compliance, leveraging industry-defi ned standards, a relationships, potentially hampering economic growth. common infrastructure, a unique level of data access SWIFT is helping banks of all sizes and locations and shared costs to deliver innovative solutions to address this challenge. Our KYC solutions provide these industry-wide challenges. access to the most complete and accurate KYC datasets from a secure global platform. For any question related to SWIFT compliance initia- For larger banks, this means less time collecting tives, please contact gizem.tansu@swift .com data, and more time evaluating the risks associated with existing relationships and new clients. Smaller PITANJA I ODGOVORI oktobar 2017 | :Bankar

64 PITANJA I ODGOVORI Radmila Gaćeša, Konsultant

oja je uloga banaka u vezi sa EU U sklopu primjene predmetne Kao izdavalac garancije može se, KKonvencijom o zajedničkom Konvencije u toku 2000. godine u zavisnosti od pravne regulative tranzitnom postupku? pokrenut je Novi kompjuterizovani svake pojedinačne države potpi- sistem prevoza (New Computerised snice Konvencije, angažovati banka, Konvencija EU o zajedničkom tran- Transit System - NCTS). Predmetni osiguravajuća kompanija ili neko zitnom postupku je potpisana dana sistem služi kao alat za upravljanje drugo pravno lice itd. 20.05.1987. godine u Interlakenu, i kontrolu tranzitnog sistema uk- U sklopu priprema za aktivno Švajcarska, a potvrđena dana ljučujući svaku pojedinačnu tran- angažovanje u vezi sa primjenom 15.06.1987.godine Odlukom Savjeta sakciju prevoza, uz maksimalno Konvencije, banke imaju sljedeće Evropske zajednice (Council Decision korišćenje prednosti elektronskog obaveze odnosno mogućnosti: 87/415/EEC). Konvenciju trenutno čini sistema unosa, praćenja, kontrole te a) Da sagledaju sve elemente i ri- svih 28 zemalja članica EU, sve četiri eventualno potrebne intervencije. zike servisiranja potreba svojih zemlje članice Evropske asocijacije za Predmetnom Konvencijom je klijenata - privrednih društava slobodnu trgovinu (European Free predviđena kontrola robe samo kao što su prevoznici, špediteri, Trade Association - EFTA) - Švajcarska, na utovaru i prilikom istovara na uvoznici ili izvoznici, da izvrše Lihtenštajn, Norveška i Island, kao krajnjoj destinaciji. Kretanje robe izbor klijenata za čije će transakcije i Turska (počev od 01.12.2012.), na putu od zemlje utovara do ze- garantovati, te da sa odabranim Makedonija (počev od 01.07.2015.) mlje istovara, kao i preko carin- klijentima sačine odgovarajuće i Srbija (počev od 01.02.2016). skih teritorija svih drugih zemalja, ugovore; Pristupanje Konvenciji predstavlja pokriveno je garancijom izdatom b)Da u svakoj od 35 zemalja potpi- jedan od preduslova za punopravno od strane nadležne institucije, u snica EU konvencije identifi kuju članstvo zemlje u EU, utoliko što skladu sa Konvencijom. S tim u jednu poslovnu banku koju će, zemlja zainteresovana za članstvo vezi neophodno je imati u vidu i uz pisanu saglasnost te inostrane u trenutku apliciranja mora, pored jedan dodatni element, a to je paritet banke, imenovati za banku agenta ispunjenih ostalih uslova, imati status isporuke robe prema INCOTERMS u dotičnoj zemlji i to bez obaveze potpisnika Konvencije u trajanju od pravilima za spoljnotrgovinsko bilo kakvog plaćanja po bilo kojoj najmanje jedne godine. Upravo je poslovanje utvrđenim od strane garanciji. To znači da bi u slučaju primjer Hrvatske najbolja potvrda Međunarodne trgovinske komore da na teritoriji zemlje sjedišta ime- za navedeno utoliko što je Hrvatska (International Chamber of Commerce novane banke-agenta, dakle u bilo pristupila Konvenciji 01.07.2012. - ICC). Naime, troškovi prevoza, a kojoj od 35 zemalja, nastane neki godine, te postala članica EU dana samim tim i rizik prevoza mogu biti problem sa prevozom robe, carin- 30.06.2013. godine. na teret kupca ili prodavca. ska institucija te zemlje obavijestila october 2017 | :Bankar QUESTIONS AND ANSWERS 65

QUESTIONS AND ANSWERS Radmila Gaćeša, Consultant

hat is the role of banks re- (NCTS) was initiated. Th is system the Convention, banks have the fol- Wgarding the EU Convention serves as a tool for managing and lowing obligations, i.e. opportunities: on Common Transit Procedure? control of transit system including a) Review all elements and risks of each individual transaction of transit services of their clients require- Th e EU Convention on Common with maximum use of electronic ments – business companies such Transit Procedure was signed on 20 system benefi ts of input, monitoring, as transporters, freight forwarders, May 1987 in Interlaken, Switzerland control and potential intervention. importers or exporters, and to and it was confi rmed on 15 June 1987 Th is Convention envisages the select clients to which they will by the Council Decision 87/415/EEC. control of goods only during the issue a guarantee, and draw up Th e Convention currently comprises loading and unloading at the fi nal contracts with the selected clients; all 28 EU Member States, all four destination. Moving of the goods b)Identify one commercial bank in countries of the European Free Trade from the loading country to the each of 35 countries signatories to Association (EFTA) - Switzerland, unloading country and through the EU Convention, which that Lichtenstein, Norway and Island, as customs of all other countries is will, with the written consent of well as Turkey (from 1 December covered by the guarantee issued by such a bank, appoint as an agent 2012), Macedonia (from 1 July 2015) the competent institution in accord- bank in the respective country and Serbia (from 1 February 2016). ance with the Convention. With this without the obligation of any Th e accession to the Convention regard, it should be borne in mind payment against any guarantee. is one of the preconditions for full another additional element – deliv- Th us, if any problem with the membership into the EU. Th erefore, if ery parity based on INCOTERMS transit of goods occurs at the the country is interested in member- rules for foreign trade determined territory of the appointed agent ship, it must, in addition to meeting by the International Chamber of bank i.e. in any of 35 countries, all other conditions, have the status of Commerce (ICC). Namely, transit the customs of the respective co- signatory to the Convention of at least expenses and the risk may be paid untry will inform the agent bank one year. Th e example of Croatia is the by the buyer of seller. on the occurrence of the event, best confi rmation for the aforesaid, Depending on legal regulation and ask the agent bank to forward because Croatia joined the Convention of individual country signatory to such information to the bank that on 1 July 2012, and became the EU the Convention, an issuer of the issued guarantee for the transit of Member State on 30 June 2013. guarantee can be bank, insurance goods based on the Convention Within the implementation of company or any other legal person. and obtained the mandate from the said Convention during 2000, Within the preparation for active the agent bank for the territory New Computerised Transit System engagement in the implementation of of such a country; PITANJA I ODGOVORI oktobar 2017 | :Bankar

