CRNOGORSKA KOMERCIJALNA BANKA - ckb.me izvestaji/CKB_Godisnji... · CKB-a su njena osnovna snaga u realizaciji njene strategije i jasne vizije. U Banci danas radi oko 500 stručnih,

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C R N O G O R S K A K O M E R C I J A L N A B A N K A

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Banka za sva vremena Bank for all times

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04 Finansijski pokazatelji04 Bilans uspjeha05 Bilans stanja

06 Uvodna riječ Generalnog direktora

08 CKB Upravni odbor

09 CKB Menadžment

11 Crna Gora - Zemlja velikih mogućnosti

14 CKB - Uvijek lider

16 Svijet CKB proizvoda

20 CKB brend

22 Društveno odgovorni

25 Izvještaj nezavisnog revizora

04 Financial Indicators04 Income Statement05 Balance Sheet

07 Statement of the General Manager

08 CKB Management Board

09 CKB Management

13 Montenegro – the country of great opportunities

15 CKB – Always the leader

18 The world of CKB products

21 CKB brand

23 Socially responsible

25 Independent Auditors’ Report

Sadržaj

Godišnji izvještaj | Annual report

Table of Contents


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Napomena / Note 2007. 2006.

Prihodi po osnovu kamata i slični prihodiInterest and similar income 3.1, 6a 49,632 25,613

Rashodi po osnovu kamata i slični rashodiInterest expenses and similar charges 3.1, 6b (30,110) (16,231)

Neto prihod od kamata / Net interest income 19,522 9,382

Prihodi od naknada i provizijaFee and commission income 3.1, 7a 16,722 13,601

Rashodi od naknada i provizijaFee and commission expenses 3.1, 7b (3,305) (2,917)

Neto prihod od naknada i provizija / Net fee and commission income 13,417 10,684

Neto prihodi iz trgovanjaNet trading income 3.2, 8 1,092 874

Neto dobici po osnovu ulaganja u hartije od vrijednostiNet gains from investment securities 44 -

Prihodi od dividendi i učešćaDividends and other income from equity investments - 60

Ostali poslovni prihodiOther operating income 1,201 494

Ostali poslovni rashodiOperating expenses 9 (20,554) (13,475)

Rashodi indirektnih otpisa plasmana i rezervisanjaLosses on impairment and provisions 3.5, 10 (5,646) (3,685)

(23,863) (15,732)

Dobit pre oporezivanja / Profit before tax 9,076 4,334

Porez na dobitProfit tax 3.3, 11 (666) (424)

Dobit nakon oporezivanja / Net profit 8,410 3,910

Bilans uspjeha / Income StatementGodina završena na dan 31. decembra / Year ended 31 December(u hiljadama EUR/in thousand EUR)

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Napomena / Note 2007. 2006.

AKTIVA / ASSETSNovčana sredstva i sredstva kod Centralne bankeCash and balances with the Central Bank 3.4, 12 168, 164 113, 327

Državni zapisiTreasury bills - 1,461

Krediti i avansi bankamaLoans and advances to banks 13 115,694 80,695

Krediti i avansi klijentimaLoans and advances to customers 14 719,419 321,722

Hartije od vrijednosti raspoložive za prodajuAvailable for sale securities 3.5, 15 154 174

Finansijska sredstva po pravičnoj vrijednosti kroz bilans uspjehaFinancial asset at fair value through profit and loss statement 3.5, 16 210 211

Hartije od vrijednosti koje se drže do dospjećaSecurities held to maturity 3.5, 17 517 -

Nekretnine, postrojenja i opremaProperty, plant and equipment 3.7, 18 12,829 11,661

Nematerijalna ulaganjaIntangible assets 3.6, 18 4,090 3,932

Ostala sredstvaOther assets 19 4,256 3,592

Ukupna aktiva / Total assets 1,025,333 536,775

PASIVA / LIABILITIESObaveze prema bankamaDue to Banks 20 3,573 5,087

Obaveze prema klijentimaDue to customers 21 842,682 452,147

Obaveze po kreditimaOther borrowed funds 3.8, 22 133,303 54,407

Ostale obavezeOther liabilities 23 2,695 899

RezervisanjaProvisions 3.9, 24 450 627

Obaveze za tekući porezCurrent tax liabilities 3.3 303 144

Odložene poreske obavezeDeferred tax liabilities 3.3, 11 316 236

Beneficije zaposlenihEmployees’ benefits 3.10 373 -

Ukupne obaveze / Total liabilities 983, 695 513,547

KAPITAL / CAPITALAkcijski kapitalShare capital 25 31,876 17,966

Ostale rezerveOther reserves 946 946

Neraspoređena dobitRetained earnings 8,816 4,316

Ukupan kapital / Total capital 41,638 23,228

Ukupna pasiva / Total liabilites and capital 1,025,333 536,775

VANBILANSNE POZICIJE / OFF-BALLANCE-SHEET ITEMS 26 46,216 49,184

Bilans stanja / Balance SheetGodina završena na dan 31. decembra / Year ended 31 December(u hiljadama EUR/in thousand EUR)

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Dragi naši klijenti, kolege i akcionari,

Završili smo još jednu uspješnu godinu, kreativniju i izazovniju za CKB tim, od mnogih do sada. 2007-e smo paralelno stvarali na još jednom polju - proces harmonizacije s novim vlasnikom je odmakao. Za relativno kratko vrijeme, CKB i OTP su sagradile mnoge mostove koji će sigurno trajati u vremenu, a CKB kadar učinile nezaobilaznim za procese koji će uslijediti...

Crna Gora se ekonomski oblikuje i tržište se naglo razvija. Ljudi vole i žele da stvaraju. Raste konkurencija, i među bankama, i vjerujem da će biti još novih igrača u ovom našem sektoru. Mjesta ima za sve, najvažnije je da banke podrže ekonomski razvoj Crne Gore, zajedno sa jakim i reputabilnim inostranim investitorima. Ta kombinacija će biti dobitna za godine koje su pred nama...

Crnogorska komercijalna banka je vaša banka, možda više nego ikada. Uložili smo ogromna sredstva u razne projekte, sigurno značajno doprinijeli oblikovanju života građana, a bankarstvo učinili još efikasnijim. Oko 300 miliona EUR smo, zahvaljujući novom strateškom partnerstvu, u raznim oblicima, investirali u Crnu Goru, u 2007-oj.

Moj tim uvijek ostvari više nego što je planirano, iako ciljevi nijesu uvijek lako dostižni. Kadrovi CKB-a su njena osnovna snaga u realizaciji njene strategije i jasne vizije. U Banci danas radi oko 500 stručnih, većinom mladih ljudi, jako obrazovanih, u oblasti informacionih tehnologija i poznavanju stranih jezika. Za mlade naraštaje, CKB će, sigurna sam, dugo biti izazov.

Snažan rast je zabilježen u svakom od važnih segmenata poslovanja, u odnosu na prethodnu godinu. Bilansna suma na kraju 2007. godine, prešla je 1,0 mlrd. EUR, depoziti, domaći i inostrani, iznosli su oko 900 miliona EUR-a, kreditni portfolio preko 700 miliona EUR-a, broj računa (kompanija i građana) više od 300.000, preko 200.000 izdatih kartica, 40 poslovnih jedinica, 80 bankomata i preko 2.100 POS terminala.

Skoro polovina građana Crne Gore su naši klijenti i CKB je danas najjača partija u ekonomskom životu. Novi proizvodi i usluge i nova partnerstva, postali su dio naše svakodnevice. Projekti sa Amex-om, TietoEnator-om, ACI-jem samo su nastavili već ionako uspješnu ekonomsku priču i nije tajna da je CKB brend i u kartičarstvu i u elektronskom bankarstvu, ali i u svakoj crnogorskoj familiji.

Hvala svima vama za još jednu inspirativnu godinu.

Milka Ljumović, Generalni direktorPodgorica, mart 2008. godine

Uvodna riječ Generalnog direktora

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Dear clients, colleagues and shareholder,

We have completed another successful year, more creative and more challenging for CKB team than many before. In 2007 we had an additional task – to harmonize our business operations with the new owner. For a relatively short time, CKB and OTP built many bridges that will certainly last for a long time while CKB team will remain the major force for the processes that will follow...

The economy of Montenegro is gaining some global features and the market is booming. People are creative and they like changes for the better. The competition is growing among the banks as well and I believe that there will be more players in this industry. There is room for everybody and the most important is that the banks support economic development of Montenegro together with strong and renowned foreign investors. That will be the winning combination in the years ahead...

Crnogorska Komercijalna Banka is your bank now more than ever. We have invested huge funds in numerous projects, highly influenced the quality of citizens’ lives and made banking business even more efficient. Thanks to the new strategic partnership, we invested about EUR 300 million in various Montenegrin projects in 2007.

My team has always been exceeding the plans although our goals have not been easily achievable. CKB staff represent the core strength of the Bank in the implementation of its strategy and clear vision. The Bank employs about 500 skilled, mostly young people, highly educated in information technologies and foreign languages. I am sure that CKB will continue to be the challenge for young people.

Significant growth was recorded in every major business segment compared to last year. The balance sum at the end of 2007 exceeded EUR 1 billion, domestic and foreign deposits

amounted to about EUR 900 million, loan portfolio was over EUR 700 million, there were more than 300,000 accounts (corporate and retail), over 200,000 issued cards,

40 business units, 80 ATMs and over 2,100 POS terminals.

Almost a half of Montenegrin population are our clients and CKB is currently the strongest party in the economic life. New products and

services and new partnerships have become part of our everyday business. Projects with Amex, TietoEnator, ACI, etc. have only continued an already successful economic story and it is not a secret that CKB is a brand in card business and e-Banking as well as in every Montenegrin family.

Thank you all for another inspiring year.

Milka Ljumović, General ManagerPodgorica, March 2008

Statement of the General Manager

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CKB Upravni odbor | CKB Management Board

József WindheimPredsjednik | President

Milka LjumovićČlan | Member

András TakácsČlan | Member

Szabolcs Dr. KorbaČlan | Member

Bose TatarČlan | Member

Aleksandra PopovićČlan | Member

Ibolya SáriČlan | Member

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CKB Menadžment | CKB Management

Milka LjumovićGeneralni direktor | General Manager

tel. +382 (0) 81 404 256fax. +382 (0) 81 235 757

Bose TatarZamjenik generalnog direktora | Deputy General Manager

tel. +382 (0) 81 404 256fax. +382 (0) 81 235 757

Aleksandra PopovićZamjenik generalnog direktora | Deputy General Manager

tel. +382 (0) 81 404 364fax. +382 (0) 81 235 252e-mail: [email protected]

Predrag BožovićPomoćnik generalnog direktora | Assistant General Manager


Dubravka PavićevićPomoćnik generalnog direktora | Assistant General Manager


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Mala zemlja velikih mogućnosti

Crna Gora, sa površinom od svega oko 14.000 km2 i oko 650.000 stanovnika jedno je od najzanimljivijih područja na svijetu, koje karakterišu izuzetne prirodne ljepote i jako izražen geografski i klimatski diverzitet na veoma malom području. Jedna od najstarijih evropskih država, mediteranska zemlja, sa privlačnom obalom, ali i visokim planinama, kao nova država na neki način je obilježila i početak 21. vijeka, vijeka malih zemalja i velikog internacionalizovanog tržišta. Sudeći po globalnim dešavanjima, ali i onima na jugoistoku Evrope, Crna Gora postaje važna destinacija u međunarodnom biznisu, ona povezuje tržišta oko sebe, briše granice, pruža sigurnost kapitalu i otvara veliki broj mogućnosti za nove biznise.

2007. - prva godina po proglašenju nezavisnosti Crne Gore i uspostavljanja punog državnog suvereniteta počela je prijemom u najznačajnije međunarodne finansijske institucije – Međunarodni monetarni fond i Svjetsku banku, a obilježile su je prije svega ekonomske teme, koje su konačno gotovo potpuno potisnule iz svakodnevnog interesovanja građana teme koje su preovladavale prethodnu deceniju i po – nacionalni identitet, raspad bivše Jugoslavije, odnosi raznih etničkih i političkih grupa unutar zemlje...

Strane direktne investicije, tržište nekretnina, berza i ulaganje u hartije od vrijednosti, izuzetno dobra turistička sezona sa preko milion stranih turista, nastavak tranizicije i procesa privatizacije su bile u fokusu u razgovorima profesionalaca i eksperata, ali i političara i običnih građana. Crna Gora je dobila i novi ustav – prvi ustav međunarodno priznate Republike Crne Gore i potpisala Sporazum o stabilizaciji i pridružvanju sa Evropskom unijom – kao sljedeći veoma važan korak u strateškom hodu ka punom članstvu u ovoj najznačajnijoj nadnacionalnoj organizaciji današnjice.

Drugu polovinu godine obilježili su i veoma visok suficit državnog budžeta, koji je zbog visokih priliva i rebalansiran, pa su tako prije vremena vraćeni dugovi međunarodnim finansijskim institucijama, ali i visoka stopa inflacije, uzrokovana spoljnim i unutrašnjim faktorima, koji se ipak zadržala na jenocifrenom nivou od oko 8,5%. Ukupan bruto društveni proizvod je dostigao nivo od blizu 2,3 milijarde eura, sa realnim rastom od preko 7%, stopa nezaposlenosti pala je na ispod 12% a realni rast zarada je iznosio 15%. Ukupan iznos stranih direktinih investicija premašio je milijardu eura, a prihod od turizma iznosio je oko 500 miliona eura.

Crnogorska komercijalna banka memeber of otp group

Crnogorska komercijalna banka banka za sva vremena


Crnogorska komercijalna banka Bank for all times










































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Crna Gora - Zemlja velikih mogućnosti

Crna Gora, jedna od najstarijih evropskih država, mediteranska zemlja, sa privlačnom obalom i visokim planinama, obilježila je i početak 21. vijeka, vijeka malih zemalja i velikog internacionalizovanog tržišta. 2007. - prva je godina po proglašenju nezavisnosti Crne Gore i uspostavljanja punog državnog suvereniteta. Počela je prijemom u najznačajnije međunarodne finansijske institucije – Međunarodni monetarni fond i Svjetsku banku, a obilježile su je i važne ekonomske teme, koje su konačno gotovo potpuno potisnule druge teme i interesovanja građana, a koje su preovladavale posljednje dvije decenije – nacionalni identitet, raspad bivše Jugoslavije, odnosi raznih etničkih i političkih grupa unutar zemlje i sl.

Crna Gora sa površinom od svega oko 14.000 km2 i oko 650.000 stanovnika jedno je od najzanimljivijih područja na svijetu, koje karakterišu izuzetne prirodne ljepote i jako izražen geografski i klimatski diverzitet na veoma malom području. Sudeći po globalnim dešavanjima, ali i onima na jugoistoku Evrope, Crna Gora postaje važna destinacija u međunarodnom biznisu, ona povezuje tržišta oko sebe, briše granice, pruža sigurnost kapitalu i otvara veliki broj mogućnosti za nove biznise. Strane direktne investicije, tržište nekretnina, berza i ulaganje u hartije od vrijednosti, izuzetno dobra turistička sezona sa preko milion stranih turista, nastavak tranzicije i procesa privatizacije su teme razgovora profesionalaca i raznih eksperata, ali i političara i običnih građana. Crna Gora je dobila i novi Ustav – prvi Ustav međunarodno priznate Republike Crne Gore. Potpisala je i Sporazum o stabilizaciji i pridruživanju sa Evropskom unijom, kao sljedeći veoma važan korak u strateškom hodu ka punom članstvu u ovoj najznačajnijoj nadnacionalnoj organizaciji današnjice. Drugu polovinu 2007. godine obilježili su i veoma visok suficit državnog budžeta, koji je zbog visokih priliva i rebalansiran, pa su tako prije vremena vraćeni dugovi međunarodnim finansijskim institucijama, ali i visoka stopa inflacije, uzrokovana spoljnim i unutrašnjim faktorima, koja se ipak zadržala na jednocifrenom nivou od oko 8%. Ukupan bruto društveni proizvod je dostigao nivo od blizu 2,3 milijarde eura, sa realnim rastom od preko 7%, stopa nezaposlenosti pala je na ispod 12%, a realni rast zarada je iznosio 15%. Ukupan iznos stranih direktinih investicija premašio je milijardu eura, a prihod od turizma iznosio je oko 500 miliona eura.

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Mala zemlja velikih mogućnosti

Crna Gora, sa površinom od svega oko 14.000 km2 i oko 650.000 stanovnika jedno je od najzanimljivijih područja na svijetu, koje karakterišu izuzetne prirodne ljepote i jako izražen geografski i klimatski diverzitet na veoma malom području. Jedna od najstarijih evropskih država, mediteranska zemlja, sa privlačnom obalom, ali i visokim planinama, kao nova država na neki način je obilježila i početak 21. vijeka, vijeka malih zemalja i velikog internacionalizovanog tržišta. Sudeći po globalnim dešavanjima, ali i onima na jugoistoku Evrope, Crna Gora postaje važna destinacija u međunarodnom biznisu, ona povezuje tržišta oko sebe, briše granice, pruža sigurnost kapitalu i otvara veliki broj mogućnosti za nove biznise.

2007. - prva godina po proglašenju nezavisnosti Crne Gore i uspostavljanja punog državnog suvereniteta počela je prijemom u najznačajnije međunarodne finansijske institucije – Međunarodni monetarni fond i Svjetsku banku, a obilježile su je prije svega ekonomske teme, koje su konačno gotovo potpuno potisnule iz svakodnevnog interesovanja građana teme koje su preovladavale prethodnu deceniju i po – nacionalni identitet, raspad bivše Jugoslavije, odnosi raznih etničkih i političkih grupa unutar zemlje...

Strane direktne investicije, tržište nekretnina, berza i ulaganje u hartije od vrijednosti, izuzetno dobra turistička sezona sa preko milion stranih turista, nastavak tranizicije i procesa privatizacije su bile u fokusu u razgovorima profesionalaca i eksperata, ali i političara i običnih građana. Crna Gora je dobila i novi ustav – prvi ustav međunarodno priznate Republike Crne Gore i potpisala Sporazum o stabilizaciji i pridružvanju sa Evropskom unijom – kao sljedeći veoma važan korak u strateškom hodu ka punom članstvu u ovoj najznačajnijoj nadnacionalnoj organizaciji današnjice.

Drugu polovinu godine obilježili su i veoma visok suficit državnog budžeta, koji je zbog visokih priliva i rebalansiran, pa su tako prije vremena vraćeni dugovi međunarodnim finansijskim institucijama, ali i visoka stopa inflacije, uzrokovana spoljnim i unutrašnjim faktorima, koji se ipak zadržala na jenocifrenom nivou od oko 8,5%. Ukupan bruto društveni proizvod je dostigao nivo od blizu 2,3 milijarde eura, sa realnim rastom od preko 7%, stopa nezaposlenosti pala je na ispod 12% a realni rast zarada je iznosio 15%. Ukupan iznos stranih direktinih investicija premašio je milijardu eura, a prihod od turizma iznosio je oko 500 miliona eura.














































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Montenegro – the country of great opportunities

Montenegro, one of the oldest European countries, a Mediterranean country with attractive coast and high mountains marked the beginning of the 21st century - the century of small countries and large internationalized market. The year 2007 is the first year after the proclamation of Montenegrin independence and the establishment of full state sovereignty. It started with the accession to the most significant international financial institutions - International Monetary Fund and the World Bank. The year was marked by important economic topics that finally and almost totally replaced some other topics and interests of citizens that prevailed in two last decades - national identity, dissolution of the former Yugoslavia, relations among various ethnic minorities and political groups in the country.

Montenegro, with an area of only about 14.000km2 and population of approximately 650.000 inhabitants is one of the most interesting areas in the world and characterized by the exceptional natural beauties and striking geographical and climate diversity. Judging by global events as well as those on the Sought-East of Europe, Montenegro becomes significant destination in the international business and it connects the surrounding markets, removes the borders, provides safe environment for capital and opens up numerous possibilities for new businesses. Foreign direct investments, real estate market, stock exchange and investment into securities, excellent tourist season with over a million foreign tourists, continuation of transition and privatization process are discussion topics among the professionals and various experts, but also among politicians and citizens. Montenegro also adopted the new Constitution – the first Constitution of internationally recognized Republic of Montenegro. It also signed the Agreement on Stabilization and Accession to the European Union as the second significant step on its strategic path leading to the full membership in this the most significant supranational organization of the present time.

The second half of 2007 was also marked by high surplus of the state budget which was revised due to high inflows, so the debts to the international banking institutions were repaid before the maturity and also high inflation rate caused by external and internal factors which, nevertheless, remained at the one digit level of about 8%. The overall Gross Domestic Product reached the level of almost EUR 2.3 billion with real growth of more than 7%, employment rate decreased bellow 12% and real income growth amounted to 15%. The overall amount of foreign direct investments exceeded EUR 1 billion and the income from tourism amounted to about EUR 500 million.

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Bankarsko tržište u Crnoj Gori, na kojem posluje 11 banaka, karakteriše veoma izražena konkurentnost, moderna regulativa i brz razvoj, a u 2007. godini CKB je i dalje bila neprikosnoveni lider sa stopom učešća koja se kretala od 35% do preko 60% u različitim segmentima poslovanja. Na kraju godine, bilansna suma je iznosila 1,025 milijarde eura, ukupni depoziti klijenata 842 miliona eura, kreditni portfolio 727,6 miliona eura, a neto profit 8,4 miliona eura. Sa gotovo 280.000 klijenata, građana i kompanija, više od 400 zaposlenih, veoma razvijenom mrežom od 39 organizacionih jedinica, Crnogorska komercijalna banka pokriva cijelu teritoriju Crne Gore i prisutna je u svakom crnogorskom domu.

Od kraja 2006. godine, CKB ima i novog vlasnika, mađarsku OTP banku, jednog od lidera u regionu centralne, istočne i jugoistočne Evrope. OTP je poznata u bankarskim krugovima kao banka jasne vizije i modernog pristupa poslovanju, koja uspješno povezuje regionalni i lokalni know-how uz korišćenje novih tehnologija. Ovo partnerstvo već daje izuzetno dobre rezultate, a i dalje će nesumnjivo samo osnažiti poziciju CKB-a na crnogorskom tržištu.

Cilj nam je da obezbijedimo dalji rast i razvoj u svim oblastima bankarskog poslovanja, ali i da uđemo u nove segmente u budućnosti, poput upravljanja imovinom, osiguranja, penzionih fondova i dr.

CKB - Uvijek lider

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The banking market in Montenegro with 11 operational banks is characterized by strong competition, modern legislation and fast development. In 2007 CKB remained a true leader with the market share that ranged from 35% to over 60% in various business segments. At the year end the balance sum amounted to EUR 1.025 billion, total retail deposits amounted to EUR 842 million, loan portfolio amounted to EUR 727.6 million and net profit amounted to EUR 8.4 mil. With nearly 280,000 of clients, retail and corporate, over 400 employees, highly developed network of 39 organizational units, Crnogorska Komercijalna Banka covers the entire territory of Montenegro and is present in each Montenegrin house.

Since the end of 2006, CKB has had a new owner – Hungarian OTP Bank – one of the leading banks in the region of Central, East and South-East Europe. OTP is recognized in banking circles as the bank of clear vision and modern approach to business. OTP successfully unifies regional and local know-how using new technologies. This partnership has already given excellent results and, without any doubt, it will further strengthen the position of CKB on the Montenegrin market.

Our goal is not only to ensure further growth and development in all areas of banking operations, but also to enter new projects such as asset management, insurance, pension funds etc.

CKB – Always the leader

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Na dinamičnom bankarskom tržištu Crne Gore i u 2007. godini Crnogorska komercijalna banka je u pogledu asortimana napravila veliki korak naprijed. Zadovoljavanje i iniciranje potreba klijenata ostaje imperativ i ključ uspjeha banke. Permanentna istraživanja, unapređenje prodaje, ulaganje u razvoj novih proizvoda, jačanje brend identiteta postali su nezaobilazni elementi strateškog razvoja banke. Jasnu viziju i pravce razvoja realizuje i razvija najbolji crnogorski bankarski tim. Ljudski potencijal, najvrjedniji resurs banke, u funkciji visoko profesionalnih i kreativnih odnosa, nosilac je sveukupnog rasta i razvoja CKB-a.

Tokom 2007. godine, proslavljajući deset godina uspješnog poslovanja, Crnogorska komercijalna banka je svoju lidersku poziciju još jednom potvrdila, sa oko 40% tržišnog učešća, što je jedinstvena pozicija u regionu, ali i šire. Gotovo 280.000 zadovoljnih klijenata, građana i kompanija, veoma razvijena mreža filijala, moderne i efikasne informacione tehnologije, karakterišu tržišnu poziciju Crnogorske komercijalne banke. Platni promet sa inostrantsvom, podrška malim i srednjim preduzećima, projektno finansiranje, retail banking itd, važni su segmenti poslovanja banke. CKB je principal za Master i Visa Card, kao i ekskluzivni partner poznatog svjetskog brenda American Express-a za Crnu Goru.

CKB je prva banka u Crnoj Gori koja je razvila paletu kobrend kartica: Jugopetrol, Mex, Novito, Cosmetics-Market, a kreirala je i posebnu Revolving P-Card za penzionere. CKB u poslovanju sa karticama dostiže tržišno učešće i do 60% i ima najrazvijeniju mrežu sa preko 80 ATM-ova i gotovo 2.100 POS terminala. Pažljivo projektovan i funkcionalan ICT sistem CKB-a predstavlja pouzdano, moderno i efikasno riješenje. Savremena informaciona infrastruktura integriše jedinstven portal za elektronsko bankarstvo - CKB NetBank, Message centar, Mobile top-up, CKB Call Centar 9894, trajni nalog, a u funkciji je razvoja novih i unapređenja kvaliteta postojećih servisa banke.

Svijet CKB proizvoda

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Odgovarajući na potrebe i želje klijenata banka razvija i različite štedne proizvode. Danas je u CKB-u više od polovine crnogorske štednje. Povodom Svjetskog dana štednje banka je promovisala novi model štednje – CKB Dječiju štednju. Pod sloganom “Za našu đecu”, uz vrijedne poklone dobrodošlice i uz najpovoljnije uslove, najmlađe članove našeg društva motivisali smo da štede i da imaju.

CKB gotovinski krediti, krediti za penzionere, namjenski potrošački krediti, krediti za kupovinu automobila, stambeni krediti i mnogi drugi, samo su dio bogate CKB kreditne ponude, dostupne uvijek po najpovoljnijim uslovima, u svakoj situaciji.

Od samog osnivanja, profilisana da podrži kompanije, svoje klijente - mala i srednja preduzeća, nacionalne i međunarodne kompanije, javne institucije, Crnogorska komercijalna banka obezbjeđuje razvoj i finansijsku osnovu za realizaciju i velikih projekata u crnogorskoj privredi. Osim direktnog investiranja, projektno finansiranje, veoma zastupljen oblik finansiranja u svijetu, postaje prepoznatljiv koncept poslovanja CKB-a. U 2007-oj, CKB, zajedno sa OTP-om, nastavlja sa ulaganjima u Crnu Goru. Potpisana su dva ugovora o kreditiranju sa kompanijama Vektra i Špringer & Plecer Montenegro u vrijednosti od 95 miliona, za rekonstrukciju i modernizaciju drvoprerađivačke industrije Vektra Jakić Pljevlja u vrijednosti od 60 miliona, kao i hotelskog kompleksa Queen of Montenegro Bečići u vrijednosti od 35 miliona. Planirana je i značajna podrška Adriatic Marines-u, za projekat Porto Montenegro u Tivtu, kao nastavak finansiranja krupnih investicionih zahvata CKB-a i OTP-a u Crnoj Gori.

Novo partnerstvo sa American Express-om, razvoj privatnog bankarstva, lizinga, značajnije kreditiranje projekata u turizmu koje je CKB i ranije imala u svojoj ponudi, dalje širenje mreže filijala, raznovrsnost i raznolikost proizvoda i usluga banke, najvažniji su, ali ne i jedini pravci razvoja CKB-a u narednom periodu.

