jun 2017 godina 10, broj 38 - UBCGubcg.info/wp-content/uploads/2017/06/Bankar-38_06-2017_WEB-1.pdf · Erste Bank AD Podgorica Hipotekarna Banka AD Podgorica Invest Banka Montenegro

jun 2017godina 10, broj 38

Addiko Bank AD PodgoricaAtlas Banka AD PodgoricaCrnogorska komercijalna banka AD PodgoricaErste Bank AD PodgoricaHipotekarna Banka AD PodgoricaInvest Banka Montenegro AD PodgoricaKomercijalna Banka AD BudvaLovćen banka ADNLB BankaNova banka AD PodgoricaSociete Generale MontenegroPrva banka Crne Gore 1901.Universal Capital BankZapad Banka AD PodgoricaZiraat Bank

Udruženioko zajedničkog

cilja

Poštovane kolege,Prvim obraćanjem u svojstvu Generalnog Sekretara Udruženja banaka Crne Gore, želio bih da se zahvalim svim onima koji su omogućili da se postavi, razvije i da traje, već više od devet godina, časopis “Bankar”, kao reprezent struke, kroz koji se najavljuju trendovi prevashodno u bankarskom sektoru, približava problematika mladim bankarima, ali se daje i uvid u dobru bankarsku praksu razvijenih sistema i kolegama sa više godina iskustva. Kvalitetu časopisa su doprinijeli značajno društveno pozicionirani ljudi od struke, počevši od premijera, guvernera, viceguvernera, glavnog ekonomiste, istaknutih direktora banaka do predstavnika administracije iz Brisela, kroz čije se komentare dobijala slika - postojeća ekonomska, kao i najava nekih ekonomskih zbivanja u narednim periodima. Lista autora je impresivna, a time i obavezujuća za kvalitet u budućim izdanjima.

Podsjećanja radi - Upravni odbor Udruženja banaka je donio odluku o pokretanju stručnog časopisa za bankarstvo i fi nansije “Bankar”, 11.marta 2008. godine, uz učešće komercijalnih banaka i Centralne banke Crne Gore u njegovom fi nansiranju. Prvi broj časopisa je izašao 8. maja 2008. Rješenjem Ministarstva kulture, sporta i medija, časopis “Bankar” je upisan u Evidenciju štampanih medija Ministarstva fi nansija od 17. marta 2008. godine pod brojem 641.

U dosadašnjih 37 brojeva, tekstove i intervjue je objavilo 219 autora (160 domaćih i 59 inostranih, gdje nijesmo ubrojili sedam tekstova tima Evropske Bankarske Federacije). Od tog broja, kroz pažljivo odabrani miks akademskog i praktičnog viđenja realnih situacija, imali smo stavove 48 doktora nauka i 41 magistra. U prosjeku, svaki broj Bankara je imao 6 -7 novih autora.

Po ocjeni Evropske bankarske federacija smještene u Briselu, čiji je UBCG član od 2007.god., Međunarodnog bankarskog Savjeta gdje smo član od 2015. god. i kolega iz regiona, ali i sa Kipra, Njemačke i Austrije, crnogorski “Bankar” predstavlja jedan od boljih stručnih magazina ovog tipa. To potvrđuju dopisi i mail-ovi, kao i preuzeti koncept i struktura časo-pisa od više uvaženih kolega koji se bave istim poslom. Poseban pečat ”Bankar” je dobio kroz pohvalu kanadskog nobelovca za ekonomiju, Roberta Boba Mandela.

Hvala svima, kako dosadašnjim tako i budućim autorima, koji imaju šta da kažu i ne boje se suda struke, gdje konkretnim podacima, dobrom praksom, primjerima konkretnih problema, najavom i komentarima regulative, prikazima inovativnog pristupa bankarskim uslugama, a prevashodno kvalitetom, kritičkim, ili pozitivnim stavom prema konkretnim kretanjima u fi nansijama, doprinose da naš zajedniči časopis dostojno proslavi desetogodišnji jubilej i najavi novu eru pozitivnog poslovanja bankarskog sektora u Crnoj Gori.

Generalni sekretar, mr Bratislav Pejaković

Uvodna riječGeneralnog sekretara

Udruženja banaka Crne Gore

Dear Colleagues,

Addressing for the fi rst time as Secretary General of the Association of Montenegrin Banks, I would like to thank to all of those that enabled setting up, development and continuance of the publishing of the magazine “Bankar” for more than ten years, which presents the profession and announces trends primarily in the banking sector, explains the issues to younger bankers and provides an insi-ght in good banking practice of the developed systems to experienced colleagues. Well-positioned professionals have contributed to the quality of the magazine, primarily Prime Minister, Governor, Vice-Governor, Chief Economist, prominent CEOs of the commercial banks and representatives of the Brussels administration, whose comments provided a picture of current economic trends and announced some of the economic developments in the forthcoming periods. The list of authors who wrote and are writing for the magazine is an impressive one and binding at the same time for the quality of the future issues of the magazine.

To remind – Managing Board of the Association of Banks passed a decision on publishing a maga-zine for banking and fi nance the “Bankar” on 11 March 2008, where the commercial banks and the Central Bank of Montenegro contributed in its fi nancing. The fi rst issue of the magazine was published on 8 May 2008. The decision of the Ministry of Culture, Sport and Media registered the magazine into the Registry of printed media of the Ministry of Finance on 17 March 2008 under the number 641.

In the previous 37 issues, 219 authors published their works and interviews (160 domestic and 59 foreign, where seven papers of the European Banking Federation team were not included). Of this number, through carefully selected mixture of scientifi c and practical view of realistic situations, we have positions of 48 PhDs and 41 M.Scs. On average, each issue of the Bankar magazine had 6-7 new authors.

The European Banking Federation based in Brussels, where the Association is a member since 2007, the International Banking Council, where the Association is a member since 2015 and colle-agues from the region and from Cyprus, Germany and Austria assessed the Montenegrin magazine “Bankar” as one of the best professional magazines in this area. This is also confi rmed by emails and memoranda, and it was also confi rmed by assuming the concept and structure of the magazine by prominent colleagues engaged in the same business. Special commendation for the magazine “Bankar” came from Robert Bob Mundell, a Nobel Prize-winning Canadian economist.

A special thanks to everyone, both the previous and future authors who have something to say and do not fear the critics of the profession, where they contribute, through the provision of actual data, good practice, examples of actual problems, announcement and comments of the regulation, reviews of innovative approach to the banking services, and primarily with the quality, critical or positive view towards specifi c trends in fi nancial sector, to the celebration of ten-year anniversary of joint magazine and announce a new era of positive operations of the banking sector in Montenegro.

Secretary General,Bratislav Pejaković, M.Sc.

Preface of Secretary Generalof the Association

of Montenegrin Banks

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Ðorðe Ðurðiæ, Glavni Izvršni direktor Universal Capital BankeISKORISTITI KOMPARATIVNE PREDNOSTI, PROŠIRITI LEPEZU PROIZVODAUse Comparative Advantages, Expand Variety of Products

Dr Marko Backoviæ, Dr Zoran PopoviæPRIMJENA METODA CILJNOG PROGRAMIRANJAApplication of Target Programming Method

Nikola Stameniæ, PWC HouseIZAZOVI IMPLEMENTACIJEImplementation Challenges

Dr Milan BrkoviæUSAGLAŠAVANJE SA NOVIM REŽIMOM ZAŠTITE PODATAKA O LIČNOSTIAlignment With New Personal Data Protection Regime

mr Bratislav PejakoviæFINANSIJSKI POTENCIJAL I VIZIJA RAZVOJA BANKEFinancial Potential and Vision of Development af a Bank

Prof. dr Dragoljub JankoviæINSTITUCIONALNA BRIGAInstitutional Concern

Dr Ana MugošaSTRUKTURA KAPITALA U FUNKCIJI ODLUČIVANJA O MERDŽERIMA I AKVIZICIJAMACapital Structure in the Function of Deciding on Mergers and Acquisitions

Filip ÆiroviæSANACIJA BANAKA U SKLADU SA DIREKTIVAMA EVROPSKE UNIJEBank Resolution According to EU Directives

Internet trgovina / Internet TradingPITANJA I ODGOVORIQuestions and Answers

Miodrag KirsanovNOVAC ZA VRIJEME AUSTO-UGARSKE OKUPACIJE 1916-1918Money during Austro-Hungarian Occupation in Period 1916-1918

BANKARBroj 38 / jun 2017.

IZDAVAČUdruženje banaka Crne GoreNovaka Miloševa bb/3 PodgoricaTel: +382 20 232-028 www.ubcg.info

TIRAŽ: 600 primjerakaÈasopis izlazi kvartalno.

Rješenjem Ministarstva kulture, sporta i medija èasopis Bankar je upisan u Evidenciju medija - štampani mediji 17. marta 2008,pod rednim brojem 641.

REDAKCIJSKI ODBORglavni i odgovorni urednikmr Bratislav Pejakoviæ

Prof. dr Aleksandar Živkoviæ,dr Nikola Fabris,dr Saša Popoviæ,mr Nebojša Ðokoviæ

urednikPeko Nikoliædizajn i prelomNikola Latkoviæfinalna priprema tekstova i korekturaMarko Nikoliæfotografijewww.photodune.net i fotodokumentacija UBCGprevodMilena Ljumoviæ, Maja Biljuriæi Dragana Petronijeviæštampa Grafotisak, Grude, BIH

Prilozi- tekstovi se dostavljaju u elektronskom oblikuna e-mail adrese: [email protected],[email protected], na disketi ili cd-u; maksimalna dužina tekstado 25.000 karaktera.- reklame po normativima UBCG na e-mail: [email protected]

BANKARÈasopis Udruženja banaka Crne GoreBroj 38 / jun 2017.

IMPRESUM3

:B Univerzal banka Podgorica je otvorila svoje predstavništvo u Dubaiju. Rijedak je do sada bio slučaj da naše banke izađu na inostrano tržište. Možete li javnosti približiti motive otvaranja predstavništva u inostranstvu, odnosno koji se benefi ti mogu očekivati?Kao što znate, Crna Gora je predmet značajnog intereso-vanja investitora iz cijelog svijeta, a u poslednjih nekoliko godina intezivirano je prisustvo investitora iz UAE i regiona u cjelini. Kruna toga je preuzminaje Porto Montenegra od strane IDC-a, nakon čega se tek očekuje dodatno intezivira-nje ovog procesa. Univerzal Capital banka je prepoznala tu priliku i pretočila je u otvaranje predstavništva u Dubaiju. Naša ideja je da budemo servis svim sadašnjim a i budućim zainteresovanim investitorima za ulaganje u Crnu Goru. Sama ceremonija otvaranja je u najvećoj mjeri upravo bila i posvećena promociji Crne Gore kao investicione destinacije, njenih prirodnih ljepota, otvorenosti za saradnju, i moram Vam reći da su reakcije bile više nego pozitivne.

:B Naše bankarsko i fi nansijsko tržište je malo. Da li ovaj vaš poslovni potez vidite kao putokaz drugima da koriste Crnu Goru kao kvalitetnu bazu za pružanje međunarodnih usluga? Crna Gora u svakom smislu ima izražene komparativne prednosti u odnosu na druge i ima sve pretpostavke za pozicioniranje kao baze za pružanje usluga međunarodnim investitorima i kompanijama. Ono što svi tradicionalno znamo je da Crna Gora ima odličnu geografsku lokaciju, dobru klimu, dobre investicione potencijale i generalnu opredijeljenost i izraženu svijest na svim nivoima da je to budućnost razvoja ove države.

Uz to, imamo vrlo konkurentan poreski sistem, dobre zakonske pretpostavke za kvalitetan servis stranih investitora,

Otvaranjem predstavništva u Dubaiju očekujemo da budemo servis svim sadašnjim i budućim investitorima u Crnoj Gori. Oni su kod nas dobrodošli i bezbjedni, naročito nakon učlanjenja u NATO. Završetak kapitalnih turističkih i infrastrukturnih projekata neminovno će dovesti do snažnog ekonomskog razvoja. Vladine mjere možda i nisu najpopularnije, ali će dovesti do fi skalne stabilizacije. Univerzal Capital banka je u konstantnom, na realnim osnovama zasnovanom rastu. Naše banke moraju poboljšati poziciju kod korespodentskih banaka

ISKORISTITI KOMPARATIVNE PREDNOSTI, PROŠIRITI LEPEZU PROIZVODA

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INTERVJU - ĐORĐE ĐURĐIĆGLAVNI IZVRŠNI DIREKTOR UNIVERSAL CAPITAL BANKE

:B Universal Bank Podgorica has opened its representative offi ce in Dubai. So far, it has been a case that our banks are entering the international market. Can you explain to the public the motives of opening a representative offi ce abroad or what benefi ts can you expect?As you know, Montenegro is a subject to signifi cant inter-est of investors from around the world, and the presence of investors from the UAE and the entire region has been intensifi ed in recent years. Th e crucial event was the assump-tion of the Porto Montenegro by IDC, aft er which further intensifi cation of this process is expected. Th e Universal Capital Bank recognized this opportunity and transformed it into the opening a representative offi ce in Dubai. Our idea is to be at the service of all current and future investors interested in investing in Montenegro. Th e opening ceremony itself was to a great extent dedicated to the promotion of Montenegro as an investment destination, its natural beauty, openness to cooperation, and I must say that the reactions were more than positive.

:B Our banking and fi nancial market is small. Do you see this business move as a guide for others to use Montenegro as a quality base for providing international services? Montenegro has in every aspect comparative advantages and it has all the assumptions to become the base for providing services to international investors and companies. What we all traditionally know is that Montenegro has an excellent geographic location, good climate, good investment potential and general commitment and expressed awareness at all levels that it is the future of the development of this country.

In addition, we have a highly competitive tax system, good legal prerequisites for quality foreign investor services, and we already have several serious investments that can be bait also for attracting other investors. Of course, the issue of safety and security is always important and very sensitive, and I see the fact that Montenegro is the new and youngest member of the NATO as a permanent seal to this story and a clear legitimacy that investors from all over the world are welcome and safe in our country.

:B How do you assess the current situation in the Montenegrin banking market, i.e. what effects do you expect from the adoption of the new regulation and the introduction of IFRS 9?I will say nothing new if I say that the Montenegrin banking sector is extremely competitive due to the high concentra-tion of banks in relation to the number of clients with good credit capacity and fi nancial standing. We have already wit-nessed the intensifi cation of the rumours about acquisitions and aggregation in the banking market, but on the other hand it is interesting that there is also interest expressed in opening new banks. I think that Montenegrin banks in the future will build alternative channels to generate new revenue – the trend that has already started, especially

USE COMPARATIVE ADVANTAGES, EXPAND VARIETYOF PRODUCTS

By opening a representative offi ce in Dubai we expect to be a service to all present and future investors in Montenegro. They are welcome and safe in our country, especially after joining the NATO. The completion of capital tourist and infrastructure projects will inevitably lead to strong economic development. Government measures may not be the most popular, but they will result in fi scal stabilisation. The Universal Capital Bank is in constant growth, which is based on realistic grounds. Our banks need to improve the position of correspondent banks

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INTERVIEW - ĐORĐE ĐURĐIĆCHIEF EXECUTIVE DIRECTOR OF UNIVERSAL CAPITAL BANK

a već imamo nekoliko ozbiljnih investicija koje mogu biti mamac i za privlačenje drugih investitora. Naravno, pitanje bezbjednosti i sigurnosti je uvijek bitno i jako osjetljivo, te s toga činjenicu da je Crna Gora nova i najmlađa clanica NATO-a vidim kao trajni pečat na ovu priču i jasnu legi-timaciju da su investitori iz svih krajeva svijeta kod nas dobrodošli i da su bezbjedni.

:B Kako ocjenjujete trenutnu situaciju na bankarskom tržištu Crne Gore, odnosno kakve efekte očekujete od donošenja nove regulative i uvođenja IFRS 9?Neću reći ništa novo ako kažem da je crnogorski bankarski sektor izuzetno konkurentan zbog visoke koncentracije banaka u odnosu na broj bonitetnih i kreditno sposobnih klijenata. Već smo svjedoci inteziviranja priča oko preuzi-manja i ukrupnjivanja na bankarskom tržištu, ali sa druge strane zanimljivo je da postoje i interesovanja za otvaranje novih banaka. Mislim da će u budućnosti crnogorske banke graditi alternativne kanale za ostvarenje novih prihoda, a već možemo vidjeti da je taj trend započeo, naročito pod uticajem novih tehnologija, sve značajnijeg uticaja društvenih mreža i slično. Prostor u tradicionalnom bankarstvu je sve uži, iako ga i dalje ima, ali mislim da će se konkurentska prednost ostvarivati upravo kroz pružanje ovih usluga i kroz snižavanje troškova.

Rizični profi l banke i struktura portfolija nam omogućava da već sad budemo zadovoljni na osnovu nekih preliminarnih analiza uticaja primjene novog standarda od početka naredne godine, a svakako se slažem sa ocjenama da će njegova primjena bitno uticati na buduće tržišne odluke banaka.

:B Trend opadanja NPL-a se nastavlja, kamatne stope imaju blagu tendenciju pada, likvidnost banaka je dobra, ali performanse realnog sektora su i dalje zabrinjavajuće. Koji su to problemi, koji po Vašem mišljenju predstavljaju najveći izazov za naš bankarski sektor?Upravo kao što sam i ranije rekao, zasićenost tržišta klasič-nim bankarskim proizvodima i uslugama je glavni izazov za bankarski sektor, uz nedostatak dovoljno kvalitetnih projekata koje bi banke podržale. Ipak, ja sam na duži rok optimista i što se tiče realnog sektora, bez obzira na tre-nutne performanse. U tom pravcu idu i mjere koje je Vlada preuzela, koje nisu najpopularnije, ali koje će sigurno dati rezultate u procesu fi skalne stablizacije.

Smatram da će završetak kapitalnih turističkih i infrastruk-turnih projekata neminovno dovesti do snažnog ekonomskog razvoja, koji će doprinijeti rastu svih eknomskih pokazatelja.