banku-agenta o nastalom slučaju, a li postoje neke prepreke u prometa sa inostranstvom (cross 66 te zatražila od te banke-agenta da Dvezi za plaćanjima u korist border transactions). Čak i ukoliko takvo obavještenje proslijedi banci Kine i Honkonga? jedna banka u Honkongu prihvata koja je izdala garanciju za prevoz Kina već nekoliko godina uzastopno strane valute u mjenjačnici i vrši robe po osnovu Konvencije i od po obimu ostvarenog izvoza zauzima isplate u lokalnoj valuti ili konverzije koje je je ta banka-agent dobila prvo mjesto u svijetu. Zvanična u druge valute osim hongkongškog mandat za teritoriju te zemlje; valuta Narodne Republike Kine je dolara, to nije dokaz da ta banka c) Da procijene spremnost da ino- Renminbi (RMB), što znači Narodna ima ovlašćenje za obavljanje plat- bankama, koje su prihvatile valuta. Pri tome je Juan (znak: ¥) nog prometa sa inostranstvom, te status banaka-agenata u svojim osnovna jedinica RMB valute. Prema je neophodno unaprijed provjeriti zemljama, ponude reciprocitet, međunarodnom standardu ISO 4217 status banke, dakle prije davanja utoliko što bi pod istim uslovima, oznaka za Juan je CNY (Chinese naloga za plaćanje, kako bi se izbje- dakle bez obaveze, prihvatile status yuan). gle provjere, gubitak vremena, kao agenta odabrane ino-banke za Do 2009. godine RMB gotovo da i dodatni troškovi. Crnu Goru; nije bio prisutan na međunarodnim Obavljanje platnog prometa sa d)Da procijene spremnost prihvata- tržištima. Razlog za to je striktna Kinom je moguće na nekoliko na- nja zahtjeva od inostranih banaka, kontrola koju je sprovodila Centralna čina i to: sa kojima eventualno imaju ili banka Kine u cilju sprječavanja a) Otvaranjem nostro računa banke uopšte nemaju saradnju, za an- izlaska RMB iz zemlje. Transakcije u RMB kod korespondentnih ba- gažovanje u ulozi banke-agenta između kineskih i stranih kompanija naka u trećim zemljama, dakle za Crnu Goru. realizovane su po pravilu u USD, pri ne u Kini. Najčešće je riječ o ko- čemu je Centralna banka Kine vršila respondentima kod kojih banke Činjenica je da prihvatanje man- konverziju u RMB. Godine 2011. već drže račune u valutama EUR, data za banku-agenta po osnovu omogućeno je masovno korišćenje USD i dr. Takav model pruža Konvencije na prijedlog inostrane RMB u poslovanju sa inostranstvom. određene prednosti zbog već banke ne pruža automatsku mo- Pored Narodne Republike Kine, ostvarene saradnje, ali znači i gućnost generisanja prihoda, već RMB koriste i određeni nezva- nešto veće ukupne troškove, duže omogućava intenziviranje i/ili una- nični korisnici: Hongkong, Makao, vrijeme izvršenja transakcija prjeđenje saradnje sa odabranom Burma i Sjeverna Koreja. Poseban plaćanja, a često i troškove kon- inostranom bankom. tretman imaju Hongkong i Makao, verzije. Potrebno je obratiti pažnju na koje se primjenjuje princip na zahtjeve kineskih banaka u "jedna zemlja, dva sistema". Tako vezi sa nalozima za plaćanje. je “Hongkongški dolar” (HKD) Tako se recimo ne prihvata kao zvanična valuta Hongkonga, a odgovarajući podatak za osnov Makaoska valuta “Pataka” zvanična plaćanja “Inv” kao skraćenica valuta za Makao. Juan ima poseban od engleske reči “Invoice” što tretman u Hongkongu, ima oznaku znači račun, odnosno faktura. CNH (Chinese Hong Kong) pri čemu Takođe se ne prihvata ni odred- nominalna vrijednost CNH nije nica “Invoice” budući da je ista identična vrijednosti RMB. potpuno apstraktna, te se insistira Plaćanje iz inostranstva u RMB- na navođenju preciznih podataka valuti u korist rezidenata Hongkonga u smislu broja i datuma fakture, se tretira kao plaćanje u stranoj broja i datuma zaključenja ugo- valuti. Stoga je važno imati u vidu vora koji je predmet plaćanja, činjenicu da sve banke u Honkongu broja komada obuhvaćenih fak- nisu ovlašćene za obavljanje platnog turom, broj tovarnog lista itd. october 2017 | :Bankar QUESTIONS AND ANSWERS 67 c) Evaluate the readiness of the fore there any obstacles regard- Foreign payments in the RMB in reign banks which accepted the Aing the payments in favour of favour of the residents from Hong status of agents bank in their China and Hong Kong? Kong are treated as the payments countries to off er reciprocity, pro- in foreign currency. Th us, it is im- vided that they, without recourse, According to the volume of imports, portant to take into consideration accepted the status of the agent China has ranked fi rst in the world the fact that all banks in Hong Kong of the selected foreign bank for for several consecutive years. Th e are not authorised for international Montenegro; offi cial legal tender of the National payment system transactions (cross- d)Evaluate readiness for accepting Republic of China is Renminbi border transactions). Even in the the requests from foreign banks (RMB), i.e. it is a national currency. case when a bank in Hong Kong they are or are not cooperating In addition, Juan (¥) is the main unit accepts the foreign currencies in with, for the engagement in the of the RMB currency. According to the currency exchange offi ces and role of agent bank for Montenegro. the international standard ISO 4217, makes payments in local currency the sign for Juan is CNY (Chinese or convert them in currencies other Th e fact is that the acceptance of the yuan). than Hong Kong dollar, it is not mandate for an agent bank based on Th e RMB was almost not present the evidence that such a bank is the Convention upon the proposal of in international markets until 2009. authorised for international pay- foreign bank does not provide auto- Th is was due to the strict control ment system transactions. Th us, it matically the possibility of generating implemented by the Central Bank is necessary to check the status of income, but it enables intensifying of the Republic of China in order the bank in advance, before giving and/or improving the cooperation to prevent the exit of the RMB out order for payment to avoid checks, with the selected foreign bank. of the country. Th e transactions loss of time and additional expenses. between the Chinese and foreign It is possible to perform the pay- companies were performed as a rule ment system transactions with China in USD, whereby the Central Bank in several ways: of the Republic of China convert a) Opening nostro account in RMB them into RMB. In 2011, massive with correspondent banks in third use of RMB in foreign transactions countries, i.e. not in China. Th ese was enabled. are usually correspondents where In addition to the National banks hold accounts in EUR, Republic of China, the RMB is used USD, and the like. Such a model by certain unoffi cial users: Hong provides certain advantages due Kong, Macao, Burma and North to the cooperation that already Korea. Hong Kong and Macao have exists, which implies somewhat special treatment and the princi- higher total expenses, longer time ple “one country, two systems” is to execute the payment transac- applied to them. Th us, the Hong tions and conversion expenses. Kong dollar (HKD) is the offi cial Attention should be paid on the currency of the Hong Kong, while requirements of Chinese banks the Macao currency “Pataka” is the regarding the payment orders. offi cial currency for Macao. Juan Thus, for example, a basis for has special treatment in Hong Kong payment “Inv”, the abbreviation and it has the sign CNH (Chinese for “Invoice”, is not accepted as Hong Kong), whereby the nominal adequate data. In addition, the en- value of CNH is not identical to the tire term “Invoice” is not accepted, value of RMB. since it is fully abstract. Instead, PITANJA I ODGOVORI oktobar 2017 | :Bankar

