Euro Money Week has been promoted for the first time in the Association of Montenegrin Bank, where guests were students of the fourth grade of the elementary school “Sutjeska”. Employees of the Association held presentation on the money and importance of savings, and children animator brought closed the role and importance of banks to children.
Bratislav Pejaković, Secretary General of the Association, and his team held meeting with Slaven Popović and Vladan Čurić, managers from Finance in Motion. Association of Montenegrin Banks has made a qualitative step forward by making an agreement on cooperation with a renewable organization Finance in Motion. The Finance in Motion GmBH from Frankfurt is one of the leading global companies in the area of development financing, which focuses on sustainable economic, social and environmental development in low and medium income countries. Having about 1.7 billion euros in assets it manages through its four funds in 30 countries throughout Southeast and Eastern Europe, Middle East, North Africa and Latin America, the company relies on the support and capital of the public and private sectors’ investors. Funds managed by the company are focused on the support to micro and small business, rural development, renewable energy production and protection of natural resources in the form of debt and equity instruments from local partner institutions, and in the recent period, increasingly in the form of project financing. The European Fund for Southeast Europe (EFSE) managed by the company has been investing in Montenegro for more than a decade, and since 2016, Green for Growth Fund has been present also in Montenegro. The development centre of the EFSE operates as an independent legal person providing technical assistance for strengthening the capacities of partner institutions of the Fund, supporting the development of responsible financing through financial sector support. It also provides various types of researches focused on improving financial literacy, preventing over-indebtedness of customers, and their balanced financial inclusion.
Bratislav Pejaković, Secretary General of the Association, and Nebojša Đoković, Advisor, visited the Association of Serbian Banks where they discussed on current issued with the Veroljub Dugalić, Secretary General of the Association of Serbian Banks. This intensified the cooperation between two Associations which will be strengthened by signing Memorandum of Understanding at the beginning of May of the current year. The possibilities of further cooperation in education, publishing and credit registry were discussed.
Upon the completion of the successful workshop regarding new accounting standard IFRS 9, which was held in the premises of the Association of Montenegrin Banks, a meeting was held with the representatives of the PricewaterhouseCoopers from Belgrade. The representatives of the PWC were introduced with the activities of the Association and further cooperation was agreed that will contribute to the quality of activities regarding further education of bankers. The cooperation was initiated through regional PWC representative, Igor Lukšić, and PWC representatives, Jock Nunan, Saša Todorović and Nikola Stamenić agreed on further strengthening of the cooperation between two institutions.
The Association of Montenegrin Banks organised presentation and interactive workshop of IFRS 9 which was held by PricewaterhouseCoopers in the premises of the CBCG on 20 March 2017. Lecturers were Saša Todorović, Nikola Stamenić and Jock Nunan. The workshop covered the following topics: • Classification of financial assets in three categories, • Classification of debt instruments in accordance with the business models for financial asset management, • Investments in equity instruments are always measured at fair value, • The largest number of IAS 39 requirements that refer to the classification and measurement of financial liabilities were transposed in unchanged form into IFRS 9, • IFRS 9 introduces new model for loss recognition based on the impairment of assets – Expected Credit Loss (ECL) model, Requirements regarding hedge accounting are amended for the purpose of larger extent of harmonisation of hedge accounting with risk management. During workshop, the participants had the opportunity to: • Understand the requirements of new standard, • Gain knowledge on numerous novelties regarding IFRS 9 and impact of its implementation on financial reports, • Exchange information and opinion with experienced staff, • Gain a starting point to plan and/or anticipate future steps in the implementation of the standard
Bratislav Pejaković, Secretary General of the Association of Montenegrin Banks, and Nebojša Đoković, Advisor, met today with Halil Kalač, Banking Ombudsman, in the premises of the Association. Mr. Kalač presented problems he is facing and pointed out the need of the financial education for citizens and clients of banks. Therefore, he has already discussed with the CBCG management about this topic and announced the organisation of periodic presentations in some of the towns of Montenegro on basic banking terms and services. This would facilitate both the operations of banks and clients that had problems due to insufficient information and misunderstanding.