To je bitna prilika za banke, koje moraju biti nezaobilazni dio te priče, ali svakako i kroz širenje lepeze svojih proizvoda i praćenje modernih trendova u svijetu. U tom smislu želim da pohvalim i inicijative koje dolaze od strane Udruženja banaka, u pogledu organizacije stručnih prezentacija, semi-nara i okruglih stolova tokom kojih je prezentiran značajan broj inovacija.

:B Očigledan je vaš napor u osvajanju kvaliteta plus izlaskom na inostrano tržište, ali šta Univerzal banka priprema za svoje klijente na domaćem tržištu u kratkom i srednjem roku ?Univerzal Capital banka je u konstantnom, na realnim osnovama zasnovanom rastu, što će biti slučaj i u narednom periodu. Na kraju 2016-te godine, svi značajni pokazatelji poslovanja banke imaju dvocifren rast, a taj trend se nastavlja i u prvom kvartalu. Značajno smo ojačali bazu klijenata, trenutno smo u proceduri prekompozicije poslovne mreže kako bi pojačali pristupačnost banke klijentima.

Tokom ove godine, banka će prezentirati nekoliko novih proizvoda, a značajno ćemo unaprijediti i tehnološka rješenja koja će omogućiti klijentima efi kasan nacin korišćenja usluga banke. Banka će biti i aktivna u podršci i privredi i stanovniš-tvu, naravno u skladu sa svojim opredjeljenjem da ostvaruje kosntantan ali umjeren i na realnim osnovama zasnovan rast.

:B Jedno od pitanja koje je vrlo aktuelno, i koje zaslužuje veću pažnju, je pitanje korenspodentskih računa naših banaka. Kakvo je vaše viđenje problema zatvaranja računa bankama iz regiona u nekim njemačkim bankama kao tradicionalnim transfer-partnerskim i problem nemogućnosti plaćanja u nekim provincijama Kine kao najznačajnijeg svjetskog izvoznika?Potpuno se slažem sa Vama da ovom pitanju treba posvetiti veliku pažnju, jer to zbilja predstavlja značajan izazov za kompletan bankarski sistem. Mislim da bi pored pojedinač-nih nastojanja banaka koja su neupitna, ovo pitanje trebalo izdignuti na viši nivo, i da bi svi zajedno morali napraviti ambijent koji bi onemogućio dalje pogoršanje pozicije kod korespodentskih banaka.

Naravno, ovo čak i nema u velikoj mjeri direktnu vezu sa Crnom Gorom, obzirom da generalno globalna kretanja idu u pravcu pojačanih provjera i kontrola svih transakcija, ali svakako se moraju riješiti ovakve situacije kao sa provincijama iz Kine koju ste naveli. Crna Gora je investiciona destinacija, bilježi stalan porast priliva kapitala iz svih krajeva svijeta, tako da bi nam dalje pogoršanje pozicije u međunarodnom platnom prometu značajno otežalo ispunjenje planiranog dinamičnog razvoja ekonomije.

jun 2017 | :Bankar

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INTERVJU - ĐORĐE ĐURĐIĆGLAVNI IZVRŠNI DIREKTOR UNIVERSAL CAPITAL BANKE

under the infl uence of new technologies and more signifi cant eff ects of social networks and the like. Th e space in traditional banking becomes narrow, although it still exists, but I think that competitive advantage will be achieved through the provision of these services and by lowering costs.

Th e bank's risk profi le and portfolio structure allows us to be satisfi ed with some preliminary analysis of the impact of the implementation of the new standard since the beginning of next year, and I agree with the estimates that its implementation will have a signifi cant impact on future market decisions of banks.

:B The downward trend of NPLs continues, interest rates show a slight declining trend, banks' liquidity is good, but the real sector performance is still worrying. What are the problems that in your opinion represent the biggest challenge for our banking sector?As I previously mentioned, the saturation of the market with traditional banking products and services is a major chal-lenge for the banking sector, with the lack of high-quality projects that the banks would support. Nevertheless, I am a long-term optimist as far as the real sector is concerned, regardless of current performance. In this regard, the actions taken by the Government, which are not the most popular, will certainly give results in the process of fi scal consolidation.

I believe that the completion of capital tourist and infra-structure projects will inevitably result in strong economic development, which will contribute to the growth of all the economic indicators.

Th is is an important opportunity for banks, which must be an inevitable part of that story, but certainly through the expansion of variety of their product and the pursuit of modern global trends. In this regard, I would like to com-mend the initiatives of the Banking Association regarding the organisation of professional presentations, seminars and round tables, during which a signifi cant number of innovations were presented.

:B Your effort to gain quality plus by entering the foreign market is obvious, but what does the Universal Bank prepare for its customers in the domestic market in the short and medium term?Th e Universal Capital Bank is in constant growth, which is based on realistic grounds, and this will be the case in the forthcoming period. All signifi cant bank performance indicators had a double-digit growth at end-2016, and this

trend continued in the first quarter. We have significantly strength-ened our customer base, and are currently in the process of changing the business network to increase the bank's access to customers.

During this year, the bank will present several new products and we will signifi cantly improve the technology solutions that will enable our custom-ers to effi ciently use the services of the bank.

Th e Bank will also be active in support of the

economy and the household sector, in accordance with its commitment to achieve a constant but moderate growth which is based on realistic grounds.

:B One of the issues that is up-to-date and deserves more attention is the issue concerning correspondent accounts of our banks. What is your view of the problem of closing bank accounts from the region in some German banks as traditional counterparties and the problem of payment in some provinces of China as the world's most important exporter?I fully agree with you that this issue should be given great attention, because it really represents a signifi cant challenge for entire banking system. I think that besides the individual eff orts of banks that are unquestionable, this issue should be raised to a higher level, and that all of us together should create the environment that would prevent further deterioration of the position with cor-respondent banks.

Of course, this does not even have much to do with Montenegro, given that overall global trends are moving towards intensifi ed checks and controls of all transactions, but the situations like this must certainly be resolved as it was done with the provinces of China you have mentioned.

Montenegro is an investment destination, and it records a steady increase in capital infl ows from all over the world, so that further deterioration of our position in interna-tional payment transactions makes it diffi cult to fulfi l the planned dynamic of the development of the economy.


INTERVIEW - ĐORĐE ĐURĐIĆCHIEF EXECUTIVE DIRECTOR OF UNIVERSAL CAPITAL BANK

STRUKTURA PORTFOLIA AKTIVE I PASIVE BANKEFinansijska stabilnost bankarskog sistema osnova je ekonomskog razvoja privrednog sistema svake zemlje. Efi kasnost poslovnih banaka na fi nansijskim tržištima dajemo kroz sledeće strategije:a) upravljanje kvalitetom poslo-

vanja banke, što podrazumijeva kriterijum optimalnog funkcio-nisanja banke u kombinaciji sa pozitivnim ličnim kvalitetima menadžmenta banke;

b)primjenu složene razvojne poslovnu strategiju u svim teku-ćim aktivnostima i sprovođenje detaljne analize odstupanja u zavi-snosti od postavljenog zadatka;

c) primjenu strategije portfolio menadžmenta na sredstvima i obavezama banke, što bi trebalo da obezbijedi minimizaciju bankarskog rizika i optimizaciju poslovanja;

d)zabranu visokorizične i nebe-zbjedne bankarske prakse, pri-mjenom odgovarajućih meha-nizama za kontrolu likvidnosti,

adekvatnosti kapitala i solventnosti poslovne banke.

Procesi deregulacije i liberalizacije poslovanja ekonomskog sistema u Srbiji omogućili su ulazak stranih banaka na fi nansijsko tržište u Srbiji, što je dovelo do stvaranja veoma značajne konkurencije u fi nansij-skom sektoru. Proces deregulacije bankarskog poslovanja predstav-lja prestanak državnog regulisanja plasmana raspoloživog potencijala banke, kao i slobodnog formiranja kamatnih stopa od strane poslovne

Primjena metodaciljnog programiranja

Dr Marko Backović, Dr Zoran PopovićEkonomski fakultet Univerziteta u Beogradu

Upravljanje portfoliom aktive i pasive predstavlja za menadžment banke najznačajnije pitanje strateškog planiranja. U cilju defi nisanja procedure kojom se obezbjeđuje efi kasno upravljanje aktivom i pasivom banke u ovom radu razrađen je kvantitativni model čijom se primjenom u konkretnom poslovanju banke može dobiti optimalan portfolio aktive i pasive. Model za upravljanje aktivom i pasivom banke koji je u radu predložen bazira se na primjeni metoda ciljnog programiranja. Modelom su defi nisani zakonski i poslovni aspekti kao principi bankarskog poslovanja kroz sistem ograničenja, a kriterijumi poslovanja su defi nisani funkcijama maksimizacije profi ta i minimizacije rizika likvidnosti. Menadžment banke teži povećanju rezervi banke u cilju ostvarivannja stabilnog poslovanja banke i lakšeg upravljanja bankom, što za posljedicu može imati manji iznos profi ta. Sa druge strane, akcionari banke imaju za cilj što veću dividendu, što doprinosi smanjenju rezervi banke. Izražene suprotnosti često prerastaju u konfl ikt interesa koji je sadržan u dva osnovna principa - princip profi tabilnosti i princip likvidnosti. Menadžment banke zbog toga mora da primijeni takvu strategiju upravljanja sredstvima koja treba da omogući formiranje optimalnog portfolia aktive i pasive što bi osiguralo ostvarivanje principa profi tabilnosti i likvidnosti, a time se riješio konfl ikt interesa u poslovnom procesu banke. Rezultat ovog rada sadržan je u tome da je moguće dizajnirati model optimalnog portfolia aktive i pasive u situacijama postojanja konfl iktnih interesa primjenom metoda ciljnog programiranja.

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OPTIMALNI PORTFOLIO BANKE

banke, što ima za posljedicu značajno povećavanje rizika u poslovanju. Liberalizacija kao proces pojačao je konkurenciju na fi nansijskom tržištu, što je omogućio tržišno formiranje kamatnih stopa, krei-ranje i upotrebu novih fi nansijskih istrumenata, a samim time i stva-ranje novih poslova. Procesi dere-gulacije i liberalizacije zahtijevaju od menadžmenta banke aktivno upravljanje strukturom i izvorima sredstava putem refi nansiranja na tržištu kapitala izdvajanjem sred-stava za kupovinu, odnosno prodaju hartija od vrijednosti, sa osnovnim ciljem smanjivanja rizika i povećanja profi tabilnosti poslovanja banke.

Poslovne banke u liberalno opre-dijeljenom ekonomskom sistemu predstavljaju fi nansijske institucije koje se bave formiranjem kratkoročnog i dugoročnog depozitnog potencijala koji koriste za kreditiranje neban-karskih institucija na kratak, srednji i dugi vremenski period. Takođe, poslovna banka pored gore navedenih poslova se bavi emisijom vrijednosnih papira čime prikuplja sredstva, ali i kupovinom vrijednosnih papira na strani plasmana, kao i poslovima nebankarskih i vanbilansnih fi nan-sijskih usluga. Menadžment banke u poslovanju mora voditi računa o sljedećim elementima: ročnoj struk-turi depozita i plasmana (kredita); dinamici priliva i odliva sredstava po vrstama i strukturi; kvalitetu komitenata banke; (ne)stabilnosti ekonomskog sistema i potencijalnim mjerama ekonomske politike; mjerama monetarno-kreditne politike.

PRINCIPI BANKARSKOG POSLOVANJAUsklađenost priliva i odliva sredstava defi niše osnovni princip bankarskog poslovanja, koji predstavlja zahtjev

za očuvanjem likvidnosti bankei. Pored principa likvidnosti, kao naj-značajniji principi poslovanja banke uzimaju se principi solventnosti, sigurnosti, efi kasnosti, kao i princip rentabiliteta (profi tabilnosti).

Princip likvidnosti postavlja zahtjev menadžmentu banke da ona u svakom trenutku bude sposobna da u roku izmiri svoje tekuće oba-veze, tj. da u roku izvršava dospjele obaveze prema svojim komitentima. Pošto banka posluje sa pozajmljenim sredstvima (depoziti), ovim ona preuzima i obavezu da na vrijeme i po unaprijed dogovorenim pravi-lima izvrši povraćaj pozajmljenih sredstava. Dakle, banka mora voditi takvu poslovnu politiku koju će sprovoditi kontinuirano i ročno usklađivati prilive i odliva sredstava. Likvidnost banke ogleda se u oba-vezama da u roku izvršava naloge komitenata, da u ugovorenom roku pušta u tečaj odobrene kredite, i da vraća u predviđenom roku kredite koji su joj odobrili Centralna banka i druge fi nansijske institucije. Pored sredstava neophodnih da po ročnosti ispunjava svoje obaveze, neophodno je da banka ima izdvojena sredstva za rezerve likvidnosti i propisane obavezne rezerve. Neispunjavanjem nekog od prethodno navedenih uslova, banka se smatra nelikvid-nom, pri čemu se likvidnost banke može posmatrati kao stok, ili kao tok. Ako se likvidnost posmatra kao stok, tada se razmatra obim aktive koja se lako može transformisati u gotovinu. Sa druge strane, ako se likvidnost posmatra kao tok, tada se analizira ne samo aktiva i konverto-vanje u gotovinu, nego se analizira i sposobnost menadžmenta banke da putem odgovarajućih fi nansijskih operacija ostvari priliv neophodnih likvidnih sredstava. Dodatne izvore

likvidnih sredstava menadžment banke može obezbijediti zadu-ženjem kod Centralne banke ili drugih fi nansijskih institucija, repo aranžmanima kao oblikom prodaje aktive sa obaveznim reotkupom u dogovorenom roku i po dogovo-renoj cijeni, i emitovanjem hartija od vrijednosti. Sada, na osnovu izloženog, likvidnost banke može se defi nisati kao: primarna likvidnost koja obuhvata gotovinu i depozite kod Centralne banke. Ova sredstva po pravilu ne nose kamatni prinos i treba da obezbijede planirane odlive depozita. Ovaj oblik likvidnosti banke je od posebnog značaja, pa stoga Centralna banka propisuje minimalnu stopu primarne likvid-nosti koju poslovna banka mora da održava; sekundarna likvidnost obuhvata primarnu likvidnost koja je uvećana za najlikvidniji dio aktive. Ovaj dio aktive može se u kratkom roku konvertovati u gotovinu, a najčešće su to kratkoročni plasmani banke koji nose nisku kamatu, ali se u kratkom roku mogu transformisati u gotovinu. Razvojem fi nansijskih tržišta, najveći dio sekundarne likvidnosti drži se u obliku državnih kratkoročnih hartija od vrijednosti i hartija od vrijednosti koje emituje Centralna banka; tercijalna likvidnost obuhvata dio plasmana banke koji se do isteka određenog roka ne mogu konvertovati u gotovinu, kao što su dugoročni krediti, obligacije i sl., tako da tercijalnu likvidnost treba posmatrati više kao potencijalni, a mnogo manje kao praktični oblik likvidnih sredstava. Neophodno je da je ovaj oblik likvidnosti ogra-ničenog obima i da je u kratkom vremenskom periodu.

Dakle, likvidnim sredstvima mogu se smatrati sva sredstva koja se mogu u kratkom roku konvertovati

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BANK ASSET AND LIABILITIES PORTFOLIO STRUCTUREFinancial stability of the banking system is the basis for economic development of each country. Th e effi ciency of the commercial banks in the fi nancial markets is given through the following strategies:a) Quality management of the bank,

includes the criteria of optimal functioning of the bank in com-bination with positive personal qualities of bank management;

b)Implementation of complex development business strategy in all current activities and imple-mentation of detailed analysis of deviations depending on the established objective;

c) Implementation of portfolio management strategy on assets and liabilities of the bank, which should ensure minimisation of the banking risk and optimisation of operations;

d)Prohibition of high risky and unsafe banking practice, applying adequ-ate mechanisms for the supervi-sion of liquidity, capital adequacy and solvency.

Deregulation and liberalisation pro-cesses of the economic system in Serbia enabled the entry of foreign banks into the fi nancial market in Serbia, which led to the creation of very signifi cant competition in the fi nancial sector. Th e process of

deregulation of banking operations is the termination of the regulation of placements of the available bank loans by the government, as well as the free establishment of interest rates by commercial banks, which resulted in signifi cant increases of the risks in operations. Th e liberalisa-tion, as a process, strengthened the competition in the fi nancial market, which enabled market establish-ment of interest rates, the creation and use of new fi nancial resources,

and thus the creation of new busi-ness. Deregulation and liberalisa-tion processes require the bank's management to manage actively the structure and sources of funds by refi nancing at the capital market, by allocating funds for the purchase or sale of securities, with the basic aim of reducing the risk and increas-ing the profi tability of the bank's operations.

Commercial banks in a liber-ally-oriented economic system are

Application of Target Programming Method

Marko Backović, Phd, Zoran Popović, PhDEconomic Faculty of the University in Belgrade

Assets and liabilities portfolio management is the most important issue of strategic planning for the management of a bank. With a view to defi ning the procedure for effi cient assets and liabilities management of the bank, this paper elaborated quantitative model, which application can provide optimal assets and liabilities portfolio in specifi c operations of the bank. Model for assets and liabilities management of a bank that is proposed in this paper is based on the application of the target programming method. It defi nes legal and business aspects as principles of banking operations through the system of restrictions, and business criteria are defi ned by the functions of profi t maxi-misation and liquidity risk minimisation. Management of the bank strives to increase bank’s provisions in order to achieve stable operations and manage easier the bank, which may result in lower profi t. On the other hand, bank’s shareholders tend have higher dividend, which contributes to the decline in bank’s provisions. Th ese contradictions oft en evolve into a confl ict of interest which is contained in two basic principles - the principle of profi tability and the principle of liquidity. Th erefore, management of the bank must apply asset management strategy, which should enable the establishment of optimal port-folio of assets and liabilities to ensure accomplishment of the profi tability and liquidity principles, thereby resolving the confl ict of interest in the business process of the bank. Th e result of this paper is contained in the fact that it is possible to design the model of optimal assets and liabilities portfolio in the situations of confl icts of interest by applying of target programming.