Korespondentne banke locirane sankcija. šire informacije koje mogu biti 68 u EU generalno prihvataju za- Veoma bitna komponenta koja od značaja za Corporate; hteve banaka iz drugih zemalja može biti preduslov za otvaranje - korišćenje naloga za plaćanje za otvaranje računa u RMB uz računa po zahtjevu strane banke MT101 umjesto u regionu i Evropi uslov obavljanja usluga isklju- je određivanje minimalnog broja preovlađujućeg tipa naloga MT103. čivo sa kompanijama koje su naloga za plaćanje, broja transfera Riječ je, naime, o modelu izvrše- registrovane i posluju na teritoriji i slično. Neke korespondentne nja naloga za prenos sredstava sa kontinentalne Kine (Mainland ili banke u slučaju neodržavanja računa nalogodavca u korist većeg onshore China). To znači da se ugovorenog obima prometa vrše broja korisnika i ovaj tip naloga takvi računi ne mogu koristiti za korekcije tarifa, tj. naplaćuju pe- za plaćanje je primarno kreiran plaćanje u Hongkongu ili Makau, nale. Upravo iz navedenih razloga, za Corporate. Vrlo često se koristi budući da tamošnje banke odbijaju kao i zbog činjenice da neki klijenti kao model prenosa sredstava izvršenje naloga, sredstva vraćaju veoma često žele da nastave da Corporate koji posluju globalno ili sa određenim umanjenjem na plaćaju dobavljačima u Kini u u velikom broju zemalja, te na taj ime svojih troškova i, što je često valuti koju su ranije koristili, kao način Treasury takve kompanije slučaj, na pitanje zašto nije izvršen npr. USD ili EUR, banke nemaju raspolaže sredstvima na znatno nalog najčešće se pozivaju na lak zadatak da realno procijene brži i jednostavniji način. Complaince ili Sanctions Reasons. obim poslovanja u kineskoj valuti, Bankama se preporučuje da u b) Otvaranjem nostro računa poslov- što može da predstavlja određeni vezi sa uspostavljanjem saradnje nih banaka u RMB kod poslovnih reputacioni kao I materijalni rizik sa bankama na novim tržištima banaka u Kini. Predmetni model za svaku banku. izrade instrukcije za naplatu od- obavezno uključuje veoma de- c) Otvaranjem loro računa u RMB nosno instrukcije za plaćanje, kao taljne upitnike: Upoznaj svoga po nalogu kineskih banaka kod i da ih dostave svim potencijalnim klijenta (Know your Customer - banaka u zemlji. Činjenica je da klijentima banke. Takođe se skreće KYC), Sprječavanje pranja novca neke kineske banke pokazuju pažnja na jedan posebno osjetljiv i fi nansiranja terorizma, kao i zainteresovanost za otvaranje segment. Naime, svaka promjena zahtjeve u pogledu dostavljanja računa, pri čemu, pored uobiča- valute plaćanja podrazumijeva i dokumentacije. Takođe, jenih zahtjeva u vezi sa promjenu instrukcija za plaćanje, kineske banke če- loro računima, imaju budući da se nalozi za plaćanje sto zahtijevaju i određene speci- koji glase na različite valute po obavljanje Dju fi čne zahtjeve kao pravilu izvršavaju preko različitih Dilidžens misije što su na primjer: korespondenata, koji su veoma u smislu pro- - ispostavljanje često u različitim zemljama. Ova vjere dokumen- SWIFT izvoda u napomena je od posebnog značaja tacije, te izradu formatu MT950 za svakog klijenta banke, i to kako internih uputstava za obav- a ne MT940. aktuelnog, tako i potencijalnog, ljanje platnog prometa, kao Činjenica je da budući da nepridržavanje instruk- i izvještaje o obavljenim MT940 predstavlja pre- cija može da prouzrokuje brojne transakcijama, te potvrde ovlađujući format izvoda probleme i neželjene posljedice, u vezi sa striktnim pridr- između fi nansijskih institucija kao što su gubitak vremena i do- žavanjem međunarodnih / banaka, dok MT 950 pruža datni troškovi. october 2017 | :Bankar QUESTIONS AND ANSWERS 69

it is insisted on introducing the Very important compo- - using payment or- precise data on the number and nent that may be der MT101 instead the date of the invoice, number and the precondition the prevailing type the date of the contract conclusion for opening an of order MT103 in subject to the payment, number account upon Europe and the of pieces covered by the invoice, the request of region. Namely, number of the bill of lading freight, a foreign bank this is a model and the like. is determining mini- of transfer order Correspondent banks located in mum number of payment execution from the the EU accept, in general, the orders, number of tran- account of principal in requirements of banks from other sfers and the like. Some favour of higher number countries for opening accounts in correspondent banks in of benefi ciaries. Th is type of RMB provided that the perfor- case of non-meeting the payment order is primarily mance of services is exclusively agreed volume of tur- created for the Corporate. It with the companies registered nover correct tariff s, i.e. is very oft en used as a model and operating at the Mainland collect penalties. For these of transfer of funds of the or onshore China. It means that reasons and due to the Corporate operating globally such accounts cannot be used for fact that some clients or in large number of coun- payment in Hong Kong or Macao, oft en want to continue to tries and the Treasury of such since the banks in those countries pay to the suppliers in China in company has funds at its disposal refuse to execute orders; they re- currency that they used previo- on faster and easier manner. turn funds with certain reduction usly, e.g. in USD or EUR, banks With regard to establishing the co- on behalf of their expenses, and, do not have an easy task to assess operation with banks in the new which is often the case, when realistically the volume of transac- markets, banks are recommen- asked why the order is not exe- tions in Chinese currency, which ded to develop the payment cuted, they refer to Compliance may represent certain reputation instructions and deliver them or Sanctions Reasons. and material risk for each bank. to all prospective clients of the b) Opening nostro accounts of c) Opening loro account in RMB bank. In addition, they should commercial banks in RMB with upon the order of Chinese banks pay special attention to a very the commercial banks in China. with banks in the country. Th e sensitive segment. Each change Th is model includes very detai- fact is that some Chinese banks in the payment currency enta- led questionnaires: Know your show interest for opening account, ils also the change in payment Customer (KYC), Prevention of whereby in addition to normal instructions, since the payment money laundering and terrorist requests with regard to loro acco- orders that are in diff erent cu- fi nancing, and the Requirements unts, they have certain specifi c rrencies are, as a rule, executed regarding submission of docu- requirements such as: via diff erent correspondents that mentation. In addition, Chinese - delivering SWIFT statements are very oft en located in diff erent banks oft en require due diligence in format MT950 instead of in countries. Th is remark is of par- for checking documentation, and MT940. Th e fact is that MT940 ticular importance for each client the development of internal gu- is the prevailing format of the of the bank both current and po- idelines for payment system tran- statements between the fi nancial tential one, since non-adherence sactions, and reports on executed institutions/banks while MT to the instructions may result in transactions and confi rmations 950 off ers wider information numerous problems and lead to with regard to strict adherence that can be signifi cant for the undesirable eff ects, such as loss to international sanctions. Corporate; of time and additional expenses.