20

In 2007, Crnogorska Komercijalna Banka continued to enrich its product assortment and offer it on the dynamic banking market of Montenegro. Satisfying and recognizing the needs of clients remains the imperative and the key of the Bank’s success. Continuous researches, sales improvement, investment in development of new products, strengthening of the brand identity, became constituent elements of the Bank’s strategic development. Clear vision and development orientations are implemented and developed by the best Montenegrin banking team. Human resources, the most valuable asset of the Bank represent the basis for the overall growth and development of CKB.

In 2007, Crnogorska Komercijalna Banka celebrated its 10th year of successful operation and once again confirmed its leading position with approximately 40 % of the market share, which represents a unique position in the region and wider. Nearly 280,000 satisfied clients, citizens and companies, highly developed branch network, modern and efficient information technologies make the offer of Crnogorska Komercijalna Banka complete. International payment operations, support to small and medium-sized enterprises, project financing, retail banking etc. are significant segments of the Bank operation. CKB is the Principal for MasterCard and Visa Card and the exclusive partner of the world famous brand American Express for Montenegro.

CKB is the first bank in Montenegro which developed a whole range of co-brand cards: Jugopetrol, Mex, Novito, Cosmetics-Market and it also created a special Revolving P-Card for the pensioners. With regard to card business, CKB has market share of approximately 60% and has the most developed network of more than 80 ATMs and nearly 2,100 POS terminals. Carefully projected and functional CKB ICT system represents reliable, modern and efficient solution. State of the art information infrastructure integrates the unique portal for electronic banking – CKB NetBank, Message centre, Mobile top-up, CKB Call Centre 9894, standing order and it supports development of new services as well as improvement of quality of the existing Bank services.

The world of CKB products

21

Responding to the needs and wishes of its clients, the Bank is developing various savings products as well. Currently, CKB holds more than a half of the total Montenegrin savings. On the occasion of the World Savings Day, the Bank promoted a new savings model - CKB Children Savings. Under the slogan ″For our Children″, with worthy welcome gifts and the most favorable conditions, we motivated the youngest members of our society to save for the future.

CKB cash loans, loans for pensioners, consumer loans for specific purposes, loans for car purchase, housing loans and many other are just a part of the rich CKB loan offer always available under the most favorable conditions.

Since the very establishment, oriented to support companies, its clients – small and medium-sized enterprises, national and international companies, public institutions, Crnogorska Komercijalna Banka has been providing for development and ensuring financial basis for the implementation of large projects in Montenegrin economy as well. Apart from direct investment, project financing, a worldwide model of financing, becomes recognizable concept of CKB business operation. In 2007, CKB together with OTP continues to invest in Montenegro. Two loan agreements in the total amount of EUR 95 million were signed, one between the companies Vektra i Sprinlger & Pletzer Montenegro for the reconstruction and modernization of wood-processing industry Vektra Jakić Pljevlja in the amount of EUR 60 million and the other with the hotel complex Queen of Montenegro Bečići in the amount of EUR 35 million. Significant support is planned for Adriatic Marinas’s project Porto Montenegro in Tivat as a continuation of providing finances for big joint investment projects of CKB and OTP in Montenegro.

New partnership with American Express, development of private banking, leasing, larger credit support to projects in tourism that are already a part of CKB offer, further expansion of the branch network, variety and diversity of the products and services of the Bank, are the most important but not the only development orientations of CKB in the following period.

22

CKB brend

Crnogorska komercijalna banka više od decenije kreira jedinstvenu tržišnu prepoznatljivost. CKB je i jedinstven koncept i jedinstven tim.

Banka uspješno upravlja elementima svog brend identiteta, smišljeno kreira i pozicionira svoje proizvode i usluge na tržištu. I unaprijed zna šta je u mislima njenih klijenata. CKB je jedan od najmoćnijih brendova koje je stvorila Crna Gora, sa jasnom asocijacijom na sigurnost, povjerenje i efikasnost.

CKB proizvodi i usluge su dio utemeljenog bankarskog imidža (CKB krediti, CKB štednja, CKB dječija štednja, CKB kartice, CKB elektronsko bankarstvo, CKB Call Centar, CKB POS terminali i sl).

Vizuelni simbol organizacije i brenda, CKB jasno identifikuje i odvaja od konkurencije.

CKB brend je rezultat napornog rada, ulaganja i razumijevanja sopstvene tradicije.

23

For more than a decade, Crnogorska Komercijalna Banka was creating a unique market identity. CKB has a unique concept and a unique team. The Bank successfully manages the elements of its brand and purposely designs and places its products and services on the market. It knows in advance what the needs of its clients are.

CKB is one of the strongest brands created in Montenegro clearly associated with safety, trust and efficiency.

CKB products and services are part of already established banking image (CKB loans, CKB savings, CKB children savings, CKB cards, CKB electronic banking, CKB Call Centre, CKB POS terminals etc.). The visual symbol of the organization and the brand clearly distinguish CKB from its competition.

CKB brand is the result of the hard work, effort investing and understanding of the own tradition.

CKB brand

24

CKB prati razvoj crnogorskog društva i učestvuje u realizaciji velikog broja projekata.

U saradnji sa KFW Bankegruppe i Direkcijom za razvoj malih i srednjih preduzeća, CKB prvi put u Crnoj Gori razvija kreditnu liniju za finansiranje obnovljivih izvora energije čiji je cilj da obezbjedi održivo, efikasno i ekološki zdravo snabdijevanje i korišćenje enegrije u Crnoj Gori.

Kao partner i realizator brojnih projekata, CKB više od decenije izdvaja značajna sredstva za nauku, umjetnost, kulturu, sport, pomažući tako djelovanje raznih organizacija, udruženja i sportskih klubova.

Učešće u brojnim edicijama, u partnerstvu sa CID-om, Nezavisnim dnevnikom Vijesti i drugima (edicija Crna Gora, dvojezična odabrana štiva...), podrška filmu i pozorištu („Dječak iz vode“, Međunarodni festival dječijeg pozorišta...), sponzorstva i suorganizacija raznih događaja (Praznik mimoze, Svjetski dan štednje...), pomoć zdravstvu i obrazovanju predstavljaju samo primjere stalnog angažovanja banke u crnogorskom društvu. CKB podrška brojnim sportskim kolektivima u fudbalu, košarci, rukometu, karateu, saradnja sa Vaterpolo savezom Crne Gore i sa Jadranom CKB iz Herceg Novog, donose našoj zemlji sjajne rezultate i prepoznatljivost na svjetskoj sceni.

Od samog osnivanja, CKB je sve svoje snage i talente usmjerila u razvoj društva i ispisala sigurno najljepše i najuspješnije bankarske stranice novije crnogorske ekonomske misli...

Društveno odgovorni

25

CKB follows the development of the Montenegrin society and participates in the implementation of numerous projects.

In the cooperation with KFW Bankegruppe and Directorate for Small and Medium-sized Enterprises, CKB was the first in Montenegro to develop a credit line for financing renewable sources of energy aimed at providing sustainable, efficient and ecologically balanced supply and usage of energy in Montenegro.

For more than a decade CKB has been a partner and implementing party of numerous projects and has allocated significant funds for science, art, culture, sports, supporting in that way the activities of various organizations, associations and sports clubs.

Participation in numerous editions, in the partnership with CID, independent daily Vijesti and others ( Montenegrin edition, bilingual textbooks etc.), support to the film and theatre (”Dječak iz vode“, International Festival of Children Theater etc.), sponsorships and co-organization of various events (Mimosa Festival, World’s Savings Day…), assistance to health care and education system, are just examples of its permanent engagement in Montenegrin society. CKB’s support to numerous sports clubs – football, basketball, handball, karate, Water Polo Association of Montenegro and club Jadran CKB from Herceg Novi have been bringing excellent results and worldwide recognition to our country.

Ever since its establishment CKB has invested all its efforts and talents in development of the society, thus writing surely the most beautiful and most successful pages of recent Montenegrin banking and economic history...

Socially responsible

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IzvoriCentralna banka Crne GoreVlada Crne Gore

Ministarstvo finansijaMinistarstvo turizma i zaštite životne sredineSekretarijat za razvoj

MonstatZavod za zapošljavanjeIzvještaj nezavisnog revizoraCKB publikacije

SourcesCentral Bank of MontenegroGovernment of Montenegro

Ministry of FinanceMinistry of Tourism and Environmental ProtectionSecretariat for Development

Statistical Office of Montenegro (Monstat)Employment Agency of MontenegroIndependent Auditor’s ReportCKB Publications

Izrada i prevod Godišnjeg izvještaja | CKB timPreparation and translation | CKB team

Dizajn| Design | Ana MatićFotografija | Photo | Duško MiljanićŠtampa | Print | DPC Podgorica

Podgorica | Mart | March | 2008 |


27




Finansijski izvještaj na dan i za godinu završenu 31. decembra 2007.

Izvještaj nezavisnog revizora

Financial statementsas of and for the year ended 31 December 2007

Independent auditors’ report

CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA

Finansijski izvještaji 31. decembar 2007. godine i Izvještaj nezavisnog revizora


SADRŽAJ

Strana

Izvještaj nezavisnog revizora 1 - 2

Bilans uspjeha 3

Bilans stanja 4

Izvještaj o promenama na kapitalu 5

Izvještaj o tokovima gotovine 6

Napomene uz finansijske izvještaje 7 - 50

Deloitte d.o.o. Bulevar Ivana Crnojevia 107

81000 Podgorica Montenegro

Tel: +382 (81) 664-017 +382 (81) 664-012 Fax: +382 (81) 664-016

www.deloitte.com

IZVJEŠTAJ NEZAVISNOG REVIZORA

Upravnom odboru i akcionaru Crnogorske komercijalne banke A.D., Podgorica

Obavili smo reviziju priloženih finansijskih izvještaja (strana 3 do 50) Crnogorske komercijalne banke A.D., Podgorica (u daljem tekstu “Banka“), koji obuhvataju bilans stanja na dan 31. decembra 2007. godine i odgovarajui bilans uspjeha, izvještaj o promjenama na kapitalu i izvještaj o tokovima gotovine za godinu koja se završava na taj dan, kao i pregled znaajnih raunovodstvenih politika i napomene uz finansijske izvještaje.

Odgovornost rukovodstva za finansijske izvještaje

Rukovodstvo Banke je odgovorno za sastavljanje i objektivno prikazivanje finansijskih izvještaja u skladu sa Meunarodnim standardima finansijskog izvještavanja. Ova odgovornost ukljuuje: osmišljavanje, primjenu i održavanje sistema internih kontrola relevantnih za sastavljanje i prezentaciju finansijskih izvještaja koji ne sadrže pogrešne informacije od materijalnog znaaja, kao i po osnovu kriminalnih radnji ili grešaka; odabir i primjenu odgovarajuih raunovodstvenih politika, kao i korišenje najboljih moguih raunovodstvenih procjena.

Odgovornost revizora

Naša odgovornost je da izrazimo mišljenje o priloženim finansijskim izvještajima na osnovu obavljene revizije. Reviziju smo obavili u skladu sa Meunarodnim standardima revizije. Ovi standardi nalažu usaglašenost sa etikim principima i planiranje i obavljanje revizije na nain koji omoguava da se, u razumnoj mjeri, uvjerimo da finansijski izvještaji ne sadrže pogrešne informacije od materijalnog znaaja.

Revizija ukljuuje izvršavanje postupaka za pribavljanje revizijskih dokaza kojima se potkrepljuju iznosi i informacije objelodanjene u finansijskim izvještajima. Odabrani postupci su zasnovani na profesionalnom sudu revizora, ukljuujui procjenu rizika materijalno znaajnih grešaka sadržanih u finansijskim izvještajima, kao i po osnovu kriminalnih radnji ili grešaka. Prilikom procjene ovih rizika, revizor razmatra interne kontrole relevantne za sastavljanje i objektivno prikazivanje finansijskih izvještaja u cilju kreiranja najboljih moguih revizorskih procedura, ali ne i za potrebe izražavanja mišljenja o efikasnosti sistema internih kontrola Banke. Revizija takoe ukljuuje ocjenu primijenjenih raunovodstvenih naela i vrednovanje znaajnijih procjena koje je izvršilo rukovodstvo, kao i opštu ocjenu prezentacije finansijskih izvještaja.

Smatramo da su revizijski dokazi koje smo pribavili dovoljni i da obezbjeuju solidnu osnovu za izražavanje našeg mišljenja.

Mišljenje

Po našem mišljenju, finansijski izvještaji istinito i objektivno, po svim materijalno znaajnim pitanjima, prikazuju finansijski položaj Crnogorske komercijalne banke A.D., Podgorica na dan 31. decembra 2007. godine, kao i rezultate njenog poslovanja, promjene na kapitalu i tokove gotovine za godinu koja se završava na taj dan, u skladu sa Meunarodnim standardima finansijskog izvještavanja.

(nastavlja se)


4

BILANS STANJA Na dan 31. decembra 2007. godine (U hiljadama EUR)

Napomene 2007. 2006.AKTIVA Novana sredstva i sredstva kod Centralne banke 3.4, 12 168,164 113,327Državni zapisi - 1,461Krediti i avansi bankama 13 115,694 80,695Krediti i avansi klijentima 14 719,419 321,722Hartije od vrijednosti raspoložive za prodaju 3.5, 15 154 174Finansijska sredstva po pravinoj vrijednosti kroz bilans

uspjeha 3.5, 16 210 211Hartije od vrijednosti koje se drže do dospjea 3.5, 17 517 -Nekretnine, postrojenja i oprema 3.7, 18 12,829 11,661Nematerijalna ulaganja 3.6, 18 4,090 3,932Ostala sredstva 19 4,256 3,592

Ukupna aktiva 1,025,333 536,775

PASIVA Obaveze prema bankama 20 3,573 5,087Obaveze prema klijentima 21 842,682 452,147Obaveze po kreditima 3.8, 22 133,303 54,407Ostale obaveze 23 2,695 899Rezervisanja 3.9, 24 450 627Obaveze za tekui porez 3.3 303 144Odložene poreske obaveze 3.3, 11 316 236Beneficije zaposlenih 3.10 373 -

Ukupne obaveze 983,695 513,547

KAPITAL Akcijski kapital 25 31,876 17,966Ostale rezerve 946 946Nerasporeena dobit 8,816 4,316

Ukupan kapital 41,638 23,228

Ukupno pasiva 1,025,333 536,775

VANBILANSNE POZICIJE 26 46,216 49,184

Napomene na narednim stranama ine sastavni dio ovih finansijskih izvještaja


5

IZVJEŠTAJ O PROMJENAMA NA KAPITALU U periodu od 1. januara do 31. decembra 2007. godine (U hiljadama EUR)

Akcijski Ostale Nerasporeenakapital rezerve dobit Ukupno

Stanje na dan 1. januara 2006. godine 15,347 946 3,025 19,318Emisija novih akcija po osnovu raspodjele dobiti iz 2005. godine 2,619 - (2,619) -Neto dobit - - 3,910 3,910

Stanje na dan 31. decembra 2006. godine 17,966 946 4,316 23,228

Stanje na dan 1. januara 2007. godine 17,966 946 4,316 23,228Emisija novih akcija po osnovu raspodjele dobiti iz 2006. godine 3,910 - (3,910) -Nova emisija akcija 10,000 - - 10,000Neto dobit - - 8,410 8,410

Stanje na dan 31. decembra 2007. godine 31,876 946 8,816 41,638



6

IZVJEŠTAJ O TOKOVIMA GOTOVINE U periodu od 1. januara do 31. decembra 2007. godine (U hiljadama EUR)

2007. 2006.Tokovi gotovine iz poslovnih aktivnosti Prilivi po osnovu kamata i slini prihodi 49,632 25,613Odlivi po osnovu kamata i slini prihodi (30,110) (16,231)Prilivi po osnovu naknada i provizija 16,722 13,601Odlivi po osnovu naknada i provizija (3,305) (2,917)Ostali prihodi 1,245 554Odlivi po osnovu zarada zaposlenih i troškova za dobavljae (18,969) (13,475)Plaeni porezi (507) (559)

Neto prilivi gotovine iz poslovne dobiti prije promjena poslovne aktive i pasive 14,708 6,586

Promjene poslovne aktive i pasive Neto poveanje obavezne rezerve (30,948) (57,582)Neto poveanje kredita i avansa bankama i klijentima (453,763) (169,156)Neto poveanje ostale aktive (664) 251Neto smanjenje depozita drugih banaka (1,514) (8,115)Neto poveanje depozita od klijenata 390,535 204,023Neto smanjenje ostalih obaveza 2,072 170

Neto odliv gotovine iz poslovnih aktivnosti (79,574) (23,823)

Tokovi gotovine iz aktivnosti investiranja Neto poveanje hartija od vrijednosti raspoloživih za prodaju 21 -Kupovina nekretnina i opreme (1,762) (1,232)Kupovina nematerijalnih ulaganja (1,149) (726)Državni zapisi 1,461 2,370Kupovina obveznica drugih banaka (517) -

Neto (odlivi)/prilivi gotovine iz aktivnosti investiranja (1,946) 412

Tokovi gotovine iz aktivnosti finansiranja Neto poveanje pozajmljenih sredstava 78,896 32,932Emisija obinih akcija 10,000 -

Neto prilivi gotovine iz aktivnosti finansiranja 88,896 32,932

Efekat kursnih razlika 1,092 874

Neto poveanje gotovine i gotovinskih ekvivalenata 8,468 10,395

Gotovina i gotovinski ekvivalenti na poetku godine 107,616 97,221

Gotovina i gotovinski ekvivalenti na kraju godine 116,084 107,616



NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar 2007. godine

7

1. OPŠTE INFORMACIJE

Crnogorska komercijalna banka A.D., Podgorica (“Banka“) osnovana je kao nezavisna banka i registrovana je kod Privrednog suda u Podgorici 15. januara 1997. godine.

Banka je dobila dozvolu za rad u Republici Crnoj Gori, i u skladu sa zakonom u Republici Crnoj Gori treba da posluje na principima likvidnosti, sigurnosti plasmana i profitabilnosti.

Sjedište Banke je u Podgorici, ulica Moskovska bb.

Na dan 31. decembra 2007. godine, Banku ine centrala u Podgorici i 18 filijala na teritoriji Republike Crne Gore.

Na dan 31. decembra 2007 godine Banka ima 392 zaposlena radnika (31. decembra 2006. godine: 307 zaposlenih).

2. OSNOVE ZA SASTAVLJANJE FINANSIJSKIH IZVJEŠTAJA

(a) Izjava o usklaenosti finansijskih izvještaja

Priloženi finansijski izvještaji Banke sastavljeni su u skladu sa standardima i tumaenjima odobrenim od strane Meunarodnog Komiteta za Raunovodstvene Standarde, koji su sada poznati kao Meunarodni Standardi Finansijskog Izvještavanja (MSFI).

Pripremanje finansijskih izvještaja u skladu sa MSFI zahtijeva upotrebu odreenih raunovodstvenih procjena i procjena rukovodstva Banke u procesu primjene raunovodstvenih politika Banke. Podruja koja zahtijevaju viši stepen procjene ili složenosti ili podruja u kojima su pretpostavke i procjene od velikog znaaja za finansijske izvještaje, objelodanjena su u napomeni 2(d).

Raunovodstvene politike u skladu sa MSFI objelodanjene u narednim pasusima su dosljedno primijenjene od strane Banke za sve periode prikazane u priloženim finansijskim izvještajima.

(b) Osnove za vrednovanje

Finansijski izvještaji sastavljeni su prema principu istorijskog troška, koji je modifikovan revalorizacijom finansijskih sredstava raspoloživih za prodaju i finansijskih sredstava i obaveza (ukljuujui izvedene instrumente) po fer vrijednosti kroz dobitak ili gubitak.

(c) Funkcionalna i izvještajna valuta

Priloženi finansijski izvještaji Banke su iskazani u hiljadama EUR, što je i funkcionalna valuta Banke. Svi finansijski podaci su iskazani u EUR i zaokruženi na najbližu hiljadu.

(d) Korišenje procjenjivanja

Pripremanje finansijskih izvještaja u skladu sa MSFI zahtijeva upotrebu procjena i pretpostavki koje utiu na: prikazane iznose aktive i pasive, objelodanjivanje potencijalne aktive i pasive na datum finansijskih izvještaja, i na prikazane iznose prihoda i rashoda tokom izvještajnog perioda. Procjene i prosuivanja se donose na osnovu istorijskog iskustva i drugih inilaca, ukljuujui oekivanja u pogledu buduih dogaaja za koje se vjeruje da su u okvirima datih okolnosti razumna. Iako se ove procjene zasnivaju na najboljoj ocjeni rukovodstva tekuih dogaaja i aktivnosti, stvarni rezultati se na kraju mogu razlikovati od pomenutih procjena.



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2. OSNOVE ZA SASTAVLJANJE FINANSIJSKIH IZVJEŠTAJA (nastavak)

(d) Korišenje procjenjivanja (nastavak)

Procjene i prosuivanja su predmet stalne procjene. Promjene raunovodstvenih procjena se priznaju u periodu kada je došlo do izmjene, ako se izmjena odnosi samo na taj period odnosno, ako se izmjena odnosi na tekue i budue periode, priznaju se i u tom periodu i u buduim periodima.

Podruja koja zahtijevaju viši stepen procjene ili složenosti ili podruja u kojima su pretpostavke i procjene od velikog znaaja za finansijske izvještaje, objelodanjena su u napomeni 5.

Banka je u sastavljanju ovih finansijskih izvještaja primjenjivala raunovodstvene politike objelodanjene u napomeni 3.

(e) Standardi i tumaenja koji su u primjeni

U 2007. godini, Banka je primijenila MSFI 7 “Finansijski instrumenti: Objelodanjivanja” za godišnje periode koji poinju 1. januara 2007. godine ili kasnije, kao i odgovarajue izmjene u MRS 1 “Prikazivanje finansijskih izvještaja”.

Efekat primjene MSFI 7 i promjena MRS 1 se u priloženim finansijskim izvještajima, odrazio na objelodanjivanja finansijskih instrumenata i objelodanjivanja upravljanja kapitalom Banke (napomena 4).

Promjene u MRS, kao i novi MSFI i odgovarajua tumaenja izdati od Komiteta za tumaenje meunarodnog finansijskog izvještavanja (KTMFI) u primjeni su: IFRIC 7 Primjena pristupa prepravljanja finansijskih izvještaja prema MRS 29 “Finansijsko izvještavanje u hiperinflatornim privredama”, IFRIC 8 Djelokrug MSFI 2, IFRIC 9 Ponovna procjena ugraenih derivata, IFRIC 10 Periodino finansijsko izvještavanje i umanjenje vrijednosti i IFRIC 11 MSFI 2: Grupne transakcije i transakcije državnim hartijama od vrijednosti (primjenljiv od 1. marta 2007. godine). Izdavanje ovih tumaenja nije dovelo do izmjena u raunovodstvenim politikama Banke.

(f) Objavljeni standardi i tumaenja koji još uvjek nisu u primjeni

U trenutku odobrenja priloženih finansijskih izvještaja, objavljeni su sljedei standardi i tumaenja koji su primjenljivi u narednom periodu:

- MRS 23 (Izmijenjen) “Troškovi pozajmljivanja” (primjenljiv od 1. januara 2009. godine); - MSFI 8 “Segmenti poslovanja” (primjenljiv od 1. januara 2009. godine, ranija primjena

poželjna); - IFRIC 12 Ugovori o koncesiji za pružanje usluga (primjenljiv od 1. januara 2008. godine); - IFRIC 13 Programi lojalnosti klijenata (na snazi za obraunske periode koji poinju 1. jula

2008. godine ili poslije toga i - IFRIC 14 MRS 19 – Ogranienje definisanih primanja, minimalni zahtjevi za finansiranjem

i njihova interakcija (na snazi za obraunske periode koji poinju dana 1. januara 2008. godine)

Rukovodstvo Banke analizira sve gore pomenute standarde i tumaenja i ima namjeru da iste primjeni u sastavljanju finansijskih izvještaja za period koji poinje 1. januara 2008. godine. Rukovodstvo Banke procjenjuje da usvajanja i primjene ovih tumaenja, nee imati materijalno znaajne efekte na finansijske izvještaje Banke.



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3. PREGLED ZNAAJNIH RAUNOVODSTVENIH POLITIKA

3.1. Prihodi i rashodi od kamata i naknada

Prihodi i rashodi po osnovu kamata se priznaju u bilansu uspjeha za sve instrumente, prema cijeni amortizacije uz primjenu metode efektivne kamatne stope.

Metod efektivne kamatne stope je metod izraunavanja cijene amortizacije finansijskih sredstava ili finansijskih obaveza i alokacije prihoda po osnovu kamate ili rashoda po osnovu kamate na odgovarajue vremenske periode. Efektivna kamatna stopa je stopa koja diskontuje procijenjena budua gotovinska plaanja ili prilive tokom oekivanog vijeka trajanja finansijskog instrumenta ili, tamo gdje je to izvodljivo, kraeg perioda na sadašnju vrijednost finansijskih sredstava ili finansijskih obaveza. Pri izraunavanju efektivne kamatne stope, Banka procjenjuje gotovinske tokove razmatrajui sve ugovorene uslove finansijskih instrumenata (npr. opcije avansnih plaanja) ali ne razmatra budue gubitke po osnovu kreditnog rizika. Kalkulacije ukljuuju sve naknade i provizije plaene ili primljene izmeu ugovorenih strana koje su integralni dio efektivne kamatne stope, troškova transakcije i svih drugih premija ili popusta.

Kada se vrijednost nekog finansijskog sredstva ili grupe slinih finansijskih sredstava obezvrijedi kao posljedica gubitka usljed umanjenja vrijednosti, prihod po osnovu kamate se priznaje u bilansu uspjeha uz korišenje kamatne stope korišene za diskontovanje buduih tokova gotovine za svrhu izraunavanja gubitka po osnovu umanjenja vrijednosti.

Prihodi od naknada i provizija se uglavnom evidentiraju prema naelu nastanka poslovne promjene u periodu kada su usluge izvršene. Naknade za neiskorišene kreditne linije se razgraniavaju (zajedno sa povezanim direktnim troškovima) i priznaju kao korekcija efektivne kamatne stope za kredit.

3.2. Preraunavanje deviznih iznosa

Poslovne promjene nastale u stranoj valuti su preraunate u EUR po srednjem kursu utvrenom na meubankarskom tržištu deviza, koji je važio na dan poslovne promjene.

Sredstva i obaveze iskazane u stranoj valuti na dan bilansa stanja, preraunati su u EUR po srednjem kursu utvrenom na meubankarskom tržištu deviza koji je važio na taj dan.

Neto pozitivne ili negativne kursne razlike nastale prilikom poslovnih transakcija u stranoj valuti i prilikom prerauna pozicija bilansa stanja iskazanih u stranoj valuti knjižene su u korist ili na teret bilansa uspjeha, kao dobici ili gubici po osnovu kursnih razlika.

Preuzete i potencijalne obaveze u stranoj valuti preraunate su u EUR po srednjem kursu utvrenom na meubankarskom tržištu deviza koji je važio na taj dan.



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3. PREGLED ZNAAJNIH RAUNOVODSTVENIH POLITIKA (nastavak)

3.3. Porezi i doprinosi

Porez na dobit

Tekui porez na dobit

Porez na dobit se obraunava i plaa u skladu sa Zakonom o porezu na dobit pravnih lica lan 28 (“Sl. list RCG”, br. 80/04). Stopa poreza na dobit je proporcionalna i iznosi 9% od poreske osnovice.

Oporeziva dobit se utvruje na osnovu dobiti Banke iskazane u bilansu uspjeha uz usklaivanje prihoda i rashoda u skladu sa odredbama Zakona o porezu na dobit pravnih lica (lanovi 8 i 9 za usklaivanje prihoda i lanovi 10 do 20 za usklaivanje rashoda).

Poreski propisi Republike Crne Gore ne predviaju da se poreski gubici iz tekueg perioda mogu koristiti kao osnova za povraaj poreza plaenog u prethodnim periodima. Meutim, gubici iz tekueg perioda iskazani u poreskom bilansu mogu se koristiti za umanjenje poreske osnovice buduih obraunskih perioda, ali ne duže od pet godina.