OPTIMAL PORTFOLIO OF A BANK

u gotovinu i to bez gubitka. Međutim, realno posmatrano svaki oblik sred-stava se sa nekom vjerovatnoćom može konvertovati u gotovinu u određenom trenutku i bez gubitka. Zato je neophodno svakom obliku sredstava pripisati stepen likvidnosti, pri čemu se stepeni likvidnosti kreću od nule za potpuno nelikvidna sred-stva do jedan za primarnu likvidnost sredstava.

Banka raspolaže određenim izno-som likvidnih sredstava, ali takođe ima i obaveze koje uslovljavaju odliv likvidnih sredstava. Idealno stanje podrazumijeva potpuno poklapanje iznosa priliva i odliva sredstava, odnosno da postoji ročno poklapanje aktive i pasive. U realnom poslovanju banke, vrlo često postoji odstupanje u manjem ili većem iznosu pokla-panja priliva i odliva sredstava. Ako je dospijeće aktive kraće u odnosu na dospijeće pasive tada je banka likvidna, a u suprotnom slučaju kada su dospijeća pasive kraća u odnosu na dospijeća aktive to dovodi do nelikvidnosti banke. Kako stanje pretjerane likvidnosti, tj. veliki iznos likvidnih sredstava, tako i stanje nelikvidnosti nisu povoljni po poslovanje banke. U slučaju pretjerane likvidnosti (primarna likvidnost) banka raspolaže velikim iznosom nekamatonosne gotovine čime smanjuje svoju profi tabilnost. Nelikvidnost banke može da nastane usljed loše ročne i nekvalitetne aktive što se ogleda u kvalitetu plasmana i odobrenih kredita banke, ili na strani pasive što se ogleda u ročnosti, visini i kvalitetu depozita. Ako nelikvidnost nastaje usled loše aktive banka se suočava sa problemom nemoguć-nosti naplate kredita što dovodi do smanjenja prinosne aktive i nedo-statka likvidnih sredstava za isplatu depozita i obaveza. Menadžment

banke nastali problem pokušava da prevaziđe povlačenjem plasmana datih finansijskim institucijama i uzimanjem kredita od fi nansij-skih institucija, što dovodi do pada prihoda od kamata i rasta rashoda po osnovu kamata, a to dalje ima za rezultat smanjenje rentabiliteta i moguću dalju posledicu pojavu nesolventnosti banke. Ako nelikvid-nost nastaje usled loše pasive, to se ogleda u naglom i velikom padu transakcionih depozita koji imaju visoke fl uktuacije ili usljed neplani-ranog prijevremenog razročavanja i povlačenja depozita, što uzrokuje pad rezervi likvidnosti.

Princip solventnosti predstavlja sposobnost banke da svojom aktivom pokrije ukupne obaveze (pasivu) uvećane za sopstveni kapital. Dakle, solventnost se sagledava vrjedno-vanjem realne vrijednosti aktive i ukupnog iznosa pasive. Bilansna ravnoteža banke zadaje se izrazom a = l + K, (1)gdje je a - aktiva (sredstva)l - pasiva (izvori sredstava)K - kapital.

Uslov da bi banka bila solventna predstavlja odnos između realne vrijednosti aktive i izvora sredstava, i zadaje se izrazom

a > l, (2)suprotno, imamo nesolventnost banke.U stanju nesolventnosti banke dio aktive čine nekvalitetni i nenaplativi plasmani, što ima za posljedicu da na osnovu jednačine date izrazom (1), kapital K ima negativnu vrijed-nost. Naime, nesolventnost banke je takvo stanje u kome ona nema potencijal da ispuni ukupne obaveze prema osnivačima, a često i prema depozitima, što neminovno dovodi do likvidacije takve banke.

Princip sigurnosti predstavlja sposobnost banke da u predviđe-nim rokovima i na ugovoreni način izvrši sve svoje obaveze i da naplati dospjela potraživanja.

Princip efikasnosti postavlja zahtjev da svaki plasman obezbje-đuje optimalne rezultate.

Princip rentabilnosti postavlja zahtjev pred menadžment banke da banka svojim poslovanjem ostvari maksimalan poslovni rezultat. Maksimiziranje poslovnog rezultata predstavlja u stvari maksimiziranje profi ta banke, kao razlike između naplaćene aktivne i plaćene pasivne kamate. Maksimizacija profi ta banke može se smatrati osnovnim podsti-cajem poslovanja banke, međutim princip rentabilnosti neophodno je usaglasiti sa principom likvidnosti banke. Naime, princip likvidnosti, i to prije svega primarna i sekun-darna likvidnost zahtijeva veći deo likvidnih sredstava koja ne donose ili donose vrlo mali prinos, što je suprotno sa principom rentabil-nosti za maksimiziranjem profi ta. Suprotno, maksimizacija profita bez sagledavanja likvidnosti može dovesti do stanja nelikvidnosti banke.

Na osnovu izloženog može se zaključiti da su principi bankarskog poslovanja često međusobno supro-stavljeni, što pred menadžment banke postavlja zahtjev za traženjem takvog portfolia aktive i pasive za koji će dovoljnoj mjeri bili zadovoljeni postavljeni principi.

MENADŽMENT AKTIVE I PASIVEDa bi postavljeni principi bili zado-voljeni, sredstva i izvore sredstava treba posmatrati i analizirati isto-vremeno, što zahtijeva simultano upravljanje pozicijama aktive i pasive. Jedan mogući pristup upravljanju sredstvima i izvorima

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fi nancial institutions that deal with the establishment of short-term and long-term deposits used for lending to non-banking institutions for a short, medium and long-term period. In addition to the abovementioned operations, the commercial bank issues securities, whereby it collects funds, but it also purchases securities on the assets side, and it is engaged in providing non-banking and off -balance fi nancial services. Th e man-agement of a bank must take into account the following elements in its operations: the maturity structure of deposits and placements (loans); dynamics of infl ows and outfl ows of funds by type and structure; the quality of bank customers; (in) sta-bility of the economic system and potential measures of economic policy; monetary and credit policy measures.

BANKING OPERATIONS PRINCIPLESMatching of the infl ows and out-fl ows defi nes the basic principle of banking operations, which is the requirement to preserve bank’s liquidity. In addition to the principle of liquidity, the most important principles of bank operations are the principles of solvency, security, effi ciency, as well as the principle of profi tability.

Th e principle of liquidity requires the management of the bank to be able to meet its current liabilities when they become due, i.e. to fulfi l due obligations towards its customers at maturity. Since the bank operates with borrowed funds (deposits), it also undertakes to make the repay-ment of the borrowed funds on time and under the predetermined terms. Th erefore, the bank must conduct such a business policy that will be implemented on continuous basis,

and which will match maturity of infl ows and outfl ows. Th e bank's liquidity is refl ected in the obli-gation to execute clients’ orders within agreed period, to disburse loans within the agreed period, and repay loans approved by the Central Bank and other fi nancial institutions within the agreed deadline. In addi-tion to the funds it needs to meet its obligations, it is necessary that the bank allocates funds for liquid-ity reserve and prescribed reserve requirements. Failure to meet one of the above conditions, the bank is considered to be illiquid, where bank liquidity can be viewed as a stock or as a cash fl ow. If liquidity is viewed as a stock, the scope of assets that can easily be transformed into cash is considered. On the other hand, if liquidity is viewed as a fl ow, it analyses not only assets and their conversion into cash, but also the ability of the bank's management to access the necessary liquid assets through appropriate fi nancial opera-tions. Management of the bank may provide additional sources of liquid assets by borrowing from the Central Bank or other fi nancial institutions, repurchase agreements and reverse repurchase agreements, and issuing the securities. Having this in mind, the liquidity of the bank can be defi ned as: primary liquidity that includes cash and deposits with the Central Bank. Th ese funds do not normally bear interest yields and should provide planned deposit outfl ows. Th is form of bank liquidity is of particular importance, so the Central Bank prescribes a minimum rate of pri-mary liquidity that a commercial bank must maintain; secondary liquidity includes primary liquid-ity which is increased for the most

liquid part of the asset. Th is part of the asset can be converted into cash in the short term, and most oft en it is short-term placements with low-interest banks, but they can be converted into cash in the short term. With the development of fi nancial markets, major part of secondary liquidity is held in the form of government short-term securities and securities issued by the Central Bank; tertiary liquidity includes part of a bank's placement that cannot be converted into cash until expiry, such as long-term loans, bonds, and the like, so that tertiary liquidity should be seen more as a potential and much less than a practical form of liquid assets. It is necessary that this form of liquid-ity is of limited scope and that it is short-term.

Th us, liquid assets can be consid-ered all assets that can be converted into cash in the short term without loss. However, realistically, any form of funds can be converted into cash with some probability and without loss. It is therefore necessary to attribute to each form of funds the level of liquidity, where the liquidity ranges range from zero for com-pletely non-liquid assets to one for the primary liquidity of the assets.

Th e bank has a certain amount of liquid assets, but it also has obliga-tions that result in outfl ow of its liquid assets. Ideally, the total amount of infl ows and outfl ows of funds is matched, that is, there is a maturity match of assets and liabilities. In the real business of the bank, there is oft en a deviation in lower or higher amount of cash infl ows and outfl ows. If the maturity of the asset is shorter than the maturity of the liability the bank is liquidated, and if the maturity of the liabilities is shorter than the



maturity of the asset, this results in the bank's illiquidity. Both, excess of liquidity, i.e. a large amount of liquid assets, and illiquidity are not favourable to the bank's business. In the case of excess of liquidity (pri-mary liquidity), the bank has a large amount of non-interest bearing cash, which reduces its profi tability. Th e bank's illiquidity may result due to bad maturity and inadequate assets, which is refl ected in the quality of placements and bank loans approved, or on the liabilities side it refl ects in maturity, the amount and the quality of the deposit. If illiquidity arises due to non-performing assets, the bank faces the problem of the impossibility of collecting credits, which leads to a reduction in earning assets and the lack of liquid assets for the payment of deposits and liabilities. Th e bank's management tries to overcome this problem by withdrawing placements given to financial institutions and taking loans from fi nancial institutions, which results in interest income decline and interest expense growth, which further results in a reduc-tion in profi tability and possible further consequences for the bank's insolvency. If illiquidity results for non-performing liabilities, this is refl ected in the sudden and sharp fall in transaction deposits with high fluctuations or unplanned early repayment and withdrawal of deposits, which causes a decline in liquidity reserves.

Principle of solvency is ability of the bank to cover total liabili-ties by assets increased for own capital. Th us, solvency sis viewed by valuing real value of assets and total amount of liabilities. Balance sheet balance is expressed by the following equation

a = l + K, (1)where a - is assets (funds)l - is liabilities (sources of funds)K - is capital.

Th e condition for the bank to be solvent is the real value of assets to sources of funds ratio, which is expressed by the following equation a > l, (2)Opposite, we have insolvency of the bank.

Where the bank is insolvent, non-performing and non-repayable loans make a portion of the assets, which results in negative value of capi-tal K based on the equation being given under (1). Namely, the bank's insolvency is a situation where it has no potential to meet its total obligations towards its founders, and oft en towards depositors, which inevitably leads to the liquidation of such a bank.

Principle of security is ability of the bank to meet its liabilities within prescribed timeframes and as agreed and collect due receivables.

Principle of efficiency sets a requirement that each loan ensures optimal results.

Principle of profi tability sets a requirement to the management of the bank to achieve maximum business result. Bringing business result to the maximum is maximising bank’s profi t as a diff erence between collected lending and deposit inter-est rate. Maximisation of profi t of the bank can be considered main incentive of the operations of the bank. However, the principle of profi tability should be harmonised with the principle of liquidity of the bank. Namely, the principle of liquidity, primary and secondary liquidity, requires higher portion of liquid funds that do not bear or

bear small income, which is contrary to the principle of profi tability for maximising profi t. On the contrary, the maximisation of profi t without reviewing liquidity can lead to bank’s illiquidity.

In that respect, it may be con-cluded that the principles of bank-ing operations are oft en mutually opposed, which sets the requirement before the management to seek for assets and liabilities portfolio that will meet to suffi cient extend the established principles.

ASSETS AND LIABILITIES MANAGEMENTIn order to meet the established principles, funds and sources of funds should be viewed and analysed at the same time, which requires simultaneous management of assets and liabilities positions. Asset and Liability Management (ALM) is one possible approach to management of funds and sources of funds, which underlies management of total struc-ture of assets and sources of funds. Th e ALM concept represents such a strategy of funds and sources of funds management, which should ensure a satisfactory profi tability and control of bank risk manage-ment. Th is concept requires cen-tralised management of the overall structure of funds and sources of funds, whereby the objectives for profi tability, risk control and capital adequacy are set.

Many studies deal with the analy-sis of the ALM concept and the optimisation of funds. Leibowitz and Henriksson (1988) and Waring (2004a, b) analyse assets and liabili-ties, with assets greater than liabili-ties, and optimise asset surplus. In their papers, they prove that creating a fund in a portfolio as substitute



sredstava banke predstavlja Asset and Liability Management (ALM), u čijoj se osnovi nalazi upravljanje ukupnom strukturom sredstava i izvora sredstava. ALM koncept predstavlja takvu strategiju upravlja-nja sredstvima i izvorima sredstava banke, koja treba da obezbijedi zadovoljavajuću profitabilnost i kontrolu upravljanja rizicima banke. Ovim konceptom zahtijeva se cen-tralizovano upravljanje ukupnom strukturom sredstava i izvora sred-stava, pri čemu su postavljeni ciljevi profi tabilnost, kontrola rizika i ade-kvatnost kapitala.

Mnoge studije bave se analizom koncepta ALM i problemima opti-mizacije sredstava. Leibowitz and Henriksson (1988) and Waring (2004a,b), analiziraju aktivu i pasivu, pri čemu je aktiva veća od pasive, i sprovode optimizaciju sufi cita aktive. U svojim radovima dokazuju da stvaranje jednog fonda u portfoliu kao zamjene za gotovinu, može zaštititi portfolio usljed promjene kamatnih stopa. Fong and Guin (2007) razmatraju model cash-fl ow kao alternative optimizacije sufi cita aktive u konceptu ALM i predlažu da treba izvršiti uparivanje tokova gotovine preko izbora hartija od vrijednosti koje odgovaraju iznosima i ročnosti budućih obaveza. Milevsky and Robinson (1994) koriste Monte Carlo simulaciju da bi odredili vjero-vatnoću propasti određenog portfo-lia. Ziemba (2003) raspravlja o ALM konceptu kao efi kasnom metodu za dugoročno upravljanje portfoliom. Chowdary and Slomp (2002) koriste ciljno programiranje kao fl eksibilnu metodologiju za donošenje odluka u uslovima sa više konfl iktnih ciljeva. Taha (2003) potvrđuje da metod ciljnog programiranja u rješava-nju višekriterijumskog problema

konvertuje višekriterijumske ciljeve u jednokriterijumske. Taha tvrdi da težinski koefi cijenti i postupci konvertovanja više ciljeva u jednu ciljnu funkciju najčešće ne daju za rezultat isto rješenje. Pri tome navodi da ni jedan metod nije superioran u odnosu na drugi zato što je svaki dizajniran da zadovolji određene preferencije. Romero and Rehman (2003) predlažu primjenu metoda leksikografskog ciljnog progra-miranja i ponderisanog ciljnog programiranja. Korhonen (2001) je predstavio praktičnu primjenu ciljnog programiranja kao modela koji uključuje tri faze za određivanje dinamičkog portfolia banke sa više scenarija.

Upravljanje aktivom banke zahti-jeva jasno i precizno vrjednovanje svih bilansnih pozicija aktive, sa osnovnim ciljem ostvarenja što većeg profi ta. Osnovna načela data su od strane EEZ na osnovu kojih se procenjuju bilansne pozicije. Aktivu banke možemo posmatrati po sledećim elementima: ■ neaktivna aktiva; ■ transakcije na novčanom tržištu; ■ transakcije na tržištu kapitala; ■ transakcije na terminskom i špe-kulativnom tržištu.

Neaktivna aktiva ima najmanje učešće u aktivi, ali je i najviše neiz-vjesna jer ne zavisi samo od menad-žmenta banke,nego i od spoljnih činilaca. Eksterno je određena od strane monetarne vlasti, i sastoji se od: beskamatnih plasmana, obavezne rezerve banke i gotovine u kasi.

Beskamatni plasmani su najčešće rezultat mjera monetarne politike i predstavljaju angažovanje sred-stava preko kojih banka ne ostva-ruje ili ostvaruje mali kamatonosni prihod. Obavezne rezerve banke predstavljaju instrument monetarne

regulacije od strane Centralne banke i to je blokirani potencijal banke. Gotovina u kasi predstavlja ras-položiva sredstva za isplate u toku dana. Povećanje gotovine uslovljava smanjenje depozitnog potencijala i smanjenje plasmana.

Transakcije na novčanom trži-štu omogućavaju menadžmentu banke funkcionalno povezivanje aktive i pasive banke. Novčano tržište obuhvata uža tržišta kao što su tržište hartija od vrijednosti, kreditno tržište, devizno tržište, i dr. Da bi menadžment banke efi kasno upravljao aktivom neophodno je da efi kasno transformiše pojedine oblike plasmana i izvora sredstava preko navedenih tržišta.

Transakcije na tržištu kapitala odnose se na kupovinu i prodaju dugoročnih sredstava. Osnovni oblici kapitala su zajmovi kao investicioni i hipotekarni krediti i akcijski kapital.

Transakcije na terminskom i špe-kulativnom tržištu predstavljaju obligacioni odnos između kupaca i prodavaca, pri čemu je banka posrednik.

Menadžment banke posebno mora da vodi računa o nekvali-tetnim potraživanjima, što ima za posljedicu smanjivanje kvalitetne aktive, konvertovanje kratkoročnih u dugoročna potraživanja, smanjenje novčanih tokova i povećanje rizika (ne)likvidnosti banke.

Upravljanje pasivom od strane menadžmenta i dobra struktura pasive predstavljaju osnov za efi kasno upravljanje aktivom. Pasiva banke sastoji se od sljedećih elemenata: ■ sopstveni izvori sredstava; ■ pozajmljena sredstva; ■ komisioni poslovi i sredstva.