PROCESI EVROPSKE UNIJE oktobar 2017 | :Bankar

72 Evropska Unija, Brexit proces i implikacije

Dušan Pejaković razvojnim idejama i trendovima na političkoj, ekonomskoj i bezbednosnoj mapi Evrope, zajednica je tek trebalo da se pripremi za buduću integraciju novonastalih zemalja Centralne i Istočne Evrope (nakon pada real-socijalizma i komunističkih režima u navedenim područjima). nalize da li je proces izlaska Velike Britanije iz Taj proces doveo je do kreiranja jedne nove, veoma AEU doprinio i u kolikoj mjeri, tj. kakvim intezi- važne zajedničke politike unije, a to je politika tetom i u kojem smjeru, pomjeranju nivoa mišljenja proširenja, koja će otvoriti put proširenja EU na javnog mnjenja apropo EU može se kratko sažeti Istok. Do tada, kao dvanaestorka, zajednica je bila kroz konkretne sondaže referentnih institucija. koncetrisana prevashodno na ekonomsku integraciju i više pokušaja uvođenja elemenata političke Ciljevi osnivanja EEZ-a su se sistematizo- integracije kroz buduće ugovore (Mastriht, Nica, vano navodili sljedeće nivoe: unapređivanje Amsterdam), kao i zaokruživanje „zapadnih“ inte- stalnog, harmoničnog, održivog i uravnote- gracija, sa pristupanjem Austrije, Švedske i Finske ženog razvoja, visok nivo zaposlenosti i so- (četvrti talas proširenja). Sljedeći važan datum u cijalne zaštite, rodna ravnopravnost, održiv procesu evropskih integracija i hronologije na- rast uz odsustvo inﬂ acije, visok nivo kon- stanka današnje unije svakako je 9-10. decembar 1991. kurentnosti, podizanje standarda i kvaliteta godine u Mastrihtu, kada je Evropski savjet postigao života, zaštita i unapređenje kvaliteta život- dogovor o prijedlogu Ugovora o stvaranju Evropske ne sredine, privredna i društvena kohezija i unije. Ugovor je stupio na snagu 01. 1. 1993. godine, solidarnost među državama članicama. od kada EZ zvanično postaje EU. Ugovor o stvaranju Evropske Unije, tzv. Ugovor U cilju kvalitetnijeg shvatanja procesa, veliki korak u iz Mastrihta, potpisan je 7. februara 1992. godine. uspostavljanju Evropske unije kao ovakve kakvom Dvanaest šefova država i vlada potpisalo je je danas poznajemo, je zadnja dekada 20 vijeka. ambiciozno postavljen ugovor koji je Evropsku Nakon 3 talasa proširenja (prvi talas i ulazak Velike zajednicu zamijenio Evropskom unijom, što nije bila Britanije, Irske i Danske 1972. godine, drugi talas i samo simbolična promjena, već napor da se integracija ulazak Grčke 1981. godine i treće proširenje i ulazak proširi sa ekonomske i na određene aspekte političke Španije i Portugala 1986. godine), uporedo sa određenim integracije. On se sastoji iz tri osnovna dijela (stuba) EU: october 2017 | :Bankar EUROPEAN UNION PROCESSES 73 European Union, Brexit and Implications

Dušan Pejaković (the fi rst wave referred to the entry of Great Britain, Ireland and Denmark in 1972, the second wave included the entry of Greece in 1981, and the third enlargement included the entry of Spain and Portugal in 1986), and certain development ideas and trends on the political, economic and secu- he analyses made with regard to the Brexit and rity map of Europe, the Community had to prepare Tits impact on the EU i.e. to what extent, intensity itself for the future integration of newly established and direction this process contributed to the change Central and Eastern European countries (aft er the fall in public opinion on the EU can be summarised of socialist and communist regimes in these areas). through the specifi c surveys conducted for the refer- Th is process has led to the creation of a new, very ence institutions. important single policy of the Union, i.e. the enlargement policy, which will open the way for the EU en- The objectives of the establishment of the largement to the East. In that period, as a Community EEC systematically listed the following: of 12 Member States, it was primarily concentrated the promotion of sustainable, harmonio- on the economic integration and it attempted on us, sustainable and balanced develop- several occasions to introduce elements of political ment, high level of employment and social integration through future Treaties (Maastricht, Nice, protection, gender equality, sustainable Amsterdam), as well as to complete the "Western" growth, absence of inﬂ ation, high level of integration with the accession of Austria, Sweden competitiveness, raising the living stan- and Finland (fourth wave of enlargement). The dards and quality of life, the protection and next important date in the process of the European improvement of the quality of the environ- integration and chronology of the emergence of the ment, economic and social cohesion and Union as it is now was certainly 9-10 December 1991 solidarity between the EU Member States. in Maastricht, when the European Council reached an agreement on the draft Treaty establishing the With a view to better understanding of the process, a European Union. Th e Treaty entered into force on 1 major step in the establishment of the European Union, January 1993, when the EC offi cially became the EU. as we know it today, occurred in the last decade of Th e Treaty on European Union, the Maastricht the 20th century. Aft er three waves of enlargement Treaty, was signed on 7 February 1992. Heads of PROCESI EVROPSKE UNIJE oktobar 2017 | :Bankar

74 1. Prvi (ekonomski) stub 2. Drugi stub odnosi se na zajedničku spoljnu i be- zbjednosnu politiku 3. Treći stub obuhvata pravosudna pitanja i unutrašnje poslove

Konačno, važna pitanja koja se takođe pominju u Ugovoru iz Mastrihta su: prava građana EU da žive i rade u bilo kojoj zemlji EU, prava da kada putuju van granica EU, mogu dobiti diplomatske i konzularne usluge od predstavnika bilo koje zemlje članice EU, pravo glasa i izlaska kako na lokalne izbore tako i na izbore u bilo kojoj državi članici EU. Ugovor o Evropskoj uniji (UEU) zasnovan je na principima gradualizma i konvergencije. Princip gradualizma se odnosi na činjenicu da se ekonomska i monetarna unija (EMU) stvarala postepeno, kroz niz faza do konačne tranzicije, dok se princip konvergencije, odnosi na kriterijume konvergencije koji su osmišljeni kao uslovi čije je ispunjenje neo- hodno za članstvo u EMU.Posle još niza ugovora (Amsterdam, Nica, Lisabon), institucionalnih reformi, prenošenja nadležnosti sa institucije na insti- tuciju, niza talasa proširenja (još 3 talasa zaključno sa zadnjim proširenjem i ulaskom Hrvatske 2013. god.), kao i donošenja mnogih novih ciljeva, odrednica i smjernica razvoja EU, dolazimo do 2016. godine i brojke od 28 članica sa nekih 510 miliona ljudi pod svojom jurisdikcijom, odnosno sve do trenutka, do 23. juna 2016. godine, kada se Velika Britanija na referendumu izjasnila da želi da napusti Evropsku zajednicu naroda.

