Bulletin - Vlada Crne Gore

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Payment of third instalment of old foreign currency BULLETIN OF THE MINISTRY OF FINANCE/APRIL - JUNE 2006 PAYMENT OF THIRD INSTALMENT OF OLD FOREIGN CURRENCY Payment of the third instalment to the amount determined by their plan of amortization, which matures on 1st July 2006, will start from Monday 3rd July to the owners of old foreign currency savings in commercial banks and regional centres of the Central Bank of Montenegro. For the payment of the third bond series, 8,7 million EUR is determined by the Budget of the Republic. Depositors that after 1st July 2004 reported to their banks and thus have registered themselves in the CDA as owners of bonds on the basis of converted savings, can draw the third instalment in the regional centres of the Central Bank of Montenegro and Pljevaljska Bank AD Pljevlja, depending on their residence, based on the document of identification (identity card and passport). Owners of old foreign currency savings, which haven't used their right for the payment of the first and second bond series to the amount of 380 and 530 EUR, from 3rd July this year can draw all three annuities. They are to go to the bank where they have their savings deposit book, or to the related counter of the Central Bank, where they will receive certificate on conversion of savings into bonds. Former depositors of Montenegrobanka AD Podgorica and Jugobanka AD Podgorica in bankruptcy should report to the related counter of Central Bank of Montenegro. Legal persons that have acquired old currency savings bonds by purchase of bonds at the exchange market can draw the third instalment at the counter of Nikšićka Bank AD Nikšić. For new owners of bonds, which acquired bonds on the basis of the deed of donation, notice of probate of will or purchase at the exchange market, arrangement of counters at which they can draw the third instalment depending on the residence is also determined. If the owner of old currency savings bonds is not able to come to the bank, authorized person based on the notarized court authorisation can draw determined amount of the third series, instead of the owner. Owners of old currency savings bonds that have lost their certificate will be able to get the transcript of ownership of old foreign currency savings bonds in the Central Depositary Agency (CDA). Successors of old foreign currency savings bonds, which acquired them based on the valid notice of probate of will for additional information on exercise of their right can obtain further information in CDA at phone number 081/230-084, contact person Rajka Dragićević. Detailed information and arrangement of payment places will be announced by the Ministry of Finance on Friday, 30th June 2006 in all journals. This information will be available on all payment places in regional centres of the Central Bank of Montenegro and in commercial banks. In June, while the bond payment was temporarily stopped as was the exchange market trade for better preparation for free payment of second instalment, data from all banks on payment of the first instalment and data from the capital market on bonds that were subjects of the exchange market trade were unified, which provided security of data on owners of bonds as securities. PR SERVICE OF THE MINISTRY 36
Report on account of public debt of Montenegro BULLETIN OF THE MINISTRY OF FINANCE/APRIL - JUNE 2006 REPORT ON ACCOUNT OF PUBLIC DEBT OF MONTENEGRO BY 30TH JUNE 2006. 1. AMOUNT AND STRUCTURE OF PUBLIC DEBT OF MONTENEGRO Public debt of Montenegro amounted 644,4 million EUR as of 30.06.2006. Domestic debt amounted 167,7 million EUR or 26,0% of total debt while the foreign debt amounted 476,7 million EUR or 74,0% respectively . It is primarily due to ongoing negotiations and allocation of debt, ongoing negotiations on succession of former SFRY and impossibility to quantify explicit liabilities assumed under the Law on Restitution of Expropriated Property Rights and Compensation that this amount has not been fully clear-cut. According to current estimations, no great divergences are likely to arise following conclusion of negotiations on allocation of financial assets and liabilities with the Republic Serbia. In 2002, public debt amounted over EUR 1 billion. It is the amount which was determined prior to debt rescheduling with the International Bank for Reconstruction and Development and Paris Donors Club and prior to final agreement with Serbia concerning liabilities to the London Creditors Club. The largest share of public debt of Montenegro refers to inherited long-term liabilities of the old system (former SFRY and SRY). This share primarily refers to foreign debts assumed by the Law on Regulation of Liabilities and Claims arising out of foreign debt and foreign currency savings of citizens, which at the end of June 2006, amounted 404,9 million or 62,8% of the public debt, mostly loans extended by the International Bank for Reconstruction and Development and Paris Donors Club. Beside old foreign debts, "assumed" public debt is also 1-2 - According to Maastricht Criteria the amount of public debt does not include debts of public enterprises, including the ones with government guarantee, except it is certain that those debts will be paid from the State Budget or are already being paid, as is the case with the credit of EIB for Port Bar to the amount of 6 million EUR. 37
Page 1: • BulletinIV • April - June 200
Page 4 and 5: TABLE OF CONTENTS BULLETIN OF THE M
Page 6 and 7: Introduction BULLETIN OF THE MINIST
Page 8 and 9: Law on property-legal relations to
Page 10 and 11: Law on property-legal relations to
Page 12 and 13: New draft Law on state property BUL
Page 14 and 15: New draft Law on state property BUL
Page 16 and 17: Restitution BILTEN Ministarstva fin
Page 18 and 19: Contents of draft law on tax adviso
Page 20 and 21: Procedures In the tax procedure BUL
Page 26 and 27: „1000 housing credits” BULLETIN
Page 28 and 29: European Bank for Reconstruction an
Page 30 and 31: European Bank for Reconstruction an
Page 32 and 33: Support to reform processes of the
Page 34 and 35: Most important activities of the mi
Page 36 and 37: Review of other news BULLETIN OF TH
Page 40 and 41: Report on account of public debt of
Page 42 and 43: Macroeconomic Analysis BULLETIN OF
Page 50: Macroeconomic Analysis BULLETIN OF

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