Upravljanje pasivom ima za osnovni cilj pribavljanje sredstava po što povoljnijim uslovima i formiranje

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for cash can protect the portfolio due to interest rate changes. Fong and Guin (2007) consider the cash fl ow model as an alternative to the optimisation of asset surplus in the ALM concept and suggest that cash fl ows should be matched by selecting the securities that corre-spond to the amounts and maturity of future liabilities. Milevsky and Robinson (1994) use the Monte Carlo simulation to determine the probability of default of a given portfolio. Ziemba (2003) discusses the ALM concept as an effi cient method for long-term portfolio management. Chowdary and Slomp (2002) use target programming as a fl exible decision-making method-ology in terms of more confl icting goals. Taha (2003) confi rms that the method of target programming in solving the multi-criterion problem converts the multi-criteria goals into a single criterion. Taha claims that weight coeffi cients and conver-sion processes are more targeted at one goal function most oft en do not result in the same solu-tion. He states that none of the methods is superior to each other because each is designed to meet certain preferences. Romero and Rehman (2003) suggest the use of the lexicographic target program-ming method and weighted target programming. Korhonen (2001) presented the practical application of target programming as a model that includes three phases for deter-mining the dynamic portfolio of the bank with multiple scenarios.

Asset management of the bank requires a clear and accurate valu-ation of all balance sheet positions of the asset, with the basic objec-tive of achieving as much profi t as possible. Th e basic principles are

given by the EEC on the basis of which the balance sheet positions are estimated. Bank’s assets can be viewed by the following elements: ■ Inactive assets; ■ Money market transactions; ■ Capital market transactions; ■ Forward market transactions.Inactive assets have the least share

in assets, but it is also the most uncertain because it depends not only on the bank's management but also on external factors. It is externally determined by mon-etary authorities, and consists of: interest-free placements, reserve requirements and cash in vault.

Interest-free placements are mostly the result of monetary policy measures and represent the engage-ment of funds through which the bank does not realize or realize low interest-bearing income. Reserve requirements of banks represent the instrument of monetary regulation by the Central Bank and blocked assets of the bank. Cash in vault is available payment funds during the day. Increase in cash requires a decrease in the deposits and decrease in placements.

Money market transactions enable the management of the bank to link functionally the assets and liabilities of the bank. The money market includes narrower markets such as the securities market, the credit market, the foreign exchange market, etc. In order to effi ciently manage the assets, management of the bank should effi ciently transform certain forms of placements and sources of funds through these markets.

Capital market transactions relate to the purchase and sale of long-term assets. Th e basic forms of capital are loans such as investment and mortgage loans and equity capital.

Forward market transactions are a binding relationship between buyers and sellers, whereby the bank is an intermediary.

Bank management must take into account particularly non-performing receivables, which results in a decline in asset quality, conversion of short-term into long-term receivables, reduction of cash fl ows and increase in risk of banks illiquidity.

Liabilities management and good liabilities structure are the basis for effective asset management. Th e bank's liabilities consist of the following elements: ■ Own sources of funds; ■ borrowings; ■ agency deals and funds.Th e main objective of the liabilities

management is obtaining of funds under more favourable conditions and the establishment of such a structure of assets that will enable the bank to maintain optimal liquidity, with sources of funds consisting of long-term and short-term deposits. Particular attention should be paid to establishing an optimal relation-ship between share and founders’ (shareholders) capital. Share capital comprises the total amount of capi-tal established through the issue of securities and shares. In doing so, the bank's management should strive to increase the bank's provisions achieving thereby bank stability and easier bank management, i.e. creating cheaper sources of funds and better and more attractive placements. On the other hand, the objective of shareholders of banks is to have higher dividend, which contributes to the reduction in the bank's reserves. Having oft en such opposed interests, the management of a bank must create such a port-folio of assets through which it will



takve strukture sredstava koja će omogućiti vođenje optimalne likvidnosti banke, pri čemu se izvori sredstava sastoje iz dugoročnih i kratkoročnih depozita. Posebno treba voditi računa o uspostavljanju optimalnog odnosa između akcij-skog i osnivačkog (akcionarskog) kapitala. Akcijski kapital obuhvata ukupan iznos kapitala formiran putem emisije hartija od vrijed-nosti i plasmana akcija. Pri tome, menadžment banke treba da nastoji da poveća rezerve banke ostvarujući na takav način stabilnost banke i lakše upravljanje bankom, odnosno stvara jeft inije izvore sredstava a time bolje i privlačnije plasmane. Sa druge strane, akcionari banke imaju za cilj što veću dividendu što doprinosi smanjenju rezervi banke. Pri ovakvim, često suprostavljenim interesima, menadžment banke mora stvarati takav portfolio sred-stava preko koga će da uspostavi optimalnu kombinaciju sopstvenih sredstava i pozajmljenih sredstava, sa ciljem minimiziranja rizika neli-kvidnosti, kreditnog rizika, i stvara-nja efi kasnije politike kreditiranja i ročne transformacije sredstava banke. Izražene suprotnosti često prerastaju u konfl ikt interesa koji je sadržan u dva osnovna principa, a to su princip rentabilnosti (pro-fi tabilnosti) i princip likvidnosti.

MATEMATIČKI MODEL OPTIMALNOG PORTFOLIA

AKTIVE I PASIVE

CILJNO PROGRAMIRANJE – OSNOVNA SVOJSTVAKvantitativni modeli koji za rješavanje određenog realnog problema vode računa o više ciljeva (kriterijuma) istovremeno se razvijaju u oblasti višekriterijumskeoptimizacije (VKO)

i ciljnog programiranja. Naime, u slu-čaju jednokriterijumske optimizacije, donosilac odluke ima mogućnost da prihvati, promijeni ili odbaci rešenje dobijeno na osnovu matematičkog modela optimizacije defi nisanog samo na bazi jednog kriterijuma. Faktori koji utiču na odluku su različiti, a samim tim i ishodi koje bi imalo even-tualno rešenje su različiti, što dalje uslovljava defi nisanje kriterijuma čije vrijednosti treba da budu optimalne. Zbog toga je neophodno naći rješenje koje je najbolje po svim razmatra-nim kriterijumima istovremeno, pri čemu su kriterijumi u realnim problemima odlučivanja najčešće u konfl iktu koji može biti djelimičan ili potpun. Pored toga, razmatrani kriterijumi mogu po svojoj prirodi biti veoma raznorodni i izraženi u različitim mjernim jedinicama, što ukazuje na činjenicu da konačno rješenje ne može da se odredi bez učešća donosioca odluke.

Metod ciljnog programiranja predstavlja postupak određivanja mogućeg rješenja koje je najbliže nekom zadatom cilju u posma-tranom modelu. Dakle, traži se tačka koja minimizira udaljenost od zadate referentne tačke, koja u ovom slučaju ne mora biti idealna tačka. Zadati cilj, tj. referentnu tačku označavamo sa g = (g1, g2,..., gk), (3)a funkcije kriterijuma označavamo sa f(x) = (f1(x), f2(x),...,fk(x)), (4)pri čemu je neophodno težiti da funkcije f(x) = (f1(x), f2(x),...,fk(x))dostignu zadati cilj g = (g1, g2,..., gk).

Cilj g = (g1, g2,..., gk) može biti najveća vrijednost svih funkcija kriterijuma, ili najmanja vrijednost svih funkcija, ili nekim funkcijama najveća, nekim funkcijama najma-nja, a nekim funkcijama samo neka tačno određena vrijednost.

Idealno stanje modela je ako od zadatog cilja g = (g1, g2,..., gk) nema odstupanja. Međutim, u velikom broju slučajeva postavljeni ciljevi nijesu ostvarljivi. U situacijama kada ciljevi nisu ostvarljivi, odnosno nastaju odstupanja od postavljenih ciljeva, tada se mogu desiti dvije situacije – premašaj ili podbačaj u odnosu na postavljeni cilj.

Preciznije, za moguće rješenjex X defi nišemo : ■ premašaj di

+ parcijalnog cilja i sa di

+ = fi(x) – g1 ≥ 0, (5) ■ podbačaj di

- parcijalnog cilja i sa di

- = g1 – fi(x) ≥ 0, (6)Sada možemo formulisati problem ciljnog programiranja oblika

min∑i=1

k (di

++ di-)

fi(x) – di++ di

- = gi, i=1,...,k . (7)x X,

di+, di

-≥ 0

U daljoj razradi modela ciljnog programiranja uvodimo kazne za odstupanja od postavljenih ciljeva g = (g1, g2,..., gk), i to: ■ za premašaj od parcijalnog cilja gi, kazna je wi

+, ■ za podbačaj od parcijalnog cilja gi, kazna je wi

-.Kazne za premašaj ili podbačaj od postavljenog cilja ne moraju biti jednake, a ako je neko odstupanje poželjno tada je odgovarajuća kazna jednaka nuli.

Ako je parcijalni cilj gi donja granica funkcije kriterijuma fi(x), imamo da je

fi(x) ≥ gi,tada je svaka ostvarena vrijednost funkcije kriterijuma fi(x) koja je veća od parcijalnog cilj gi dobro-došla, tako da je kazna wi

+ jednaka nuli. Suprotno, ako je ostvarena vrijednost funkcije kriterijuma fi(x)

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establish an optimal combination of its own and borrowed funds, with the aim of minimising the risk of insolvency, credit risk, and creating more effi cient lending policies and maturity transformation of bank funds. Th ese contradictions oft en evolve into a confl ict of interest that is contained in two fundamental principles, the principle of profi t-ability and the principle of liquidity.

MATHEMATICAL MODEL OF OPTIMAL ASSETS

AND LIABILITIES PORTFOLIO

TARGET PROGRAMMING – MAIN PROPERTIES

Quantitative models that take into account multiple objectives (criteria) to solve a given real problem are simultaneously developed in the area of multi-objective optimisation and target programming. In the case of single-objective optimisation, the decision-making body has the ability to accept, change or reject a solution obtained based on a mathematical optimisation model defi ned only on the basis of one criterion. Th e factors infl uencing the decision are diff erent, and therefore, the outcomes that may have a possible solution are diff erent, which further results in defi ning the criteria whose values should be optimal. It is therefore necessary to fi nd the best solution based on all the criteria considered at the same time, whereby criteria in realistic decision-making problems are most oft en in confl ict that can be partial or complete. In addi-tion, the criteria considered may by their very nature be very diverse and expressed in diff erent units of measurement, indicating that the fi nal solution cannot be determined

without the participation of the decision-making body.

Th e method of target program-ming is the process of determining a possible solution that is closest to a given target in the observed model. So, a point is sought that minimises the distance from the given reference point, which in this case does not have to be an ideal point. Th e target goal, i.e. the reference point, is designated by the following equation g = (g1, g2,..., gk), (3)And functions of criterion are des-ignated by the following equation f(x) = (f1(x), f2(x),...,fk(x)), (4)Where it is necessary that the func-tions f(x) = (f1(x), f2(x),...,fk(x)) meet the objective set g = (g1, g2,..., gk).

Th e objective g = (g1, g2,..., gk) can be the highest value of all functions of the criterion, or the lowest value of all functions, or the highest in some functions, the smallest in some functions, and only exactly determined value in some functions.

Th e ideal state of the model is if there is no deviation from the objec-tive set g = (g1, g2,..., gk). However, in a large number of cases the set objectives are not achievable. In situations where the objectives are not achievable or deviations from the set objectives are achieved, two situations can occur - the overrun or shortfall in relation to the set objective.

More precisely, for the potential solution x X we defi ne: ■ overrun di

+ of partial objective i with

di+ = fi(x) – g1 ≥ 0, (5)

■ shortfall di- of partial objective

with i di

- = g1 – fi(x) ≥ 0, (6)Now we can formulate the problem of target programming as follows

min∑i=1

k (di

++ di-)

fi(x) – di++ di

- = gi, i=1,...,k . (7)x X,

di+, di

-≥ 0

Th e following penalties for deviations from the set objective are introduced in the further elaboration of the target programming model g = (g1, g2,..., gk): ■ for overrun from partial objective gi, penalty is wi

+, ■ for shortfall from partial objective gi, penalty is wi

-.Penalties for overrunning or shortfall from the objective set do not have to be equal, and if some deviation is desirable, the corresponding penalty equals to zero.

If partial objective is gi lower limit of the function of criterion fi(x), we have

fi(x) ≥ gi,and each realised value of the func-tion of the criterion fi(x) that is higher than partial objective gi is welcomed, and the penalty wi

+ equals to zero. If, on the other hand, the realised value of the function of criterion fi(x) is lower than the partial objective gi the shortfall occurs and the penalty in given amount is wi

- > 0.If partial objective is gi upper limit

of the function of criterion fi(x), i.e.fi(x) ≤ gi,

and each realised value of the func-tion of the criterion fi(x) that is lower than partial objective gi is welcomed, and the penalty wi

- equals to zero. If, on the other hand, the realised value of the function of criterion fi(x)is lower than the partial objective gi the overrun occurs and the penalty in given amount is wi

+ > 0.If the given condition is realisa-

tion of the objective, i.e.fi(x) = gi,



manja od parcijalnog cilja gi imamo podbačaj pa sledi kazna u zadatom iznosu wi

- > 0.Ako je parcijalni cilj gi gornja

granica funkcije kriterijuma fi(x), tj.fi(x) ≤ gi,

tada je svaka ostvarena vrijednost funkcije kriterijuma fi(x) koja je manja od parcijalnog cilja gi dobro-došla, tako da je kazna wi

- jednaka nuli. Suprotno, ako je ostvarena vrijednost funkcije kriterijuma fi(x) veća od parcijalnog cilja gi imamo premašaj pa slijedi kazna u zadatom iznosu wi

+ > 0.Ako je zadati uslov ostvarenje

cilja, imamo da jefi(x) = gi,

tada svaki premašaj ima kaznu wi+ > 0,

i svaki podbačaj ima kaznu wi- > 0.

Matematički model ciljnog pro-gramiranja sada defi nišemo u obliku

min∑

i=1

k (wi

+di++ wi

- di-)

fi(x) – di++ di

- = gi, i=1,...,k . (8)x X,

di+, di

-≥ 0

OGRANIČENJA MATEMATIČKOG MODELA Pošto smo se opredijelili za matema-tički model za određivanje optimal-nog portfolia aktive i pasive primje-nom metoda ciljnog programiranja, promjenljive u modelu dijelimo u dvije grupe, i to na promjenljive koje predstavljaju elemente aktive i promjenljive koje predstavljaju elemente pasive. Promjenljive koje predstavljaju aktivu zadajemo vek-torom a = (a1,a2,L, am), tj. postoji m različitih oblika aktive, i promjenljive koje predstavlaju pasivu zadajemo vektorom l=(l1,l2,L, ln), tj. postoji n različitih oblika pasive.

Ograničenja matematičkog modela optimizacije porfolia aktive i pasive

banke defi nišemo na osnovu zahtjeva za postojanjem bilansne ravnoteže, ispunjenja principa solventnosti, i pokazatelja o poslovanju banaka koja su regulisana propisima, i to Zakonom o bankama, Odlukom o upravljanju rizicima banke i Odlukom o adekvatnosti kapitala banke. Model optimizacije portfolia banke ćemo defi -nisati imajući u vidu uslove poslovanja banaka u Srbiji. Svakako da predložena metodologija predstavlja univerzalan pristup, koji se uključivanjem odgova-rajućih ograničenja može defi nisati za sisteme sa drugačijim ekonomskim i monetarnim karakteristikama.

Bilansnu ravnotežu banke zadaje-mo izrazom ∑

i=1

m ai ≤ ∑

j=1

n lj + K, (9)

gdje je K kapital banke čiji je iznos i kvalitet propisan Zakonom o bankama.

Solventnost banke utvrđuje se vrjednovanjem realne vrijednosti aktive kao oblika kvalitetnih i napla-tivih plasmana i ukupnog iznosa passive, što određujemo izrazom

∑i=1

m ki ∙ ai ≥ ∑

j=1

n lj, (10)

gde je ki koefi cijent kvaliteta aktive i u intervalu je 0 ≤ ki ≤ 1.

Banka je obavezna da u svom poslovanju obezbijedi da visina njenog kapitala nikad ne bude manja od dinarske protivvrijednosti iznosa od 10.000.000€, prema zvaničnom srednjem kursu, što dajemo slede-ćim izrazomK≥10.000.000∙(zvan.sred.kurs) (11)

Radi stabilnog i sigurnog poslovanja, banka je u obavezi da pokazatelj adekvatnosti kapitala održava na pro-pisanom nivou koji je zadat od strane Narodne banke Srbije. Adekvatnost kapitala dajemo sledećim izrazom

0,12 ∙ ∑i=1

m ri ∙ ai ≤ K, (12)

gdje ri predstavlja normative rizika, a ri ∙ ai je rizična aktiva banke pon-derisana normativima rizika.

Rizična aktiva banke predstavlja ponderisanu vrijednost svih bilan-snih i vanbilansnih pozicija aktive ponderima kreditnog, tržišnog i drugih rizika.

Za neke banke u zavisnosti od njihove poslovne pozicije, Narodna Banka Srbije zadaje i dodatni uslov adekvatnosti kapitala, što dajemo izrazom rk ∙ ∑i=1

m ri ∙ ai ≤ K, (12a)

gdje rk predstavlja dodatni uslov odnosa između rizične aktive banke i kapitala.

Upravljanje rizicima banke obu-hvata: kreditni rizik, kamatni rizik, tržišni rizik, rizik koncentracije i rizik likvidnosti.

Кreditni rizik može izazvati nastanak negativnih efekata na fi nansijski rezultat i kapital banke usljed neizvršavanja obaveza dužnika prema banci. Banka je u obavezi da upravlja kreditnim rizikom na nivou pojedinačnih plasmana i na nivou cjelokupnog portfolija aktive.

Kamatni rizik može izazvati nastanak negativnih efekata na fi nansijski rezultat i kapital banke usljed promjena kamatnih stopa.

Tržišni rizici mogu izazvati nasta-nak negativnih efekata na fi nansij-ski rezultat i kapital banke usljed kretanja cijena na tržištu kapitala.