BREXIT – PROCES, POZADINA, TOK I POSLJEDICE Prolazeći kroz neke osnovne forme i pravce razvitka Evropske unije od 50-ih godina pa do danas, dolazimo i do zadnjeg i distinktivno najačeg impulsa za ponovnu postavku na agendu primarnih ciljeva EU, a to je Brexit. Brexit je abrevijacija koja je postala sveopšte korišćena u javnosti, a dolazi od naziva „British Exit“. Rezultati referenduma su iznosili 51,9% favorabilnih za izlazak Velike Britanije iz evropske zajednice naroda. To je pokrenulo veliki lanac događaja koji će potresti čitav svijet, počev od ekonomskih implikacija, preko političkih do onih najopštijih – društvenih, svakako. „Što se tiče tržišta dionica, nestabilnost october 2017 | :Bankar EUROPEAN UNION PROCESSES 75

twelve Member States signed an ambitious Treaty replacing, inter alia, the European Community with the European Union, which was not just a symbolic change, but an eff ort to enlarge the integration to economic and certain aspects of political integration. It consists of three basic pillars of the EU: 1. European Communities (economic pillar) 2. Common Foreign and Security Policy 3. Police and Judicial Co-operation in Criminal Matters Finally, the important issues that are also mentioned in the Maastricht Treaty are: EU citizens' rights to live and work in any of the EU Member States, the right obtain diplomatic and consular services from the representatives of any EU Member State when traveling outside the EU borders, voting right on both the local elections and the elections in any EU Member State. Th e Treaty on European Union (TEU) is based on the gradualism and convergence principles. Th e principle of gradualism refers to the fact that the Economic and Monetary Union (EMU) has been created gradually, through a series of phases to the fi nal transition, while the convergence principle re- lates to the convergence criteria that are designed as conditions to be met to join the EMU. Aft er a series of Treaties (Amsterdam, Nice, Lisbon), institutional reforms, transfer of authorities from institution to institution, a series of waves of enlargement (another three enlargement waves and the accession of Croatia in 2013), as well as the adoption of many new goals, guidance and guidelines of the EU's development, the EU comprised 28 Member States in 2016 and some 510 million people under its jurisdiction. However, on 23 June 2016, the United Kingdom voted on the referendum that it wants to leave the European Union.

BREXIT – PROCESS, BACKGROUND, COURSE AND CONSEQUENCES Taking into account some of the basic forms and directions of the European Union's development from the 1950's to the present, we come to Brexit (the abbreviation for “British Exit”) as the last and distinctly strong impetus for re-setting the agenda of the EU's primary goals. Th e results of the referendum were 51.9% in favour of the Britain's exit from the European Union. Th is PROCESI EVROPSKE UNIJE oktobar 2017 | :Bankar

tržišta je nastupila bukvalno momentalno nakon da je najbolja reklama za EU", što je izjavio Aart de 76 proglašenja referenduma Bitna poenta koju ovdje Geus, iz Bertelsmann fondacije, jedne od najvećih treba primjetiti je da uprkos svim neizvjesnostima NVO org. u Njemačkoj. Bertelsmann istraživanje, koje čekaju britansku ekonomiju, sama priroda ove sprovedeno u avgustu 2016.-te u odnosu na okru- neizvjesnosti je poznata te ju je na jedan način ženje konfuzije oko Brexit i strategije britanske moguće sasvim konkretno kvantifi kovati. Kretanja vlade, pokazalo je da 56% britanskih građana želi da cijene fi nansijskih tržišta proteklih nekoliko mjeseci ostane u EU, u poređenju sa 49% kada je bio slično sugestiraju da su fi nansijska tržišta bila jako brza da istraživanje sprovedeno u martu. Znači, podrška EU faktorizuju ovaj rizik u cijenu fi nansijskih instrume- opet raste, što u prenesenom značenju bi se moglo nata. Ispostavlja se da francuski i njemački indeksi, i protumačiti kao neka vrsta prihvatanja stava da je CAC i DAX respektivno su već u potpunosti počeli Brexit bio greška koja nije smjela da se desi. da refl ektuju ove rizike te su zbog toga više fl uktuirali Kao zaključak možemo izvesti da EU nije uzdr- nego britanski FTSE Index“. mana u tolikoj mjeri sa procesom Brexit-a (koliko Na tlu Velike Britanije je došlo i do smjene vlasti se očekivalo, ili pak predviđalo), već je ovaj proces izazvane samim Brexit-om, nakon koje je Dejvid bila jedna neminovnost, nešto što je moralo, ili tre- Kameron dao ostavku, a njegovu poziciju je prihvatila balo da se desi kako bi se pokrenule inicijative za sabornica iz redova Konzervativne partije – Tereza reformisanjem u svim sferama. Postotak podrške Mej. Društvene implikacije bi bile najprije možda Evropskoj uniji nije opao, nego je čak porastao, što da je dovedena u pitanje ocjena EU nacionalnosti znači da je ova kriza nije poljulala već produbila kao jednog nadnacionalnog kohezivnog faktora vjeru za neophodnošću postojanja EU kao sistema stabilnosti na tlu same unije. Kao glavni uzroci se kohezivnosti i nadnacionalnog upravljanja. Imamo spominju kombinovani faktori nestabilnosti počevši sondaže više velikih instituta i agencija koje se bave od krize u eurozoni, preko migrantske krize, pojave istraživanjem javnog mnjenja, a koje smo navodili i desničarskih tendencija u mnogim državama itd. koristili ovdje u našem radu (PEW research center, Dakle, kao što možemo vidjeti i iz ovog osnovnog Bertelsmann Foundation, Infratest dimap/ARD, pa prikaza procesa Brexit-a, ukazuju na potrebu za od- čak i Eurobarometer) koji nam svi govore jednu stvar lučnim koracima u vidu reformi kako bi se prevazišla – nivo podrške javnog mnjenja Evropskoj uniji je i ova kriza i kako bi porodica evropskih naroda nasta- porastao, ne samo u zemljama koje smo mi navodili vila i dalje da funkcioniše prosperitetno, neovisno o već čak na nivou cijele unije. Po brojkama ankete do činjenici da se jedna od najmoćnijih članica pozvala kojih sam imao pristup, a obradio je Eurobarometar, na član 50 LU i zatražila izlazak iz same unije. Unija ta konačna cifra favorabilnosti ka EU je veća za ne- uveliko traži mehanizam koji će joj u najkraćem kih 4% u odnosu na isti period prošle godine, što je mogućem roku omogućiti nastavak funkcionisanja, sasvim dovoljan indikator da shvatimo kako je proces bile to institucionalne reforme, revidiranje osnivačkih Brexit-a uticao na formiranje tog tripartitnog misaonog ugovora, ili pak započinjanje novih politika razvoja. procesa (poimanja, prosuđivanja i zaključivanja) koji Takođe, ono što se mora napomenuti i sa čim je generator javnog mnjenja neke sredine. možda većina običnog građanstva koja dolazi u dodir sa ovom temom i nije baš do detalja upoznata, a to Smatramo da je Brexit, ma koliko bio u ne- je da Brexit i nije nešto što se može odigrati „preko kim segmentima loš, ili u najmanju ruku noći“. To je proces koji će potrajati najmanje rečeno negativan faktor iznenađenja za dvije godine, a počinje unutrašnjim izglasavanjem Evropu, utoliko je i dobar – samim tim što u zemlji (pokretanje člana 50 Lisabonskog spora- je ovaj proces bio impetus, onaj iskonski zuma) i predajom intencionog pisma predsjedniku „poziv za buđenje“, pomoću kojeg je EU27 Evropskog Savjeta, nakon čega ide par faza i postu- (sada), shvatila da mora da se mijenja, da paka unutar EU i dvogodišnje razdruživanje može mora da se reformiše, da mora da pruži zvanično i da počne. nešto novo i nešto više kako bi opstala i Međutim sam proces ima razna tumačenja, a jedna bila još funkcionalnija nego ranije. od adresa ustvrdila je da "Pomaljajući Brexit izgleda october 2017 | :Bankar EUROPEAN UNION PROCESSES 77 has triggered a big chain of events that will shake the However, the process has diff erent interpretations, entire world, starting with economic implications, over and Aart de Geus of the Bertelsmann Foundation, the political to the most infl uential – social implica- Germany’s largest NGO, said that "The looming tions. “Regarding the stock market, instability of the Brexit seems to have been the best advertisement market has occurred literally immediately aft er the for the EU”. Th e Bertelsmann research, conducted in referendum has been promulgated. Th e important point August 2016, with regard to the Confl ict surrounding worth noting here is that despite all the uncertainties the Brexit and Britain's strategy, showed that 56% of awaiting the British economy, the very nature of this British citizens want to stay in the EU, compared to uncertainty is well-known, and it is quite possible to 49% when similar research was conducted in March. quantitatively quantify it. Th e fi nancial market trends Th us, the support to the EU is growing again, which over the past few months have suggested that fi nancial could be interpreted as some kind of acceptance that markets were very fast to factor this risk into the cost Brexit was a mistake that should not have happened. of fi nancial instruments. It turns out that the French It can be concluded that the EU is not shaken by and German indices, CAC and DAX respectively, have the Brexit process to a large extent (as expected or an- started to refl ect these risks completely and are there- ticipated), but this process was inevitable, something fore more fl uctuating than the British FTSE Index”. that had to or should have been occurred to start the A shift of power caused by Brexit occurred in the initiatives for reforming all areas. Th e percentage of the United Kingdom, which resulted in the resignation support to the EU did not fall; it even increased, which of David Cameron, and his position was accepted means that this crisis has not shaken but deepened the by Th eresa May, a Leader of the Conservative Party. faith for the necessity of the EU as a system of cohesion Social implications could be that the assessment of and supranational governance. We have studies of major the EU nationality as a supranational cohesion factor institutes and public opinion research agencies that we of stability of the Union was questioned. Th e main have quoted and used here in our work (PEW Research reasons that were mentioned were the combined fac- Centre, Bertelsmann Foundation, Infratest Dimap / ARD tors of instability starting from the euro area crisis, and even Eurobarometer) that speak about one thing - a the migration crisis, the appearance of right-wing level public opinion support to the European Union has tendencies in many countries, and the like. grown, not only in the countries we have mentioned, Th erefore, this basic overview of the Brexit process but even at the level of the entire Union. With regard to indicate to the need for decisive reform steps to over- the numbers mentioned in the surveys I had access to, come the crisis and to continue the functioning of which were processed by the Eurobarometer, this fi nal the European Union in prosperous manner regardless fi gure of favourability to the EU is higher by some 4% of the fact that one of the most powerful members compared to the same period last year, which is quite activated Article 50 of the Lisbon Treaty and requested a suffi cient indicator to understand how the Brexit the exit from the Union. Th e Union is increasingly process infl uenced the formation of tripartite process searching for a mechanism that would enable it, in (conceptions, judgments, and conclusions) that is the short period, to continue functioning, whether it generator of public opinion of a mean. would be institutional reforms, revision of establishing Treaties or launching of new development policies. We believe that Brexit, regardless of bad In addition, what is worth mentioning and what inﬂ uence it could have on some segments, the majority of citizens is not familiar with in detail or least however negative factor of surpri- is that Brexit is not something that can be played se it could be for Europe, it is also good "overnight”. It is a process that will last for at least two - as this process was an impetus, a genu- years. Th is process will start with internal voting in the ine "wakeup call" for the EU27 (now), to country (activating Article 50 of the Lisbon Treaty) understand that it has to change, it has to and submitting a letter of intent to the President of reform, it has to offer something new and the European Council, and it will be performed in something more to survive and be more several phases and procedures within the EU, when functional than before. two-year separation will offi cially begin. VREMENA PROŠLA oktobar 2017 | :Bankar