Odloženi porez na dobit

Odloženi porez na dobit se obraunava korišenjem metode utvrivanja obaveza prema bilansu stanja, za privremene razlike proizašle iz razlike izmeu poreske osnove potraživanja i obaveza i njihove knjigovodstvene vrijednosti. Važee poreske stope na datum bilansa stanja se koriste za utvrivanje razgranienog iznosa poreza na dobit. Odložene poreske obaveze se priznaju za sve oporezive privremene razlike. Odložena poreska sredstva se priznaju za sve odbitne privremene razlike i poreske gubitke i kredite, koji se mogu prenositi u naredne fiskalne periode, do stepena do kojeg e vjerovatno postojati oporeziva dobit od koje se odložena poreska sredstva mogu iskoristiti.

Porezi, doprinosi i druge dažbine koje ne zavise od rezultata poslovanja

Porezi, doprinosi i druge dažbine koji ne zavise od rezultata poslovanja ukljuuju poreze na imovinu i druge poreze, naknade i doprinose koji se plaaju prema raznim republikim i lokalnim poreskim propisima.

3.4. Gotovina i gotovinski ekvivalenti

Za potrebe izvještaja o tokovima gotovine, pod gotovinom i gotovinskim ekvivalentima se priznaju sva sredstva sa rokom dospijea kraim od tri mjeseca, i to: gotovina, sredstva kod Centralne banke Crne Gore i drugih banaka.

3.5. Finansijska sredstva

Banka je finansijska sredstva klasifikovala u sljedee kategorije: zajmovi i potraživanja, hartije od vrijednosti koje se drže do dospijea, hartije od vrijednosti raspoložive za prodaju i hartije od vrijednosti po pravinoj vrijednosti kroz bilans uspjeha. Rukovodstvo vrši klasifikaciju svojih ulaganja u momentu inicijalnog priznavanja.



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3.5. Finansijska sredstva (nastavak)

(a) Zajmovi i potraživanja

Zajmovi i potraživanja predstavljaju nederivatna finansijska sredstva sa fiksnim i odredivim isplatama, koja nisu kotirana na aktivnom tržištu. Oni nastaju kada banka obezbijedi novana sredstva, robu ili usluge dužniku direktno bez namjere da trguje potraživanjem.

(b) Hartije od vrijednosti koje se drže do roka dospijea

Ulaganja koja se drže do dospijea predstavljaju nederivatna finansijska sredstva sa fiksnim i odredivim isplatama i fiksnim dospijeem, i za koja rukovodstvo Banke ima pozitivnu namjeru i sposobnosti da ih drži do roka dospijea. Ukoliko Banka prodaje više od beznaajnog iznosa investicije koja se drži do dospijjea, itava kategorija ulaganja se obilježava i reklasifikuje kao raspoloživa za prodaju. Na dan 31. decembra 2007. godine, ulaganja koja se drže do dospijea se odnose na obveznice izdate od strane NLB Montenegro banke A.D., Podgorica.

(c) Ulaganja raspoloživa za prodaju

Ulaganja raspoloživa za prodaju predstavljaju ulaganja za koja postoji namjera držanja u posjedu tokom neodreenog vremenskog perioda, a koja se mogu prodati u sluaju potrebe za likvidnim sredstvima, a u sluaju promjene kamatnih stopa, deviznog kursa ili vrijednosti kapitala.

(d) Ulaganja po pravinoj vrijednosti kroz bilans uspjeha

Ulaganje u preduzee “Moneta”, nad kojim Banka ima efektivnu kontrolu, nije konsolidovano jer rukovodstvo Banke smatra da nije materijalno znaajno. U ovim nekonsolidovanim finansijskim izvještajima, ulaganje u povezano preduzee se raunovodstveno evidentira u skladu sa MRS 39, kao ulaganje po pravinoj vrijednosti kroz bilans uspjeha. Dobici i gubici nastali promjenom fer vrijednosti finansijskih sredstava klasifikovanih po fer vrijednosti kroz dobit ili gubitak se priznaju u bilansu uspjeha u periodu u kom su nastali.

(i) Inicijalno priznavanje i naknadno vrijednovanje finansijskih sredstava

Kupovina i prodaja finansijskih sredstava koja se drže do dospijea i finansijskih ulaganja raspoloživih za prodaju, priznaje se na dan transakcije – a to je dan kada se Banka obavezala da e kupiti ili prodati sredstvo. Krediti se priznaju u trenutku kada se gotovinska sredstva plasiraju korisnicima kredita. Finansijska sredstva su inicijalno priznata po fer vrijednosti, uveana za troškove transakcija za sva finansijska sredstva koja se ne evidentiraju po fer vrijednosti kroz dobitak ili gubitak.

Finansijska sredstva raspoloživa za prodaju se naknadno vrjednuju po fer vrijednosti. Zajmovi i potraživanja, kao i ulaganja koja se drže do dospijea, evidentiraju se po amortizovanoj vrijednosti korišenjem metode efektivne kamatne stope. Dobici i gubici koji proizilaze iz promjena fer vrijednosti finansijskih sredstava raspoloživih za prodaju priznaju se direktno u okviru kapitala, sve dok se finansijsko sredstvo ne proda ili ne obezvrijedi kada se kumulativna dobit/gubitak prethodno priznata u okviru kapitala priznaje u bilansu uspjeha. Meutim, kamata koja se obraunava korišenjem metode amortizacione cijene priznaje se u bilansu uspjeha. Dividende po osnovu hartija od vrijednosti raspoloživih za prodaju priznaju se u bilansu uspjeha onda kada subjekat stekne pravo na uplatu.



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(d) Ulaganja po pravinoj vrijednosti kroz bilans uspjeha (nastavak)

Fer vrijednosti hartija od vrijednosti kotiranih na aktivnim tržištima zasnivaju se na cijenama ponude. Ukoliko tržište nekog finansijskog sredstva (i za hartije od vrijednosti koje se ne kotiraju na berzi) nije aktivno, Banka utvruje fer vrijednost primjenom tehnika procjenjivanja. Tehnike procjene obuhvataju korišenje posljednjih nezavisnih tržišnih transakcija izmeu upoznatih voljnih strana, analizu diskonektovanih novanih tokova i druge tehnike procjenjivanja koje koriste obino uesnici na tržištu.

(e) Umanjenje vrijednosti finansijskih sredstava

(i) Sredstva koja se vrijednuju po amortizacionoj cijeni

Na dan bilansa stanja Banka procjenjuje da li postoji bilo kakav objektivni dokaz da je došlo do umanjenja vrijednosti finansijskog sredstva ili grupe finansijskih sredstava. Finansijsko sredstvo ili grupa finansijskih sredstava je obezvrijeeno ili su pretrpljeni gubici zbog umanjenja vrijednosti, ako i samo ako postoji objektivni dokaz umanjenja vrijednosti kao rezultat dogaaja koji se odigrao posle prvobitnog priznavanja sredstava (nastanak gubitka), i taj nastanak gubitka ima uticaja na procijenjene budue tokove gotovine od finansijskog sredstva ili grupe sredstava. Objektivni dokaz da je došlo do umanjenja vrijednosti finansijskog sredstva ili grupe finansijskih sredstava obuhvata podatke koje imalac sredstva može da primjeti o nastanku gubitka kao što su:

1. Znaajne finansijske teškoe dužnika,

2. Kršenje ugovora, kao što je nemogunost plaanja kamate ili glavnice,

3. Garancije izdate od strane zajmodavca zajmoprimcu usljed ekonomskih ili pravnih razloga zbog finansijske teškoe zajmoprimca, povlastice koje zajmoprimac ne bi uzimao u obzir u nekim drugim okolnostima,

4. Visoka vjerovatnoa bankrotstva ili druge finansijske reorganizacije zajmodavca,

5. Nestanak aktivnog tržišta za to finansijsko sredstvo zbog finansijskih teškoa,

6. Objektivni podaci koji pokazuju da postoji mjerljivo smanjenje buduih tokova gotovine od grupe finansijskih sredstava nakon poetnog priznavanja tih sredstava, mada smanjenje ne može još uvijek da se utvrdi kod pojedinih finansijskih sredstava u grupi, ukljuujui:

- štetne promjene moi zajmoprimca u grupi, ili - nacionalni ili lokalni ekonomski uslovi koji su u vezi sa izmirivanjem obaveza u grupi.

Banka prvo procjenjuje da li postoje objektivni dokazi o umanjenju vrijednosti: pojedinano za finansijska sredstva koja su pojedinano znaajna, i pojedinano ili zajedniki za finansijska sredstva koja nisu pojedinano znaajna. Ako Banka odredi da ne postoji objektivni dokaz umanjenja vrijednosti za finansijsko sredstvo koje se pojedinano procjenjuje, bilo da je znaajno ili ne, ona obuhvata sredstvo u grupi finansijskih sredstava sa slinim karakteristikama kreditnog rizika i zajedniki ih procjenjuje zbog umanjenja vrijednosti. Sredstva koja se pojedinano procjenjuju zbog umanjenja vrijednosti i za koja je gubitak od umanjenja vrijednosti priznat ili nastavlja da se priznaje, ne ukljuuju se u zajedniku procjenu o umanjenju vrijednosti.



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(e) Umanjenje vrijednosti finansijskih sredstava (nastavak)

(i) Sredstva koja se vrijednuju po amortizacionoj cijeni (nastavak)

Ukoliko postoji objektivni dokaz da je gubitak po osnovu umanjenja vrijednosti zajmova i potraživanja nastao, iznos gubitka se odmjerava razlikom izmeu knjigovodstvene vrijednosti i sadašnje vrijednosti procijenjenih buduih tokova gotovine (iskljuujui budue kreditne gubitke koji nisu nastali) diskontovane po ugovorenoj efektivnoj kamatnoj stopi. Knjigovodstvena vrijednost sredstava ije se smanjenje vrši direktno ili korišenjem rauna nadoknade i iznos gubitka se prikazuje u bilansu uspjeha. Ako je u pitanju zajam sa promjenljivom kamatnom stopom, diskontna stopa za odmjeravanje svakog gubitka po osnovu umanjenja vrijednosti bie aktuelna kamatna stopa koja je odreena ugovorom.

Izraunavanje sadašnje vrijednosti procijenjenih buduih tokova gotovine obezbijeenog finansijskog sredstva odražava novane tokove koji mogu biti rezultat preuzimanja kolaterala umanjene za troškove pribavljanja i prodaje kolaterala, bez obzira na to da li je preuzimanje kolaterala vjerovatno ili ne.

U svrhe zajednike procjene umanjenja vrijednosti, finansijska sredstva se grupišu na osnovu slinih karakteristika kreditnog rizika. Te karakteristike su relevantne za procjenjivanje buduih tokova gotovine za grupe takvih sredstava time što ukazuju na sposobnost dužnika da isplati sve iznose i dugovanja koji su dospjeli u skladu sa uslovima ugovora za sredstva koja se procjenjuju.

Budui novani tokovi u grupi finansijskih sredstava koja se zajedniki procjenjuju, procjenjuju se na osnovu ugovorenih novanih tokova i na osnovu prethodnih iskustava u vezi sa gubitkom za sredstva sa karakteristikama kreditnog rizika koja su slina onima u grupi. Iskustvo prethodnih gubitaka se prilagoava na osnovu aktuelnih vidljivih podataka da bi se odrazili uticaji aktuelnih uslova koji nisu uticali na period na kome se zasniva iskustvo prethodnih gubitaka, i da bi se uklonili uticaji uslova iz prethodnih perioda koji ne postoje u sadašnjosti.

Procjene promjena buduih tokova gotovine trebalo bi da odražavaju i da budu direktno povezani sa promjenama u podacima koji su za njih vezani od perioda do perioda. Ova metodologija i pretpostavke koje se koriste za procjenu buduih tokova gotovine se redovno analiziraju od strane Banke radi smanjenja razlike izmeu procijenjenog i stvarno nastalog gubitka.

Kada je zajam nenaplativ, on se otpisuje na bazi odgovarajuih rezervi za umanjenje vrijednosti potraživanja po osnovu zajmova. Takvi zajmovi se otpisuju nakon svih neophodnih procedura po utvrivanju iznosa gubitka. Naknadna naplata prethodno ispravljenih potraživanja smanjuje iznos rezervisanja za umanjenje vrijednosti i priznaje se u bilansu uspjeha. Ako se, u narednom periodu, iznos gubitka po osnovu umanjenja vrijednosti smanji i ako se to smanjenje može objektivno dovesti u vezu sa dogaajem koji je nastao poslije priznavanja umanjenja vrijednosti, prethodno priznati gubitak po osnovu umanjenja vrijednosti umanjuje raun ispravke vrijednosti.



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(e) Umanjenje vrijednosti finansijskih sredstava (nastavak)

(ii) Finansijska sredstva vrjednovana po fer vrijednosti

Na kraju svakog obraunskog perioda, na dan izvještavanja, Banka procjenjuje da li postoje objektivni dokazi da je došlo do umanjenja vrijednosti finansijskog sredstva ili grupe finansijskih sredstava. U sluaju da postoje objektivni dokazi da je došlo do umanjenja vrijednosti finansijskih instrumenata raspoloživih za prodaju, znaajan ili produženi pad vrijednosti finansijskih instrumenata ispod nabavne vrijednosti, uzima se u obzir pri utvrivanju mogueg umanjenja vrijednosti sredstava. Ako postoji takav dokaz za finansijske instrumente raspoložive za prodaju, tada se akumulirani gubitak – kao razlika izmeu cijene akvizicije i tekue fer vrijednosti, umanjen za bilo koja umanjenja vrijednosti finansijskog sredstva prethodno priznata kao dobitak ili gubitak, uklanja iz kapitala i priznaje u bilansu uspjeha. Ako se u narednom periodu fer vrijednost dužnikog instrumenta klasifikovanog kao ono koje je raspoloživo za prodaju povea, i ako se to poveanje može objektivno dovesti u vezu sa dogaajem koji se odigrao poslije gubitka zbog umanjenja vrijednosti i koji je priznat u neto dobitku ili gubitku, gubitak zbog umanjenja vrijednosti se ukida, sa iznosom ukidanja priznatim kao neto dobitak ili gubitak u bilansu uspjeha.

3.6. Nematerijalna ulaganja

Nematerijalna ulaganja su iskazana po nabavnoj vrijednosti, umanjenoj za ispravku vrijednosti.

Troškovi održavanja softvera priznaju se u periodu nastanka. Troškovi koji se direktno odnose na jedinstvene softverske programe koji su pod kontrolom Banke i koji e vjerovatno proizvesti ekonomske koristi koje su vee nego što su troškovi, a u periodu dužem od godinu dana, priznaju se kao nematerijalna ulaganja. Troškovi obuhvataju troškove eksterne kompanije angažovane na razvoju softvera.

Ovi troškovi se otpisuju u toku njihovog procijenjenog korisnog vijeka trajanja.

3.7. Nekretnine, postrojenja i oprema

Nekretnine, postrojenja i oprema iskazuju se po nabavnoj vrijednosti, umanjenoj za ispravku vrijednosti. Nabavna vrijednost obuhvata trošak koji se direktno pripisuje kupovini sredstava.

Amortizacija nekretnina, postrojenja i opreme se obraunava primjenom proporcionalne metode kako bi se njihov trošak rasporedio na njihovu rezidualnu vrijednost tokom predvienog korisnog vijeka trajanja sredstva kao što slijedi:

Graevinski objekti 50 godina Raunari i pratea oprema 4 - 8 godina Namještaj i oprema 4 - 10 godina Motorna vozila 8 godina

Na dan bilansa stanja, rukovodstvo Banke analizira vrijednosti po kojima je prikazana nematerijalna i materijalna imovina Banke. Ukoliko postoji indikacija da je neko sredstvo obezvrijeeno, nadoknadiv iznos te imovine se procjenjuje kako bi se utvrdio iznos obezvrjeenja. Ukoliko je nadoknadivi iznos nekog sredstva procijenjen kao niži od vrijednosti po kojoj je to sredstvo prikazano, postojea vrijednost tog sredstva se umanjuje do visine nadoknadive vrijednosti.



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3.7. Nekretnine, postrojenja i oprema (nastavak)

Gubitak po osnovu obezvrjeenja vrijednosti imovine priznaje se kao rashod tekueg perioda i iskazuje se u okviru ostalih poslovnih rashoda. Ako naknadno doe do situacije da gubitak zbog obezvrjeenja priznat u ranijim godinama ne postoji ili se smanjio, vrijednost sredstva se poveava do revidirane procjene o njegovoj nadoknadivoj vrijednosti, ali tako da poveana vrijednost po kojoj se sredstvo vodi ne bude vea od vrijednosti po kojoj bi se sredstvo vodilo da nije bio u prethodnim godinama priznat utvreni gubitak zbog obezvrjeivanja sredstava.

3.8. Obaveze po kreditima

Obaveze po kreditima se inicijalno priznaju po fer vrijednosti umanjenoj za nastale troškove transakcije. Obaveze za kredite se naknadno iskazuju po amortizovanoj cijeni; sve razlike izmeu ostvarenog priliva (umanjenog za troškove transakcije) i vrijednosti otplata, priznaju se u bilansu uspjeha u periodu korišenja kredita primjenom metode efektivne kamatne stope.

3.9. Rezervisanja

Rezervisanja se priznaju kada Banka ima važeu zakonsku ili izvedenu obavezu koja je rezultat prošlih dogaaja, kada postoji velika vjerovatnoa da e za podmirenje obaveze biti potreban odliv sredstava i kada je iznos obaveza pouzdano procijenjen.

3.10. Beneficije zaposlenih

U skladu sa Kolektivnim ugovorom, Banka je u obavezi da prilikom odlaska u penziju zaposlenom isplati otpremninu u visini 12 prosjenih neto zarada zaposlenih u Banci koja važi u mjesecu u kojem se vrši isplata. Istovremeno, zaposlenom se povodom 10, 20 i 30 godina rada u Banci isplauje jubilarna nagrada i to:

- za 10 godina rada- jedna najniža cijena rada u Banci, - za 20 godina rada - dvije najniže cijene rada u Banci, - za 30 godina rada - tri najniže cijene rada u Banci.

U finansijskim izvještajima Banke na dan 31. decembra 2007. godine, izvršeno je rezervisanje po osnovu procijenjene sadašnje vrijednosti sredstava za otpremnine za odlazak u penziju i jubilarne nagrade zaposlenima nakon ispunjenih uslova.

4. FINANSIJSKI INSTRUMENTI

4.1. Upravljanje rizicima

Banka je u svome poslovanju izložena razliitim rizicima od kojih su najznaajniji:

• kreditni rizik • tržišni rizik • rizik likvidnosti • operativni rizik.



16

4. FINANSIJSKI INSTRUMENTI (nastavak)

4.1. Upravljanje rizicima (nastavak)

Procedure za upravljanje rizicima su dizajnirane da identifikuju i analiziraju rizike, da definišu odgovarajue limite i kontrole za upravljanje rizicima, kao i da prate izloženost Banke pojedinim rizicima. Procedure za upravljanje rizicima su predmet redovne kontrole u cilju adekvatnog odgovora na nastale promjene na tržištu, proizvodima i uslugama.

Sektor za upravljanje rizicima je odgovoran za praenje izloženosti Banke pojedinim rizicima i usaglašenost sa procedurama za upravljanje rizicima i definisanim limitima o emu se mjeseno izvještava Upravni odbor Banke. Pored toga, praenje izloženosti Banke pojedinim rizicima je u nadležnosti Komiteta za nadzor i Komiteta za upravljanje kreditnim rizikom.

4.2. Kreditni rizik

Banka je izložena kreditnom riziku koji predstavlja rizik da dužnici nee biti u mogunosti da dugovanja prema Banci izmire u potpunosti i na vrijeme. Banka vrši rezervisanja za gubitke po osnovu umanjenja vrijednosti, a koji se odnose na gubitke nastale na dan bilansa stanja. Znaajne promjene u privredi, odnosno stanju pojedinih privrednih grana koje ine osnov kreditnog portfolija Banke, mogle bi dovesti do gubitaka koji se razlikuju od gubitaka po osnovu kojih je izvršeno rezervisanje na dan bilansa stanja. Stoga rukovodstvo Banke oprezno upravlja izloženošu kreditnom riziku.

4.2.1. Upravljanje kreditnim rizikom

Izloženost kreditnom riziku ispoljava se kao rizik finansijskog gubitka koji nastaje kao posledica nemogunosti dužnika da ispuni sve ugovorene obaveze prema Banci. Banka upravlja preuzetim kreditnim rizikom tako što odreuje limite u odnosu na velike kredite, pojedinane korisnike kredita i povezana lica. Pomenuti rizici se kontinuirano prate i predmet su kontrole koja se vrši jednom godišnje ili eše. Svi krediti iznad propisanog limita treba da budu odobreni od strane Komiteta za upravljanje kreditnim rizikom.

U skladu sa limitima propisanim od strane Centralne banke Crne Gore, granska koncentracija kredita je predmet kontinuiranog praenja.

Izloženost riziku po pojedinanim zajmoprimaocima, ukljuujui druge banke i brokerska preduzea, dalje se ograniava tako što se utvruje podlimit u odnosu na bilansnu i vanbilansnu izloženost. Stvarna izloženost u odnosu na utvrene limite se redovno prati.

Upravljanje izloženošu kreditnom riziku vrši se redovnom analizom sposobnosti korisnika kredita i potencijalnih korisnika kredita da otplauju obaveze po osnovu kamate i glavnice.

Preuzete obaveze po osnovu kredita i potencijalne obaveze

Primarna svrha ovih instrumenta je da se obezbijedi da sredstva budu dostupna klijentu u skladu sa zahtjevima. Garancije i aktivirani akreditivi predstavljaju neopozive garancije Banke da e izvršiti plaanje u sluaju da klijent ne može da ispuni svoje obaveze prema treim stranama, i stoga nose isti kreditni rizik kao i krediti. Dokumentarni i komercijalni akreditivi – koji predstavljaju pismenu izjavu o obavezi Banke preuzetoj u ime klijenta, a kojom se treem licu daje ovlašenje da kod Banke vue mjenice do iznosa dogovorenog posebnim uslovima – su obezbijeeni osnovnom isporukom robe na koju se odnose, te stoga, nose manji rizik nego direktna pozajmica.



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4.2. Kreditni rizik (nastavak)

4.2.2. Rezervisanja za gubitke po osnovu umanjenja vrijednosti u skladu sa propisima Centralne banke Crne Gore i MRS 39

Banka prilikom sastavljanja finansijskih izvještaja u skladu sa zahtjevima lokalnog zakonodavstva vrši klasifikaciju bilansnih i vanbilansnih stavki izloženih kreditnom riziku koristei kriterijume klasifikacije propisane od strane Centralne banke Crne Gore, sa sljedeim kategorijama:

• kategorija A (dobra aktiva) – u koju se klasifikuju stavke za koje se procjenjuje da e u skladu sa ugovorom biti u cjelosti naplaene

• kategorija B (aktiva sa posebnom napomenom) – sa podkategorijama B1 i B2 u koje se klasifikuju stavke za koje postoji niska vjerovatnoa ostvarivanja gubitka ali koje zahtijevaju posebnu pažnju, jer bi potencijalni rizik ukoliko ne bi bio adekvatno praen, mogao da dovede do slabijih perspektiva u pogledu naplate

• kategorija C (substandardna aktiva) – sa podkategorijama C1, C2, C3 i C4 za koje postoji visoka vjerovatnoa ostvarivanja gubitka, zbog jasno utvrenih slabosti koje ugrožavaju naplatu

• kategorija D (sumnjiva aktiva) – u koju se klasifikuju stavke za koje je naplata u cjelosti, imajui u vidu kreditnu sposobnost zajmoprimca, vrijednost i mogunost realizacije sredstava obezbjeenja, malo vjerovatna

• kategorija E (gubitak) – u koju se klasifikuju stavke koje e biti u potpunosti nenaplative, ili e biti naplative u neznatnom iznosu.

Na dan bilansa stanja Banka procjenjuje da li postoji bilo kakav objektivni dokaz da je došlo do umanjenja vrijednosti finansijskog sredstva ili grupe finansijskih sredstava, u skladu sa zahtjevima MRS 39. Objektivni dokaz da je došlo do umanjenja vrijednosti finansijskog sredstva ili grupe finansijskih sredstava obuhvata podatke koje imalac sredstva može da primijeti o nastanku gubitka kao što su:žž

• znaajne finansijske teškoe zajmoprimca • kršenje ugovora, kao što je nemogunost plaanja kamate ili glavnice • garancije izdate od strane zajmodavca zajmoprimcu usljed ekonomskih ili pravnih razloga

zbog finansijske teškoe zajmoprimca, povlastice koje zajmoprimac ne bi uzimao u obzir u nekim drugim okolnostima

• visoka vjerovatnoa bankrotstva ili druge finansijske reorganizacije zajmoprimca • nestanak aktivnog tržišta za to finansijsko sredstvo zbog finansijskih teškoa • objektivni podaci koji pokazuju da postoji mjerljivo smanjenje buduih tokova gotovine

od grupe finansijskih sredstava nakon poetnog priznavanja tih sredstava, mada smanjenje ne može još uvjek da se utvrdi kod pojedinih finansijskih sredstava u grupi, ukljuujui:

- štetne promjene moi zajmoprimca u grupi, ili - nacionalni ili lokalni ekonomski uslovi koji su u vezi sa izmirivanjem obaveza u

grupi.

U skladu sa usvojenom procedurom Banka procjenjuje da li postoje objektivni dokazi o umanjenju vrijednosti pojedinano za finansijska sredstva koja su pojedinano znaajna.

Izraunavanje sadašnje vrijednosti procijenjenih buduih tokova gotovine obezbijeenog finansijskog sredstva odražava novane tokove koji mogu biti rezultat iskljuivanja umanjena za troškove pribavljanja i prodaje kolaterala, bez obzira na to da li je iskljuenje vjerovatno ili ne.

U svrhe zajednike procjene umanjenja vrijednosti, finansijska sredstva koja nisu pojedinano znaajna se grupišu na osnovu slinih karakteristika kreditnog rizika.



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4.2.3. Maksimalna izloženost kreditnom riziku po bilansnim i vanbilansnim stavkama

U hiljadama EUR31. decembar

2007.31. decembar

2006.Bilansne stavke Državni zapisi - 1,461Krediti i avansi bankama 115,694 80,695Krediti i avansi klijentima 719,419 321,722Hartije od vrijednosti raspoložive za prodaju 154 174Finansijska sredstva po pravinoj vrijednosti kroz bilans uspjeha 210 211Hartije od vrijednosti koje se drže do dospijea 517 -Ostala sredstva 4,256 3,592

840,250 407,855Vanbilansne stavke Finansijske garancije 31,833 27,320Nepokriveni akreditivi 3,383 3,817Nepovuene kreditne linije 8,420 12,624

43,636 43,761

Ukupna izloženost 883,886 451,616

Izloženost kreditnom riziku se djelimino kontroliše pribavljanjem instrumenata obezbjeenja i garancija pravnih i fizikih lica. Pored toga, sva fizika lica su u obavezi da svoju mjesenu zaradu primaju preko tekueg rauna kod Banke, u cilju smanjenja kreditnog rizika.

Tipovi instrumenata obezbijeenja su:

• depoziti • pravo zaloge na industrijskim mašinama, hartijama od vrijednosti, zalihama i vozilima • hipoteke na nepokretnostima i fiducijarni prenos vlasništva • mjenice • ovlašenja • administrativne zabrane • žiranti • polise osiguranja.