Rizik koncentracije predstavlja rizik koji direktno ili indirektno proizilazi iz izloženosti banke prema istom ili sličnom izvoru nastanka rizika, odnosno istoj ili sličnoj vrsti rizika.

Rizik koncentracije odnosi se na: velike izloženosti; grupe izloženosti

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each overrun has penalty wi+ > 0, and

every shortfall has penalty wi- > 0.

Mathematical model of target programming is now defi ned as follows

min∑i=1

k (wi

+di++ wi

- di-)

fi(x) – di++ di

- = gi, i=1,...,k . (8)x X,

di+, di

-≥ 0

MATHEMATICAL MODEL LIMITS Since we opted for the mathemati-cal model for determining optimal assets and liabilities portfolio apply-ing target programming models, variables in the model are divided into two groups: variables that rep-resent assets element and variables that represent liabilities elements. Variables representing assets are given by vector a = (a1,a2,L, am), i.e. there is m of various forms of assets and variables representing liabili-ties are given vector l=(l1,l2,L, ln),i.e. there is of various forms of liabilities.

Limits of mathematical model of optimisation of assets and liabilities portfolio are defi ned on the basis of requirements for existing balance sheet balance, fulfi lment of the sol-vency principle and indicator on the operations of banks that are governed by regulations such ass Banking Law, Decision on Risk Management in Banks and Decision on Capital Adequacy of Banks. Model of bank’s portfolio optimisation will be defi ned taking into consideration operating conditions of the banks in Serbia. Surely, the proposed methodology represents a universal approach which, including adequate limits, may be defi ned for systems with diff erent economic and monetary characteristics.

Balance sheet balance of the bank is expressed as follows ∑

i=1

m ai ≤ ∑

j=1

n lj + K, (9)

where K is capital of the bank which amount and quality is prescribed by the Banking Law.

Solvency of the bank is determined by valuing real value of assets as form of qualitative and collectible place-ments and total liabilities, which is expressed by the following equation

∑i=1

m ki ∙ ai ≥ ∑

j=1

n lj, (10)

where ki is asset quality ratio and it is in interval 0 ≤ ki ≤ 1.

Banka is obliged to ensure in its operations that the amount of its capital is never below dinar denomi-nation of 10.000.000€, according to the offi cial middle exchange rate, which is show by the followingK≥10.000.000∙(offic.mid.rate) (11)

For the purpose of safe and sound operations, the bank is obliged to maintain capital adequacy ratio within the level prescribed by the National Bank of Serbia. Capital adequacy is expressed by the fol-lowing equation 0,12 ∙ ∑

i=1

m ri ∙ ai ≤ K, (12)

where ri is normative of risks, andri ∙ ai is risk assets of the bank weighted by normative of risk.

Risk weighted assets is weighted value of all balance sheet and off balance sheet positions of the assets by weights of credit, market and other risks.

Depending on their business posi-tion, the National Bank of Serbia imposes against some banks also additional capital adequacy require-ment, which is given by the follow-ing equation

rk ∙ ∑i=1

m ri ∙ ai ≤ K, (12a)

where rk is additional requirement of risk weighted assets to capital ratio.

Bank risk management covers: credit risk, interest rate risk, market risk, concentration risk and liqudi-ity risk.

Credit risk may result in the occurrence of adverse eff ects on fi nancial result and capital of the bank due to the default of bank’s debtors. The bank is obliged to manage credit risk at the level of individual placements and entire asset portfolio.

Interest rate risk may result in the occurrence of adverse eff ects on the fi nancial result and capital of the bank due to changes in inter-est rates.

Market risks may result in the occurrences of adverse eff ects on fi nancial result and capital of the bank due to trends in prices in the capital market.

Concentration risk is the risk that directly and indirectly arises from the exposure of the bank to the same or similar source of risk occurrence or same or similar type of risk.

Concentration risk refers to large exposures, groups of exposures with the same or similar risk factors such as economic sectors, geographical areas, types of products, and credit protection instruments that should include maturity and currency mis-match beetwee large exposures.

Bank should establish the control of concentration risk by defi ning certain exposure limits that enable diversifi cation of loan portfolio.

The National Bank of Serbia defi ned in its Decision on risk man-agement exposure limits that are given here by the limitation system.



sa istim ili sličnim faktorima rizika, kao što su privredni sektori, geo-grafska područja, vrste proizvoda i sl. i instrumente kreditne zaštite koja treba da uključi ročnu i valutnu neusklađenost između velikih izloženosti.

Banka kontrolu rizika koncentra-cije treba da uspostavlja defi nisanjem odgovarajućih limita izloženosti koji joj omogućavaju diversifi kaciju kreditnog portfolija.

Odlukom o upravljanju rizicima, defi nisani su od strane Narodne banke Srbije limiti izloženosti koje dajemo sistemom ograničenja.

Izloženost banke prema jednom licu ili grupi povezanih lica ne smije preći 25% kapitala banke, što ćemo predstaviti ograničenjem

∑ i IGPL

ai ≤ 0,25 ∙ K, (13)

gdje IGPL predstavlja skup grupe povezanih lica.

Izloženost banke prema licu povezanom s bankom ne smije preći 5% kapitala banke, zadajemo ograničenjem ∑

i IGPL

ai ≤ 0,05 ∙ K, (14)

gdje IGPL predstavlja povezano lice sa bankom.

Ukupnu izloženost banke prema licima povezanim s bankom ne smije preći 20% kapitala banke, što zadajemo izrazom. ∑

i IGPL

ai ≤ 0,20 ∙ K, (15)

gdje IGPL predstavlja skup ukupne izloženosti povezanih lica sa bankom.

Zbir svih velikih izloženosti banke ne smije preći 400% kapitala banke, zadajemo izrazom ∑

i IVPL

ai ≤ 4 ∙ K, (16)

gdje IVPL predstavlja skup velikih izloženosti banke.

Ulaganja banke u jedno lice koje nije lice u fi nansijskom sektoru ne smije preći 10% kapitala banke. Pod ovim ulaganjem podrazumijeva se ulaganje kojim banka stiče udio ili akcije lica koje nije lice u fi nansijskom sektoru, što defi nišemo izrazom ∑

i IJNFL

ai ≤ 0,10 ∙ K, (17)

gdje IJNFL predstavlja skup indeksa lica koja nisu u fi nansijskom sektoru.

Ukupna ulaganja banke u lica koja nisu lica u fi nansijskom sektoru i u osnovna sredstva banke ne smiju preći 60% kapitala banke, tj. ∑

i IUNFL

ai ≤ 0,60 ∙ K, (18)

gdje IUNFL predstavlja skup ukupnih ulaganja lica koja nisu u fi nansijskom sektoru.

Odlukom o upravljanju rizicima, defi nisani su od strane Narodne banke Srbije pokazatelj likvidnosti i uži pokazatelj likvidnosti banke.

Odlukom o upravljanju rizicima pokazatelj likvidnosti banke pred-stavlja odnos zbira likvidnih potra-živanja banke prvog i drugog reda, i zbira obaveza banke po viđenju i obaveza banke sa ugovorenim rokom dospijeća u narednih mjesec dana od dana vršenja obračuna pokaza-telja likvidnosti. Pri tome, likvidna potraživanja banke prvog reda čine gotovina, potraživanja banke kod kojih je ugovoreno da dospijevaju u narednih mjesec dana i 90% fer vrijednosti hartija od vrijednosti koje glase na dinare, bez devizne klauzule, čiji je izdavalac Republika Srbija i čija je minimalna ročnost tri mjeseca. Likvidna potraživa-nja banke drugog reda čine ostala potraživanja banke koja dospijevaju u narednih mjesec dana. Obaveze banke po viđenju predstavljaju depo-zite banke po viđenju i depozite

s dnevnom avizom oročenim na jedan dan. Ostale obaveze banke koje dospijevaju u narednih mjesec dana predstavljaju obaveze banke sa ugovorenim rokom dospijeća.

Pokazatelj likvidnosti na bazi odluke o upravljanju rizicima dajemo narednim sistemom ograničenja.

Pokazatelj likvidnsti kada je obračunat kao prosjek pokazatelja likvidnosti za sve radne dane u mje-secu iznosi najmanje 1,0 kao odnos zbira likvidnih potraživanja banke prvog i drugog reda i zbira obaveza banke po viđenju i obaveza banke sa ugovorenim rokom, tj. ∑

i IMES-1,2

ai ≥ ∑ j JMES

lj, (19)

gdje IMES-1,2 predstavlja skup indeksa likvidnih potraživanja prvog i drugog reda, JMES predstavlja skup indeksa obaveza po viđenju i obaveza sa ugovorenim rokom dospijeća do mjesec dana.

Pokazatelj likvidnosti posmatrano za tri uzastopna radna dana ne može da bude manji od 0,9 kao odnos zbira likvidnih potraživanja banke prvog i drugog reda i zbira obaveza banke po viđenju i obaveza banke sa ugo-vorenim rokom dospijeća, odnosno ∑

i I3-dan-1,2

ai ≥ 0,9 ∙∑ j JMES

lj, (20)

gdje I3-dan-1,2 predstavlja skup indeksa likvidnih potraživanja prvog i drugog reda za tri uzastopna dana.

Pokazatelj likvidnsti obračunat za jedan radni dan iznosi najmanje 0,8 kao odnos zbira likvidnih potra-živanja banke prvog i drugog reda i zbira obaveza banke po viđenju i obaveza banke sa ugovorenim rokom dospijeća, zadajemo izrazom ∑

i I1-dan-1,2

ai ≥ 0,8 ∙∑ j JMES

lj, (21)

gdje I1-dan-1,2 predstavlja skup indeksa likvidnih potraživanja prvog i drugog reda za jedan radni dan.

jun 2017 | :Bankar

22


Bank exposure to a single person or a group of connected parties shall not exceed 25% of capital of the bank, which is presented by the following limit ∑

i IGPL

ai ≤ 0,25 ∙ K, (13)

where IGPL is a set of the group of connected parties.

Bank exposure to a party con-nected with the bank shall not exceed 5% of capital of the bank, which is presented by the following limit

∑ i IGPL

ai ≤ 0,05 ∙ K, (14)

where IGPL is party connected with the bank.

Total exposure of the bank to par-ties connected with the bank shall not 20% of capital of the bank, which is presented by the following limit

∑ i IGPL

ai ≤ 0,20 ∙ K, (15)

where IGPL is a set of total exposure of the parties connected with the bank.

Sum of all large exposures of the bank shall not exceed 400% of capital of the bank, which is presented by the following limit ∑

i IVPL

ai ≤ 4 ∙ K, (16)

where IVPL is a set of large exposures of the bank.

Investments of the bank in a single party other than the party in the fi nancial sector shall not exceed 10% of capital of the bank. This investment implies the investment by which the bank acquires share or shares of parties other than the party in the fi nancial sector, which is defi ned by the equation ∑

i IJNFL

ai ≤ 0,10 ∙ K, (17)

where IJNFL is a set of indices of parties other than parties in the fi nancial sector.

Total investments of the bank in parties other that parties in the fi nancial sector and in fi xed assets of the bank shall not exceed 60% of the capital of the bank, i.e. ∑

i IUNFL

ai ≤ 0,60 ∙ K, (18)

where IUNFL is a set of total invest-ments of parties other than the parties in the fi nancial sector.

The National Bank of Serbia defined in its Decision on risk management liquidity indicator and narrow liquidity indicator of the bank.

According to the Decision on risk management, liquidity indicator of the bank is the ratio between liquid assets of the bank of fi rst and sector priority and the sum of bank’s liabilities at sight and bank’s liabili-ties with the contractual maturity in the next month following the day of the calculation of liquid-ity indicator. Liquid assets of the bank of the fi rst priority include cash, bank’s receivables with the contractual maturity in the next month and 90% of fair value of securities denominated in dinars, without foreign exchange clause, issued by the Republic of Serbia and which minimum maturity is three months. Liquid assets of the bank of the second priority consist of the remaining bank receivables maturity in the next month. Bank’s liabilities at sight are demand deposits and deposits with one day maturity. Other liabilities of the bank maturing in the next month are liabilities of the bank with contractual maturity.

Liquidity indicator based on the Decision on risk management is given below with the following limits.

Liquidity indicator when calcu-lated as an average of the liquidity indicator for all working days in the

month amounts to at least 1.0 as ratio between the sum of liquid assets of the bank of the fi rst and second priority and the sum of the bank’s liabilities at sight at bank’s liabilities with contractual maturity, i.e. ∑

i IMES-1,2

ai ≥ ∑ j JMES

lj, (19)

where IMES-1,2 is a set of indices of liquid assets of the fi rst and second priority, JMES is a set of indices of liabilities at sight and liabilities with contractual maturity up to one month.

Liquidity indicator observed for three consecutive working days may not be lower than 0.9 as ratio between the sum of liquid assets of the bank of the fi rst and second priority and the sum of the bank’s liabilities at sight at bank’s liabilities with contractual maturity, i.e. ∑

i I3-dan-1,2

ai ≥ 0,9 ∙∑ j JMES

lj, (20)

where I3-dan-1,2 is a set of indices of liquid assets of the fi rst and second priority for three consecutive days.

Liquidity indicator calculated for one working day amounts to at least 0.8 as ratio between the sum of liquid assets of the bank of the fi rst and second priority and the sum of the bank’s liabilities at sight at bank’s liabilities with contractual maturity, i.e. ∑

i I1-dan-1,2

ai ≥ 0,8 ∙∑ j JMES

lj, (21)

where I1-dan-1,2 is a set of indices of liquid assets of the fi rst and second priority for one working day.

Decision on risk management defi ned narrow liquidity indicator as a ration of liquid assets of the bank of fi rst priority and sum of liabilities of the bank at sight and liabilities of the bank with contractual maturity in the next month following the day of the calculation of liquidity indicator.



Odlukom o upravljanju rizicima uži pokazatelj likvidnosti banke predstavlja odnos likvidnih potra-živanja banke prvog reda, i zbira obaveza banke po viđenju i obaveza banke sa ugovorenim rokom dos-pijeća u narednih mjesec dana od dana vršenja obračuna pokazatelja likvidnosti.

Uži pokazatelj likvidnosti na bazi odluke o upravljanju rizicima dajemo narednim sistemom ograničenja.

Uži pokazatelj likvidnosti obraču-nat kao prosek pokazatelja likvidno-sti za sve radne dane u mjesecu iznosi najmanje 0,7 kao odnos likvidnih potraživanja banke prvog reda i zbira obaveza banke po viđenju i obaveza banke sa ugovorenim rokom dospjeća u narednih mjesec dana zadajemo izrazom

∑ i IMES-1

ai ≥ 0,7 ∙∑ j JMES

lj, (22)

gdje IMES-1 predstavlja skup indeksa likvidnih potraživanja prvog reda.

Uži pokazatelj likvidnosti za tri uzastopna radna dana ne smije da bude manji od 0,6 kao odnos zbira likvidnih potraživanja banke prvog reda i zbira obaveza banke po viđe-nju i obaveza banke sa ugovorenim rokom dospijeća, što je defi nisano izrazom

∑ i I3-dan-1

ai ≥ 0,6 ∙∑ j JMES

lj, (23)

gdje I3-dan-1 predstavlja skup indeksa likvidnih potraživanja prvog reda za tri uzastopna dana.

Uži pokazatelj likvidnsti obračunat za jedan radni dan iznosi najma-nje 0,5 kao odnos zbira likvidnih potraživanja banke prvog reda i zbira obaveza banke po viđenju i obaveza banke sa ugovorenim rokom dospijeća, zadajemo izrazom

∑ i I1-dan-1

ai ≥ 0,5 ∙∑ j JMES

lj, (24)

gdje I1-dan-1 predstavlja skup indeksa likvidnih potraživanja prvog reda za jedan radni dan.

Narednim sistemom ograničenja dajemo strukturu obaveza banke po viđenju ili bez ugovorenog roka dospijeća koja je defi nisana Odlukom o upravljanju rizicima.

Obaveze banke po viđenju ili bez ugovorenog roka dospijeća iznose najviše 40% depozita po viđenju zadajemo izrazom ∑

j JMES-BAN

lj ≤ 0,4 ∙∑ j JMES

lj, (25)

gdje JMES-BAN predstavlja skup indeksa depozita po viđenju i sa ugovorenim rokom dospijeća banaka.

Obaveze banke po viđenju ili bez ugovorenog roka dospijeća iznose najviše 20% depozita po viđenju osta-lih deponenata zadajemo izrazom ∑

j JMES-OD

lj ≤ 0,2 ∙∑ j JMES

lj, (26)

gde JMES-OD predstavlja skup indeksa depozita po viđenju i sa ugovorenim rokom dospijeća ostalih deponenata.

Obaveze banke po viđenju ili bez ugovorenog roka dospijeća iznose najviše 10% štednih uloga zadajemo izrazom ∑

j JMES-ŠU

lj ≤ 0,1 ∙∑ j JMES

lj, (27)

gdje JMES-ŠU predstavlja skup indeksa štednih uloga.

Obaveze banke po viđenju ili bez ugovorenog roka dospijeća iznose najviše 5% garancija i drugih oblika jemstva zadajemo izrazom ∑

j JMES-GJ

lj ≤ 0,5 ∙∑ j JMES

lj, (28)

gdje JMES-GJ predstavlja skup indeksa garancija i jemstva.

Obaveze banke po viđenju ili bez ugovorenog roka dospjeća iznose najviše 20% neiskorišćenih

odobrenih neopozivih kreditnih linija zadajemo izrazom

∑ j JMES-NKL

lj ≤ 0,2 ∙∑ j JMES

lj, (29)

gde JMES-NKL predstavlja skup indeksa neopozivih kreditnih linija.

KRITERIJUMI MATEMATIČKOG MODELA OPTIMALNOG PORTFOLIAU prethodnom dijelu radu analizi-rani su osnovni principi bankarskog poslovanja, pri čemu su posebno analizirana dva osnovna principa poslovanja banke: princip profi tabil-nosti i princip likvidnosti. Sada pri defi nisanju matematičkog modela za određivanje optimalnog portfo-lia aktive i pasive, defi nišemo dva osnovna kritrijuma matematičkog modela, i to kriterijum maksimizacije profi ta i kriterijum minimizacije rizika likvidnosti.