Miodrag Kirsanov Centralna banka PRVE NOVČANICE NARODNE Crne Gore BANKE FEDERATIVNE NARODNE REPUBLIKE JUGOSLAVIJE 1946. I 1953.

Kraj Drugog svjetskog rata Narodna banka Kraljevine Jugoslavije A. D. dočekala je sa dvije uprave. Jedna se nalazila u emigraciji u Londonu, a druga, privremena, formirana je 29. oktobra 1944. u Beogradu. Novim vlastima u Jugoslaviji trebao je kontinuitet Narodne banke Kraljevine Jugoslavije sa poslijeratnom Narodnom bankom da bi mogla raspolagati sa depozitima koji su se nalazili u inostranstvu. To je riješeno tako što je ministar ﬁ nansija 27. novembra 1945. ukinuo privremenu upravu u Beogradu, a Ukazom kraljevih namjesnika istog dana razriješeno je guvernerstvo u Londonu. Tako je prestala da postoji Narodna banka u emigraciji, a Narodna banka Kraljevine Jugoslavije nastavila svoj rad u Beogradu, čime je stvorena pretpostavka kontinuiteta i prava raspolaganja depozitima u inostranstvu. Cijela operacija završena je tako što je Izmjenama Zakona o Narodnoj banci Kraljevine Jugoslavije 15. januara 1946. ona preimenovana u Narodnu baku Federativne Narodne Republike Jugoslavije.

akon serije novčanica koje je izdala Demokratska federativna NJugoslavija 1944. (u prometu od 20. aprila 1945.), o kojima smo pisali u Bankaru br. 8/2015, slijedi podsjećanje čitalaca na seriju od 1. maja 1946. i jednu zanimljivu novčanicu od 1. maja 1953. godine. Nakon reorganizacije i stvaranja neophodnog zakonskog okvira Narodna banka Federativne Narodne Republike Jugoslavije ob- novila je svoju emisionu funkciju. Prva serija novčanica koju je emitovala nosi datum 1. maj 1946., a činili su je apoeni od 50, 100, 500 i 1000. dinara. U promet su pušteni sljedećim redom: 1000 dinara., 10. januara 1947., zbog pojave odličnog falsifi kata apoena iste vrijednosti iz 1944.; 100 dinara, 10. oktobra 1947.; 500 dinara, 10. septembra 1948. i 50 dinara 1. decembra 1949. october 2017 | :Bankar PAST TIMES 79

Miodrag Kirsanov Central bank of Montenegro

THE FIRST BANKNOTES OF THE NATIONAL BANK OF THE FEDERATIVE NATIONAL REPUBLIC OF YUGOSLAVIA IN 1946 AND 1953

The National Bank of the Kingdom of Yugoslavia had two administrations at the end of the World War II. One of them was in emigration in London and the second, a temporary one, was established on 29 October 1944 in Belgrade. New authorities in Yugoslavia needed a continuous work of the National Bank of the Kingdom of Yugoslavia with post-war National Bank in order to have deposits that were abroad at its disposal. Thus, the Finance Minister abolished temporary administration in Belgrade on 27 November 1945, and the Decree of the King’s Governors abolished the governorship in London on the same day. In this way, the National Bank in emigration ceased to exist, and the National Bank of the Kingdom of Yugoslavia continued its work in Belgrade, which created the assumption of continuity in work and right to use foreign deposits. The entire operation was completed by amending the Law on the National Bank of the Kingdom of Yugoslavia on 15 January 1946, whereby it became the National Bank of the Federative National Republic of Yugoslavia.

ft er a series of banknotes issued by the Democratic Federative Yugoslavia in A1944 (they were put in circulation since 20 April 1945), which were mentioned in the Bankar issue 8/2015, the readers are reminded in this paper on the series of banknotes issued on 1 May 1946 and an interesting banknote from 1 May 1953. Aft er the reorganization and creation of legal framework, the National Bank of the Federative Republic of Yugoslavia renewed its issuing function. Th e fi rst series of banknotes was issued on 1 May 1946 and it consisted of the denomina- tions of 50, 100, 500 and 1000. dinars. Th ey were put into circulation as follows: denomination of 1000 dinars on 10 January 1947 due to the occurrence of ex- cellent counterfeit of the same denomination from 1944; denomination of 100 dinars on 10 October 1947; denomination of 500 dinars on 10 September 1948, and denomination of 50 dinars on 1 December 1949. VREMENA PROŠLA oktobar 2017 | :Bankar

80 50 dinara 1. maj 1946.