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4.2.4. Krediti i avansi

Krediti i avansi su prikazani u narednim tabelama:

U hiljadama EUR

Naplativi nedospjeli

Naplativi dospjeli

Individu-alno

obezvri-jeeni

kreditiUkupno,

bruto

Pojedinana ispravka

vrijednosti za individua-lno obezvrije-ne

kredite

Opšta ispravka

vrijednosti

Ukupna ispravka vrijedno-

stiUkupno,

neto31. decembar 2007. godine Stambeni krediti 115,828 8,021 - 123,849 - 1,310 1,310 122,539Prekoraenja po tekuim raunima 5,325 217 - 5,542 - 253 253 5,289Potrošaki krediti 56,782 5,781 - 62,563 - 630 630 61,933Kreditne kartice 5,220 115 - 5,335 - 520 520 4,815Namjenski krediti 9,400 2,469 - 11,869 - 56 56 11,813Ostali krediti fizikim licima,

pokriveni hipotekom 15,656 950 - 16,606 - 168 168 16,438Ostali krediti 1,070 240 - 1,310 - 29 29 1,281Krediti malim preduzeima 203,853 15,469 5,084 224,406 100 2,825 2,925 221,481Krediti srednjim i velikim preduzeima 236,386 11,263 4,000 251,649 36 2,228 2,264 249,385Krediti Vladi i opštinama 22,629 1,448 - 24,077 - 120 120 23,957Krediti finansijskim institucijama 496 - - 496 - 8 8 488 672,645 45,973 9,084 727,702 136 8,147 8,283 719,419Krediti i avansi bankama 115,694 - - 115,694 - - - 115,694

788,339 45,973 9,084 843,396 136 8,147 8,283 835,113

U hiljadama EUR

Naplativi nedospeli

Naplativi dospeli

Individu-alno

obezvri-jeeni

kreditiUkupno,

bruto

Pojedinana ispravka

vrijednosti za individualno obezvrijene

kredite

Opšta ispravka

vrijednosti

Ukupna ispravka vrijedno-

stiUkupno,

neto31. decembar 2006. godine Stambeni krediti 42,594 3,803 - 46,397 - 673 673 45,724Potrošaki krediti 27,375 3,341 - 30,716 - 450 450 30,266Kreditne kartice 1,182 54 - 1,236 - 258 258 978Namjenski krediti 346 - - 346 - 28 28 318Ostali krediti 2,835 170 - 3,005 - 11 11 2,994Krediti malim preduzeima 93,696 5,694 2,000 101,390 18 1,491 1,509 99,881Krediti srednjim i velikim preduzeima 107,085 8,960 9,594 125,639 85 826 911 124,728Krediti Vladi i opštinama 16,262 686 - 16,948 - 115 115 16,833 291,375 22,708 11,594 325,677 103 3,852 3,955 321,722Krediti i avansi bankama 80,695 - - 80,695 - - - 80,695

372,070 22,708 11,594 406,372 103 3,852 3,955 402,417



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4.2.4. Krediti i avansi (nastavak)

a) Naplativi i nedospeli krediti i avansi U hiljadama EUR

Dobra aktiva

Aktiva sa posebnom

napomenom

Substanda-rdna

aktiva Ukupno

31. decembar 2007. godine Stambeni krediti 115,828 - - 115,828Prekoraenja po tekuim raunima 5,325 - - 5,325Potrošaki krediti 56,782 - - 56,782Kreditne kartice 5,220 - - 5,220Namjenski krediti 9,400 - - 9,400Ostali krediti fizikim licima, pokriveni hipotekom 15,656 - - 15,656Ostali krediti 1,070 - - 1,070Krediti malim preduzeima 203,853 - - 203,853Krediti srednjim i velikim preduzeima 236,386 - - 236,386Krediti Vladi i opštinama 22,629 - - 22,629Krediti finansijskim institucijama 496 - - 496

672,645 - - 672,645Krediti i avansi bankama 115,694 - - 115,694

788,339 - - 788,339

U hiljadama EUR

Dobra aktiva

Aktiva sa posebnom

napomenom

Substanda-rdna

aktiva Ukupno

31. decembar 2006. godine Stambeni krediti 42,594 - - 42,594Potrošaki krediti 27,375 - - 27,375Kreditne kartice 1,182 - - 1,182Namjenski krediti 346 - - 346Ostali krediti 2,835 - - 2,835Krediti malim preduzeima 93,696 - - 93,696Krediti srednjim i velikim preduzeima 107,085 - - 107,085Krediti Vladi i opštinama 16,262 - - 16,262

291,375 - - 291,375Krediti i avansi bankama 80,695 - - 80,695

372,070 - - 372,070



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b) Naplativi dospeli krediti i avansi

U hiljadama EUR

Do 30 dana

kašnjenje

Od 31 do 60 dana

kašnjenje

Od 61 do 90 dana

kašnjenje

Od 91 do 180 dana kašnjenje


Od 1 do 5 godine

kašnjenje

Preko 5 godine

kašnjenje Ukupno31. decembar 2007. godine Stambeni krediti 7,369 366 115 171 - - - 8,021Prekoraenja po tekuim

raunima 140 11 5 61 - - - 217Potrošaki krediti 4,910 429 215 227 - - - 5,781Kreditne kartice 57 38 14 6 - - - 115Namjenski krediti 1,809 313 89 258 - - - 2,469Ostali krediti fizikim

licima, pokriveni hipotekom 916 23 11 - - - - 950

Ostali krediti 139 75 2 24 - - - 240Krediti malim

preduzeima 11,955 1,097 1,523 894 - - - 15,469Krediti srednjim i velikim preduzeima 10,787 - 42 434 - - - 11,263Krediti Vladi i opštinama 1,439 - - 9 - - - 1,448 39,521 2,352 2,016 2,084 - - - 45,973

39,521 2,352 2,016 2,084 - - - 45,973

U hiljadama EUR

Do 30 dana

kašnjenje

Od 31 do 60 dana

kašnjenje

Od 61 do 90 dana

kašnjenje



Od 1 do 5 godine

kašnjenje

Preko 5 godine

kašnjenje Ukupno31. decembar 2006. godine Stambeni krediti 3,605 106 45 47 - - - 3,803Potrošaki krediti 3,070 124 85 62 - - - 3,341Kreditne kartice 36 11 6 1 - - - 54Ostali krediti 141 22 1 6 - - - 170Krediti malim

preduzeima 4,533 318 600 243 - - - 5,694Krediti srednjim i velikim preduzeima 8,825 - 17 118 - - - 8,960Krediti Vladi i opštinama 683 - - 3 - - - 686 20,893 581 754 480 - - - 22,708

20,893 581 754 480 - - - 22,708



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c) Fer vrijednost sredstava obezbjeenja

U hiljadama EUR2007. 2006.

Depoziti 168,219 113,327Garancije 31,833 27,320Zaloga 54,882 45,987Hipoteke 1,369,800 761,209

1,624,734 947,843

Banka kao predmet hipoteke uzima nepokretnosti ija vrijednost, po procjeni ovlašenih procjenitelja, mora biti vea minimum 30% od iznosa plasmana. Nekretnine koje se uzimaju kao kolateral su stambeni prostori, porodine stambene zgrade, poslovni objekti, poslovni prostori i zemljište zavisno od lokacije i njegove budue namjene.

Prilikom uzimanja zaloga nad hartijama od vrijednosti, Banka dnevno prati cijenu hartija od vrijednosti koje su uzete kao sredstvo obezbijeenja. Tržišna vrijednost zaloge mora biti 50% vea od vrijednosti plasmana.

d) Restruktuirani krediti i avansi

Banka je zajmoprimcu restruktuirala kredit ako je, zbog pogoršanja dužnikove kreditne sposobnosti:

a. produžila rok otplate za glavnicu ili kamatu b. smanjila kamatnu stopu na odobreni kredit c. smanjila iznos duga, glavnice ili kamate d. napravila druge sline pogodnosti koje olakšavaju finansijsku poziciju zajmoprimca.

Prilikom restruktuiranja kredita Banka vrši finansijsku analizu zajmoprimca i procjenjuje mogunosti zajmoprimca, nakon restruktuiranja kredita, da ostvari novane tokove koji e biti dovoljni za otplatu glavnice i kamate kredita.

Banka je restruktuirala u toku 2007. godine kredite u iznosu od 6,903 hiljada EUR (2006. godine: 2,334 hiljade EUR). e) Steena sredstva obezbjeenja

Na dan 31. decembra 2007. godine, Banka je u okviru ostalih sredstava iskazala steena sredstva obezbijeenja u neto iznosu od 40 hiljada EUR (31.decembra 2006. godine: neto 40 hiljada EUR). Steena sredstva obezbijeenja se odnose na nekretnine i automobile koji su iskazani u vrijednosti ukupnih nenaplaenih potraživanja.

Na dan 31. decembra 2007. godine fer vrijednost ovih sredstava iznosi 106 hiljada EUR.

Banka ima namjeru da steena sredstva obezbijeenja proda u narednom periodu.



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f) Geografska koncentracija

Geografska koncentracija izloženosti Banke kreditnom riziku, bez umanjenja za ispravku vrijednosti, je prikazana u sljedeoj tabeli:

U hiljadama EUR

Crna GoraEvropska

UnijaUSA i

Kanada Ostalo Ukupno

Krediti i avansi bankama 643 114,698 353 - 115,694Krediti i avansi klijentima 715,421 12,281 - - 727,702Hartije od vrijednosti raspoložive za prodaju 154 - - - 154Finansijska sredstva po pravinoj vrijednosti kroz bilans uspjeha 210 - - - 210Hartije od vrijednosti koje se drže do dospijea 517 - - - 517Ostala sredstva 4,256 - - - 4,256 31. decembar 2007. godine 721,201 126,979 353 - 848,533 31. decembar 2006. godine 326,862 80,757 236 - 407,855



24




h) Koncentracija po djelatnostima

Koncentracija po djelatnostima izloženosti Banke kreditnom riziku, bez umanjenja za ispravku vrijednosti je prikazana u sljedeoj tabeli:

U hiljadama EUR

Finansije

Transport, saobracaj i telekomu-

nikacije

Usluge, turizam

ugostite-ljstvo Trgovina

Gradjevi-narstvo Energetika Rudarstvo

Admini-stracija

Trgovina nekretni-

nama

Poljopri-vreda, lov i

ribolov Ostalo Fizicka lica Ukupno Državni zapisi - - - - - - - - - - - - -Krediti i avansi bankama 115,694 - - - - - - - - - - - 115,694Krediti i avansi klijentima 23,241 39,301 71,430 268,081 64,659 - 1,898 6,127 3,492 11,798 15,764 221,911 727,702Hartije od vrijednosti raspoložive za prodaju 116 38 - - - - - - - - - - 154Finansijska sredstva po pravinoj vrijednosti kroz bilans uspjeha 210 - - - - - - - - - - - 210Hartije od vrijednosti koje se drže do dospijea 517 - - - - - - - - - - - 517Ostala sredstva 851 235 645 820 456 - 32 90 56 231 610 230 4,256 31. decembar 2007. godine 140,629 39,574 72,075 268,901 65,115 - 1,930 6,217 3,548 12,029 16,374 222,141 848,533 31. decembar 2006. godine 85,948 835 14,937 169,328 17,302 2,500 987 23,506 5,426 1,833 75 85,178 407,855



25



4.2.5. Vanbilansna evidencija Ronost vanbilansnih stavki po kojima je Banka izložena kreditnom riziku je sljedea:

U hiljadama EUR Nepovuene

kreditne linije Garancije

Nepokriveni akreditivi Ukupno

31. decembar 2007. godine Do 1 godine 8,420 28,782 3,383 40,585Od 1 do 5 godina - 3,051 - 3,051

8,420 31,833 3,383 43,636

U hiljadama EUR Nepovuene

kreditne linije Garancije

Nepokriveni akreditivi Ukupno

31. decembar 2006. godine Do 1 godine 12,624 24,886 2,334 37,510Od 1 do 5 godina - 2,434 1,483 2,434

12,624 27,320 3,817 43,761

4.3. Tržišni rizik

Banka je izložena tržišnim rizicima. Tržišni rizici se javljaju u sluaju otvorenih pozicija, a zbog promjene kamatnih stopa, promjene kursa valute i promjene cijena hartija od vrijednosti koji se mijenjaju u skladu sa tržišnim fluktuacijama. Limiti za izloženost tržišnim rizicima su interno propisani, i usklaeni sa limitima propisanim od strane Centralne banke Crne Gore.

4.3.1. Devizni rizik

Finansijska pozicija i novani tokovi Banke su izloženi efektima promjena kursa valuta. Izloženost deviznom riziku se redovno prati putem usklaivanja sa limitima propisanim od strane Centralne banke Crne Gore.



26


4.3. Tržišni rizik (nastavak)

4.3.1. Devizni rizik (nastavak)

Izloženost riziku od promjena kursa valuta na dan 31. decembra 2007. godine prikazana je u sljedeoj tabeli. Tabela sadrži sredstva i obaveze Banke klasifikovane po valutama.

U hiljadama EURUkupno Lokalna

Ostale strane valutaUSD valute valute (EUR) Ukupno

AKTIVA Gotovina i depoziti kod Centralne banke 1,719 695 2,414 165,750 168,164Krediti i avansi bankama 12,993 588 13,581 102,113 115,694Krediti i avansi klijentima - - - 719,419 719,419Hartije od vrijednosti raspoložive za prodaju - - - 154 154Finansijska sredstva po pravinoj vrijednosti kroz bilans uspeha - - - 210 210Hartije od vrijednosti koje se drže do

dospjeca - - - 517 517Ostala sredstva 61 5 66 4,190 4,256

Ukupna aktiva 14,773 1,288 16,061 992,353 1,008,414

PASIVA Obaveze prema bankama 6 - 6 3,567 3,573Obaveze prema klijentima 14,304 1,073 15,377 827,305 842,682Obaveze po kreditima - - - 133,303 133,303Ostale obaveze 115 7 122 2,573 2,695Rezervisanja - - - 450 450Obaveze za tekui porez - - - 303 303Odložene poreske obaveze - - - 316 316Beneficije zaposlenih - - - 373 373

Ukupno obaveze 14,425 1,080 15,505 968,190 983,695

Neto devizna izloženost: - 31. decembra 2007. godine 348 208 556 24,163 24,719 - 31. decembra 2006. godine (1,303) 431 (872) 8,507 7,635

4.3.2. Rizik od promjene kamatnih stopa

Rizik od promjene kamatnih stopa novanih tokova predstavlja rizik da e budui novani tokovi finansijskog instrumenta biti podložni oscilacijama usljed promjenljivih kamatnih stopa na tržištu. Kamatni rizik fer vrijednosti predstavlja rizik da e vrijednost finansijskog instrumenta biti podložna oscilacijama usljed promjenljivih kamatnih stopa na tržištu. Banka je izložena efektima promjene važeih kamatnih stopa na tržištu i to po osnovu rizika od promjene kamatnih stopa na novane tokove. Kao posljedica takvih promjena može doi do poveanja kamatnih marži; meutim, one mogu umanjiti dobit ili dovesti do gubitka u sluaju neoekivanih kretanja. Kamatne stope se zasnivaju na tržišnim stopama tako da Banka redovno vrši ponovno odreivanje cijena.



27



4.3.2. Rizik od promjene kamatnih stopa (nastavak)

Naredna tabela prikazuje kamatonosna i nekamatonosna sredstva i obaveze Banke na dan 31. decembra 2007 godine:

U hiljadama EURKamatonosno Nekamatonosno Ukupno

AKTIVA Gotovina i depoziti kod Centralne banke 66,850 101,314 168,164 Krediti i avansi bankama 108,592 7,102 115,694Krediti i avansi klijentima 719,419 - 719,419Hartije od vrijednosti raspoložive za prodaju - 154 154Finansijska sredstva po pravinoj vrijednosti kroz dobit ili gubitak - 210 210Hartije od vrijednosti koje se drže do dospijea 517 - 517Ostala sredstva - 4,256 4,256

Ukupna aktiva 895,378 113,036 1,008,414

PASIVA Obaveze prema bankama 740 2,833 3,573Obaveze prema klijentima 778,793 63,889 842,682Obaveze po kreditima 133,303 - 133,303Ostale obaveze - 2,695 2,695

Ukupno obaveze 912,836 69,417 982,253

Neto izloženost riziku od promjene kamatnih stopa: - 31. decembra 2007. godine (17,458) 43,619 26,161 - 31. decembra 2006. godine (11,833) 20,475 8,642



28



4.3.2. Rizik od promjene kamatnih stopa (nastavak)

Sljedea tabela prikazuje godišnje kamatne stope (ukoliko nije drugaije navedeno) za znaajnije valute monetarnih finansijskih instrumenata:

- u procentima- EUR USD

Finansijska sredstva Obavezna rezerva – kamatonosni dio 1% - Hartije od vrijednosti koje se drže do dospijea 6.5%

-

Krediti i avansi bankama 3.3%-3.9% 4.40%-5.17% Kratkoroni krediti klijentima: - pravna lica 4%-12% - - fizika lica 3%-16% - Dugoroni krediti klijentima: - pravna lica 6%-12% - - fizika lica 3%-16% -

Finansijske obaveze Depoziti banaka 1.15%-6.5% - Depoziti klijenata: - pravna lica - fizika lica

0%-10% 0%-6.5%

0%-6%

1.5%-6% Obaveze po kreditima: - Direkcija za razvoj malih i srednjih preduzea 3.5%-7%

-

- Fond za razvoj Republike Crne Gore 1.5%-8% - - KfW EURIBOR+2%-2.4% - - Commerzbank AG EURIBOR+0.15% - - EAR

EURIBOR/LIBOR+2%-3%

-

- DEG&FMO EURIBOR+3.5% - - EFSE 3.5%-EURIBOR+3.5% - - OTP Bank

EURIBOR+1.5%-2.25%

-

4.4. Rizik likvidnosti

Rizik likvidnosti predstavlja rizik da Banka nee moi obezbijediti dovoljno novanih sredstava za izmirenje obaveza u trenutku njihove dospjelosti, ili rizik da e Banka za izmirivanje dospjelih obaveza morati obezbjeivati novana sredstva uz troškove koji su vei od uobiajenih.

4.4.1. Upravljanje rizikom likvidnosti

Usklaenost i kontrolisana neusklaenost dospijea i kamatnih stopa po osnovu sredstava i obaveza su od velikog znaaja za rukovodstvo Banke. Nije uobiajeno da banka ima kompletno usklaenu poziciju, budui da poslovne transakcije esto imaju neodreen rok dospijea i da su razliitih vrsta. Neusklaena pozicija potencijalno poveava profitabilnost, ali i poveava rizik od gubitka.



29


4.4. Rizik likvidnosti (nastavak)

4.4.1. Upravljanje rizikom likvidnosti (nastavak)

Dospijea sredstava i obaveza i sposobnost Banke da po prihvatljivim troškovima obezbijedi izvore sredstava po dospijeu obaveza, važan su inilac u procjeni likvidnosti Banke i njene izloženosti promjenama kamatnih stopa i kurseva.

Potrebe za likvidnošu za pokrivanje garancija odnosno aktiviranih akreditiva su znatno manje od iznosa preuzetih obaveza, budui da Banka ne oekuje da trea strana povue ugovorena sredstva. Ukupni neizmireni iznos ugovorne obaveze kojom se odobrava kredit sa produženim rokom dospijea ne mora nužno dovesti do buduih zahtjeva za likvidnim sredstvima, s obzirom da e mnoge od ovih obaveza istei ili biti okonane bez finansiranja.

Sektor sredstava i likvidnosti dnevno prati izloženost Banke riziku likvidnosti.

Za utvrivanje usklaenosti novanih priliva i odliva, Banka koristi skale dospijea (GAP analiza).

U tabeli koja slijedi prikazana su sredstva i obaveze Banke za preostali period do ugovorenog datuma dospijea, a u odnosu na datum bilansa stanja:

U hiljadama EURDo Od 1 do Od 3 do Od 1 do Preko 5

30 dana 3 mjeseca 12 mjeseci 5 godina godina UkupnoAKTIVA Gotovina i depoziti kod Centralne Banke 168,164 - - - - 168,164Krediti i avansi bankama 65,694 - - 50,000 - 115,694Krediti i avansi klijentima 84,115 52,808 155,418 298,399 128,679 719,419Hartije od vrijednosti raspoložive

za prodaju 154 - - - - 154Finansijska sredstva po pravinoj

vrijednosti kroz dobit ili gubitak 210 - - - - 210Hartije od vrijednosti koje se drže do dospjea 17 - - 500 - 517Nekretnine, postrojenja i oprema - - - - 12,829 12,829Nematerijalna ulaganja - - - - 4,090 4,090Ostala sredstva 2,092 872 1,292 - - 4,256Ukupna aktiva 320,446 53,680 156,710 348,899 145,598 1,025,333

PASIVA Obaveze prema bankama 3,573 - - - - 3,573Obaveze prema klijentima 469,892 100,132 108,268 161,838 2,552 842,682Obaveze po kreditima 2,226 2,738 5,152 106,812 16,375 133,303Obaveze za porez tekue godine - 303 - - - 303Ostale obaveze 780 1,142 773 - - 2,695Rezervisanja - - - - 450 450Odložene poreske obaveze - - - - 316 316Beneficije zaposlenih - - - - 373 373Kapital - - - - 41,638 41,638

Ukupno obaveze i kapital 476,471 104,315 114,193 268,650 61,704 1,025,333

Rona neusklaenost: - 31. decembra 2007. godine (156,025) (50,635) 42,517 80,249 83,894 -

- 31. decembra 2006. godine (1,323) (23,750) (14,295) 28,764 10,604 -



30


4.4. Rizik likvidnosti (nastavak)

4.4.1. Upravljanje rizikom likvidnosti (nastavak)

Struktura sredstava i obaveza na dan 31. decembra 2007. godine ukazuje na postojanje rone neusaglašenosti preostalog perioda dospijea sredstava i obaveza do 1 godine. Primarni razlog navedene neusklaenosti je u injenici da su kratkoroni izvori sredstava sa preostalim rokom dospijea do 1 godine, a prevashodno depoziti po vienju plasirani na duži vremenski period. Meutim, na osnovu istorijskih podataka i iskustva u proteklih pet godina, 30% do 40% depozita po vienju se može smatrati dugoronim izvorom finansiranja.

4.4.2. Ronost finansijskih obaveza prema preostalom roku dospijea (nediskontovani tokovi gotovine)

U hiljadama EUR

Po vienjuDo 1

mesecaOd 1 do 3

mesecaOd 3 do

12 meseciOd 1 do 5

godinaPreko 5 godina Ukupno

31. decembar 2007. godine OBAVEZE Obaveze prema bankama 2,870 731 - - - - 3,601Obaveze prema klijentima 322,560 48,959 98,955 220,723 196,107 3,319 890,623Obaveze po kreditima 2,226 - 3,282 14,060 122,092 20,175 161,835Ostale obaveze - 1,235 1,347 808 - - 3,390Obaveze za odlozeni porez - - - - - 316 316Obaveze za tekuci porez - - 303 - - - 303

327,656 50,925 103,887 235,591 318,199 23,810 1,060,068

U hiljadama EURDepozit po

vienjuDo 1

mesecaOd 1 do 3

mesecaOd 3 do

12 meseciOd 1 do 5

godinaPreko 5 godina Ukupno

31. decembar 2006. godine OBAVEZE Obaveze prema bankama 4,756 374 - - - - 5,130Obaveze prema klijentima 202,628 22,325 39,552 91,075 121,357 3,299 480,236Obaveze po kreditima - 261 3,161 11,745 42,363 12,518 70,048Ostale obaveze - 656 - 262 - - 918Obaveze za odlozeni porez - - - - - 236 236Obaveze za tekuci porez - - 144 - - - 144

207,384 23,616 42,857 103,082 163,720 16,053 556,712



31


4.5. Pravina vrijednost finansijskih sredstava i obaveza

U hiljadama EUR Knjigovodstvena vrijednost Pravina vrijednost

2007. 2006. 2007. 2006.Finansijska sredstva Državni zapisi - 1,461 - 1,461Krediti i avansi bankama 115,694 80,695 115,694 80,695Krediti i avansi klijentima 719,419 321,722 719,419 321,722Hartije od vrijednosti raspoložive za prodaju 154 174 154 174Finansijska sredstva po pravinoj vrijednosti kroz bilans uspjeha 210 211 210 211Hartije od vrijednosti koje se drže do dospjea 517 - 517 -

Finansijske obaveze Obaveze prema bankama 3,573 5,087 3,573 5,087Obaveze prema klijentima 842,682 452,147 842,682 452,147Obaveze po kreditima 133,303 54,407 133,303 54,407

Pravina vrijednost finansijskih instrumenata je iznos za koji sredstva mogu biti prodata, ili obaveze izmirene, izmeu obaviještenih voljnih uesnika u toku trajanja nezavisne transakcije. Obzirom da ne postoji dovoljno tržišnog iskustva za odreene pozicije finansijskih instrumenata Banke, neophodna je procjena pravine vrijednosti, na osnovu postojeih ekonomskih uslova i specifinog rizika koji se može vezati za odreeni instrument. Usljed nerazvijenog tržišta kamatnih stopa, tržišne kamatne stope za finansijske instrumente koji imaju iste rokove i karakteristike se ne mogu realno utvrditi. U takvim uslovima ne može se pouzdano utvrditi pravina vrijednost za odreene finansijske instrumente.

Prilikom procjene pravine vrijednosti finansijskih instrumenata za koje se može utvrditi ovakva vrijednost primijenjeni su sljedei metodi i pretpostavke:

a) Krediti i avansi bankama

Potraživanja od drugih banaka obuhvataju meubankarske plasmane i pozicije u procesu naplate.

Pravina vrijednost plasmana sa varijabilnom kamatnom stopom i prekononih depozita je približno jednaka knjigovodstvenoj vrijednosti ovih finansijskih sredstava iskazanoj na dan bilansa stanja.

b) Krediti i avansi klijentima

U cilju utvrivanja pravine vrijednosti kredita klijentima sa fiksnom kamatnom stopom iskazanih po amortizovanoj vrijednosti, izvršeno je poreenje kamatnih stopa po kojima su krediti odobravani klijentima sa raspoloživim informacijama o preovlaujuim tržišnim kamatnim stopama u bankarskom sektoru Republike Crne Gore, odnosno prosjenim ponderisanim kamatnim stopama po djelatnostima, kao što je prikazano u narednoj tabeli:



32


4.5. Pravina vrijednost finansijskih sredstava i obaveza (nastavak)

b) Krediti i avansi klijentima (nastavak)

- u procentima Godišnja prosjena ponderisana

kamatna stopa

Djelatnost Banka Bankarski sektor u

Crnoj Gori

Finansije 6.74% 7.08% Transport, saobraaj i telekomunikacije 7.34% 7.86% Usluge, turizam i ugostiteljstvo 7.82% 8.41% Trgovina 7.17% 7.74% Graevinarstvo 7.56% 7.82% Energetika 6.95% 7.39% Proizvodnja 7.22% 7.74% Rudarstvo 6.85% 7.41% Administracija i druge javne usluge 5.97% 7.52% Trgovina nekretninama 7.74% 7.82% Fizika lica 8.61% 9.75% Poljoprivreda, lov i ribolov 6.58% 6.87% Ostalo 7.15% 6.72%

Prema mišljenju rukovodstva Banke, pravina vrijednost kredita klijentima obraunata kao sadašnja vrijednost buduih novanih tokova diskontovanih primjenom važeih tržišnih stopa, odnosno prosjenih ponderisanih kamatnih stopa za bankarski sektor, ne odstupa znaajno od iskazanih knjigovodstvenih vrijednosti kredita na dan bilansa stanja. Po mišljenju rukovodstva, iznosi u finansijskim izvještajima odražavaju realnu vrijednost koja je u datim okolnostima najvjerodostojnija i najkorisnija za potrebe finansijskog izvještavanja.

c) Hartije od vrijednosti raspoložive za prodaju

Pravina vrijednost hartija od vrijednosti raspoloživih za prodaju je zasnovana na tržišnim cijenama. Ukoliko informacije o tržišnim cijenama nisu raspoložive, koriste se tržišne cijene kotiranih hartija od vrijednosti sa slinim karakteristikama.

d) Depoziti i obaveze po kreditima

Za depozite po vienju, kao i depozite sa preostalim rokom dospijea kraim od godinu dana, pretpostavka je da procijenjena pravina vrijednost ne odstupa znaajno od knjigovodstvenih vrijednosti iskazanih na dan bilansa stanja.