Kriterijum maksimizacije profi ta defi nišemo izrazom

max f1(a,l) =∑i=1

m pi ∙ ai –∑

j=1

n ej ∙ lj , (30)

gdje jepi - prinos od aktive tipa i,ej - rashod od pasive tipa j.

Kriterijum minimizacije rizika likvidnosti predstavićemo izrazom

max f2(a,l) =∑i=Is

ui ∙ ai –∑j=Js

rj ∙ lj , (31)

gdje je ui - stepen likvidnosti aktive,rj - stepen rizika prevremenog povlačenja depozitas - ročnost aktive i pasive.

Likvidnost je u radu defi nisana kao primarna, sekundarna i tercijalna, pri čemu smo tercijalnu likvid-nost posmatrali kao potencijal, a ne kao praktičan oblik likvidnih sred-stava. Na osnovu ovako posmatrane

jun 2017 | :Bankar

24


Erste Bank AD Podgorica je dio Erste&Steiermärkische Bank d.d. www.erstebank.me Call centar 19991

“Najbolja banka u Crnoj Gori.“ - The Banker, dio Financial Times Group“Najbolja banka u Crnoj Gori “ The Banker dio Finannncccial Times Group

ERSTE znači prvi.

Bank of the Year 2016

MONTENEGRO

Nagradu je dodijelio The Banker, međunarodni finansijski časopis izdavačke grupacije Financial Times Group, na svečanosti održanoj u Londonu 7. decembra 2016.

likvidnosti, funkciju kriterijuma rizika likvidnosti zadatu izrazom (31) razlažemo na dvije funkcije kriterijuma, i to funkciju kriterijuma rizika primarne likvidnosti koju zadajemo izrazom

max f2P(a,l) =∑i=Is-prim

ui ∙ ai –∑j=Js-prim

rj ∙ lj, (31a)

gdjeIs-prim - predstavlja skup aktive koja formira primarno likvidna sredstva,Js-prim - predstavlja skup planiranih i moguće prevremeno povučenih depozita u okviru primarne likvid-nosti, i funkciju kriterijuma rizika sekundarne likvidnosti koju zada-jemo izrazom

max f2S(a,l) =∑i=Is-sek

ui ∙ ai –∑j=Js-sek

rj ∙ lj, (31b)

gdjeIs-sek - predstavlja skup aktive koja for-mira sekundarno likvidna sredstva,Js-sek - predstavlja skup planiranih i moguće prevremeno povučenih depozita u okviru sekundarne likvidnosti.

Parcijalno posmarano, donosilac odlike teži maksimizaciji profi ta f1(a,l), dakle potrebno je zadati parcijalni cilj g1(a,l) koji treba da predstavlja donju granicu profi ta, tj. f1(a,l) ≥ g1(a,l) sa kojom bi donosilac odluke bio zadovoljan. Tada, ostva-reni profi t ako je veći od postavljenog cilja je dobrodošao, razlika profi ta i cilja (f1(a,l) − g1(a,l)) predstav-lja se promenljivom d1

+, pri čemu kazna w1

+ jednaka je nuli. Suprotno, ako je ostvareni profit manji od postavljenog cilja, razlika cilja i profi ta (g1(a,l) − f1(a,l)) predstavlja se promjenljivom d1

-, pri čemu je na donosiocu odluke da defi niše kaznu u iznosu w1

-.Suprotno, donosilac odluke kada

je pitanje likvidnost banke, teži

minimizaciji rizika likvidnosti. Dakle, za kriterijum rizika primarne likvidnosti f2P(a,l) potrebno je zadati parcijalni cilj g2P(a,l) koji treba da predstavlja gornju granicu rizika primarne likvidnosti, tj. f2P(a,l) ≤ g2P(a,l). Rizik primarne likvidno-sti koji je manji od postavljenog cilja je dobrodošao, razlika cilja i rizika primarne likvidnosti (g2P(a,l) − f2P(a,l)) predstavlja se promen-ljivom d2P

-, i pri tome kazna w2P -

jednaka je nuli. Suprotno, ako je rizik primarne likvidnosti veći od postavljenog cilja, razlika rizika primarne likvidnosti i cilja (f2P(a,l) − g2P(a,l)) predstavlja se promen-ljivom d2P

+, tada je na donosiocu odluke da defi niše kaznu u iznosu w2P

+ .Isti postupak donosilac odluke preduzima kada je pitanje kriteri-juma rizika sekundarne likvidnosti f2S (a,l). Naime, razlika cilja i rizika sekundarne likvidnosti (g2S(a,l) − f2S(a,l)) predstavlja se promjenlji-vom d2S

- , kazna w2S - jednaka je

nuli, a razlika rizika sekundarne likvidnosti i cilja (f2S(a,l) − g2S(a,l))predstavlja se promenljivom d2S

+, pri čemu je potrebno defi nisati kaznu u iznosu w2S

+.Da bi definisali matematički

model optimalnog portfolio aktive i pasive banke, potrebno je prethodno defi nisanim ograničenjima (izrazi 9-29), pridružiti i ograničenja koja se odnose na odstupanja vrijednosti funkcija kriterijuma od zadatih ciljeva.

Odstupanja vrijednosti funkcije profi ta od zadatog cilja predstavljamo ograničenjem

f1(a,l)− d+1 + d−

1 = g1(a,l). (32)

Odstupanja vrijednosti funkcije rizika primarne likvidnosti od zada-tog cilja predstavljamo ograničenjem

f2P(a,l)− d+2P + d−

2P = g2P(a,l). (33)

Odstupanja vijrednosti funkcije rizika sekundarne likvidnosti od zadatog cilja predstavljamo ograničenjem

f2S(a,l)− d+2S + d−

2S = g2S(a,l). (34)

Pošto su izvršene transformacije kriterijuma maksimizacije profi ta i kriterijuma minimizacije rizika likvidnosti, sada defi nišemo kriteri-jum modela ciljnog programiranja za određivanje optimalnog port-folia aktive i pasive banke. Naime, kriterijum maksimizacije profi ta i kriterijumi rizika likvidnosti kon-vertovani su u sistem ograničenja, a funkcija kriterijuma modela ciljnog programiranja je oblika

min [w+1∙d+

1 + w-1∙ d-

1 + w+2P∙d+

2P + +w-

2P∙d-2P+ w+

2S∙d+2S + w-

2S∙d-2S]. (35)

Poslije izvršenih transformacija model optimizacije portfolio banke primje-nom metoda ciljnog programiranja defi nisan je funkcijom kriterijuma (izraz 35) i sistemom ograničenja zadatih izrazima (9) – (34). Idealno rješenje optimalnog portfolio banke, na osnovu prethodno defi nisanog modela, predstavlja rješenje alo-kacije aktive i pasive banke za koje vrijednost funkcije kriterijuma zadata izrazom (35) ostvaruje vrijednost koja je jednaka nuli. U realnom ekonom-skom okruženju i poslovanju banke teško je za očekivati da se postigne idealno rješenje, prije svega zbog konfl iktnosti defi nisanih kriterijuma maksimizacije profi ta i minimizacije rizika likvidnosti. Dakle, u realnim uslovima poslovanja treba tražiti takav portfolio banke koji će za rezultat imati vrijednost funkcije kriterijuma zadate izrazom (35) koja teži nuli.

jun 2017 | :Bankar

26


Narrow liquidity indicator based on the Decision on risk management is given below with limits.

Narrow liquidity indicator cal-culated as an average of liquidity indicator for all working days in the month amounts to at least 0.7 as the ratio of liquid assets of the bank of fi rst priority and sum of liabilities of the bank at sight and liabilities of the bank with contractual maturity in the next month, which is expressed by the following equation ∑

i IMES-1

ai ≥ 0,7 ∙∑ j JMES

lj, (22)

where IMES-1 is a set of indices of liquid assets of the fi rst priority.

Narrow liquidity indicator for three consecutive working days shall not be lower than 0.6 as the ratio of liquid assets of the bank of fi rst priority and sum of liabilities of the bank at sight and liabilities of the bank with contractual maturity, which is expressed by the following equation ∑

i I3-dan-1

ai ≥ 0,6 ∙∑ j JMES

lj, (23)

where I3-dan-1 is a set of indices of liquid assets of the fi rst priority for three consecutive days.

Narrow liquidity indicator calcu-lated for one working day amounts to at least 0.5 as the ratio of liquid assets of the bank of fi rst priority and sum of liabilities of the bank at sight and liabilities of the bank with contractual maturity, which is expressed by the following equation

∑ i I1-dan-1

ai ≥ 0,5 ∙∑ j JMES

lj, (24)

where I1-dan-1 is a set of indices of liquid assets of the fi rst priority for one working day.

Th e following limitation system presents the structure of liabili-ties of the bank at sight or without

contractual maturity that is defi ned in the Decision on risk management.

Liabilities of the bank at sight or without contractual maturity shall not exceed 40% of demand depos-its, which is given by the following equation ∑

j JMES-BAN

lj ≤ 0,4 ∙∑ j JMES

lj, (25)

where JMES-BAN is a set of indices of demand deposit and with contractual maturity of banks.

Liabilities of the bank at sight or without contractual maturity shall not exceed 20% demand deposits of other depositors which is given by the following equation ∑

j JMES-OD

lj ≤ 0,2 ∙∑ j JMES

lj, (26)

where JMES-OD is a set of indices of depend deposits and with contrac-tual maturity of other depositors.

Liabilities of the bank at sight or without contractual maturity shall not exceed 10% of savings, which is given by the following equation ∑

j JMES-ŠU

lj ≤ 0,1 ∙∑ j JMES

lj, (27)

where JMES-ŠU is a set of indices of savings.

Liabilities of the bank at sight or without contractual maturity shall not exceed 5% of guarantees of other forms of sureties, which is presented as follows ∑

j JMES-GJ

lj ≤ 0,5 ∙∑ j JMES

lj, (28)

where JMES-GJ is a set of indices of guarantees and sureties.

Liabilities of the bank at sight or without contractual maturity shall not exceed 20% of unused irrevocable credit lines, which is presented as follows ∑

j JMES-NKL

lj ≤ 0,2 ∙∑ j JMES

lj, (29)

where JMES-NKL is a set of indices of irrevocable credit lines.

CRITERIA OF MATHEMATICAL MODEL OF OPTIMAL PORTFOLIO Th e previous section analysed basic principles of banking operations, where special analysis were paid to tow main principles of bank opera-tions: principle of profi tability and principle of solvency. When defi ning mathematical model for determining optimal assets and liabilities portfo-lio, two main criteria of mathematical model are defi ned: maximisation of profi t and minimisation of liquid-ity risk.

Criterion of profi t maximisa-tion is defi ned with the following equation

max f1(a,l) =∑i=1

m pi ∙ ai –∑

j=1

n ej ∙ lj , (30)

wherepi - is return on assets of type i,ej - is expenses from liabilities of type j.

Criterion of liquidity risk mini-misation is presented by the fol-lowing equation

max f2(a,l) =∑i=Is

ui ∙ ai –∑j=Js

rj ∙ lj , (31)

where ui - is level of liquid assets,rj - is level of risk of early withdrawal of depositss - is maturity of assets and liabilities.

Liquidity in this paper is defi ned as primary, secondary and tertiary, whereby tertiary liquidity is viewed as a potential and not as practical form of liquid assets. Based on such a liquidity, the function of criterion of liquidity risk expressed by the equation (31) is divided into two functions of criterion: criterion of risk of primary liquidity, which is presented as follows

max f2P(a,l) =∑i=Is-prim

ui ∙ ai –∑j=Js-prim

rj ∙ lj, (31a)



KLASIFIKACIJA I MERENJENajveće novine koje donosi MSFI 9 u pogledu klasi-fi kacije odnose se na dužničke instrumente.

Prema MSFI9 dužnički instrumenti će biti klasifi ko-vana u odgovarajuću kategoriju na osnovu toga kako entitet upravlja tim sredstvima (poslovni model) i karakteristika ugovorenih tokova gotovine (SPPI test).

Poslovni model nije izbor i ne zavisi od namera za pojedini instrument. Određen je ključnim ruko-vodstvom, na višem nivou agregacije (portfolio ili pod-portfolio). Stvar je činjenica, ne samo tvrdnji, i vidljiv je kroz aktivnosti (prošle, sadašnje i buduće) koje se preduzimaju radi ostvarivanja ciljeva poslovnog modela. Entitet može imati više od jednog poslovnog modela za upravljanje istim instrumentom. Zato je identifi kacija poslovnog modela visoko prosuđujuća, i svi relevantni dokazi moraju biti identifi kovani i shvaćeni kako bi se adekvatno utvrdila. Relevantni dokazi uključuju, ali nisu limitirani na razumevanje:

■ kako se performanse poslovnog modela ocenjuju i izveštavaju ključnom rukovodstvu;

■ rizika koji utiče na performanse poslovnog modela i način na koji se njime upravlja, i

■ kako su plaćeni menadžeri poslovanja (npr. da li se naknada bazira na fer vrednosti instrumenata kojim se upravlja, ili na naplati ugovorenih nov-čanih tokova).

U zavisnosti od ciljeva upravljanja instrumentima, postoje tri poslovna modela, prikazana u nastavku:

SPPI test ima uticaj na klasifi kaciju i odmeravanje fi nansijskih instrumenata koja se drže u portfolijima pod poslovnim modelima “držanje radi naplate“ i “držanje radi naplate & prodaje“. Izvodi se samo prilikom početnog priznavanja instrumenata, ili prilikom modifi kacije instrumenata koja rezultira u prestanku priznavanja prvobitnog instrumenta i priznavanju novog.

SPPI test podrazumeva analizu karakteristika tokova gotovine kojom se utvrđuje da li su tokovi gotovine samo plaćanja glavnice i kamate. Tokovi gotovine

Prilikom njegove implementacije, MRS 39 je uveo revoluciju u računovodstvenom tretmanu fi nansijskih instrumenata uvođenjem novog računovodstvenog koncepta. 24. jula 2014. godine, Odbor za međunarodne računovodstvene standarde (IASB) je objavio kompletnu verziju MSFI 9, Finansijski instrumenti, koji stupa na snagu 1. januara 2018. i donosi značajne promene u pogledu klasifi kacije i merenja, kao i procene umanjenja vrednosti

Nikola StamenićPWC House

Izazovi implementacije

"Držanje radi naplate"Cilj poslovnog modela je držati instrumenteda bi naplatili ugovorene tokove gotovine.

"Držanje radi naplate & prodaje"Cilj poslovnog modela uključuje držanje

instrumenatada bi naplatili ugovorene tokove gotovine i

prodali instrumente

"Držanje radi trgovanja"Cilj poslovnog modela je da realizacija

tokova gotovinekroz trgovanje instrumentima.

jun 2017 | :Bankar

28

MSFI 9: FINANSIJSKI INSTRUMENTI

whereIs-prim - is a set of assets which estab-lishes primarily liquid assets,Js-prim - is a set of planned and likely early withdrawn deposits within primary liquidity,

and function of criterion of risk of secondary liquidity presented by the following equation

max f2S(a,l) =∑i=Is-sek

ui ∙ ai –∑j=Js-sek

rj ∙ lj, (31b)

whereIs-sek - is a set of assets, which estab-lished secondary liquid assets,Js-sek - is a set of planned and likely early withdrawn deposits within the secondary liquidity.

If viewed partially, decision-mak-ing body strives to maximise the profi t f1(a,l), thus, partial objective should be set g1(a,l) which should represent lower limit of profi t, i.e. f1(a,l) ≥ g1(a,l) that will satisfy deci-sion-making body. Th e achieved profi t, if higher the objective set is welcomed, and the difference between the profi t and objective (f1(a,l) − g1(a,l)) is shown by the vari-able d1

+, where the penalty w1+ equals

to zero. Contrary, if the achieved profi t is lower that the objective set, the diff erence between the objective and profi t (g1(a,l) − f1(a,l)) is shown by the variable d1

-, where decision-making body should define the penalty in the amount of w1

-.Contrary, when it comes to the

liquidity of the bank, the decision-making body strives to minimise the liquidity risk. Th us, for the criterion of risk of primary liquidity f2P(a,l) the partial objective g2P(a,l) should be set, which should represent the upper limit of risk of primary liquid-ity, i.e. f2P(a,l) ≤ g2P(a,l). Risk of primary liquidity that is lower than the objective set is welcomed, and

the diff erence between the objec-tive and risk of primary liquidity (g2P(a,l) − f2P(a,l)) is presented by variable d2P

-, where the penalty w2P - equals to zero. Contrary, if the risk of primary liquidity is higher the objective set, the diff erence between the risk of primary liquidity and the objective (f2P(a,l) − g2P(a,l)) is shown by the variable d2P

+. In this case, the decision-making body should defi ne the penalty in the amount of w2P + . Th e same procedure is taken by the decision-making body when it comes to the criterion of the sec-ondary liquidity f2S (a,l). To wit, the diff erence between the objective and risk of secondary liquidity (g2S(a,l) − f2S(a,l)) is shown by the variable d2S

-, penalty w2S - equals to zero, and

the diff erence between the risk of secondary liquidity and the objec-tive (f2S(a,l) − g2S(a,l)) is shown by variable d2S

+, where penalty should be defi ned in the amount of w2S

+.In order to defi ne mathematical

model of optimal assets and liabilities portfolio of the bank, limits that refer to deviations of the value of functions of the criteria from the objectives set should be added to the previously defi ned limits (equa-tions 9-29).