Dimenzije: 122x62 mm, Boje: smeða, zelena, žuta; Opis: avers – lijevo rudar, tekst, brojèana vrijednost apoena, serijski broj, potpisi; revers – državni grb lijevo, drvosjeèa u sredini, brojèana vrijednost apoena desno; Papir: vodoznak preko cijele površine ili bijeli ornament papir i vertikalna nit; Potpisi: Guverner T. Zdravkoviæ, gl. dir. A. Vasiæ Numeracija:crna, 8 ili 9 cifara Autori: aversa M. Zlamalik – FEC i V. A. Kun – SC; reversa M. Zlamalik – FEC i T. Krnjajiæ SC. Izdata: na osnovu propisa objavljenog u Sl. listu FNRJ 99/49; povuèena 22/63; U opticaju: od 01.12.1949. do 01.10.1960. Tiraž: 115.417,000 Štampa: ZIN Beograd

100 dinara 1. maj 1946.

Dimenzije: 131x66 mm; Boje: smeða. žuta, zelena; Opis: avers – lijevo kovaè, desno kosac, u sredini državni grb, tekst, brojèana vrijednost apoena, serijski broj, potpisi; revers – centralno ribar i jedrilica, lijevo i desno od njega slovna i brojèana vrijednost apoena; Papir: vodoznak preko cijele površine, bijeli ornament papir, horizontalna zaštitna nit; Potpisi: Guverner T. Zdravkoviæ, gl. dir. A. Vasiæ; Numeracija:crvena, 2 slova, 6 cifara, barokna, ravni manji i veæi brojevi; Autori: Aversa, M. Zlamalik – FEC i V. A. Kun SC , Reversa, M. Zlamalik – FEC i T. Krnjajiæ SC. Izdata: na osnovu propisa objavljenog u Sl. listu FNRJ 87/47, povuèena 21/62; U opticaju: od 10.10.1947. do 01.09.1962.; Tiraž: 213.080,000, najveæi tiraž i najduži opticaj; Štampa: ZIN Beograd. Postoje serije sa tri varijante natpisa JUGOSLAVIJA, donjem lijevom dijelu aversa. Normalan, pogrešan JUGOSAAVIJA i ispravljen.

500 dinara 1 maj 1946.

Dimenzije: 142x76 mm, Boje: smeða, žuta i plava; Opis: avers – državni grb, partizan sa puškom preko lijevog ramena, tekst, vrijednost apoena, serijski broj i potpisi; revers – oraè i konji centralno, lijevo i desno vrijednost apoena; Papir: vodoznak preko cijele površine, sa niti i bez; Potpisi: Guverner T. Zdravkoviæ, gl. dir. A. Vasiæ; Numeracija:crvena, 2 slova, 6 cifara; Autori: Aversa, V. A. Kun FEC i T. Krnjajiæ – SC, Reversa, V. A. Kun FEC i SC; Izdata: na osnovu propisa objavljenog u Sl. listu FNRJ 76/48, povuèena 22/63; U opticaju: od 10.09.1948. do 01.09.1963.; Tiraž: 79.106,000 komada; Štampa: ZIN Beograd; october 2017 | :Bankar PAST TIMES 81

50 dinars issued on 1 May 1946

Dimensions: 122x62 mm, Colours: brown, green, yellow; Description: obverse –a miner on the left, text, numerical value of denomination, serial number, signatures; averse – state seal on the left, woodcutter in the middle, numerical value of denomination on the right; Paper: watermark over the entire area or white ornament paper and vertical thread; Signatures: Governor T. Zdravkoviæ, General Director A. Vasiæ Numbering: black, 8 or 9 numbers Authors: obverse: M. Zlamalik – FEC and V. A. Kun – SC; averse: M. Zlamalik – FEC and T. Krnjajiæ SC. Issued: based on regulation published in the Official Gazette of FNRY 99/49; withdrawal 22/63; In circulation: from 01.12.1949 to 01.10.1960 Circulation: 115.417.000 Print: ZIN Beograd

100 dinars issued on 1 May 1946

Dimensions: 131x66 mm; Colours: brown. yellow, green; Description: obverse – blacksmith on the left, hay maker on the right, in the middle state seal, text, numerical value of denomination, serial number, signatures; averse – a fisherman in the middle and sailboat, on the left and right letter and numerical value of denomination; Paper: watermark over the entire area, white ornament paper, horizontal protective thread; Signatures: Governor T. Zdravkoviæ, General Director A. Vasiæ; Numbering: red, 2 letters, 6 numbers, baroque, flat smaller and larger numbers; Authors: Obverse, M. Zlamalik – FEC and V. A. Kun SC, Averse, M. Zlamalik – FEC and T. Krnjajiæ SC. Issued: based on regulation published in the Official Gazette of FNRY 87/47, withdrawal 21/62; In circulation: from 10.10.1947 to 01.09.1962; Circulation: 213.080.000, the largest and longest circulation; Print: ZIN Beograd. There are series with three types of inscription JUGOSLAVIJA, in the lower left part at the obverse. Normal, incorrect inscription JUGOSAAVIJA and corrected.

500 dinars issued on 1 May 1946

Dimensions: 142x76 mm, Colours: brown, yellow and blue; Description: obverse – state seal, a partisan with the rifle over left shoulder, text, value of denomination, serial number and signatures; averse – ploughman and horses in the centre, on the left and on the right the value of denomination; Paper: watermark over the entire area, with and without threads; Signatures: Governor T. Zdravkoviæ, General Director A. Vasiæ; Numbering: red, 2 letters, 6 numbers; Authors: Obverse, V. A. Kun FEC and T. Krnjajiæ – SC, Averse, V. A. Kun FEC and SC; Issued: based on regulation published in the Official Gazette of FNRY 76/48, withdrawal 22/63; In circulation: from 10.09.1948 to 01.09.1963; Circulation: 79.106.000 pieces; Print: ZIN Beograd; VREMENA PROŠLA oktobar 2017 | :Bankar

82 1000 dinara 1. maj 1946.