Procijenjena fer vrijednost kamatonosnih depozita sa fiksnom kamatnom stopom i preostalim rokom dospijea preko godinu dana, bez navedene tržišne cijene bazira se na diskontovanom toku gotovine primjenom važee kamatne stope na nove obaveze sa slinim preostalim dospijeem. Prema mišljenju rukovodstva kamatne stope Banke su usklaene sa važeim tržišnim kamatnim stopama, i shodno tome iznosi u finansijskim izvještajima odražavaju realnu vrijednost koja u datim okolnostima najvjerodostojnije odražava pravinu vrijednost navedenih finansijskih instrumenta.



33


4.5. Pravina vrijednost finansijskih sredstava i obaveza (nastavak)

d) Depoziti i obaveze po kreditima (nastavak)

Za pravinu vrijednost obaveza po kreditima sa varijabilnom kamatnom stopom iskazanih po amortizovanoj nabavnoj vrijednosti pretpostavka je da aproksimira knjigovodstvenoj vrijednosti ovih obaveza na dan izvještavanja.

4.6. Upravljanje kapitalom

Upravljanje kapitalom ima za cilj:

• usaglašenost sa propisima Centralne banke Crne Gore• stalnost poslovanja Banke i • obezbeenje daljeg razvoja i proširenja poslovanja Banke.

Rukovodstvo Banke dnevno vrši kontrolu adekvatnosti kapitala, korišenjem metodologije i limita propisanih od strane Centralne banke Crne Gore. U skladu sa propisima, Banka kvartalno dostavlja izvještaje o stanju i strukturi kapitala Centralnoj banci Crne Gore.

Kapital Banke je klasifikovan na sljedei nain:

• kapital prve klase (uplaeni akcijski kapital, nerasporeena dobit iz prethodnih godina, zakonom propisane rezerve)

• kapital druge klase (rezerve za gubitke po stavkama aktive do 1.25% rizine aktive Banke, obraunata dobit u tekuoj godini, subordinisani kredit).

Rizini kapital Banke ini zbir kapitala prve i druge klase, umanjen za:

• nematerijalna ulaganja i • ulaganja Banke u kapital drugih pravnih lica.

Rizina aktiva se sastoji od stavki aktive i kreditnih ekvivalenata vanbilansnih stavki aktive Banke koje su izložene riziku. Kreditni ekvivalenti vanbilansnih stavki aktive predstavljaju iznos koji je rezultat množenja knjigovodstvene vrijednosti vanbilansnih stavki aktive sa propisanim faktorima konverzije. Ukupnu rizikom ponderisanu aktivu, ini zbir stavki aktive bilansa i kreditnih ekvivalenata vanbilansnih stavki aktive izloženih riziku (rizina aktiva Banke), klasifikovanih u etiri kategorije i pomnoženih sa odgovarajuim propisanim ponderima rizika.



34


4.7. Analize osjetljivosti

4.7.1. Analize osjetljivosti (devizni rizik)

Upravljanje izloženošu deviznom riziku, pored analize potraživanja i obaveza Banke iskazanih u stranoj valuti, ukljuuje i analizu osjetljivosti na promjene deviznog kursa. U sljedeoj tabeli je prikazan scenario promjene deviznog kursa u rasponu od +10% do -10% u odnosu na EUR.

U hiljadama EURPromena u kursu

2007. 10% -10%AKTIVA Novana sredstva i sredstva kod CBCG 168,164 241 (241)Krediti i avansi bankama 115,694 1,358 (1,358)Ostala sredstva 4,256 6 (6)

Ukupna aktiva 288,114 1,605 (1,605)

OBAVEZE Obaveze prema klijentima 842,682 1,538 (1,538)Ostale obaveze 4,137 12 (12)

Ukupno obaveze 846,819 1,550 (1,550)

Neto izlozenost deviznom riziku: - 31. decembar 2007. godine 55 (55)

- 31. decembar 2006. godine (83) 83

Na dan 31. decembra 2007. godine, pod pretpostavkom da su svi ostali parametri nepromijenjeni promjenom deviznog kursa EUR u odnosu na ostale valute za +10% odnosno -10%, dobit Banke bi se poveala odnosno smanjila za iznos od 55 hiljada EUR (31. decembar 2006. godine: 83 hiljade EUR). Uzrok male izloženosti Banke promjeni deviznog kursa je injenica, da je najvei dio potraživanja i obaveza Banke u EUR.



35


4.7. Analize osjetljivosti (nastavak)

4.7.2. Analize osjetljivosti (rizik od promjene kamatnih stopa)

U toku procesa upravljanja rizikom od promjene kamatnih stopa, Banka vrši analizu osjetljivosti promjena potraživanja i obaveza sa varijabilnim kamatnim stopama. U sljedeoj tabeli je prikazan efekat promjene varijabilnih kamatnih stopa za potraživanja i obaveze iskazane u EUR u rasponu od +0.4% p.p. do -0.4% p.p, odnosno za potraživanja i obaveze iskazane u stranim valutama u rasponu od +0.3% p.p. do -0.3% p.p.

U hiljadama EURNeto efekat kao rezultat promjene kamatnih stopa

2007.

+0.4 p.p. EUR KS +0.3 p.p.

FX KS

-0.4 p.p. EUR KS-0.3 p.p.

FX KSAKTIVANovana sredstva i sredstva kod CBCG 168,164 - -Krediti i avansi bankama 115,694 200 (200)Krediti i avansi klijentima 719,419 - -Hartije od vrijednosti raspoložive za prodaju 154 - -Finansijska sredstva po pravinoj vrijednosti kroz bilans uspjeha 210 - -Hartije od vrijednosti koje se drže do dospijea 517 - -Ostala sredstva 4,256 - -

1,008,414 200 (200)

OBAVEZE Obaveze prema bankama 3,573 - -Obaveze prema klijentima 842,682 - -Obaveze po kreditima 133,303 496 (496)Ostale obaveze 4,137 - - 983,695 496 (496)Neto izloženost riziku od promjene kamatnih stopa: - 31. decembar 2007. godine (296) 296 - 31. decembar 2006. godine (194) 194

Pod pretpostavkom da su svi ostali parametri nepromijenjeni, poveanjem varijabilne kamatne stope za potraživanja i obaveze u EUR za 0.4 p.p. odnosno za potraživanja i obaveze u stranoj valuti za 0.3 p.p., dobit Banke bi se smanjila za iznos od 296 hiljada EUR (31. decembar 2006. godine: 194 hiljade EUR).

Pod pretpostavkom da su svi ostali parametri nepromijenjeni, smanjenje varijabilne kamatne stope za potraživanja i obaveze u EUR za 0.4 p.p. odnosno za potraživanja i obaveze u stranoj valuti za 0.3 p.p., dobit Banke bi se poveala za iznos od 296 hiljada EUR (31. decembar 2006. godine: 194 hiljade EUR).

Uzrok male izloženosti Banke promjeni varijabilnih kamatnih stopa je injenica, da je najvei dio potraživanja i obaveza Banke ugovoren sa fiksnom kamatnom stopom.



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5. KRITIKE RAUNOVODSTVENE PROCJENE I PROSUIVANJA U PRIMJENI RAUNOVODSTVENIH POLITIKA

Banka donosi procjene i pretpostavke koje mogu uticati na prikaz iznosa sredstava i obaveza u finansijskim izvještajima za narednu finansijsku godinu. Procjene i prosuivanja bie predmet stalne procjene i donosie se na osnovu istorijskog iskustva i drugih inilaca, ukljuujui oekivanja u pogledu buduih dogaaja za koje se vjeruje da su u okvirima datih okolnosti razumna.

a) Gubitak usljed obezvrjeenja kredita i avansa

Banka vrši pregled svog kreditnog portfolija najmanje jednom u tri mjeseca kako bi procijenila gubitak koji je nastao usljed umanjenja vrijednosti kredita. Prilikom utvrivanja da li gubitak usljed obezvrjeenja treba evidentirati u bilans uspjeha, Banka prosuuje da li postoje bilo kakvi posmatrani podaci koji ukazuju na to da je u procijenjenim buduim novanim tokovima kreditnog portfolija došlo do mjerljivog smanjenja, a prije nego što se takvo smanjenje može identifikovati za svaki pojedinani kredit u okviru kreditnog portfolija. Takav dokaz može ukljuiti posmatrane podatke koji ukazuju na to da je došlo do promjena koje mogu imati štetnog uticaja, i to promjena u statusu dužnika u pogledu otplate kredita Banci, odnosno u privrednim uslovima u državi koji su u direktnoj vezi sa uticajem koji neizmirene ugovorne obaveze plaanja mogu imati na sredstva Banke. Rukovodstvo se oslanja na procjene koje se zasnivaju na istorijskim iskustvima u vezi gubitaka za sredstva sa karakteristikama kreditnog rizika, kao i na objektivnim dokazima o postojanju umanjenja vrijednosti, sline pomenutim u kreditnom portfoliju prilikom procjene buduih tokova gotovine. Metodologija i pretpostavke koji se koriste pri procjeni iznosa buduih tokova gotovine i njihovog vremenskog usklaivanja predmet su stalne kontrole, a u cilju svoenja razlike izmeu procijenjenog i stvarnog gubitka na najmanju moguu mjeru.

b) Umanjenje vrijednosti hartija od vrijednosti raspoloživih za prodaju i ulaganja u pridružena preduzea

Banka utvruje da je došlo do umanjenja vrijednosti u hartijama od vrijednosti raspoloživim za prodaju onda kada doe do znaajnog ili produženog smanjenja njihove fer vrijednosti i to ispod njihove nabavne vrijednosti. Odreivanje šta je znaajno ili produženo zahtijeva rasuivanje. Umanjenje vrijednosti može biti opravdano onda kada postoji dokaz da je došlo do pogoršanja u finansijskoj poziciji preduzea u koje se ulaže, privrednoj grani ili sektoru, kao i u novanim tokovima iz poslovanja i finansiranja.

6. PRIHODI I RASHODI PO OSNOVU KAMATA I SLINI PRIHODI I RASHODI

a. Prihodi po osnovu kamata i slini prihodi U hiljadama EUR

Godina koja se završava 31. decembra 2007. 2006.

Krediti i avansi dati komitentima 44,897 23,271Plasmani bankama 4,336 2,114Blagajniki zapisi 7 104Obavezna rezerva 392 124

49,632 25,613



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6. PRIHODI I RASHODI PO OSNOVU KAMATA I SLINI PRIHODI I RASHODI (nastavak)

b. Rashodi po osnovu kamata i slini rashodi

U hiljadama EURGodina koja se završava

31. decembra 2007. 2006.

Depoziti od komitenata 24,577 13,177Depoziti od banaka 566 1,198Obaveze po kreditima 4,529 1,856Obaveza po subordiniranom kreditu 438 -

30,110 16,231

7. PRIHODI I RASHODI PO OSNOVU NAKNADA I PROVIZIJA

a. Prihodi po osnovu naknada i provizija


31. decembra 2007. 2006.

Naknade za bankarske usluge platnog prometa u zemlji i inostranstvu 12,761 10,785Prihodi od naknada po poslovima sa kreditnim karticama 2,090 1,125Prihodi od naknada za izdate garancije i druge potencijalne obaveze 1,038 948Ostalo 833 743

16,722 13,601

b. Rashodi po osnovu naknada i provizija


31. decembra 2007. 2006.

Rashodi naknada i provizija za usluge platnog prometa u zemlji 1,359 1,318Rashodi naknada i provizija za usluge meunarodnog platnog prometa 1,060 923Rashodi od naknada po osnovu garancijskog poslovanja - 115Rashodi od naknada po poslovima sa karticama 886 561

3,305 2,917



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8. PRIHODI IZ TRGOVANJA, Neto U hiljadama EUR


Kursne razlike: - neto gubici po osnovu nerealizovanih kursnih razlika (61) (38) - neto dobici po osnovu realizovanih kursnih razlika 1,153 912

1,092 874

9. OSTALI POSLOVNI RASHODI U hiljadama EUR


Troškovi zaposlenih 9,280 6,451Administrativni troškovi 2,370 1,690Amortizacija: - nekretnine, postrojenja i oprema 900 895 - nematerijalna ulaganja 685 494Zakup po osnovu operativnog lizinga 832 367Ulaganja u kompjuterski softver i hardver 955 580Troškovi održavanja vozila 169 94Profesionalne usluge 451 362Premija za zaštitu depozita 1,430 707Reprezentacija i marketing, pretplate i donacije 2,873 1,532Ostalo 609 303

20,554 13,475

10. RASHODI INDIREKTNIH OTPISA PLASMANA I REZERVISANJA


31. decembra 2007. 2006.

Krediti klijentima 5,460 3,237Ukidanje rezervisanja za otplaene kredite - (118)(Ukidanje rezervisanja)/rezervisanja za potencijalne obaveze, neto (97) 566Ukidanje rezervisanja za obraunatu kamatu i ostalu aktivu, neto (90) -Troškovi rezervisanja za otpremine i jubilarne nagrade zaposlenih 373 -

5,646 3,685



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11. POREZ NA DOBIT

a. Komponente poreza na dobit U hiljadama EUR


Tekui porez (586) (347)Odloženi porez (80) (77)

(666) (424)

b. Usaglašavanje iznosa poreza na dobit u bilansu uspjeha i proizvoda rezultata prije oporezivanja i propisane poreske stope


31. decembra 2007. 2006.

Dobit prije oporezivanja 9,076 4,334

Porez na dobit (9%) 817 390Efekti usaglašavanja sa osnovicom za obraun poreza na dobit u skladu sa propisima Centralne banke Crne Gore (200) -Troškovi koji se ne priznaju u poreskom bilansu 49 34

Porez prikazan u bilansu uspjeha 666 424

Efektivna poreska stopa 7.34% 9.78%

Na dan 31. decembra 2007. godine, odložene poreske obaveze u iznosu od 316 hiljada EUR, odnose se na privremene razlike na nekretninama, postrojenjima i opremi.

12. NOVANA SREDSTVA I SREDSTVA KOD CENTRALNE BANKE


2007.31. decembar

2006.

Gotovina u blagajni 25,262 21,735Gotovina u procesu naplate 688 348ekovi u procesu naplate 413 365Žiro raun 30,385 10,411Obavezna rezerva kod Centralne banke Crne Gore 111,416 80,468

168,164 113,327



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12. NOVANA SREDSTVA I SREDSTVA KOD CENTRALNE BANKE (nastavak)

Obavezna rezerva sa stanjem na dan 31. decembra 2007 godine izdvojena je u skladu sa Odlukom Centralne banke Crne Gore o obaveznoj rezervi banaka kod Centralne banke Crne Gore (“Sl. list RCG” 14/06 od 10. marta 2006. godine), koja propisuje da banke izdvajaju obaveznu rezervu primjenom diferenciranih stopa:

− 19% na depozite po vienju i oroene depozite iji je rok do dospijea, na dane obraunavanja obavezne rezerve, krai od 90 dana;

− 5% na oroene depozite iji je rok do dospijea, na dane obraunavanja obavezne rezerve, duži od 90 dana, a krai od jedne godine.

Obraunavanje obavezne rezerve se vrši primjenom navedenih stopa na prosjean iznos depozita u toku prethodnog nedjeljnog perioda, dva dana prije isteka perioda održavanja.

Obraunatu obaveznu rezervu banka izdvaja na raun obavezne rezerve u zemlji i/ili na raune Centralne banke u inostranstvu, s tim što može do 10% obavezne rezerve izdvojiti blokiranjem državnih zapisa Republike Crne Gore. Na 40% ukupno izdvojenih sredstava obavezne rezerve banke, Centralna banka obraunava kamatu po stopi od 1% na godišnjem nivou, a plaa do osmog u mjesecu za prethodni mjesec. Obavezna rezerva se izdvaja u EUR.

13. KREDITI I AVANSI BANKAMA U hiljadama EUR

31. decembar 2007.

31. decembar2006.

Rauni kod domaih banaka 643 609Rauni kod stranih banaka 6,937 1,894Pokria po kreditima, garancijama i akreditivima 56,358 5,938Plasmani kod inostranih banaka: - do jedne godine 51,512 72,254 - preko jedne godine 244 -

115,694 80,695

Na dan 31. decembra 2007. godine, kratkoroni plasmani kod inostranih banaka, najveim dijelom lanica Evropske Unije, u iznosu od 51,512 hiljada EUR plasirani su na period od tri dana do tri mjeseca uz kamatnu stopu u rasponu od 4.40% do 5.17% na godišnjem nivou za plasmane u USD, odnosno u rasponu od 3.30% do 3.69% za plasmane u EUR.

Na dan 31. decembra 2007. godine, izdvojena pokria po kreditima, garancijama i akreditivima u iznosu od 56,358 hiljada EUR, najveim dijelom se odnose na položena novana pokria kod Commerzbank, AG, Frankfurt u iznosu od 55,744 hiljade EUR. Sredstva su položena kao pokrie po osnovu primljenog kredita od Kreditanstalt fur Wiederaufbau ("KfW"), Frankfurt am Main, u iznosu od 5,477 hiljada EUR uz kamatnu stopu u rasponu od 3.40% do 3.90% na godišnjem nivou i po osnovu primljenog kredita od Commerzbank AG, Frankfurt am Main, u iznosu od 50,297 hiljada EUR, na period od dvije godine uz kamatnu stopu u visini kvartalnog EURIBOR-a – 0.025% na godišnjem nivou.



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14. KREDITI I AVANSI KLIJENTIMA U hiljadama EUR

31. decembar 2007.

31. decembar2006.

Do jedne godine u EUR 294,309 136,650Preko jedne godine u EUR 433,393 189,027

727,702 325,677

Minus: ispravka vrijednosti (8,283) (3,955)

719,419 321,722

Krediti sa rokom dospijea do jedne godine u EUR su najveim dijelom odobreni preduzeima u svrhe promovisanja i podržavanja trgovinskih aktivnosti, industrijske proizvodnje, finansiranja uvoza, kao i za likvidnost i ostale svrhe. Ovi krediti su naješe plasirani na period od trideset dana do jedne godine, uz kamatnu stopu u rasponu od 4% do 12% na godišnjem nivou.

Krediti sa rokom dospijea preko jedne godine ukljuuju kredite malim i srednjim preduzeima koji su plasirani u svrhe finansiranja obrtnog kapitala i nabavke osnovnih sredstava u sektorima usluga, proizvodnje, trgovine i poljoprivrede uz kamatnu stopu od 6% do 12% na godišnjem nivou.

Krediti plasirani fizikim licima su uglavnom odobravani za kupovinu stanova, opreme, automobila i robe široke potrošnje, sa rokom dospijea od jedne do dvanaest godina i uz kamatnu stopu u rasponu od 3% do 16% na godišnjem nivou.

Kretanje na ispravci vrijednosti nenaplativih potraživanja je sljedee:


2007.31. decembar

2006.

Stanje na dan 1. januara 3,955 2,012Ispravke u toku godine, neto 5,460 3,237Prenos sa rezervisanja za potencijalne obaveze 80 160Prenos sa rezervisanja za ostala sredstva 18 -Ukidanje rezervisanja za otplaene kredite - (118)Otpis (1,221) (1,654)Ostalo (9) 318

Stanje na dan 31. decembra 8,283 3,955

15. HARTIJE OD VRIJEDNOSTI RASPOLOŽIVE ZA PRODAJU


2007.31. decembar

2006.Vlasnike hartije od vrijednosti - po pravinoj vrijednosti: - kotirane 119 110 - nekotirane 35 64

154 174



42

15. HARTIJE OD VRIJEDNOSTI RASPOLOŽIVE ZA PRODAJU (nastavak)

Banka ima ulaganja u hartije od vrijednosti sljedeih pravnih lica:


2007.31. decembar

2006.

Zetatrans A.D., Podgorica 38 38Loven osiguranje A.D., Podgorica 43 34Magrom d.o.o., Cetinje - 48Centralna Depozitarna agencija, Podgorica 38 38Nova Berza 35 16

154 174

16. HARTIJE OD VRIJEDNOSTI PO PRAVINOJ VRIJEDNOSTI KROZ BILANS USPJEHA

Na dan 31. decembra 2007. godine, hartije od vrijednosti po pravinoj vrijednosti kroz bilans uspjeha u iznosu od 210 hiljada EUR (31. decembra 2006 godine: 211 hiljada EUR) odnose se na 35.49% vlasništva nad Društvom za upravljanje investicionim fondom Moneta A.D., Podgorica koje je raunovodstveno obuhvaeno po pravinoj vrijednosti.

17. HARTIJE OD VRIJEDNOSTI KOJE SE DRŽE DO DOSPIJEA

Na dan 31. decembra 2007. godine, hartije od vrijednosti koje se drže do dospijea u iznosu od 517 hiljada EUR odnose se na obveznice NLB Montenegro banke A.D., Podgorica, koje su plasirane sa rokom dospijea 21. jul 2010. godine uz kamatnu stopu od 6.5% godišnje. Kamata se isplauje polugodišnje, 21. januara i 21. jula u godini do dospijea obveznica.

18. NEKRETNINE, POSTROJENJA, OPREMA I NEMATERIJALNA ULAGANJA

U hiljadama EUROprema i Nemateri-

Graevinski ostala Investicije jalnaobjekti sredstva u toku ulaganja Ukupno

Nabavna vrijednost Stanje na poetku godine 8,575 5,619 - 5,492 19,686Poveanja 153 1,711 30 1,075 2,969Prenosi - (221) 374 (153) -Otuenja i rashodovanja - (115) - - (115)Stanje na kraju godine 8,728 6,994 404 6,414 22,540

Ispravka vrijednosti Stanje na poetku godine 620 1,913 - 1,560 4,093Amortizacija 171 729 - 685 1,585Otuenja i rashodovanja - (57) - - (57)Prenos (13) (66) - 79 -Stanje na kraju godine 778 2,519 - 2,324 5,621

Neotpisana vrijednost na dan: - 31. decembra 2007. godine 7,950 4,475 404 4,090 16,919 - 31. decembra 2006. godine 7,955 3,706 - 3,932 15,593



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19. OSTALA SREDSTVAU hiljadama EUR

31. decembar 2007.

31. decembar2006.

Potraživanja za naknade 2,219 2,447Potraživanja po osnovu poreza 851 452Razgranieni troškovi 166 130Potraživanja po osnovu avansa 20 44Ostala potraživanja po osnovu prolaznih rauna 421 145Ostalo 590 493

4,267 3,711Minus: ispravka vrijednosti (11) (119)

4,256 3,592

Kretanje na ispravci vrijednosti nenaplativih potraživanja je sljedee:


31. decembra 2007. 2006.

Stanje na dan 1. januara 119 21Ukidanje rezervisanja u toku godine (90) -Prenosi (18) 90Ostalo - 8

Stanje na dan 31. decembra 11 119

20. OBAVEZE PREMA BANKAMA U hiljadama EUR

31. decembar 2007.

31. decembar2006.

Obaveze prema domaim bankama: - depoziti po vienju 2,844 4,714 - kratkoroni depoziti 729 373

3,573 5,087

Na depozite po vienju banaka obraunava se kamata u rasponu od 1.15% do 3% na godišnjem nivou.

Kratkorono oroeni depoziti banaka deponovani su uz kamatnu stopu od 1.5% do 6.5% na godišnjem nivou.



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21. OBAVEZE PREMA KLIJENTIMA U hiljadama EUR

31. decembar 2007.

31. decembar2006.

Depoziti po vienju u EUR: - Preduzea 128,635 71,654 - Vladine institucije 27,878 30,010 - Fizika lica 150,002 82,318 - Strane organizacije - - - Ostalo 6,205 4,481Depoziti po vienju u stranim valutama: - Preduzea 2,904 8,894 - Vladine institucije 100 37 - Fizika lica 4,390 3,427 - Strane organizacije - - - Ostalo - -Kratkoroni depoziti u EUR: - Preduzea 123,484 45,674 - Vladine institucije 11,023 21,089 - Fizika lica 212,215 66,186 - Strane organizacije - 5,000 - Ostalo 5,137 3,000Kratkoroni depoziti u stranim valutama: - Preduzea 705 769 - Fizika lica 5,613 6,921 - Ostalo - -Dugoroni depoziti u EUR: - Preduzea 107,694 35,396 - Vladine institucije 10,000 15,402 - Fizika lica 45,153 51,889Dugoroni depoziti u stranim valutama: - Fizika lica 1,544 -

842,682 452,147

Na depozite po vienju pravnih lica se obraunava kamata u rasponu od 1.15% do 3% na godišnjem nivou.

Kratkorono i dugorono oroeni depoziti pravnih lica deponovani su uz kamatnu stopu od 1% do 8% godišnje, odnosno od 5% do 10% godišnje.

Odreeni depoziti po vienju i kratkorono oroeni depoziti pravnih lica i fizikih lica su nekamatonosni, ukoliko je to predvieno ugovorom.

Na depozite po vienju fizikih lica obraunava se kamata u rasponu od 1.15% do 3% na godišnjem nivou.

Kratkorono i dugorono oroeni depoziti fizikih lica deponovani su uz kamatnu stopu od 1% do 6% godišnje, odnosno od 4.5% do 6.5% godišnje.



45

22. OBAVEZE PO KREDITIMA U hiljadama EUR

31. decembar 2007.

31. decembar2006.

Obaveze prema domaim kreditorima: - Direkcija za razvoj malih i srednjih preduzea 1,581 1,068 - Fond za razvoj Republike Crne Gore 7,827 3,786 - Loven osiguranje A.D. - 150Obaveze prema inostranim kreditorima: - Kreditanstalt fur Wiederaufbau ("KfW"), Frankfurt am Main 4,589 6,253 - Commerzbank AG, Frankfurt am Main 50,308 - - European Agency for Reconstruction (EAR) 899 1,198 - DEG and FMO 6,738 3,926 - European Fund for Southeast Europe, Luxembourg 13,740 13,605 - OTP Bank, Budapest: - komercijalni krediti 35,580 24,109 - subordinirani kredit 12,041 - - Banca Intesa, Beograd - 312

133,303 54,407

Na dan 31. decembra 2007. godine, obaveze po dugoronim kreditima u domaoj valuti u iznosu od 1,581 hiljada EUR predstavljaju obaveze po kreditima primljenim od Direkcije za razvoj malih i srednjih preduzea na period od tri do šest godina uz kamatnu stopu u rasponu od 3.5% do 7% na godišnjem nivou.

Na dan 31. decembra 2007. godine, obaveze po dugoronim kreditima u domaoj valuti u iznosu od 7,827 hiljada EUR predstavljaju obaveze po kreditima primljenim od Fonda za razvoj Republike Crne Gore na period od tri do pet godina, sa grace periodom od šest mjeseci do tri godine i uz kamatne stope u rasponu od 1.5% do 8% na godišnjem nivou.

Na dan 31. decembra 2007. godine, obaveze po dugoronim kreditima u domaoj valuti u iznosu od 4,589 hiljada EUR predstavljaju obaveze po kreditima primljenim od Kreditanstalt fur Wiederaufbau ("KfW"), Frankfurt am Main na period od pet godina uz kamatnu stopu u visini EURIBOR-a uveanog u rasponu od 2% do 2.4% na godišnjem nivou.

Na dan 31. decembra 2007. godine, obaveze po dugoronim kreditima u domaoj valuti u iznosu od 50,308 hiljada EUR predstavljaju obaveze po kreditu primljenom od Commerzbank AG, Frankfurt am Main na period od dvije godine uz kamatnu stopu u visini kvartalnog EURIBOR-a uveanog za 0.15% na godišnjem nivou.

Na dan 31. decembra 2007. godine, obaveze po dugoronim kreditima u domaoj valuti u iznosu od 899 hiljada EUR predstavljaju obaveze po kreditima primljenim od European Agency for Reconstruction na period od pet godina uz kamatnu stopu u visini promjenljivog EURIBOR-a/LIBOR-a uveanog u rasponu od 2% do 3% na godišnjem nivou.

Na dan 31. decembra 2007. godine, obaveze po dugoronim kreditima u domaoj valuti u iznosu od 6,738 hiljada EUR predstavljaju obaveze po kreditima primljenim od Deutche Investitions und Entwicklungsgesellschaft GmB, Keln (DEG) i Nederlandse Financierings Maatschapij voor Ontwikkelingsladen N.V, Hag (FMO) na period od tri godine uz kamatnu stopu u visini EURIBOR-a uveanog za 3.5% na godišnjem nivou.