Deviations of the value of the func-tion of the profi t from the objective set is presented by the following limit

f1(a,l)− d+1 + d−

1 = g1(a,l). (32)

Deviations of the value of the func-tion of risk of primary liquidity from the objective set is presented by the following limit

f2P(a,l)− d+2P + d−

2P = g2P(a,l). (33)

Deviations of the value of the func-tion of risk of secondary liquidity

from the objective set is presented by the following limit

f2S(a,l)− d+2S + d−

2S = g2S(a,l). (34)

Since the transformations of crite-rion profi t maximisation and crite-rion liquidity risk minimisation are executed, the criterion of the target programming model is defined for determining optima assets and liabilities portfolio of the bank. Th e criterion of profi t maximisation and the criterion on liquidity risk are converted into the system of limitations, and the function of the criterion of the target programming model takes the following form

min [w+1∙d+

1 + w-1∙ d-

1 + w+2P∙d+

2P + +w-

2P∙d-2P+ w+

2S∙d+2S + w-

2S∙d-2S]. (35)

After the transformation of the model of optimisation of the bank portfolio by applying the method of target programming is defi ned by the function of criterion (equation 35) and system of limitations given by the equations from (9) to (34). Th e ideal solution for optimal portfolio of the bank, based on the previously defi ned model, represents a solution of assets and liabilities allocation for which the value of the function of the criterion given by the equation (35) has value that is equal to zero. In real economic environment and operations of the bank, it is diffi cult to expect to reach ideal solution, pri-marily due to the confl ict of defi ned criteria of profi t maximisation and liquidity risk minimisation. Th erefore, in real operating conditions, it should be searched for portfolio of the bank that would result in the value of the function of the criterion given by the equation (35) that tends to equal to zero.



Jednostavno.Komplikovano?

CLASSIFICATION AND MEASUREMENTTh e biggest novelties that the IFRS 9 will bring with regard to the classifi cation refer to debt instruments.

According to IFRS 9, debt instruments will be classifi ed in appropriate category based on how the entity manages these assets (business model) and the contractual cash fl ows characteristics (SPPI test).

Business model is not a selection and it does not depend on the intentions for certain instrument. It is set up by top management at the highest level of aggregation (portfolio or sub-portfolio). It is a matter of the facts not the claims, and it is visible through the activities (past, present and future) which are taken to achieve objectives of the business model. Th e entity may have more than one business model for managing the same instrument. Th erefore, the identifi cation of business model is highly judgmental and all relevant evidences must be identifi ed and understood in order to adequately determine the business model. Relevant evidences include, but not limited to understanding of: ■ How performances of business model are evaluated and reported to top management;

■ Risks aff ecting the business model performances and the manner it is managed, and

■ How business managers are paid (e.g. whether compensation is based on fair value of the manage-able instrument, or on the collection of contractual cash fl ows).

Depending on the objectives of managing the instru-ment, there are three business models as shown below:

SPPI test infl uences the classifi cation and measurement of fi nancial instruments held in portfolios under the business models “hold-to-collect” and “hold to collect and to sell”. It is run only at the initial recognition of the instrument or when modifying instrument that results in derecognition of the initial instrument and recognition of the new one.

SPPI test implies the analysis of the cash fl ows char-acteristics which determines whether the cash fl ows are solely principal and interest payments. Cash fl ows

IAS 39 introduced the revolution in the accounting treatment of fi nancial instruments when it was implemented by introducing new accounting concept. On 24 July 2014, the International Accounting Standards Board (IASB) published full version of the IFRS 9 Financial Instrument, which will enter into force on 1 January 2018 and bring signifi cant changes with regard to the classifi cation and measurement, so as impairment

Implementation Challenges

"Hold-to-collect"The objective of the business model

is to hold instrument in order to collect contractual cash fl ows.

"Hold-to collect and to sell"The objective of the business model

is to hold instrument in order to collect contractual cash fl ows and sell instruments

"Hold for trading"The objective of the business model

is the realisation of cash fl ows through trading of instruments

Nikola StamenićPWC House


IFRS 9: FINANCIAL INSTRUMENTS

koji su samo plaćanja glavnice i kamate u skladu su sa osnovnim kreditnim aranžmanom. Glavnica predstavlja fer vrednost prilikom početnog prizna-vanja (koja se može promeniti tokom veka trajanja instrumenta), dok kamata predstavlja naknadu za vremensku vrednost novca i kreditni rizik, a može takođe uključivati i naknadu za ostale osnovne rizike kreditiranja (npr. rizik likvidnosti), zatim troškove (npr. administrativne troškove), kao i maržu profi ta.

Prilikom sprovođenja SPPI testa neophodno je razmotriti: ■ ugovorna obeležja koja uvode izloženost rizicima ili volatilnost u tokovima gotovine koji nisu povezani sa osnovnim kreditnim aranžmanom (npr. krediti sa učešćem u profi tu);

■ efekat modifi kacije elementa vremenske vrednosti novca1 (upoređivanjem nediskontovanih tokova gotovina instrumenta sa modifi kovanim elementom vremenske vrednosti novca, i nediskontovanih tokova gotovine koji bi nastali da nije bilo modifi kacije ele-menta vremenske vrednosti novca – referentni novčani tokovi);

■ opcije pretplate i produženja;

■ uslovne događaje koji mogu izazvati promenu iznosa ili vremena ugo-vorenih tokova gotovine (npr. makroekonomske promene).

Obeležja tokova gotovine koja nisu samo plaćanje glavnice i kamate još uvek mogu zadovoljiti SPPI test ukoliko imaju samo mali učinak („de minimis“ efekat) u svakom izveštajnom periodu, i kumulativno tokom veka tra-janja instrumenta, ili ukoliko imaju nešto veći učinak (u pojedinačnom izveštajnom periodu ili kumula-tivno), ali utiču na tokove gotovine samo nastupom

događaja koji je izuzetno redak, neuobičajen, i vrlo malo verovatan.

Prema MSFI 9, pri početnom priznavanju može se neopozivo odlučiti da se dužnički instrumenti mere po fer vrednosti kroz bilans uspeha ako se time otklanja, ili znatno umanjuje, nedoslednost pri merenju ili priznavanju (odnosno “računovodstvena neusklađenost”2).

Ukoliko nije doneta prethodno pomenuta neopoziva odluka, u zavisnosti od identifi kovanog poslovnog modela i zadovoljavanja SPPI testa, dužnički instru-menti se klasifi kuju kao imovina koja se naknadno meri po:

1. amortizovanoj vrednosti;2. fer vrednosti kroz izveštaj o ostalom rezultatu, ili3. fer vrednosti kroz bilans uspeha,

U nastavku je ilustrativan prikaz klasifi kacije i merenja fi nansijske imovine, prema MSFI 9:

Za razliku od naknadnog merenja (koji je opredeljeno klasifi kacijom, kako je opisano iznad), fi nansijski instrumenti se početno mere po svojoj fer vrednosti.

UMANJENJE VREDNOSTINasuprot proceni umanjenja vrednosti po MRS 39 koja se bazirala na modelu nastalih gubitaka, umanjenje vrednosti po MSFI 9 se bazira na modelu očekivanih gubitaka, koji rezultira u ranijem priznavanju gubitka i većim ispravkama za umanjenje vrednosti.

SPPI?

DANENE

NE NE

DANENE

DADA

DADA

DA NE

1 Vremenska vrednost novca je element kamate kojim se osigurava naknada samo za protok vremena.

2 Koja bi nastala zbog merenja imovine ili obaveza povezanim sa tom imovinom, ili priznavanja dobiti i gubitaka u vezi sa tom imovinom ili obavezama na različitim osnovama.

jun 2017 | :Bankar

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that are solely principal and interest payments are in accordance with the basic lending arrangement. Th e principal is a fair value at initial recognition (which can be changed over the lifetime of an instrument), while interest represent a compensation for time value of money and credit risk and it may include a compensation for other main lending risks (e.g. liquidity risk), expenses (e.g. administrative expenses), and profi t margin.

When running an SPPI test, the following factors need to be considered: ■ Contractual features that introduce exposure to risks or fl uctuations in cash fl ows which are not connec-ted with basic lending arrangement (e.g. loans with share in profi t);

■ Mo d i f i c at i on effect of time value of money1 (by comparing non-discoun-ted cash flows of instruments with modified time value of money and non-discounted cash fl ows that would have occurred if there were no modification of elements of time value of money – reference cash fl ows);

■ Prepayment option and extensions; ■ Conditional events that may result in the change of amount or time of contractual cash fl ows (e.g. macroeconomic changes).

Cash fl ow features that are not solely payment of principal and interest may still meet SPPI test if they have only small eff ect (“de minimis” eff ect) in each reporting period, and cumulatively during the life of an instrument, or if they have somewhat higher eff ect (in individual reporting period or cumulatively), but infl uence the cash fl ows only with the occurrence of event which is extremely rare, unusual and less probable.

According to IFRS 9, it may be irrevocably decided at initial recognition to measure debt instrument at

fair value through profi t and loss if inconsistency when measurement and recognition is thereby removed or substantially diminished (or accounting mismatch2).

If the abovementioned irrevocable decision is not made, and depending on identifi ed business model and satisfaction of SPPI test, debt instruments are classifi ed as fi nancial assets that are subsequently measured at:

1. amortised cost;2. fair value through other comprehensive income, or 3. fair value through profi t and loss,An overview of classifi cation and measurement of

fi nancial assets according to IFRS 9 is given below as follows:

Contrary to subsequent measurement (which is deter-mined by a classifi cation described above), fi nancial instruments are initially measured at fair value.

IMPAIRMENT Contrary to the impairment assessed using IAS 39 that was based on the incurred losses model, the impairment according to the IFRS 9 is based on the expected losses model that results in earlier recogni-tion of losses and higher impairment allowances.

Debt instruments

Fair value through profit and lossdue to accounting mismatch

SPPI?

Business model“hold to collect”

Business model“hold and sell”

Derivatives

YESNONO

NO NO

YESNONO

YESYES

YESYES

YES NO

Instruments of capital

Fair value throughother comprehensive

income?

Held for trading

Amortisedcost


income

Fair value throughprofit and loss


income

1 Vremenska vrednost novca je element kamate kojim se osigurava naknada samo za protok vremena.

2 Koja bi nastala zbog merenja imovine ili obaveza povezanim sa tom imovinom, ili priznavanja dobiti i gubitaka u vezi sa tom imovinom ili obavezama na različitim osnovama.



Opšti model priznavanja umanjenja vrednosti po MSFI 9 obuhvata tri faze i bazira se na promeni kreditnog kvaliteta nakon početnog priznavanja.

Faza 1 – uključuje fi nansijske instrumente koji nisu imali značajno uvećanje kreditnog rizika nakon počet-nog priznavanja ili koji imaju nizak kreditni rizik na datum izveštavanja. Za ove instrumente, umanjenje vrednosti se priznaje u iznosu 12-mesečnog ECL3 i prihod od kamate se obračunava na bruto knjigo-vodstvenu vrednost. 12-mesečni ECL predstavlja iznos očekivanog kreditnog gubitka koji je rezultat događaja neizvršenja obaveza koji su mogući u roku od 12 meseci nakon datuma izveštavanja. Dakle, nije u pitanju očekivani gubitak u 12-mesečnom periodu, već ukupni očekivani kreditni gubitak ponderisan verovatnoćom nastanka događaja povezanog sa gubitkom u narednih 12 meseci.

Faza 2 – uključuje fi nansijske instrumente koji su imali značajno uvećanje kreditnog rizika nakon počet-nog priznavanja (osim ukoliko nemaju nizak kreditni rizik na datum izveštavanja), ali nemaju objektivne dokaze o umanjenju vrednosti. Za ove instrumente, umanjenje vrednosti se priznaje u iznosu ECL tokom veka trajanja i prihodi od kamate se obračunavaju na bruto knjigovodstvenu vrednost. ECL tokom veka trajanja je očekivani kreditni gubitak koji je rezultat svih mogućih događaja neizvršenja obaveza u toku veka trajanja instrumenta.

Faza 3 – uključuje fi nansijsku imovinu koja ima objektivne dokaze o umanjenju vrednosti na datum izveštavanja. Za ovu imovinu, priznaje se ECL tokom veka trajanja i prihod od kamate se obračunava na amortizovanu knjigovodstvenu vrednost.

Promena kreditnog kvaliteta nakon početnog priznavanja podrazumeva procenu da li je došlo do značajnog uvećanja kreditnog rizika kroz poređenje

rizika neizvršenja obaveza na datum izveštavanja sa rizikom neizvršenja obaveza na datum početnog priznavanja. Značajno uvećanje kreditnog rizika je relativna mera. Prenos između faza se aktivira na osnovu relativne promene u kreditnom riziku, ne na osnovu apsolutnog kreditnog rizika. Ovo znači da kredit sa istim karakteristikama može biti uključen u različite faze kod različitih subjekata, u zavisnosti od kreditnog rizika pri početnom priznavanju kod svakog subjekta.

Prilikom procene značajnog uvećanja kreditnog rizika treba uzeti u obzir sve razumne i utemeljene podatke dostupne bez nepotrebnih troškova ili napora, koji bi trebalo da uključe postojeće i očekivane promene u: eksternim tržišnim pokazateljima kreditnog rizika, internim pokazateljima, i specifi čnim informacijama klijenta. Instrumenti obezbeđenja kredita se ne uzimaju u obzir, iako se njihova vrednost uključuje prilikom obračuna ECL. Procena se može izvršiti na nivou pojedinačnog instrumenta ili na nivou portfolija/pod-portfolija, u zavisnosti od prirode fi nansijskih instrumenata i dostupnih relevantnih podataka o kreditnom riziku.

Bez obzira na to na koji način se procenjuje značajno uvećanje kreditnog rizika, postoji oboriva pretpo-stavka da je došlo do značajnog uvećanja kreditnog rizika nakon početnog priznavanja ako je dospeće ugovorenih plaćanja prekoračeno za više od 30 dana.

ECL predstavlja ponderisani prosek kreditnog gubitka. Kreditni gubitak je razlika između svih tokova gotovine po osnovu glavnice i kamate koje su dospele u skladu sa ugovorom, i ukupnih tokova gotovine koje entitet očekuje da primi, diskontovanih originalnom efektivnom kamatnom stopom.

ECL treba meriti na način koji odražava: ■ nepristrasan i verovatnoćom ponderisan iznos koji se određuje ocenjivanjem raspona mogućih ishoda 3 Expected Credit Loss – očekivani kreditni gubitak

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General model of recognising impairment based on IFRS 9 covers three stages and it is based on the change in credit quality aft er initial recognition.

Stage 1 - includes fi nancial instruments that have not had a significant increase in credit risk since the initial recognition or that have low credit risk at the reporting date. For these instruments, 12-month expected credit losses (‘ECL’) are recognized and interest revenue is calculated on the gross carrying amount of the instrument. 12-month ECLs are the expected credit losses that result from default events that are possible within 12 months aft er the reporting date. It is not the expected cash shortfalls over the 12-month period but the entire credit loss on an asset weighted by the probability that the loss will occur in the next 12 months.

Stage 2 - includes fi nancial instruments that have had a signifi cant increase in credit risk since initial recognition (unless they have low credit risk at the reporting date) but that do not have objective evidence of impairment. For these assets, lifetime ECL are recognized, but interest revenue is still calculated on the gross carrying amount of the asset. Lifetime ECL are the expected credit losses that result from all possible default events over the expected life of the fi nancial instrument.

Stage 3 - includes fi nancial assets that have objective evidence of impairment at the reporting date. For these assets, lifetime ECL are recognized and interest revenue is calculated on the net car-rying amount.

Th e change in credit quality aft er the initial recognition implies assessment whether there has been signifi cant increase in credit risk through comparison of default risk at reporting date with default risk at the date of initial recogni-tion. Signifi cant increase in credit risk is relative

measure. Th e transfer between stages is activated based on relative change in credit risk and not based on absolute credit risk. Th is means that the loan with the same characteristics may be included in diff erent stages with diff erent entities depending on credit risk at initial recognition with each entity.

When assessing signifi cant increase in credit risk, all reasonable and grounded data that are available without unnecessary expenses or eff orts should be considered. Th ese data should include current and expected changes in external market indicators of credit risk, internal indicators and specifi c information of clients. Security instru-ments on loans are not considered although their value is included in the calculation of ECL. Th e assessment may be executed for individual instru-ments or for portfolio/sub-portfolio depending on the nature of fi nancial instruments and available relevant data on credit risk.

Regardless of the manner of the assessment of signifi cant increase in credit risk, there is rebut-table presumption that signifi cant increase in credit risk occurred aft er initial recognition if the maturity of contractual payments exceeded more than 30 days.

ECL is weighted average of credit loss. Credit loss is the diff erence between all cash fl ows aris-ing from principal and interest that are due in accordance with the contract and total cash fl ows that an entity expects to receive discounted at the original eff ective interest rate.

ECL should be measured so that it refl ects: ■ an unbiased and probability-weighted amount that is determined by evaluating a range of possi-ble outcomes (minimum 2 outcomes – probabi-lity of default and probability of non-default);

IAS 39:Incurred loss model

Valu

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just

men

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Deterioration of credit quality after initial recognition

IAS 39:Expected loss model

Valu

e ad

just

men

t

Stag

e 1

Stag

e 2

Stag

e 3

Deterioration of credit quality after initial recognition

Economic expected

credit loss

IAS 39

correction

IncurredLoss

Economic expected

credit loss

Time expected

credit loss

IAS 39

correction

IncurredLoss

Time expectedcredit loss

12-month expectedcredit loss



(minimum dva ishoda – mogućnosti nastanka kreditnog gubitka i mogućnosti da kreditni gubitak ne nastane);

■ vremensku vrednost novca; ■ razumne i utemeljene podatke o prošlim događajima, tekućim uslovima, dostupne na datum izveštavanja bez nepotrebnih troškova ili napora, kao i razumna i utemeljena predviđanja budućih događaja i eko-nomskih uslova na datum izveštavanja.

Stepen rasuđivanja vezan za merenje ECL zavisi od dostupnosti detaljnih informacija, i može imati veliki uticaj na iznos umanjenja vrednosti.

DATUM STUPANJA NA SNAGU I PRELAZNE ODREDBEMSFI 9 stupa na snagu 1. januara 2018. godine. Dopuštena je ranija primena uz objavljivanje te činjenice i istovremenu primenu svih zahteva standarda.

Primena standarda je retrospektivna. Na datum prve primene, identifi kacija poslovnog modela treba biti zasnovana na činjeni-cama koje su postojale na taj datum, dok zadovolja-vanje SPPI testa treba biti zasnovano na činjenicama koje su postojale na datum početnog priznavanja instrumenta.