Boje: smeða, žuta i zelena; Dimenzije: 155x78, Opis: avers – lijevo državni grb, desno seljanka, u sredini, tekst, slovna i brojèana vrijednost apoena, potpisi, serijski broj; revers – centralno je slovna i brojèana vrijednost apoena, lijevo panorama Jajca, desno alegorija - djevojka lovorovim vijencem i petokrakom na glavi, te maèem i granom lovora u rukama; Papir: vodoznak preko cijele površine, vlakna i horizontalna sigurnosna nit; Potpisi: guverner T. Zdravkoviæ, gl. dir. A. Vasiæ Numeracija:crvena, 2 slova, 6 cifara Autori: Aversa, M. Zlamalik – FEC i T. Krnjajiæ SC, Reversa, V. A. Kun FEC i T. Krnjajiæ SC. Izdata: na osnovu propisa objavljenog u Sl. listu FNRJ 3/47; povlaèenje 41/65; U opticaju: od 10.01.1947. do 01.01.1966. Tiraž: 166.052,000 komada Štampa: ZIN Beograd

100 dinara 1. maj 1953.

Boje: smeða, zelena i žuta; Dimenzije: 140x68; Opis: avers – grupa radnika popravlja toèkove na lokomotivi; revers – žetva; Papir: Filigranski, sa crvenim i plavim vlaknima, crna vodoravna nit; Potpisi: guverner V. Guzina, viceguv. L. Dolinšek; Numeracija:crvena, 2 slova, 6 cifara; Autori: Reversa, O. Mujadžiæ FEC i T. Krnjajiæ SC Aversa, ?? (vjerovatno isti autori); Izdata: na osnovu propisa objavljenog u Sl. listu FNRJ 17/54; Povlaèenje 4/57; U opticaju: od 26.04.1954. do 01.02.1957.; Tiraž: 18.309,000 komada; Štampa: ZIN Beograd.

Prilikom izrade ove novčanice iskorišćeno je rješenje novčanicama Narodne banke Kraljevine Jugoslavije predviđeno za apoen iste vrijednosti sa datumom 1. prije i Srpske narodne banke za vrijeme Drugog maj 1949. koja nije puštena u promet. Na klišeima svjetskog rata. su izmijenjeni datum izdanja, faksimili potpisa i U tekstualnom dijelu, na svim novčanicama, pre- tip brojeva kod numeracije. U odnosu na neizdatu, ovladava ćirilica. odštampana je tamnijim nijansama boja. Krajem 1947. u opticaju je bilo 23.492.800.000, a Zbog većih dimenzija i lošeg kvaliteta papira bila krajem 1953. 67.647.000.000 dinara. Infl acija je učinila je relativno kratko u opticaju. Njena zaštitna nit je da se apoen od 50 dinara koristio kao cigaret papir. ispadala prilikom duže upotrebe. Zamijenjen je 1955. kovanicom iste nominale. Dizajn ovih novčanica je u izrazito socrealističkom Ozbiljni generatori infl acije bili su prehrambeni i maniru kojim se željela prikazati idealizovana slika industrijski novčani bonovi Saveta za promet robom društva, obnova i izgradnja zemlje, život radnika, vojnika Vlade FNRJ i drugih, naročito trgovačkih subjekata. i seljaka, zatim sklad industrijskog i poljoprivrednog Kada su 1952. bonovi ukinuti za isti iznos su svim razvoja, posebno na novčanici iz 1953. Ovo nikako zapošljenim građanima povećane plate. nije specifi kum Jugoslavije i ako pažljivije prelistamo Početak kraja prometa novčanica iz ove serije bio kataloge slične teme nalazimo u SAD, Rusiji, Italiji i je 1. maj 1955. kada je Narodna banka emitovala mnogim drugim državama. novu seriju novčanica i sukcesivno, od 1957. počela Interesantno je da se u tekstualnom dijelu svih nov- njihovu zamjenu. čanica nalazi konstatacija da Narodna banka „plaća O novoj seriji više nekom drugom prilikom. donosiocu“ iznos koji je na njoj, a isto je pisalo na october 2017 | :Bankar PAST TIMES 83

1000 dinars issued on 1 May 1946

Colours: brown, yellow and green; Dimensions: 155x78, Description: obverse – on the left is state seal, on the right a farmer, in the middle, text, letter and numerical value of denomination, signatures, serial number; averse – in the centre are letter and numerical value of denomination, on the left is sightseeing of Jajce, on the right is allegory – a girl with Laurel Wreath and five-pointed star on the head, with sword and laurel branch in hands; Paper: watermark over the entire area, fabrics and horizontal protective thread; Signatures: governor T. Zdravkoviæ, General Director A. Vasiæ Numbering: red, 2 letters, 6 numbers Authors: Obverse, M. Zlamalik – FEC and T. Krnjajiæ SC, Averse, V. A. Kun FEC and T. Krnjajiæ SC. Issued: based on regulation published in the Official Gazette of FNRY 3/47; withdrawal 41/65; In circulation: from 10.01.1947 to 01.01.1966 Circulation: 166.052.000 pieces Print: ZIN Beograd

100 dinars issued on 1 May 1953

Colours: brown, green and yellow; Dimensions: 140x68; Description: obverse – a group of workers fixing wheels on the locomotive; averse – harvest; Paper: Filigranski, with red and blue fabrics, black vertical thread; Signatures: governor V. Guzina, vice-governor. L. Dolinšek; Numbering: red, 2 letters, 6 numbers; Authors: Averse, O. Mujadžiæ FEC and T. Krnjajiæ SC Obverse, ?? (probably the same authors); Issued: based on regulation published in the Official Gazette of FNRY 17/54; withdrawal 4/57; In circulation: from 26.04.1954 to 01.02.1957; Circulation: 18.309.000 pieces; Print: ZIN Beograd.

When making this banknote, a solution envisaged for the which was written on the banknotes of the National Bank denomination of the same value was used with the date 1 of the Kingdom of Yugoslavia before and the Serbian May 1949, which was not put into circulation. Date of issue, National Bank during World War II. facsimile of signature and type of numbers at numbering Almost all banknotes were written in Cyrillic. was changed on clichés. Compared to the non-issued, it Some 23.492.800.000 dinars were in circulation at end- is printed in darker shades of colour. 1947, while 67.647.000.000 dinars were in circulation at Due to higher dimensions and poor quality of paper, end-1953. Th e infl ation resulted in using denomination it was relatively short period in circulation. Its protective of 50 dinars as cigarette paper. It was replaced by the coin thread did not fall out when used longer. of the same nominal value in 1955. Th e design of these banknotes was extremely in social Serious generators of infl ation were food and industrial and realistic manner which showed idealized picture of cash certifi cates of the Council for goods turnover of the society, recovery and development of the country, life Government of FNRY and others, particularly trade enti- of workers, soldiers and farmers, and the harmony od ties. When cash certifi cates were cancelled in 1952, salaries industrial and agricultural development, particularly on of all employed citizens increased by the same amount. the banknote from 1953. Th is was surely not a specifi city Th e beginning of the end of turnover in banknotes of Yugoslavia, and if similar catalogues are reviewed more from this series was 1 May 1955 when the National Bank carefully, the similar topics are found in the USA, Russia, issued a new series of banknotes, and successively from Italy and many other countries. 1957 their replacement started. Th e written part of all banknotes contained the note New series will be presented in some of the following that the National Bank “pays to the bearer” the amount issues. Investic ono b nkars vo K stodi poslov i VIP banka stvo Upravljanje sr dstvima Komerc alno ankar tvo E trading E banki g www.invest-banka.com, www.atlas.co.yu

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