46

22. OBAVEZE PO KREDITIMA (nastavak)

Na osnovu ugovora zakljuenih sa DEG-om i FMO, Banka je u obavezi da do konane otplate obaveza po kreditima ispunjava odreene pokazatelje poslovanja propisane ugovorom. Na dan 31. decembra 2007. godine, prema obraunu Banke, koeficijent solventnosti i pokazatelj ulaganja u osnovna sredstva iznose 13.25%, odnosno 39.09% i usklaeni su sa Sporazumom o otklanjanju nepravilnosti u poslovanju zakljuenim sa Centralnom bankom Crne Gore dana 4. decembra 2006. godine (napomena 24).

Na dan 31. decembra 2007. godine, obaveze po dugoronim kreditima u domaoj valuti u iznosu od 13,740 hiljada EUR predstavljaju obaveze po kreditima primljenim od European Fund for Southeast Europe, Luxembourg na period od pet do deset godina uz kamatnu stopu u visini od 3.5% godišnje, odnosno u visini EURIBOR-a uveanog u rasponu od 3% do 3.5% na godišnjem nivou.

Na dan 31. decembra 2007. godine, obaveze po dugoronim kreditima u domaoj valuti u iznosu od 35,580 hiljada EUR predstavljaju obaveze po komercijalnim kreditima primljenim od OTP Bank, Budapest na period od pet godina uz kamatnu stopu u visini EURIBOR-a uveanog u rasponu od 1.5% do 1.95% na godišnjem nivou. Na osnovu ugovora zakljuenih sa OTP Bank, Budapest, Banka je u obavezi da do konane otplate obaveza po kreditu održava minimalni koeficijent adekvatnosti kapitala koji je obraunat saglasno Bazelskoj konvenciji.

Na dan 31. decembra 2007. godine, obaveze po dugoronim kreditima u domaoj valuti u iznosu od 12,041 hiljada EUR predstavlja obavezu po subordiniranom kreditu primljenim od OTP Bank, Budapest na period od sedam godina uz kamatnu stopu u visini EURIBOR-a uveanog za 2.25% na godišnjem nivou.

23. OSTALE OBAVEZE U hiljadama EUR

31. decembar 2007.

31. decembar2006.

Dobavljai 487 152Pasivna vremenska razgranienja 174 43Obaveze za ukalkulisane bonuse 239 -Obaveze za indirektne poreze i doprinose 451 252Obaveze po osnovu poreza 1,338 452Ostalo 6 -

2,695 899

24. REZERVISANJA

Kretanje na rezervisanju za potencijalne gubitke je sljedee: U hiljadama EUR


Stanje na dan 1. januara 627 273Ukidanje rezervisanja u toku godine, neto (97) 566Prenosi (80) (250)Ostalo - 38

Stanje na dan 31. decembra 450 627



47

25. AKCIJSKI KAPITAL

Na dan 31. decembra 2007. godine akcijski kapital Banke ini 62,344 obine akcije pojedinane nominalne vrijednosti od 511.29 EUR.

Skupština akcionara je 29. januara 2007. godine, donijela Odluku o emisiji obinih akcija po osnovu prava pree kupovine postojeim akcionarima u vrijednosti od 10,000 hiljada EUR, odnosno 19,559 akcija nominalne vrijednosti 511.29 EUR. Komisija za hartije od vrijednosti je dana 7. februara 2007. godine donijela Rješenje o utvrivanju uspješnosti emisije akcija u ukupnoj vrijednosti od 10,000 hiljada EUR.

Na osnovu Odluke Skupštine akcionara od 29. maja 2007. godine, dobit za 2006. godinu u iznosu od 3,910 hiljada EUR, je raspodijeljena postojeim akcionarima u vidu 7,647 obinih akcija nominalne vrijednosti od 511.29 EUR (reinvestiranje dividendi). Komisija za hartije od vrijednosti je dana 29. juna 2007. godine donijela Rješenje o evidentiranju emisije akcija po osnovu raspodjele dobiti.

Na dan 31. decembra 2007. godine, jedini akcionar Banke je OTP Bank, Budapest sa 100% udjela u kapitalu.

U skladu sa propisima Centralne banke Crne Gore, Banka je obavezna da održava minimalan stepen adekvatnosti kapitala od 8%. Banka je dužna da obim svog poslovanja uskladi sa propisanim pokazateljima, odnosno da obim i strukturu svojih rizinih plasmana uskladi sa Zakonom o bankama i propisima Centralne banke Crne Gore.

U skladu sa zakljuenim Sporazumom o otklanjanju nepravilnosti u poslovanju sa Centralnom bankom Crne Gore dana 4. decembra 2006. godine, konstatovanih u Izvještaju o kontroli Centralne banke Crne Gore br. 02/46/1 od 13. oktobra 2006. godine, sa finansijskim podacima na dan 31. avgusta 2006, Banka je dužna da do 31. decembra 2007. godine održava koeficijent solventnosti na nivou od najmanje 12% i da pokazatelj ulaganja u osnovna sredstva svede na nivo koji ne može prelaziti 40% kapitala prve klase. Pored toga, do 31. decembra 2008. godine, Banka je dužna da pokazatelj ulaganja u osnovna sredstva u potpunosti uskladi sa propisanim zakonskim okvirima, odnosno svede na propisani maksimum od 20% kapitala prve klase, odnosno maksimum od 30% uz prethodno odobrenje Centralne banke Crne Gore. Na dan 31. decembra 2007 godine, koeficijent solventnosti Banke i pokazatelj ulaganja u osnovna sredstva iznose 13.25%, odnosno 39.09%.



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26. VANBILANSNE POZICIJE U hiljadama EUR

31. decembar 2007.

31. decembar2006.

a) Poslovi u ime i za raun treih lica - 3,469- 3,469

b) Garancije, jemstva, preuzete neopozive obaveze Plative garancije 11,732 18,613inidbene garancije 20,101 8,707Nepokriveni akreditivi 3,383 3,817Nepovuene kreditne linije 8,420 12,624

43,636 43,761

c) Druge vanbilansne pozicije Otpisani krediti 1,891 1,954Otpisana i suspendovana kamata 294 -Ostali vanbilans 395 -

2,580 1,954

46,216 49,184

Preuzete obaveze

Preuzete obaveze po ugovorima o operativnom lizngu do datuma bilansa stanja koje nisu iskazane u finansijskim izvještajima su sljedee:


2007.31. decembar

2006.

Do 1 godine 1,278 802Od 1 do 5 godina 4,358 3,834Preko 5 godina 2,906 3,430

8,542 8,066



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27. TRANSAKCIJE SA POVEZANIM LICIMA

Stanje bilansne izloženosti prema povezanim licima na datum bilansa stanja je sljedee:


2007.31. decembar

2006.Krediti i avansi klijentima: - Radnici Banke 8,312 2,775 - Povezana preduzea 1,503 -

Ukupno potraživanja 9,815 2,775

Obaveze prema klijentima: - Radnici Banke 8,066 4,526 - Povezana preduzea 7 -

8,073 4,526Obaveze po kreditima: - OTP Bank, Budapest (komercijalni krediti) 35,580 24,109 - OTP Bank, Budapest (subordinirani kredit) 12,041 -

47,621 -

Ukupno obaveze 55,694 28,635

Obaveze, neto (45,879) (25,860)

Prihodi i rashodi nastali iz transakcija sa povezanim pravnim licima u toku 2007. i 2006. godine su sljedei:

U hiljadama EURGodina koja se završava 31. decembra 2007. 2006.

Prihodi po osnovu kamata: - Radnici Banke 516 141 - Povezana preduzea 78 -

Ukupno prihodi 594 141

Rashodi po osnovu kamata: - Radnici Banke (358) (16) - Povezana preduzea (1) - - OTP Bank, Budapest (2,022) (376)

Ukupno rashodi (2,381) (392)

Rashodi, neto (1,787) (251)

Tokom 2007 godine, naknade isplaene licima sa posebnim ovlašenjima i odgovornostima iznose 1,027 hiljada EUR (2006. godine: 679 hiljada EUR).



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28. PORESKI RIZICI

Poreski zakoni Republike Crne Gore se esto razliito tumae i predmet su estih izmjena. Tumaenje poreskih zakona od strane poreskih vlasti u odnosu na transakcije i aktivnosti Banke mogu se razlikovati od tumaenja rukovodstva Banke. Kao rezultat iznijetog, transakcije mogu biti osporene od strane poreskih vlasti i Banci može biti odreen dodatni iznos poreza, kazni i kamata. Period zastarjelosti poreske obaveze je pet godina. To praktino znai da poreske vlasti imaju prava da odrede plaanje neizmirenih obaveza u roku od pet godina od kada je obaveza nastala.

29. DEVIZNI KURSEVI

Zvanini kursevi valuta koji su korišeni za preraun deviznih pozicija bilansa stanja u EUR na dan 31. decembra 2007. i 2006. godine bili su:

31. decembar 2007.

31. decembar 2006.

USD 0.6806 0.7593CHF 0.6023 0.6223GBP 1.3609 1.4892


Financial Statements December 31, 2007 and Independent Auditors’ Report


CONTENTS

Page

Independent Auditors’ Report 1 - 2

Income Statement 3

Balance Sheet 4

Statement of Changes in Equity 5

Cash Flow Statement 6

Notes to the Financial Statements 7 - 48

Deloitte d.o.o. Bulevar Ivana Crnojevia 107 81000 Podgorica Crna Gora

Tel: +382 (0) 81 664-017 +382 (0) 81 664-012 Fax: +382 (0) 81 664-016 www.deloitte.com

INDEPENDENT AUDITORS’ REPORT

To the Board of Directors and Shareholder of Crnogorska komercijalna banka A.D., Podgorica

We have audited the accompanying financial statements (pages 3 to 48) of Crnogorska komercijalna banka A.D., Podgorica (the “Bank”), which comprise the balance sheet as of December 31, 2007 and the related income statement, statement of changes in equity and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements, and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Crnogorska komercijalna banka A.D., Podgorica as of December 31, 2007, and its financial performance, changes in equity and its cash flows for the year then ended in accordance with International Financial Reporting Standards.

(Continued)

2

INDEPENDENT AUDITORS’ REPORT

To the Board of Directors and Shareholder of Crnogorska komercijalna banka A.D., Podgorica (Continued)

Emphasis of Matters

Without qualifying our opinion, we draw attention to the following matters:

(a) As disclosed in Note 25 to the financial statements, the Bank is required to maintain certain minimum or maximum ratios with respect to its activities and composition of risk assets in compliance with the Law on Banks of the Republic of Montenegro and with the Central Bank of Montenegro Regulations. As of December 31, 2007, the ratio of investments in fixed assets amounted to 39.09 percent and was higher than the prescribed maximum of 20 percent of the first-class equity, or maximum 30 percent, upon special approval by the Central Bank of Montenegro. In accordance with the Agreement executed with the Central Bank of Montenegro dated December 4, 2006, the Bank is required to comply with the prescribed ratio until December 31, 2008.

(b) As disclosed in Note 28 to the financial statements, the Republic of Montenegro tax legislation is subject to different interpretations and changes which occur frequently. The interpretation of tax legislation by tax authorities as applied to the transactions and activity of the Bank may not be in line with that of the management. As a result, Bank’s transactions may be challenged by tax authorities and the Bank may be assessed additional taxes, penalties and interest, which could be material. The Bank’s tax statements may be reviewed or audited for a period of five years from the filing date of such statements.

Deloitte d.o.o. Podgorica Republic of Montenegro

February 29, 2008


4

BALANCE SHEET As of December 31, 2007 (thousands of EUR)

Notes 2007 2006ASSETS Cash and balances with the Central Bank 3.4, 12 168,164 113,327Treasury bills - 1,461Loans and advances to banks 13 115,694 80,695Loans and advances to customers 14 719,419 321,722Available for sale securities 3.5, 15 154 174Financial assets at fair value through profit and loss 3.5, 16 210 211Securities held to maturity 3.5, 17 517 -Property, plant and equipment 3.7, 18 12,829 11,661Intangible assets 3.6, 18 4,090 3,932Other assets 19 4,256 3,592

Total assets 1,025,333 536,775

LIABILITIES Deposits from banks 20 3,573 5,087Due to customers 21 842,682 452,147Other borrowed funds 3.8, 22 133,303 54,407Other liabilities 23 2,695 899Provisions 3.9, 24 450 627Current income tax liabilities 3.3 303 144Deferred tax liabilities 3.3, 11 316 236Employee benefits 3.10 373 -

Total liabilities 983,695 513,547

EQUITY Share capital 25 31,876 17,966Other reserves 946 946Retained earnings 8,816 4,316

Total equity 41,638 23,228

Total liabilities and equity 1,025,333 536,775

OFF-BALANCE-SHEET ITEMS 26 46,216 49,184

The accompanying notes form an integral part of these financial statements.


5

STATEMENT OF CHANGES IN EQUITY Year Ended December 31, 2007 (thousands of EUR)

Share Other Retained Capital Reserves Earnings Total

Balance at January 1, 2006 15,347 946 3,025 19,318New issuance of shares based on distribution of FY 2005 profit 2,619 - (2,619) -Profit for the year - - 3,910 3,910

Balance at December 31, 2006 17,966 946 4,316 23,228

Balance at January 1, 2007 17,966 946 4,316 23,228New issuance of shares based on distribution of FY 2006 profit 3,910 - (3,910) -New issuance of shares 10,000 - - 10,000Profit for the year - - 8,410 8,410

Balance at December 31, 2007 31,876 946 8,816 41,638



6

CASH FLOW STATEMENT Year Ended December 31, 2007 (thousands of EUR)

2007 2006Cash flows from operating activities Interest and similar income received 49,632 25,613Interest and similar charges paid (30,110) (16,231)Fee and commission received 16,722 13,601Fee and commission paid (3,305) (2,917)Other income 1,245 554Cash payments to employees and suppliers (18,969) (13,475)Taxes paid (507) (559)

Net cash flows from operating activities before changes in operating assets and liabilities 14,708 6,586

Changes in operating assets and liabilities: Net increase in obligatory reserve (30,948) (57,582)Net increase in loans and advances to customers (453,763) (169,156)Net (increase)/decrease in other assets (664) 251Net decrease in deposits from banks (1,514) (8,115)Net increase in due to customers 390,535 204,023Net decrease in other liabilities 2,072 170

Net cash used in operating activities (79,574) (23,823)

Cash flows from investing activities Net increase in securities available for sale 21 -Purchase of property plant and equipment (1,762) (1,232)Purchase of intangible assets (1,149) (726)Treasury bills 1,461 2,370Purchaser of bonds of other banks (517) -

Net cash( used in)/ provided by investing activities (1,946) 412

Cash flows from financing activities Net increase in other borrowed funds 78,896 32,932Issue of common shares 10,000 -

Net cash provided by financing activities 88,896 32,932

Effect of exchange rate changes 1,092 874

Net increase in cash and cash equivalents 8,468 10,395

Cash and cash equivalents at beginning of year 107,616 97,221

Cash and cash equivalents at end of year 116,084 107,616



NOTES TO THE FINANCIAL STATEMENTS December 31, 2007

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1. GENERAL INFORMATION

Crnogorska Komercijalna Banka A.D., Podgorica (the “Bank”) was established as an independent bank and registered with the Commercial Court in Podgorica on January 15, 1997.

The Bank is licensed in the Republic of Montenegro to perform payment transfers, credit and deposit activities in the country and abroad, and in accordance with the Republic of Montenegro law, is to operate on principles of liquidity, security of placements and profitability.

The Company is headquartered at Moskovska Street, no number.

On December 31, 2007, the Bank was comprised of its Head Office in Podgorica and eighteen branches located in different parts of the country.

As of December 31, 2007, the Bank had 392 employees (December 31, 2006: 307 employees).

2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS

(a) Statement on Compliance

These financial statements have been prepared in accordance with International Financial reporting Standards (IFRS) adopted by the International Accounting Standards Board (IASB).

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Bank’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 2(d).

The IFRS accounting policies set below have been consistently applied by the Bank to all periods presented in these financial statements.

(b) Basis of Measurement

These financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets, financial assets and financial liabilities (included derivate financial instruments) held at fair value through profit or loss.

(c) Functional and Reporting Currency

The financial statements are presented in EUR which is the Bank’s functional currency. All financial information is presented in EUR rounded to the nearest thousand.

(d) Use of Estimates and Judgments

The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.



8

2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS (Continued)

(d) Use of Estimates and Judgments (Continued)

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Information about significant areas of estimation uncertainty and critical estimates in applying accounting policies that have the most significant effect on the amount recognized in the financial statements are described in Note 5 to the financial statements.

A summary of the principal accounting policies applied in preparing the IFRS financial statements are set out within Note 3 to the financial statements.

(e) Standards and Interpretations Effective in the Current Period

In the current year, the Bank has adopted IFRS 7 Financial Instruments: Disclosures which is effective for annual reporting periods beginning on or after 1 January 2007, and the consequential amendments to IAS 1 Presentation of Financial Statements.

The impact of the adoption of IFRS 7 and the changes to IAS 1 has been to expand the disclosures provided in these financial statements regarding the Bank’s financial instruments and management of capital (see note 4).

Four Interpretations issued by the International Financial Reporting Interpretations Committee are effective for the current period. These are: IFRIC 7 Applying the Restatement Approach under IAS 29, Financial Reporting in Hyperinflationary Economies; IFRIC 8 Scope of IFRS 2; IFRIC 9 Reassessment of Embedded Derivatives, IFRIC 10 Interim Financial Reporting and Impairment and IFRIC 11 IFRS 2: Company and Treasury Share Transactions (effective 1 March 2007). The adoption of these Interpretations has not led to any changes in the Banks’ accounting policies.

(f) Standards and Interpretations in Issue not yet Adopted

At the date of authorization of these financial statements, the following Standards and Interpretations were in issue but not yet effective:

IAS 1 (Revised) Presentation of financial statements (effective for accounting periods beginning on or after 1 January 2009) IAS 23 (Revised) Borrowing Costs (effective for accounting periods beginning on or after 1 January 2009); IFRS 8 Operating Segments (effective for accounting periods beginning on or after 1 January 2009); IFRS 3 (Revised) Business Combinations and IAS 27 (Amended) Consolidated and Separate Financial Statements (effective for accounting periods beginning on or after 1 July 2009); Amendments to IFRS 2 Share Based Payment – Vesting Conditions and Cancellations (effective for accounting periods beginning on or after 1 January 2009); Amendments to IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements – Puttable Financial Instruments and Obligations Arising on Liquidation (effective for accounting periods beginning on or after 1 January 2009); IFRIC 12 Service Concession Arrangements (effective 1 January 2008); IFRIC 13 Customer Loyalty Programmes (effective for accounting periods beginning on or after 1 July 2008) and IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (effective 1 January 2008).



9

2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS (Continued)

(f) Standards and Interpretations in Issue not yet Adopted (Continued)

The Management anticipate that all of the above Standards and Interpretations will be adopted in the Bank’s financial statements for the period commencing 1 January 2008 (for Interpretations) and 1 January 2009 (for Standards) and that the adoption of those Interpretations will have no material impact on the financial statements of the Bank in the period of initial application.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3.1. Income and Expense Recognition

Interest income and expense are recognized in the income statement for all instruments measured at amortized cost using the effective interest method.

The effective interest method is a method of calculating the amortized cost of a financial asset or a financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Bank estimates cash flows considering all contractual terms of the financial instrument (for example, prepayment options) but does not consider future credit losses. The calculation includes all fees and commissions paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts.

Once a financial asset or a group of similar financial assets has been written down as a result of an impairment loss, interest income is recognized using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss.

Fees and commissions are generally recognized on an accrual basis once the service is rendered. Loan commitment fees for loans that are likely to be drawn down are deferred (together with related direct costs) and recognized as an adjustment to the effective interest rate on the loan.

3.2. Foreign Exchange Translation

Transactions denominated in foreign currencies are translated into euros at the official exchange rates prevailing on the Interbank Market, at the date of each transaction.

Assets and liabilities denominated in foreign currencies are translated into euros by applying the official exchange rates, as determined on the Interbank Market, prevailing at the balance sheet date.

Foreign exchange gains or losses arising upon the translation of transactions, and the assets and liabilities denominated in foreign currencies are credited or charged to the income statement.

Commitments and contingent liabilities denominated in foreign currencies are translated into euros by applying the official exchange rates prevailing on the Interbank Market, at the balance sheet date.



10

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.3. Taxes and Contributions

Income Taxes

Current Income Taxes

Income taxes are calculated and paid in conformity with the income tax regulations defined under the Republic of Montenegro Tax Law, article 28 (Official Gazette of the Republic of Montenegro 80/04) as per the effective proportional tax rate of 9% on taxable income.

A tax paying entity’s taxable income is determined based upon the income stated in its statutory statements of income following certain adjustments to its income and expenses performed in accordance with the Republic of Montenegro Tax Law (Articles 8 and 9, regarding the adjustment of income and Articles 10 to 20 pertaining to the adjustment of expenses).

The Republic of Montenegro tax regulations do not envisage that any tax losses of the current period be used to recover taxes paid within a specific carryback period. However, any current year losses reported in the annual corporate income tax returns may be carried forward and used to reduce or eliminate taxes to be paid in future accounting periods, but only for an ensuing period of a maximum of five years.

Deferred Income Taxes

Deferred income tax is determined using the balance sheet liability method, for the temporary differences arising between the tax bases of assets and liabilities, and their carrying values in the consolidated financial statements. The currently-enacted tax rates at the balance sheet date are used to determine the deferred income tax amount. Deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized for the deductible temporary differences, and the tax effects of income tax losses and credits available for carry forward, to the extent that it is probable that future taxable profit will be available against which deferred tax assets may be utilized.

Taxes, Contributions and Other Duties Not Related to Operating Results

Taxes, contributions and other duties that are not related to the Company’s operating results, include property taxes, employer contributions on salaries, and various other taxes and contributions paid pursuant to republic and municipal regulations.

3.4. Cash and Cash Equivalents

For the purposes of the cash flow statement, cash and cash equivalents comprise balances with less than three months maturity from the date of acquisition including: cash in hand, balances with the Central Bank of Montenegro and other banks.

3.5. Financial Assets

The Bank classifies its financial assets in the following categories: loans and receivables; held-to-maturity investments; available-for-sale financial assets and financial assets at fair value through profit and loss. Management determines the classification of its investments at initial recognition.



11


3.5. Financial Assets (Continued)

(a) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise when the Bank provides money, goods or services directly to a debtor with no intention of trading the receivable.

(b) Securities held-to-maturity

Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities that the Bank’s management has the positive intention and ability to hold to maturity. If the Bank is to sell other than an insignificant amount of held-to-maturity assets, the entire category would be tainted and reclassified as available-for-sale. As of December 31, 2007, securities held-to-maturity relate to bonds issued by NLB Montenegro banka A.D., Podgorica.

(c) Investments available-for-sale

Available-for-sale investments are those intended to be held for an indefinite period of time, which may be sold in response to needs for liquidity or changes in interest rates, exchange rates or equity prices.

(d) Investments at Fair Value through Profit or Loss

Due to its immateriality, management chose not to consolidate its investment in “Moneta,” over which it exercises effective control. In these stand alone financial statements associates are accounted for in accordance with IAS 39, at fair value through profit or loss. Gains and losses arising from changes in the fair value of the ‘financial assets at fair value through profit or loss’ category are included in the income statement in the period in which they arise.

(i) Initial recognition and subsequent measurement of financial assets

Purchases and sales of financial assets, held to maturity and available-for-sale are recognized on trade-date – the date on which the Bank commits to purchase or sell the asset. Loans are recognized when cash is advanced to the borrowers. Financial assets are initially recognized at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss.

Available-for-sale financial assets are subsequently carried at fair value. Loans and receivables and held-to-maturity investments are carried at amortized cost using the effective interest method. Gains and losses arising from changes in the fair value of available-for-sale financial assets are recognized directly in equity, until the financial asset is derecognized or impaired at which time the cumulative gain or loss previously recognized in equity should be recognized in profit or loss. However, interest calculated using the effective interest method is recognized in the income statement. Dividends on available-for-sale equity instruments are recognized in the income statement when the entity’s right to receive payment is established.

The fair value of quoted investments in active markets is based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Bank establishes fair value by using valuation techniques. These include the use of recent arm’s length transactions, discounted cash flow analysis and other valuation techniques commonly used by market participants.



12



(e) Impairment of financial assets

(i) Assets carried at amortized cost

The Bank assesses at each balance sheet date whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred if, and only if, there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a ‘loss event’) and that loss event has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. Objective evidence that a financial asset or group of assets is impaired includes observable data that comes to the attention of the Bank about the following loss events:

1 significant financial difficulty of the issuer or obligor;

2. a breach of contract, such as a default or delinquency in interest or principal payments;

3. the Bank granting to the borrower, for economic or legal reasons relating to the borrower’s financial difficulty, a concession that the lender would not otherwise consider;

4. it becoming probable that the borrower will enter bankruptcy or other financial reorganization;

5. the disappearance of an active market for that financial asset because of financial difficulties; or

6. observable data indicating that there is a measurable decrease in the estimated future cash flows from a Bank of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the group, including:

- adverse changes in the payment status of borrowers in the group; or - national or local economic conditions that correlate with defaults on the assets in the Bank.

The Bank first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, and individually or collectively for financial assets that are not individually significant. If the Bank determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is or continues to be recognized are not included in a collective assessment of impairment.

If there is objective evidence that an impairment loss on loans and receivables carried at amortized cost has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s contracted effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognized in the income statement. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.



13



(e) Impairment of financial assets (Continued)

The calculation of the present value of the estimated future cash flows of a collateralized financial asset reflects the cash flows that may result from executing the collateral less costs for obtaining and selling the collateral, whether or not the execution of collateral is probable.

For the purposes of a collective evaluation of impairment, financial assets are grouped on the basis of similar credit risk characteristics. Those characteristics are relevant to the estimation of future cash flows for groups of such assets by being indicative of the debtors’ ability to pay all amounts due according to the contractual terms of the assets being evaluated.

Future cash flows in a group of financial assets that are collectively evaluated for impairment are estimated on the basis of the contractual cash flows of the assets in the Bank and historical loss experience for assets with credit risk characteristics similar to those in the Bank. Historical loss experience is adjusted on the basis of current observable data to reflect the effects of current conditions that did not affect the period on which the historical loss experience is based and to remove the effects of conditions in the historical period that do not exist currently.

Estimates of changes in future cash flows for group of assets should reflect and be directionally consistent with changes in related observable data from period to period. The methodology and assumptions used for estimating future cash flows are reviewed regularly by the Bank to reduce any differences between loss estimates and actual loss experience.

When a loan is uncollectible, it is written off against the related provision for loan impairment. Such loans are written off after all the necessary procedures have been completed and the amount of the loss has been determined. Subsequent recoveries of amounts previously provided for decrease the amount of the provision for loan impairment in the income statement. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed by adjusting the allowance account.

(ii) Assets carried at fair value

The Bank assesses at each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired. In the case of equity investments classified as available-for-sale, a significant or prolonged decline in the fair value of the security below its cost is considered in determining whether the assets are impaired. If any such evidence exists for available - for - sale financial assets, the cumulative loss – measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognized in profit or loss – is removed from equity and recognized in the income statement. If, in a subsequent period, the fair value of a debt instrument, classified as available-for-sale, increases and the increase can be objectively related to an event occurring after the impairment loss was recognized in profit or loss, the impairment loss is reversed through the income statement.



14


3.6. Intangible Assets

Intangible assets are stated at cost less accumulated amortization.

Costs associated with maintaining computer software programmes are recognized as an expense as they incur. Costs that are directly associated with identifiable and unique software products controlled by the Bank and will probably generate economic benefits exceeding costs beyond one year, are recognized as intangible assets. Costs include external software company development costs.

These costs are amortized on the basis of the expected useful lives.

3.7. Property, Plant and Equipment

All property, plant and equipment are stated at cost less depreciation. The cost includes expenditure that is directly attributable to the acquisition of the items.

Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows:

Buildings 50 years Computers and computer equipment 4 - 8 years Furniture and equipment 4 - 10 years Motor vehicles 8 years

At each balance sheet date, the Bank’s management reviews the carrying amounts of the Bank’s fixed and intangible assets. If there is any indication that such assets have been impaired, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. If the recoverable amount of an asset is estimated to be less than its carrying value, the carrying amount of the asset is reduced to its recoverable amount.

An impairment loss is recognized as an expense of the current period and is recorded under Other operating expenses. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable value. However, this is performed so that the increased carrying amount does not exceed the carrying value that would have been determined had no impairment loss been recognized for the asset in prior years.

3.8. Borrowings

Borrowings are recognized initially at fair value (fair value of consideration received), net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between proceeds net of transaction costs and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method.

3.9. Provisions

Provisions are recognized when the Bank has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made.



15


3.10. Employee Benefits

In accordance with the Collective Bargaining Agreements, the Bank has an obligation to disburse an employment retirement benefit to a retiree, in an amount equal to twelve average net salaries effective in the Bank in the month prior to the employee’s retirement. In addition, employees are entitled to receive employment anniversary awards at their 10th 20th and 30th employment anniversaries with the Bank as follows:

- for 10 years of service – one minimal salary in the Bank, - for 20 years of service – two minimal salaries in the Bank, - for 30 years of service – three minimal salaries in the Bank.

The Bank's financial statement as of December 31, 2007, include provisions calculated based on the estimated present value of retirement benefits and jubilee awards to employees upon vesting in respective right.

4. FINANCIAL INSTRUMENTS

4.1. Risk Management

In its business operations, the Bank is exposed to various risks, the most important of which are:

Credit risk Market risk Liquidity risk Operating risk.

The procedures for risk management are designed with a view to identify and analyze risks, to define the adequate limits and controls required for the risk management, as well as to keep track of the Bank's exposure to each individual risk. The risk management procedures are subject to regular control ensuring the adequate response to the changes in the market, products and services.

The Risk Management Department is responsible for monitoring the Bank's exposure to certain risks and the compliance with the risk management procedures, as well as defined limits, which is reported to the Bank's Management Board on monthly basis. In addition, the Supervising Committee and the Credit Risk Management Committee are in charge of monitoring the Bank's exposure to certain risks.

4.2. Credit Risk

The Bank takes on exposure to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when due. Impairment provisions are provided for losses that have been incurred at the balance sheet date. Significant changes in the economy, or in the health of a particular industry segment that represents a concentration in the Bank’s portfolio, could result in losses that are different from those provided for at the balance sheet date. Management therefore carefully manages its exposure to credit risk.



16

4. FINANCIAL INSTRUMENTS (Continued)

4.2. Credit Risk (Continued)

4.2.1. Credit Risk Management

Exposure to credit risk is a risk of financial loss which may occur as a consequence of a counterparty being unable to fulfill its obligations towards the Bank. The Bank manages the credit risk it undertakes by placing limits in relation to large loans, single borrowers and related persons. Such risks are monitored on a revolving basis and subject to annual or more frequent reviews. All loans above the prescribed limit have to be approved by the Committee for Credit Risk Management.

In accordance with the limits prescribed by the Central Bank of Montenegro, the sector concentration it is constantly monitored.

The exposure to any borrower including banks and brokers is further restricted by sub-limits covering on and off-balance sheet exposures. Actual exposures against limits are monitored regularly.

Exposure to credit risk is managed through regular analysis of the ability of borrowers and potential borrowers to meet interest and capital repayment obligations.

Credit Related Commitments and Contingent Liabilities

The primary purpose of these instruments is to ensure that funds are available to a customer as required. Guarantees and standby letters of credit, which represent irrevocable assurances that the Bank will make payments in the event that a customer cannot meet its obligations to third parties, carry the same credit risk as loans. Documentary and commercial letters of credit – which are written undertakings by the Bank on behalf of a customer authorizing a third party to draw drafts on the Bank up to a stipulated amount under specific terms and conditions – are collateralized by the underlying shipments of goods to which they relate and therefore carry less risk than a direct borrowing.

4.2.2. Provisions for Impairment Losses in accordance with Central Bank of Montenegro and requirements of IAS 39

In the course of classifying the balance sheet and off-balance sheet assets exposed to credit risk, the Bank makes use of criteria for classification prescribed by the Central Bank of Montenegro, and applies the following categories:

A category (superior assets) – which includes all assets assessed based on the contractual terms, as collectible in full B category (special-watch assets) – with subcategories B1 and B2 which include assets which are most likely collectible, but require special attention, as the potential risk, if not adequately monitored, could decrease the collectibility of these receivables. C category (sub-standard assets) – with C1, C2, C3 and C4 subcategories which are very likely to cause loss, due to clearly defined weaknesses which put collection at risk. D category (doubtful assets) – including all items the collectibility of which is unlikely in full, in light of the borrower’s creditworthiness, worth and possibility of realization of the respective collateral E category (loss) – including the items which are entirely uncollectible or an insignificant portion of which will be collected.



17



4.2.2. Provisions for Impairment Losses in accordance with Central Bank of Montenegro and requirements of IAS 39 (Continued)

As of the balance sheet date, the Bank assesses whether there is any objective evidence that the financial asset or a group of financial assets has been impaired, as delineated under IAS 39. The objective evidence of such impairment involves data based on which the asset holder can infer that there has been impairment:

Considerable financial difficulties of the borrowerViolation of the contract, such as inability to settle interest to the principal Guarantees issued by the lender to the borrower for economic or legal reasons, due to financial difficulties of the borrower, possessions which the lender would not otherwise consider High risk of bankruptcy or other financial reorganization of the borrower The absence of the active market for such financial asset due to financial difficulties Observable data which indicate that there is a decrease of future cash flows arising on the group of financial assets upon the initial recognition of these assets which can be measured objectively, although the decrease can not be determined with certainty in some financial assets in the group, including :

- adverse changes in the creditworthiness on the borrowers in a group, or - national or local economic conditions related to settling the liabilities in the group.

In accordance with the adopted procedures, the bank assesses whether there are observable evidence pertaining to impairment of an individual financial asset with individual significance.

The calculation of the net book value of the estimated cash flows of a collateralized financial asset reflects the cash flows contingent on exclusion as deceased by any acquisition-related costs and sale of collateral, regardless of the degree of likelihood of the exclusion.

For the purpose of a collective estimate of impairment, financial assets which do not carry individual value are grouped based on the similar characteristics of the credit risks inherent in them.

4.2.3. Maximum Exposure to Credit Risk per Balance and Off-Balance Sheet Items

In thousands of EUR December 31,

2007December 31,

2006Balance sheet items Treasury bills - 1,461Loans and advances to banks 115,694 80,695Loans and advances to customers 719,419 321,722Available-for-sale securities 154 174Financial assets carried at fair value through profit and loss 210 211Securities held-to-maturities 517 -Other assets 4,256 3,592

840,250 407,855Off-balance sheet items Financial guarantees 31,833 27,320Uncovered letters of credit 3,383 3,817Undrawn credit facilities 8,420 12,624

43,636 43,761

Total credit risk exposure 883,886 451,616



18



4.2.3. Maximum Exposure to Credit Risk per Balance and Off-Balance Sheet Items

The exposure to credit risk is partially controlled by obtaining collaterals and guarantees issued by legal entities and private individuals. In addition, all private individuals must receive their salaries through the account held with the Bank, with a view to draw down the credit risk.

Types of collateral are as follows:

deposits pledge placed against industrial machines, securities, inventories and vehicles mortgages against property and fiduciary ownership transfer bills of exchange authorizations administrative injunctions guarantors insurance policies.

4.2.4. Loans and Advances

Loans and advance are presented in the following tables:

In thousands of EUR

Neither past due

nor impaired

Past due but not

impaired

Individua-lly

impairedTotal, Gross

Individual Allowance

for Impairment

General Allowance

for Impair-

ment

Total Allowance

for Impair-

mentTotal, net exposure

December 31, 2007 Housing loans 115,828 8,021 - 123,849 - 1,310 1,310 122,539Current account overdrafts 5,325 217 - 5,542 - 253 253 5,289Consumer loans 56,782 5,781 - 62,563 - 630 630 61,933Credit cards 5,220 115 - 5,335 - 520 520 4,815Special purpose loans 9,400 2,469 - 11,869 - 56 56 11,813Other loans to individuals

covered by mortgage 15,656 950 - 16,606 - 168 168 16,438Other loans 1,070 240 - 1,310 - 29 29 1,281Loans to micro and small entities 203,853 15,469 5,084 224,406 100 2,825 2,925 221,481Loans to medium and large entities 236,386 11,263 4,000 251,649 36 2,228 2,264 249,385Loans to Government and

municipalities 22,629 1,448 - 24,077 - 120 120 23,957Loans to financial

institutions 496 - - 496 - 8 8 488 672,645 45,973 9,084 727,702 136 8,147 8,283 719,419Loans and advances to banks 115,694 - - 115,694 - - - 115,694

788,339 45,973 9,084 843,396 136 8,147 8,283 835,113



19



4.2.4. Loans and Advances (Continued)

In thousands of EUR

Neither past due

nor impaired

Past due but not

impaired

Individua-lly

impairedTotal, Gross

Individual Allowance for Impa-

irment

General Allowance

for Impair-

ment

Total Allowance

for Impair-

mentTotal net exposure

Housing loans 42,594 3,803 - 46,397 - 673 673 45,724Consumer loans 27,375 3,341 - 30,716 - 450 450 30,266Credit cards 1,182 54 - 1,236 - 258 258 978Special purpose loans 346 - - 346 - 28 28 318Other loans 2,835 170 - 3,005 - 11 11 2,994Loans to micro and small

entities 93,696 5,694 2,000 101,390 18 1,491 1,509 99,881Loans to medium and large entities 107,085 8,960 9,594 125,639 85 826 911 124,728Loans to Government and municipalities 16,262 686 - 16,948 - 115 115 16,833 291,375 22,708 11,594 325,677 103 3,852 3,955 321,722Loans and advances to banks 80,695 - - 80,695 - - - 80,695

372,070 22,708 11,594 406,372 103 3,852 3,955 402,417

a) Loans and Advances Neither Past Due or Impaired

In thousands of EURSatisfactory

risk Watch list Substandard Total

December 31, 2007 Housing loans 115,828 - - 115,828Current accounts overdrafts 5,325 - - 5,325Consumer loans 56,782 - - 56,782Credit cards 5,220 - - 5,220Special purpose loans 9,400 - - 9,400Other loans to individuals covered by

mortgage 15,656 --

15,656Other loans 1,070 - - 1,070Loans to micro and small entities 203,853 - - 203,853Loans to medium and large entities 236,386 - - 236,386Loans to Government and municipalities 22,629 - - 22,629Loans to financial institutions 496 - - 496

672,645 - - 672,645Loans and advances to banks 115,694 - - 115,694

788,339 - - 788,339



20




a) Loans and Advances Neither Past Due or Impaired (Continued)

In thousands of EURSatisfactory

risk Watch list Substandard TotalDecember 31, 2006 Housing loans 42,594 - - 42,594Consumer loans 27,375 - - 27,375Credit cards 1,182 - - 1,182Special purpose loans 346 - - 346Other loans 2,835 - - 2,835Loans to micro and small entities 93,696 - - 93,696Loans to medium and large entities 107,085 - - 107,085Loans to Government and municipalities 16,262 - - 16,262

291,375 - - 291,375Loans and advances to banks 80,695 - - 80,695

372,070 - - 372,070

b) Past Due but not Individually Impaired

In thousands of EURPast due

up to 30 days

Past due 31- 60

days

Past due 61-90 days

Past due 91 -180

days

Past due 180-365

days

Past due 1 to 5 years

Over 5 years Total

December 31, 2007 Housing loans 7,369 366 115 171 - - - 8,021Current accounts overdrafts 140 11 5 61 - - - 217Consumer loans 4,910 429 215 227 - - - 5,781Credit cards 57 38 14 6 - - - 115Special purpose loans 1,809 313 89 258 - - - 2,469Other loans to individuals

covered by mortgage 916 23 11 - - - - 950Other loans 139 75 2 24 - - - 240Loans to micro and small

entities 11,955 1,097 1,523 894 - - - 15,469Loans to medium and large entities 10,787 - 42 434 - - - 11,263Loans to Government and municipalities 1,439 - - 9 - - - 1,448 39,521 2,352 2,016 2,084 - - - 45,973

39,521 2,352 2,016 2,084 - - - 45,973



21




b) Past Due but not Individually Impaired (Continued)

In thousands of EURPast due

up to 30 days

Past due 31- 60

days

Past due 61-90 days

Past due 91 -180

days

Past due 180-365

days

Past due 1 to 5 years

Over 5 years Total

December 31, 2006 Housing loans 3,605 106 45 47 - - - 3,803Current accounts

overdrafts - - - - - --

-Consumer loans 3,070 124 85 62 - - - 3,341Credit cards 36 11 6 1 - - - 54Other loans 141 22 1 6 - - - 170Loans to micro and small

entities 4,533 318 600 243 - - - 5,694Loans to medium and large entities 8,825 - 17 118 - - - 8,960Loans to Government and municipalities 683 - - 3 - -

-686

20,893 581 754 480 - - - 22,708

20,893 581 754 480 - - - 22,708

c) Fair Value of Collateral In thousands of EUR

2007 2006

Deposits 168,219 113,327Guarantees 31,833 27,320Pledge 54,882 45,987Mortgages 1,369,800 761,209 Total 1,624,734 947,843

As collateral, the Bank accepts mortgages against immovable’s, the fair value of which, pursuant to the certified appraiser’s valuations, exceeds the minimum of 30% of placements. Properties used as collateral are housing premises, apartment buildings, business buildings and premises, as well as land depending on its location and future use.

When accepting pledge over securities as collateral, the Bank monitors the price of the security used as collateral on daily basis. The market value of the pledge must exceed 50% of the placement’s worth.

d) Restructured Loans and Advances

The Bank restructured the loan to the borrower due to a diminishing of the borrower’s creditworthiness, if it has:

a. Extended the principal and interest maturity b. Decreased the interest rate on the loan approved c. Reduced the amount of debt, principal or interest d. Made other concessions which place the borrower in better financial position.



22




d) Restructured Loans and Advances (Continued)

Upon restructuring of the loan, the Bank performs financial analysis of the borrower and assesses its capacitates to realize cash flows necessary for the repayment of the loan principal, as well as the corresponding interest once the loan is restructured.

During 2007, the Bank restructured loans in the amount of EUR 6,903 thousand of loans (2006: EUR 2,334 thousand). e) Foreclosed Assets

As of December 31, 2007 the Bank disclosed within the line item of other assets the net amount of EUR 40 thousand of foreclosed assets (December 31, 2006: net EUR 40 thousand). The foreclosed assets relate to property and automobiles stated in the amount of total uncollected receivables.

As of December 31, 2007, the fair value of these assets aggregated to EUR 106 thousand.

The Bank is planning to sell the foreclosed assets in the forthcoming period.

f) Geographic Sector Risk Concentration

Geographic sector risk concentration of the Bank’s exposure to the credit risk, exclusive of the allowance for impairment is as follows:

In thousands of EUR

Montenegro European

UnionUSA and

Canada Other Total

Loans and advances to banks 643 114,698 353 - 115,694Loans and advances to customers 715,421 12,281 - - 727,702Available for sale securities 154 - - - 154Financial assets carried at fair value

through profit and loss 210 - - - 210Securities held to maturity 517 - - - 517Other assets 4,256 - - - 4,256 December 31, 2007 721,201 126,979 353 - 848,533

December 31, 2007 326,862 80,757 236 - 407,855

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24



4.2.5. Off-Balance Sheet Items The maturities of off-balance sheet items exposing the Bank to credit risk are as follows:

In thousands of EURUndrawn

Loan Facilities Guarantees

Uncovered Letters of

Credit Total December 31, 2007 Up to one year 8,420 28,782 3,383 40,585From 1 to 5 years - 3,051 - 3,051

8,420 31,833 3,383 43,636

In thousands of EURUndrawn

Loan Facilities Guarantees

Uncovered Letters of

Credit Total December 31, 2006 Up to one year 12,624 24,886 2,334 37,510From 1 to 5 years - 2,434 1,483 2,434

12,624 27,320 3,817 43,761

4.3. Market Risk

The Bank takes on exposure to market risks. Market risks arise from open positions in interest rate, currency and equity products, all of which are exposed to general and specific market movements. Limits for the exposure to market risks are internally prescribed, and in compliance with the prescribed limits by the Central Bank of Montenegro.

4.3.1. Foreign Exchange Risk

The Bank takes on exposure to effects of fluctuations in the prevailing foreign currency exchange rates on its financial position and cash flows. The exposure to currency risk is regularly monitored by harmonizing them with the limits prescribed by the Central Bank of Montenegro.



25


4.3. Market Risk (Continued)

Foreign Exchange Risk (Continued)

The exposure to foreign currency risk as of December 31, 2007 is presented in the following table.

In thousands of EURTotal Local

Other Foreign Currency USD Currencies Currencies (EUR) Total

ASSETS Cash and balances with the Central Bank 1,719 695 2,414 165,750 168,164Loans and advances to banks 12,993 588 13,581 102,113 115,694Loans and advances to customers - - - 719,419 719,419Available for sale securities - - - 154 154Financial asset at fair value through profit and loss - - - 210 210Securities held to maturity - - - 517 517Other assets 61 5 66 4,190 4,256

Total assets 14,773 1,288 16,061 992,353 1,008,414

LIABILITIES Deposits from banks 6 - 6 3,567 3,573Due to customers 14,304 1,073 15,377 827,305 842,682Other borrowed funds - - - 133,303 133,303Other liabilities 115 7 122 2,573 2,695Provisions - - - 450 450Current income tax liabilities - - - 303 303Deferred income tax liabilities - - - 316 316Employee benefits - - - 373 373

Total liabilities 14,425 1,080 15,505 968,190 983,695

Net Open Position: - December 31, 2007 348 208 556 24,163 24,719

- December 31, 2006 (1,303) 431 (872) 8,507 7,635

4.3.2. Interest Rate Risk

Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate because of changes in market interest rates. The Bank takes on exposure to the effects of fluctuations in the prevailing levels of market interest rates on both its fair value and cash flow risks. Interest margins may increase as a result of such changes but may reduce or create losses in the event that unexpected movements arise. The interest rates are based on market rates and the Bank regularly performs repricing.



26



Foreign Exchange Risk (Continued)

The following table presents the Bank’s interest bearing and non-interest bearing assets and liabilities as of December 31, 2007.

In thousands of EUR Interest Bearing

Items

Non-Interest Bearing

Items TotalASSETS Cash and balances with the Central Bank 66,850 101,314 168,164Loans and advances to banks 108,592 7,102 115,694Loans and advances to customers 719,419 - 719,419Available for sale securities - 154 154Financial asset at fair value through profit and loss - 210 210Securities held to maturity 517 - 517Other assets - 4,256 4,256

Total assets 895,378 113,036 1,008,414

LIABILITIES Deposits from banks 740 2,833 3,573Due to customers 778,793 63,889 842,682Other borrowed funds 133,303 - 133,303Other liabilities - 2,695 2,695

Total liabilities 912,836 69,417 982,253

Interest Sensitive Gap: - December 31, 2007 (17,458) 43,619 26,161 - December 31, 2006 (11,833) 20,475 8,642



27



4.3.2 Foreign Exchange Risk (Continued)

The table below summarizes the annual interest rates (except otherwise stated) by major currencies for monetary financial instruments:

- in percentages- EUR USD

Financial assets Obligatory reserve –interest-bearing portion 1% - Securities held to maturity 6.5% - Loans and advances to banks 3.3%-3.9% 4.40%-5.17% Short-term loans to customers: - legal entities 4%-12% - - private individuals 3%-16% - Long-term loans to customers: - legal entities 6%-12% - - private individuals 3%-16% -

Financial liabilities Deposits from banks 1.15%-6.5% - Due to customers: - legal entities - private individuals

0%-10% 0%-6.5%

0%-6%

1.5%-6% Other borrowed funds: - Directorate for Development of Small and Medium Sized Enterprises 3.5%-7%

-

- Development Fund of the Republic of Montenegro 1.5%-8%

-

- KfW EURIBOR+2%-2.4% - - Commerzbank AG EURIBOR+0.15% - - EAR

EURIBOR/LIBOR+2%-3%

-

- DEG&FMO EURIBOR+3.5% - - EFSE 3.5%-EURIBOR+3.5% - - OTP Bank

EURIBOR+1.5%-2.25%

-

4.4. Liquidity Risk

Liquidity risk includes both the risk of being unable to provide cash to settle its liabilities at appropriate maturities and the risk of being unable to liquidate an asset at a reasonable price and in an appropriate time frame.

4.4.1. Liquidity Risk Management

The matching and controlled mismatching of the maturities and interest rates of assets and liabilities is fundamental to the management of the Bank. It is unusual for banks ever to be completely matched since business transacted is often of uncertain term and of different types. An unmatched position potentially enhances profitability, but also increases the risk of losses.



28


4.4. Liquidity Risk (Continued)

4.4.1. Liquidity Risk Management (Continued)

The maturities of assets and liabilities and the ability of the Bank to replace, at an acceptable cost, interest– bearing liabilities as they mature, are important factors in assessing the liquidity of the Bank and its exposure to changes in interest rates and exchange rates.

Liquidity requirements to support calls under guarantees and standby letters of credit are considerably less than the amount of the commitment because the Bank does not generally expect the third party to draw funds under the agreement. The total outstanding contractual amount of commitments to extend credit does not necessarily represent future cash requirements, since many of these commitments will expire or terminate without being funded.

The Assets and Liquidity Department monitors the Bank's exposure to liquidity risk on daily basis.

In order to determine the matching and mismatching of cash inflows and outflows, the Bank makes use of GAP analysis.

The table below analyses assets and liabilities of the Bank into relevant maturity based on the remaining period at balance sheet date to the contractual maturity date.

In thousands of EURUp to From One From 3 to 12 From 1 to Over

One Month to 3 Months Months 5 Years 5 Years TotalASSETS Cash and balances with the Central Bank 168,164 - - - - 168,164Loans and advances to banks 65,694 - - 50,000 - 115,694Loans and advances to customers 84,115 52,808 155,418 298,399 128,679 719,419Available for sale securities 154 - - - - 154Financial asset at fair value through profit and loss 210 - - - - 210Securities held to maturities 17 - - 500 - 517Property, plant and equipment - - - - 12,829 12,829Intangible assets - - - - 4,090 4,090Other assets 2,092 872 1,292 - - 4,256Total assets 320,446 53,680 156,710 348,899 145,598 1,025,333

LIABILITIES AND EQUITY Deposits from banks 3,573 - - - - 3,573Due to customers 469,892 100,132 108,268 161,838 2,552 842,682Other borrowed funds 2,226 2,738 5,152 106,812 16,375 133,303Current tax liabilities - 303 - - - 303Other liabilities 780 1,142 773 - - 2,695Provisions - - - - 450 450Deferred tax liabilities - - - - 316 316Employee benefits - - - - 373 373Equity - - - - 41,638 41,638

Total liabilities and equity 476,471 104,315 114,193 268,650 61,704 1,025,333

Net Liquidity Gap: - December 31, 2007 (156,025) (50,635) 42,517 80,249 83,894 -

- December 31, 2006 (1,323) (23,750) (14,295) 28,764 10,604 -



29


4.4. Liquidity Risk (Continued)

4.4.1. Liquidity Risk Management (Continued)

The structure of the Bank’s financial assets and liabilities as classified into their relevant maturities as of December 31, 2007 indicates the existence of liquidity gap in the period up-to-one-year. The primary reason for this gap lies in the fact that the short-term sources of funds with maturities of up to one month, primarily demand deposits, have been committed for longer periods of time. As per the management’s opinion, on the basis of the historical data and Bank’s experience in the last five years, from 30 percent to 40 percent of the demand deposits can be treated as long-term sources of funds.

4.4.2. Remaining Contractual Maturity Analysis for Financial Liabilities (Undiscounted Cash Flows)

In thousands of EUR

SightUp to 1 Month

From 1 to 3 Months

From 3 to 12

MonthsFrom 1 to

5 YearsOver 5 Years Total

31 December 2007 LIABILITES Deposits from banks 2,870 731 - - - - 3,601Due to customers 322,560 48,959 98,955 220,723 196,107 3,319 890,623Other borrowed funds 2,226 - 3,282 14,060 122,092 20,175 161,835Other liabilities - 1,235 1,347 808 - - 3,390Deferred tax liabilities - - - - - 316 316Current tax liabilities - - 303 - - - 303

327,656 50,925 103,887 235,591 318,199 23,810 1,060,068

In thousands of EUR

SightUp to 1 Month

From 1 to 3 Months

From 3 to 12

MonthsFrom 1 to

5 YearsOver 5 Years Total

31 December 2006 LIABILITES Deposits from banks 4,756 374 - - - - 5,130Due to customers 202,628 22,325 39,552 91,075 121,357 3,299 480,236Other borrowed funds - 261 3,161 11,745 42,363 12,518 70,048Other liabilities - 656 - 262 - - 918Deferred tax liabilities - - - - - 236 236Current tax liabilities - - 144 - - - 144

205,679 64,806 42,475 52,803 134,292 12,866 512,920



30


Fair Value of Financial Assets and Liabilities

In thousands of EUR Carrying Amount Fair Value

2007 2006 2007 2006Financial assets Treasury bills - 1,461 - 1,461Loans and advances to banks 115,694 80,695 115,694 80,695Loans and advances to customers 719,419 321,722 719,419 321,722Available-for-sale securities 154 174 154 174Financial asset at fair value through profit and loss 210 211 210 211Securities held-to-maturity 517 - 517 -

Financial liabilities Deposits from banks 3,573 5,087 3,573 5,087Due to customers 842,682 452,147 842,682 452,147Other borrowed funds 133,303 54,407 133,303 54,407

Fair value of financial instruments is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. However, no readily available market prices exist for a certain portion of the Bank’s financial instruments. In circumstances where the quoted market prices are not readily available, the fair value is estimated using discounted cash flow models or other pricing models as appropriate. Changes in underlying assumptions, including discount rates and estimated future cash flows, significantly affects the estimates. Therefore, the calculated fair market estimates cannot be realized in a current sale of the financial instrument.

In estimating the fair value of the Bank’s financial instruments, the following methods and assumptions were used:

(a) Loans and advances to banks

Loans and advances to banks include inter-bank placements and items in the course of collection.

The fair value of floating rate placements and overnight deposits approximates their carrying amount at the balance sheet date.

(b) Loans and advances to customers

In order to determine the fair value of the loans and advances to customers with fixed interest rate, measured at amortized cost, the Bank has performed comparison of the Bank’s interest rate on the loans and advances to customers with available information on current market interest rates in the banking sector of the Republic of Montenegro (i.e. average weighted market rates by activities), as it is summarized in the following table:



31


4.5. Fair Value of Financial Assets and Liabilities (Continued)

(b) Loans and advances to customers (Continued)

- in percentages-Annual Average Weighted

Interest Rate

Industry Sector Bank

Banking Sector in the Republic of Montenegro

Finance 6.74% 7.08% Transportation, traffic and telecommunication 7.34%

7.86%

Services, tourism and hotel management 7.82% 8.41%Trading 7.17% 7.74% Civil engineering 7.56% 7.82% Energetics 6.95% 7.39% Manufacturing 7.22% 7.74% Mining 6.85% 7.41% Administration and other public services 5.97% 7.52% Real estate 7.74% 7.82% Retail customers 8.61% 9.75% Agriculture, hunting and fishing 6.58% 6.87% Other 7.15% 6.72%

According to the Bank’s management, the fair value of loans and advances to customers calculated as present value of discounted future cash flows, using current market rates (average weighted interest rates in the banking sector), does not materially differ from the carrying amount of loans at balance sheet date. According to the Bank’s management, carrying values as presented in the Bank’s financial statements represent values that are believed to be the most valid under the circumstances and most useful for the purposes of the financial reporting.

(c) Available-for-sale securities

Fair value for available-for-sale is based on market prices. Where this information is not available, fair value has been estimated using quoted market prices for securities with similar characteristics.

(d) Deposits and borrowings

The estimated fair value of the demand deposits and the deposits with remaining contractual maturities less then one year approximates their carrying amount.

The estimated fair value of fixed interest bearing deposits with remaining contractual maturities over one year, without quoted market price, is based on discounted cash flows using interest rates for new debts with similar remaining maturity. According to the Bank’s management, Bank’s interest rates are harmonized with the current market rates and the amounts stated in the financial statements represent the values that are believed under the circumstances, to be approximate the fair value of these financial instruments

Based on the Bank’s assumption that carrying amount of the borrowings with floating interest rate approximates their fair value at the balance sheet date.



32


4.6. Capital Management

The Bank’s objectives in capital management:

To comply with the capital requirements set by the regulator; To safeguard the Bank’s ability to continue as a going concern so that it can continue to provide returns for shareholders and benefits for other stakeholders; and To maintain a strong capital base to support the development of its business.

The Bank’s management controls capital adequacy by applying the methodologies and limits prescribed by the Central Bank of Montenegro. In accordance with the regulations, the Bank submits quarterly reports on the capital condition and structure to the Central Bank of Montenegro.

The Bank’s capital is divided into two tiers: Tier 1 capital (paid-in share capital, retained earnings from prior years, legal reserves) Tier 2 capital (provisions for losses per separate items of assets up to 1.25 percent of the Bank’s risk-weighted assets, profit for the year, subordinated loans).

The risk weighed capital is a sum of tier 1 and 2 capital, as decreased by: Intangible assets and Bank’s investments in equity of other legal entities.

The risk-weighted assets are comprised of items of assets and loan equivalents of off-balance sheet assets exposed to risk. The loan equivalents of off-balance sheet assets are computed by multiplying the book value of off-balance sheet items with the prescribed conversion factors. The total risk-weighted assets are comprised of assets and loan equivalents of off-balance sheet items exposed to risk (the Bank's risk weighted assets) classified in four categories and multiplied by adequate prescribed risk weights.

4.7. Risk Exposure Analysis

4.7.1. Risk Exposure Analysis (Foreign Exchange Risk)

The management of foreign exchange risk, in addition to the analysis of Bank’s assets and liabilities in foreign currency, includes the analysis of risk inherent in the fluctuations in foreign currency exchange rates. The table which follows sets out the scenario for the changes in the exchange rates ranging from +10% to -10% as compared to EUR.

In thousands of EURChange in Exchange Rate

2007 10% -10%ASSETS Cash and balances with the Central Bank 168,164 241 (241)Loans and advances to banks 115,694 1,358 (1,358)Other assets 4,256 6 (6)

Total assets 288,114 1,605 (1,605)

LIAIBILITES Due to customers 842,682 1,538 (1,538)Other liabilities 4,137 12 (12)

Total labializes 846,819 1,550 (1,550)

Net Open Position: - December 31, 2007 55 (55)

- December 31, 2007 (83) 83



33


4.7. Risk Exposure Analysis (Continued)

4.7.1. Risk Exposure Analysis (Foreign Exchange Risk) (Continued)

As of December 31, 2007, under the assumption that all other parameters remain the same upon the change in the EUR exchange rate, as compared to other currencies, by +10%, i.e., - 10%, the Bank's profit would increase, i.e., decrease by EUR 55 thousand (December 31, 2006: EUR 83 thousand). The reason why the Bank's exposure to currency risk is small is rooted in the fact that the major portion of the Bank's assets and liabilities is denominated in EUR.

4.7.2. Risk Exposure Analysis (Interest Rate Risk)

In the process of interest rate risk management, the Bank analyses the exposure of Bank’s assets and liabilities to changes in interest rates. The following table shows the effect of fluctuations in interest rates on the Bank’s assets and liabilities denominated in EUR and foreign currency in the range from +0.4 b.p. to - 0.4 b.p. and from 0.3 b.p. to -0.3 b.p, respectively.

In thousands of EURNet effect of movements in interest rates

2007

+0.4 b.p. EUR KS +0.3 b.p.

FX KS

-0.4 b.p. EUR KS-0.3 b.p.

FX KSASSETS Cash and balances with the Central Bank 168,164 - -Loans and advances to banks 115,694 200 (200)Loans and advances to customers 719,419 - -Available for sale securities 154 - -Financial asset at fair value through profit and loss 210 - -Securities held to maturity 517 - -Other assets 4,256 - -

1,008,414 200 (200)LIABILITIES Deposits from banks 3,573 - -Due to customers 842,682 - -Other borrowed funds 133,303 496 (496)Other liabilities 4,137 - - 983,695 496 (496)Net Interest Sensitive Gap: - December 31, 2007 (296) 296 - December 31, 2006 (194) 194

Under the assumption that all other parameters remain the same, the increase in variable interest rates applied to assets and liabilities denominated in EUR by 0.4 percentage points, i.e., the increase of 0.3 percentage points applied to assets and liabilities denominated in foreign currency, the Bank's profit would decrease by EUR 296 thousand (December 31, 2006: EUR 194 thousand).

Under the assumption that all other parameters remain the same, the decrease in variable interest rates applied to assets and liabilities denominated in EUR by 0.4 percentage points, i.e., the decrease of 0.3 percentage points applied to assets and liabilities denominated in foreign currency, the Bank's profit would increase by EUR 296 thousand (December 31, 2006: EUR 194 thousand).



34


4.7. Risk Exposure Analysis (Continued)

4.7.2. Risk Exposure Analysis (Interest Rate Risk) (Continued)

The reason why the Bank's exposure to interest rate is small is rooted in the fact that the major portion of the Bank's assets and liabilities are linked to a fixed interest rate.

5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS IN APPLYING ACCOUNTING POLICIES

The Bank makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(a) Impairment losses on loans and advances

The Bank reviews its loan portfolios to assess impairment at least on a quarterly basis. In determining whether an impairment loss should be recorded in the income statement, the Bank makes judgments as to whether there is any observable data indicating that there is a measurable decrease in the estimated future cash flows from a portfolio of loans before the decrease can be identified with an individual loan in that portfolio. This evidence may include observable data indicating that there has been an adverse change in the payment status of borrowers in a Bank, or national or local economic conditions that correlate with defaults on assets in the Bank. Management uses estimates based on historical loss experience for assets with credit risk characteristics and objective evidence of impairment similar to those in the portfolio when scheduling its future cash flows. The methodology and assumptions used for estimating both the amount and timing of future cash flows are reviewed regularly to reduce any differences between loss estimates and actual loss experience.

(b) Impairment of available for-sale equity investments and investments in associates

The Bank determines that available-for-sale equity investments are impaired when there has been a significant or prolonged decline in the fair value below its cost. This determination of what is significant or prolonged requires judgment. Impairment may be appropriate when there is evidence of deterioration in the financial health of the investee, industry and sector performance and operational and financing cash flows.

6. INTEREST INCOME AND EXPENSE AND SIMILAR INCOME AND EXPENSE

a) Interest and Similar Income

In thousands of EUR Year Ended December 31,

2007 2006

Loans and advances to customers 44,897 23,271Placements to banks 4,336 2,114Treasury bills 7 104Obligatory reserve 392 124

49,632 25,613



35

6. INTEREST INCOME AND EXPENSE AND SIMILAR INCOME AND EXPENSE (Continued)

b) Interest and Similar Expenses In thousands of EUR Year Ended December 31,

2007 2006

Deposits from customers 24,577 13,177Deposits from banks 566 1,198Borrowed funds 4,529 1,856Subordinated debt 438 -

30,110 16,231

7. FEE AND COMMISSION INCOME AND EXPENSE

a. Fee and Commission Income In thousands of EUR Year Ended December 31,

2007 2006Fee and commission income arising from domestic and international payment transfers 12,761 10,785Credit card related fees and commissions 2,090 1,125Fee income from issued guarantees and other contingent liabilities 1,038 948Other 833 743

16,722 13,601

b. Fee and Commission Expense In thousands of EUR Year Ended December 31,

2007 2006Fee and commission expense arising from domestic payment transfers 1,359 1,318Fee and commission expense arising from international payment transfers 1,060 923Commission expenses arising on guarantees - 115Credit card related fees and commissions 886 561

3,305 2,917



36

8. NET TRADING INCOME In thousands of EUR Year Ended December 31,

2007 2006Foreign exchange: - translation losses, net (61) (38) - transaction gains, net 1,153 912

1,092 874

9. OPERATING EXPENSES In thousands of EUR Year Ended December 31,

2007 2006

Staff costs 9,280 6,451Administrative expenses 2,370 1,690Depreciation and amortization: - property, plant and equipment 900 895 - intangible assets 685 494Rent 832 367Software and hardware expenses 955 580Vehicle maintenance costs 169 94Professional services 451 362Deposit insurance premium 1,430 707Marketing, sponsorship, and entertainment 2,873 1,532Other 609 303

20,554 13,475

10. LOSSES ON IMPAIRMENT AND PROVISIONS In thousands of EUR Year Ended December 31,

2007 2006

Loans to customers 5,460 3,237Release of provision on repaid loans - (118)(Release)/provisions for contingent liabilities, net (97) 566Release of provision for accrued interest and other assets, net (90) -Provisions for retirement benefits and jubilee awards 373 -

5,646 3,685



37

11. INCOME TAXES

a) Components of Income Taxes In thousands of EUR Year Ended December 31,

2007 2006

Current tax (586) (347)Deferred tax (80) (77)

(666) (424)

b) Numerical Reconciliation between Tax Expense and the Product of Accounting Results Multiplied by the Applicable Tax Rate


2007 2006

Profit before tax 9,076 4,334

Income tax (9%) 817 390Effects of the reconciliations with the taxable base in accordance with the requirements of the Central Bank of Montenegro (200) -Expenses not deductible for tax purposes 49 34

Tax included in the income statement 666 424

Effective tax rate 7.34% 9.78%

Deferred tax liabilities at December 31, 2007 in the amount of EUR 316 thousand are associated with the temporary differences arising between the tax bases of property and equipment and the carrying value of such assets.

12. CASH AND BALANCES WITH THE CENTRAL BANK

In thousands of EURDecember 31,

2007December 31,

2006

Cash on hand 25,262 21,735Cash in the course of collection 688 348Cheques in the course of collection 413 365Giro account 30,385 10,411Obligatory reserve held with the Central Bank 111,416 80,468

168,164 113,327

The Bank’s obligatory reserve at December 31, 2007 represent the minimum deposits set aside in accordance with the Central Bank of Montenegro Regulation with respect to “The Reserve Requirements for Banks To Be Held with The Central Bank of Montenegro,” (“Official Gazette of the Republic of Montenegro,” no. 14/06 of March 10, 2006). Pursuant to the aforecited, the obligatory reserve is to be calculated by applying the following reserve percentages:

- 19% for sight deposits and term deposits having less-than-90-day maturities for the calculation of the reserve requirement; and

- 5% for term deposits with more-than-90-day, but less-than-one-year maturities, for the calculation of the reserve requirement.



38

12. CASH AND BALANCES WITH THE CENTRAL BANK (Continued)

The obligatory reserve is to be calculated by applying the aforementioned ratios on a weekly basis, two days prior to the expiration of the maintenance period.

The Bank’s obligatory reserves represent the minimum deposits set aside into domestic accounts and/or into Central Bank of Montenegro (“CBM”) accounts abroad, which may contain up to 10% of the Bank’s obligatory reserve requirements by restricting the Treasury bills issued by the Government of the Republic of Montenegro. The Central Bank pays interest to the banks on 40% of the obligatory reserve requirement deposited, at the annual rate of 1% up to the eighth day of the month for the preceding month. The obligatory reserve is held in euro amounts.

13. LOANS AND ADVANCES TO BANKS In thousands of EUR

December 31, 2007

December 31, 2006

Accounts with domestic banks 643 609Accounts with foreign banks 6,937 1,894Nostro-covered letters of credit and guarantees with foreign banks 56,358 5,938Placements with foreign banks - up to one year 51,512 72,254 - over one year 244 -

115,694 80,695

As of December 31, 2007, short-term placements with foreign banks, mostly from EU member countries, in the amount of EUR 51,512 thousand are granted for periods from three days to three months, at annual interest rates ranging from 4.40 to 5.17 percent for placements in USD and from 3.30 to 3.69 percent for placements in EUR.

Nostro-covered letters of credit and guarantees with foreign banks stated as of December 31, 2007 in the amount of EUR 56,358 thousand primarily relate to cash placed with Commerzbank, AG, Frankfurt in the amount of EUR 55,744 thousand to securitize the loan approved by Kreditanstalt fur Wiederaufbau ("KfW"), Frankfurt am Main, at annual interest rates ranging from 3.40 to 3.90 percent and based on a loan from Commerzbank AG, Frankfurt am Main, in the amount of EUR 50,297 thousand, extended for a period of two years at an interest rate of quarterly EURIBOR – 0.025 percent annually.

14. LOANS AND ADVANCES TO CUSTOMERS In thousands of EUR

December 31, 2007

December 31, 2006

Up to one year in EUR 294,309 136,650Over one year in EUR 433,393 189,027

727,702 325,677

Less: Allowance for losses on loans and advances (8,283) (3,955)

719,419 321,722



39

14. LOANS AND ADVANCES TO CUSTOMERS (Continued)

Loans up to one year in Euro are primarily granted to local enterprises for purposes of promoting and supporting trading activities, industrial production, import financing, as well as for liquidity and other purposes. These loans are usually granted for periods from one month up to one year at annual interest rates ranging from 4 to 12 percent.

The loans over one year include loans to small and medium-sized enterprises which are primarily granted for the purpose of financing working capital and fixed asset purchases in the service, production, trade and agricultural sectors and bear an annual interest rate ranging from 6 to 12 percent.

Loans to retail customers are primarily granted for the purchase of apartments, equipment, cars and consumer goods. These loans are usually granted for period from one to twelve years, at annual interest rates ranging from 3 to 16 percent.

Movement in allowance for losses on loans and advances is as follows:


2007 2006

Balance at January 1 3,955 2,012Provision charged for the year, net 5,460 3,237Transfer from provision for potential liabilities 80 160Transfer from provisions for other assets 18 -Release of provisions - (118)Write offs (1,221) (1,654)Other (9) 318

Balance at December 31 8,283 3,955

15. SECURITIES AVAILABLE-FOR-SALE In thousands of EUR

December 31, 2007

December 31, 2006

Equity securities - at fair value: - listed 119 110 - unlisted 35 64

154 174

The Bank holds the following equity investments:


2007December 31,

2006

Zetatrans A.D., Podgorica 38 38Loven osiguranje A.D., Podgorica 43 34Magrom d.o.o., Cetinje - 48Central Depositary Agency, Podgorica 38 38New Securities Stock Exchange 35 16

154 174



40

16. FINANCIAL ASSET AT FAIR VALUE THROUGH PROFIT AND LOSS

As of December 31, 2007, financial asset at fair value through profit and loss in the amount of EUR 210 thousand (December 31, 2006 EUR 211 thousand) relate to the ownership of 35.49 percent in Moneta A.D., Podgorica which has been accounted for at fair value.

17. SECURITIES HELD-TO-MATURITIY

As of December 31, 2007, securities held to maturity in the amount of EUR 517 thousand relate to the bonds of NLB Montenegro banka A.D., Podgorica, maturing on July 21, 2010 at an interest rate of 6.5 percent annually. The interest is charged semi-annually, on January 21 and July 21 until their maturity.

18. PROPERTY, PLANT, EQUIPMENT AND INTANGIBLE ASSETS

In thousands of EUR

Equipment Constru-

ctionand Other in Intangible

Buildings Assets Progress Assets TotalCost Balance, beginning of year 8,575 5,619 - 5,492 19,686Additions 153 1,711 30 1,075 2,969Transfers - (221) 374 (153) -Disposals - (115) - - (115)Balance, end of year 8,728 6,994 404 6,414 22,540

Accumulated Depreciation Balance, beginning of year 620 1,913 - 1,560 4,093Charge for the year 171 729 - 685 1,585Disposals - (57) - - (57)Transfer (13) (66) - 79 -Balance, end of year 778 2,519 - 2,324 5,621

Net Book Value: - as of December 31, 2007 7,950 4,475 404 4,090 16,919

- as of December 31, 2006 7,955 3,706 - 3,932 15,593

19. OTHER ASSETS


2007December 31,

2006

Fees receivable 2,219 2,447Receivables based on taxes 851 452Deferred expenses 166 130Advances paid 20 44Other receivables based on transactional accounts 421 145Other 590 493

4,267 3,711Less: Allowance for impairment (11) (119)

4,256 3,592



41

19. OTHER ASSETS (Continued)

Movement in allowance for other assets is as follows: In thousands of EUR Year Ended December 31,

2007 2006

Balance at January 1 119 21Release of provision (90) -Transfers (18) 90Other - 8

Balance at December 31 11 119

20. DEPOSITS FROM BANKS In thousands of EUR

December 31, 2007

December 31, 2006

Deposits from domestic banks: - demand deposits 2,844 4,714 - short-term deposits 729 373

3,573 5,087

Demand deposits bear annual interest rotes ranging between 1.15 percent and 3 percent annually. Short-term deposits bear annual interest rates ranging from 1.5 percent to 6.5 percent annually.



42

21. DUE TO CUSTOMERS In thousands of EUR

December 31, 2007

December 31, 2006

Demand deposits in Euro: - Enterprises 128,635 71,654 - Governmental institutions 27,878 30,010 - Retail customers 150,002 82,318 - Other entities 6,205 4,481Demand deposits in foreign currencies: - Enterprises 2,904 8,894 - Governmental institutions 100 37 - Retail customers 4,390 3,427Short-term deposits in Euro: - Enterprises 123,484 45,674 - Governmental institutions 11,023 21,089 - Retail customers 212,215 66,186 - Foreign institutions - 5,000 - Other entities 5,137 3,000Short-term deposits in foreign currencies: - Enterprises 705 769 - Retail customers 5,613 6,921Long-term deposits in Euro: - Enterprises 107,694 35,396 - Governmental institutions 10,000 15,402 - Retail customers 45,153 51,889Long-term deposits in foreign currencies - Retail customers 1,544 -

842,682 452,147

The demand deposits of enterprises bear annual interest rates ranging from 1.15 to 3 percent.

Short-term and long-term deposits of enterprises are placed at annual interest rates ranging from 1 to 8 percent and 5 to 10 percent, respectively.

Certain demand deposits and time short-term deposits of enterprises and private individuals are non-interest bearing ones, depending upon the terms contracted.

Demand deposits of retail customers are placed at annual interest rates ranging from 1.15 to 3 percent.

Short-term and long-term deposits of retail customers are placed at annual interest rates ranging from 1 to 6 percent and 4.5 to 6.5 percent, respectively.



43

22. OTHER BORROWED FUNDS In thousands of EUR

December 31, 2007

December 31, 2006

Long-term domestic borrowings: - Directorate for Development of Small and Medium Sized Enterprises 1,581 1,068 - Development Fund of the Republic of Montenegro 7,827 3,786 - Loven osiguranje A.D. - 150Long-term foreign borrowings from foreign entities: - Kreditanstalt fur Wiederaufbau ("KfW"), Frankfurt am Main 4,589 6,253 - Commerzbank AG, Frankfurt am Main 50,308 - - European Agency for Reconstruction (EAR) 899 1,198 - DEG and FMO 6,738 3,926 - European Fund for Southeast Europe, Luxembourg 13,740 13,605 - OTP Bank, Budapest: - commercial loans 35,580 24,109 - subordinated loans 12,041 - - Banca Intesa, Beograd - 312

133,303 54,407

As of December 31, 2007, the amount of EUR 1,581 thousand represents the long-term borrowings received from Directorate for Development of Small and Medium Sized Enterprises. These borrowings were granted for periods ranging from three to six years, at annual interest rates ranging from 3.5 to 7 percent.

As of December 31, 2007, the amount of EUR 7,827 thousand represents the long-term borrowings in domestic currency received from the Development Fund of the Republic of Montenegro. These borrowings were granted for periods ranging from three to five years, and have grace periods ranging from six months to two years, at annual interest rates ranging from 1.5 to 8 percent.

As of December 31, 2007, the amount of EUR 4,589 thousand relates to the loans approved by Kreditanstalt für Wiederaufbau (“KfW”), Frankfurt am Main for a period of five years and interest rate linked to EURIBOR as increased by 2 - 2.4 percent p.a.

As of December 31, 2007, the long term borrowings of EUR 50,308 thousand relate to liabilities arising on a loan received from Commerzbank AG, Frankfurt am Main with a two-year maturity and an interest rate of quarterly EURIBOR as increased by the margin of 0.15 percent annually.

As of December 31, 2007, the amount of EUR 899 thousand represents long-term borrowings received from European Agency for Reconstruction for a period of five years and interest rate linked to variable EURIBOR/LIBOR as increased by 2 – 3 percent p.a.

As of December 31, 2007, long-term local currency borrowings stated in the amount of EUR 6,738 thousand relate to loans approved by Deutche Investitions und Entwicklungsgesellschaft GmB, Keln (DEG) and Nederlandse Financierings Maatschapij voor Ontwikkelingsladen N.V, Hag (FMO) for a period of three years, at interest rate equal to EURIBOR as increased by 3.5 percent per annum.



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22. OTHER BORROWED FUNDS (Continued)

Based on the agreements executed with DEG and FMO, up to the final settlement of liabilities the Bank is under an obligation to fulfill certain operation ratios prescribed by the agreements. As of December 31, 2007, according to the Bank's calculation, the solvency ratio and ratio of capital expenditures amounted to 13.25% and 39.09% respectively, and they complied with the Agreement entered with the Central Bank of Montenegro on December 4, 2006, on reconciling the irregularities in the Bank’s operations (Note 24).

The long-term borrowings stated at December 31, 2007 of EUR 13,740 thousand relate to the liability for a long-term loan approved by European Fund for Southeast Europe, Luxembourg for a period of five to ten years at interest rate of 3.5 percent, or EURIBOR rate increased by 3 and 3.5 percent annually.

The long-term borrowings stated at December 31, 2007 of EUR 35,580 thousand relate to the liability arising from a long-term loan approved by OTP Bank, Budapest for a period of five years and an interest rate equal to EURIBOR increased by the margin ranging from 1.5 and 1.95 percent annually. In accordance with the agreement executed with OTP Bank, Budapest, up to the final settlement of liabilities the Bank is under an obligation to maintain a minimum capital adequacy ratio as established by the Basel Accord.

As of December 31, 2007, the long-term borrowings of EUR 12,041 thousand were associated a subordinated loan received from OTP Bank, Budapest for the period of seven years at an interest rate of EURIBOR as increased by 2.25 percent annually.

23. OTHER LIABILITIES In thousands of EUR

December 31, 2007

December 31, 2006

Trade payables 487 152Accruals 174 43Accrued bonuses 239 -Indirect taxes and contributions 451 252Other tax liabilities 1,338 452Other 6 -

2,695 899

24. PROVISIONS

The movements on provision for potential losses were as follows: In thousands of EUR Year Ended December 31,

2007 2006

Balance, January 1 627 273(Charge for the year)/ release, net (97) 566Transfers (80) (250)Other - 38

Balance, December 31 450 627



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25. SHARE CAPITAL

As of December 31, 2007, the Bank’s share capital is comprised of 62,344 common shares, with an individual par value of EUR 511.29.

The Shareholding Assembly enacted a Decision on January 29, 2007 with reference to share issue allowing the preemption rights to the existing shareholders, in the amount of EUR 10,000 thousand, i.e., 19,559 shares, where the individual par value of a share amounted to EUR 511.29. The Securities Commission enacted a Decision on February 7, 2007 defining the forgoing share issue in the total amount of EUR 10,000 thousand as successful.

Based on a Shareholding Assembly Decision of May 29, 2007, the profit for 2006 in the amount of EUR 3,910 was allocated to the existing shareholders in the form of 7,647 common shares the nominal value of which amounted to EUR 511.29 (bonus issue as a reinvestment of dividends). The Securities Commission enacted a Decision on June 29, 2007 on recording the share issue based on the profit distribution.

As of December 31, 2007, the sole owner of the Bank's shares is OTP Bank, Budapest with 100 percent of equity interest.

In accordance with the requirements of the Central Bank of Montenegro, the Bank is under obligation to maintain a minimal capital adequacy ratio of 8%. The Bank is required to maintain certain minimum or maximum ratios with respect to its activities and composition of risk assets in compliance with the Law on Banks of the Republic of Montenegro and with the Central Bank of Montenegro Regulations.

In accordance with the Agreement entered with the Central Bank of Montenegro on December 4, 2006, on reconciling the irregularities in the Bank’s operations, as delineated in the Report on Financial Control prepared by the Central Bank of Montenegro, number 02/46/1 as of October 13, 2006, with the financial data as of August 31, 2006, the Bank is under obligation to maintain the solvency ratio at the minimum of 12 percent until December 31, 2007 and to draw down the ratio of capital expenditures to the minimum of no more than 40 percent first-class capital. In addition, until December 31, 2008, the Bank is obligated to reconcile the ratio of capital expenditures with the legal requirements, i.e., adjust it to the maximum of 20 percent of the first-class capital or, if relevant approval is obtained from the Central Bank of Montenegro, to the maximum of 30 percent. As of December 31, 2007, the Bank’s solvency ratio and the ratio of capital expenditures amount to 13.25 percent and 39.09 percent, respectively.



46

26. OFF-BALANCE-SHEET ITEMS In thousands of EUR

December 31, 2007

December 31, 2006

a) Managed Funds - 3,469- 3,469

b) Guarantees, Other Contingent Liabilities and Commitments Payment guarantees 11,732 18,613Performance bonds 20,101 8,707Uncovered letters of credit 3,383 3,817Undrawn credit facilities 8,420 12,624

43,636 43,761

c) Other off-balance-sheet items Written off loans 1,891 1,954Written off and suspended interest 294 -Other off-balance sheet items 395 -

2,580 1,954

46,216 49,184

Commitments for operating leases of business premises

Commitments for operating leases of business premises are as follows: In thousands of EUR

December 31, 2007.

December 31, 2006.

Up to 1 year 1,278 802From 1 to 5 years 4,358 3,834Over 5 years 2,906 3,430

8,542 8,066



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27. RELATED PARTY TRANSACTION

The following table summarizes receivables from and payables to related parties as of the balance sheet date:


2007December 31,

2006Loans and advances to customers: - Bank’s employees 8,312 2,775 - Related parties 1,503 -

Total receivables 9,815 2,775

Payables to customers: - Bank’s employees 8,066 4,526 - Related parties 7 -

8,073 4,526Other Borrowed funds: - OTP Bank, Budapest (commercial loan) 35,580 24,109

35,580 24,109Subordinated debt: - OTP Bank, Budapest (subordinated debt) 12,041 -

47,621 24,109

Total liabilities 55,694 28,635

Payables, net (45,879) (25,860)

Income and expenses from transactions with related parties during 2007 and 2006 were as follows:


2007 2006Interest income: - Bank’s employees 516 141 - Related parties 78 -

Total income 594 141

Interest expense: - Bank’s employees (358) (16) - Related parties (1) - - OTP Bank, Budapest (2,022) (376)

Total expenses (2,381) (392)

Net expenses (1,787) (251)

During 2007 compensations paid to the management of the Bank amounted to EUR 1,027 thousand (2006: EUR 679 thousand).



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28. TAXATION RISKS

The Republic of Montenegro tax legislation is subject to different interpretations and changes which occur frequently. The interpretation of tax legislation by tax authorities as applied to the transactions and activity of the Bank may not be in line with that of the management. As a result, Bank’s transactions may be challenged by tax authorities and the Bank may be assessed additional taxes, penalties and interest, which could be material. The Bank’s tax statements may be reviewed or audited for a period of five years from the filing date of such statements.

29. EXCHANGE RATES

The official exchange rates for major currencies used in the translation of balance sheet items denominated in foreign currencies, into euros as at December 31, 2007 and 2006 are as follows:

December 31, 2007

December 31, 2006

USD 0.6806 0.7593CHF 0.6023 0.6223GBP 1.3609 1.4892

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