Korekcija komparativnih iznosa nije zahtevana, ali je dozvoljena ukoliko je moguća bez novijih sazna-nja. Ukoliko se ne koriguju komparativni iznosi, razlika između prethodne knjigo-vodstvene vrednosti i knji-govodstvene vrednosti na početku godišnjeg izveštaj-nog perioda koji uključuje datum prve primene, pri-znaje se u početnoj zadržanoj dobiti.

U prelaznom periodu, detaljne fi nansijske informa-cije se moraju obelodaniti, kako bi korisnici fi nansijskih izve-štaja razumeli promene nastale

uslede početne primene, između ostalih informacije o: ■ kategoriji merenja i knjigovodstevnoj vrednosti određenoj u skladu sa MRS 39 (ili prethodnim verzijama MSFI 9), i novim kategorijama i knji-govodstvenim vrednostima u skladu sa MSFI 9;

■ iznose fi nansijskih instrumenata koji su prethodno mereni po fer vrednosti kroz bilans uspeha, a koji se više ne mere na taj način (praveći razliku između reklasifi kacije zbog zahteva standarda, i reklasifi -kacije usled izbora subjekta);

■ primeni zahteva standarda u klasifi kaciji, razloga određivanja ili neodređivanja fi nansijskog instru-menta kao instrumenta koji se meri po fer vrednosti kroz bilans uspeha na datum početne primene;

■ razumevanju promena u knjigovodstvenoj vred-nosti i reklasifi kacijama izvan kategorije držanja radi trgovanja.

IZAZOVI IMPLEMENTACIJENovi zahtevi za klasifi kaciju i merenje će predstavljati veliki izazov, naročito za fi nansijske instuticije koje će vršiti klasifi kaciju u odnosu na određene poslovne modele. Identifi kacija poslovnih modela je visoko prosuđujuća i zavisi najviše od činjenica i okolnosti. Kako je identifi kacija delimično uslovljena i istorijskim aktivnostima ostvarivanja ciljeva poslovnog modela, entiteti treba da počnu da prate ove informacije kako bi imali dovoljne istorijske podatke, neophodne za poređenje. Očekuje se da novi standard neće samo usloviti izmene raču-novodstvenih politika, već i sistem upravljanja kreditiranjem. Trenutno, većina entiteta ne prikuplja sve kreditne informacije koje standard zahteva, a koje su neophodne za procenjivanje kreditnog kvaliteta. U cilju prikupljanja neophodnih informacija, entiteti će morati značajno da izmene svoje postojeće sisteme upravljanja kreditiranjem i sisteme prikupljanja informacija. Rukovodstvo će morati da napravi nove modele za određivanje očekivanog kreditnog gubitka. Ovo će zahtevati kompleksno rasu-đivanje (npr. defi nisanje neizvršenja obaveza). Značajan izazov biće takođe i nova obelodanjivanja, jer će detaljan nivo informacija verovatno zahtevati značajne promene sistema i procesa. Očekuje se da će proces implementacije zahtevati značajno vreme pre nego što se dostigne usaglašenost sa zahtevima standarda. Zato se preporučuje svim entitetima da započnu planiranje prelaza na MSFI 9 kako bi spremno dočekali stupanje na snagu ovog novog standarda.

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■ the time value of money; and ■ reasonable and supportable information about past events, current conditions and reasonable and supportable forecasts of future events and economic conditions at the reporting date.Th e degree of judgment that is required for the

ECL measurement depends on the availability of detailed information and it may largely impact the impairment amount.

DATE OF ENTRY INTO FORCE AND TRANSITIONAL PROVISIONSIFRS 9 enters into force on 1 January 2018. Early implementation is allowed with the previous publication of such fact and simultaneous imple-mentation of all requirements from the standard.

Th e standard is to be applied retrospectively. As of the date of fi rst imple-mentation business model identifi cation should be based on facts relevant for that date, while the meeting of the SPPI test should be based on the facts that existed at the date of the initial recognition of the instrument.

Restatement of comparatives is not required, but entities are permitted to restate com-paratives if they can do so without the use of hindsight. If an entity does not restate com-paratives, it should adjust the opening balance of its retained earnings for the eff ect of apply-ing the standard in the year of initial application.

In the transitional period, detailed fi nancial informa-tion must be disclosed so that the fi nancial statements users could understand changes occurred due to initial imple-mentation, which should con-tain, inter alia, the following information: ■ measurement category and carrying amount determined

in accordance with IAS 39 (or previous IFRS 9 versions), and new categories and carrying amounts in accordance with IFRS 9;

■ amounts of fi nancial instruments previously measured at fair value through profi t and loss and which are no longer measured in this manner (making diff erence between reclassi-fi cation due to requirements of the standard and reclassifi cation due to selection of entity);

■ implementation of standard requirements into classifi cation, reasons for determining or not determining fi nancial instrument as instrument measured at fair value through profi t and loss as at the date of initial implementation;

■ understanding of changes in carrying amount and reclassifi cations other than held-for-trading categories.

IMPLEMENTATION CHALLENGESNew classifi cation and measurement requirements will be chall-enging to apply, in particular for fi nancial institutions that will perform the classifi cation based on certain business models. Identifi cation of business models is highly judgmental and largely depends on facts and circumstances. Since the identifi cation partially results from historical activities of accomplishing the objectives of business models, entities should start monitoring this information to collect suffi cient amount of historical data required for comparisons. It is expected that the new standard will not result only in the changes to accounting policies but the credit management system. Currently, most entities do not collect the amount of credit information required by the standard. Entities will need to signifi cantly modify their current credit and information systems in order to gather the required information. Management will need to build new models to determine expected credit loss. Th is will require complex judgment (e.g. defi nition of default). New disclosures will pose signifi cant challenge since a detailed level of information will likely require signifi cant changes in the systems and processes. It is expected that the implementation process will require a signifi cant amount of time before an entity will be in a position to comply with the requirements of the standard. Th erefore, it is recommended to all entities to plan the transition to IFRS 9 so that they will be ready once this standard enters into force.



U Evropskoj uniji već dugi niz godina traju razgovori na naj-

višem nivou o potrebi obezbeđivanja većeg stepena zaštite ličnih podataka odnosno o nadogradnji Direktive o zaštiti podataka o ličnosti iz 1995. godine. Najmanje tri razloga su dovela do potrebe takvog promi-šljanja, prvi, koji se tiče uočenih nedostataka ili nemogućnosti pri-mene pojedinih odredbi Direktive, drugi, uočene i značajne potrebe koordinacije na nivou Evropske unije oko pitanja zaštite podataka o ličnosti kao osnovnog ljudskog prava građana EU u tome i jedinstvenog i centralizovanog administrativnog tela za pitanja zaštite podataka o ličnosti i treći, možda i najvažniji, ubrzanog tehničko-tehnološkog razvoja koji omogućava fi zičkim licima značajne benefi te ali isto-vremeno u ostvarivanju tih benefi ta koristi veliki broj ličnih podataka koji često bivaju izloženi značajnim rizicima usled obrade, rukovanja, prenosa podataka i slično. Zbog toga se zahteva i efi kasno rešavanje pitanja rukovanja ličnim podacima, posebno podacima koji se u smislu Regulative

smatraju osetljivim podacima, ali i omogućavanje veće transparentnosti u pogledu ostvarivanja prava lica čiji se podaci obrađuju.

Navedeni razlozi su bili povod za donošenje paketa propisa o zaštiti podataka o ličnosti koji osim pome-nute Regulative obuhvata i Direktivu 2016/680 o zaštiti podataka o lično-sti u odnosu na obradu koju vrše nadležni organi a u vezi prevencije, istrage, otkrivanja i procesuiranja kriminalnih dela ili izricanju krivič-nih sankcija kao i u vezi slobodnog

kretanja tih podataka. Za banke u Evropskoj uniji, kao i za sve druge rukovaoce koji imaju obavezu uskla-đivanja sa odredbama Regulative, konačan rok za implementaciju ističe u maju 2018. godine. U tom pro-cesu, nakon donošenja Regulative, objavljeno je više uputstava i pre-poruka za pravilnu primenu od strane institucija Evropske unije, a posebno stručnog tela formiranog od strane Evropske komisije (Th e Article 29 Working Party) koje je imalo zadatak da pruži stručnu i

Usaglašavanje sa novim režimom zaštitepodataka o ličnostiRegulativa o zaštiti podataka o ličnosti Evropske unije 2016/679 (General Data Protection Regulation – GDPR) doneta je u aprilu 2016. godine i ima neposrednu primenu u zemljama članicama od maja 2018. godine. Ovom Regulativom značajno se menja i unapređuje oblast zaštite podataka o ličnosti na način da se omogućava veća transparentnost obrade podataka o ličnosti kao i efi kasniji način ostvarivanja prava lica na koje se podaci odnose. Obzirom da se radi o veoma važnom pravnom aktu koji ima direktnu primenu u zemljama članicama Evropske unije kao i da se odredbe Regulative proširuju i van granica EU, ukoliko se obrađuju podaci o ličnosti građana Evropske unije, u toku su veoma intenzivne pripreme obrađivača i rukovalaca podataka o ličnosti za usklađivanje sa odredbama Regulative 2016/679. Navedeno posebno važi za banke, obzirom da se radi o institucijama koje rukuju velikim brojem ličnih podataka pa se očekuje i puna usklađenost procesa obrade podataka o ličnosti u banci sa odredbama Regulative. Za nepridržavanje odredbi odnosno neusklađenost sa Regulativom propisane su veoma visoke novčane kazne i to do 20 miliona evra odnosno 4% ukupnog konsolidovanog prihoda, zavisno koji iznos je veći

Dr Milan BrkovićUdruženje banaka Srbije

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POSLOVANJE BANAKA

Top-level discussions have been held in the European Union for

the past several years on the need to ensure greater degree of personal data protection, i.e. the improvement of the Personal Data Protection Directive from 1995. Th ere were at least three reasons that have led to the need for such an improvement. Th e fi rst referred to the observed shortcomings or the impossibility of applying certain provisions of the Directive; the second referred to the noticed and signifi cant needs of the

coordination at the EU level on the issue of personal data protection as a fundamental human right of the EU citizens and to establish single and centralised administrative body for personal data protection. Th e third, perhaps the most important reason, referred to the accelerated techni-cal and technological development that provides signifi cant benefi ts for natural persons but at the same time, in utilizing these benefi ts, as a large number of personal data are oft en exposed to signifi cant risks

due to processing, handling, data transmission, and the like. Th erefore, it is also neces-sary to address in an effi cient manner the issue of handling personal data, in particular the data considered as sensitive within the meaning of the Regulation, but also to provide greater transparency in exer-cising the rights of the person whose data is processed.

Th e abovementioned reasons were the reason for the adop-tion of a package of personal data protection regulations

that, in addition to the mentioned Regulation, also includes Directive (EU) 2016/680 on the protection of natural persons with regard to the processing of personal data by com-petent authorities for the purposes of the prevention, investigation, detection or prosecution of criminal off ences or the execution of criminal penalties, and on the free movement of such data. Th e fi nal deadline for the implementation expires in May 2018 for banks in the European Union and for all other operators obliged

Alignment With New Personal Data Protection Regime

Milan Brković, PhDBanks Association of Serbia

The Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data (General Data Protection Regulation - GDPR) was adopted in April 2016 and has direct application in EU Member States since May 2018. This Regulation signifi cantly changes and promotes the area of personal data protection in a way that enables greater transparency of personal data processing as well as a more effi cient way of exercising the rights of the person to whom the data relate. Given that this is a very important legal act that has its direct application in the EU Member States and that the provisions of the Regulation extend beyond the EU borders if data on EU citizens are processed, there is very intensive preparation of processors and handlers of the personal data to comply with the provisions of the EU Regulation 2016/679. This is especially true for banks, since they are the institutions that deal with a large number of personal data. Therefore, full compliance of the personal data processing in the bank is required with the provisions of the Regulation. Penalties for failure to comply with the provisions or non-compliance with the Regulation are very high and they range up to 20 million euros or 4% of total consolidated income, whichever amount is greater.


BANKING OPERATIONS

tehničku pomoć Komisiji u vezi pripreme i sada već implementacije Regulative. To stručno radno telo će biti zamenjeno Evropskim bordom za zaštitu podataka (European Data Protection Board - EDPB) shodno odredbama Regulative i strateškim opredeljenjem EU u vezi jedin-stvenog regulisanja pitanja zaštite podataka o ličnosti.

Za zemlje kandidate za članstvo u Evropskoj uniji koje neće imati neposrednu primenu Regulative važi pravilo da će, u cilju usklađivanja sa njenim odredbama, domaćim zakonodavstvom regulisati pitanje obrade podataka o ličnost na način da se obezbedi stepen prava lica ne manji od onog koji propisuje Regulativa na nivou EU. To isto pravilo važi i za pojedinačne pravne subjekte, pri tome i banke, odnosno da će kao rukovaoci i obrađivači podataka imati obavezu da prime-njuju odredbe Regulative posebno ukoliko se radi o bankama sa stra-nim kapitalom koje u matičnim zemljama upravo vrše tranziciju pravila o zaštiti podataka o ličnosti i potpuno usklađivanje sa odredbama Regulative.

OPŠTE ODREDNICE NOVOG REŽIMA ZAŠTITE PODATAKA O LIČNOSTINovi režim zaštite podataka o lič-nosti počiva na fundamentalnom pravu pojedinca u odnosu na zaštitu i obradu njegovih ličnih podataka. Ovo pravo se generiše iz osnovnih i opštih akata Evropske unije, uklju-čujući i Povelju Evropske unije o osnovnim pravima ali i odredbi samog Ugovora o funkcionisa-nju Evropske unije (Treaty on the Functioning of the European Union – TFEU). Ono je, uistinu, već bilo obuhvaćeno aktima Evropske unije, ali se usvajanjem Regulative oblast

zaštite podataka o ličnosti uređuje na nov i savremen način, prateći kako potrebe i interese pojedinca u odnosu na obradu podataka tako i potrebe biznisa ili unapređenja ekonomskih osnova funkcionisanja zajedničkog tržišta. Naime, kako je već spomenuto, jedan od osnov-nih razloga donošenja Regulative odnosio se na uslove tehnološkog progresa koji ima znatne prednosti ali donosi i određena ograničenja odnosno rizike kada je u pitanju obrada podataka o ličnosti. U tom smislu, Regulativa treba da doprinese ostvarivanju ciljeva iz Strategije digitalnog tržišta (Digital Market Strategy) odnosno da omogući rast ekonomije, kvalitet i veću dostupnost javnih usluga kao i da omogući ne samo veći stepen prava pojedinca kada je u pitanju obrada ličnih poda-taka nego i da doprinese značajnim ekonomskim koristima za građane Evropske unije. Novi režim zaštite podataka o ličnosti, ustanovljavajući jedinstven mehanizam supervizije, u značajnom delu pojednostavljuje procedure čineći ih predvidljivim ali uz to i troškovno efi kasnijim. Jedna od najvažnijih odrednica novog režima zaštite podataka o ličnosti tiče se i samog ekonomskog značaja podataka o ličnosti odnosno moguć-nosti za dalju valorizaciju njihove vrednosti. Upravo imajući u vidu tu vrednost Regulativa ima za cilj maksimizaciju koristi po pojedinca ali i po ekonomiju u celini, ali ipak vodeći računa o jasnim pravilima i procedurama po kojima se vrši prikupljanje, obrada ili transfer (uključujući i prekogranični) ličnih podataka. Jedinstvena pravila u okviru Evropske unije omogućavaju ne samo koordinaciju na nivou kreiranja pravila nego pre svega na nivou implementacije i saradnje

nacionalnih supervizora koji će činiti jedinstven mehanizam supervizije kada je u pitanju zaštita ličnih poda-taka. Time se postiže dugoročno održivi benefi t za sve tržišne uče-snike i eliminisanje nepotrebnih troškova za poslovanje na različitim tržištima u okviru Evropske unije. Prema nekim procenama, godišnji benefiti od ovako uspostavljene institucionalne i pravne strukture iznose preko dve milijarde evra. Mala i srednja preduzeća se nalaze posebno u fokusu Regulative i to na način da se lišavaju mogućih administrativnih troškova ili drugih prepreka za uspešno poslovanje ali se, takođe, principom prenosa ličnih podataka, o čemu odlučuje pojedinac, podržava veći udeo ovog sektora na tržištu digitalnih usluga.

Imajući u vidu navedeno, može se zaključiti da osnovne odrednice novog režima zaštite podataka o ličnosti čini jedinstveno uređenje sistema zaštite podataka o ličnosti za sve države Evropske unije, da novi režim ima funkciju da obezbedi ne samo veći stepen zaštite ličnih podataka nego i da pruži kontrolu pojedincima nad svojim podacima ali i da se među odrednice novog režima ubraja i maksimizacija eko-nomskih koristi i to kako za poje-dinca tako i za ekonomiju u celini.

USKLAĐIVANJE SA GDPR – ZAHTEVI I IZAZOVI General Data Protection Regulation donosi niz novina u odnosu na do tada važeću Direktivu iz 1995. godine koje zahtevaju adekvatnu pripremu od strane svih obveznika koji su obuhvaćeni GDPR. U tom cilju ostavljen je primeren rok od dve godine za potpunu implemen-taciju i usklađivanje sa odredbama Regulative. U tom roku, odnosno

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POSLOVANJE BANAKA

to comply with the Regulation. In the process, following the adoption of the Regulation, several guidelines and recommendations were published for proper implementation by the European Union institutions, and in particular the expert body established by the European Commission (Article 29 Working Party), which had the task of providing expert and techni-cal assistance to the Commission regarding the preparation and the implementation of the Regulation. Th is professional working party will be replaced by the European Data Protection Board (EDPB) in accord-ance with the provisions of the EU Regulation and strategic approach on single regulation on the issue of personal data protection.

Th e EU candidate countries will not be obliged to implement directly the regulation; however, in order to comply with its provisions, their domestic legislation will regulate the issue of personal data processing in such a way as to ensure the level of the rights of the person is not less than the one prescribed by the Regulation at the EU level. Th is same rule also applies to individual legal entities, including banks, or that the handlers and data processors are obliged to apply the provisions of the Regulation, especially in the case of banks with foreign capital, which transpose rules on personal data protection in home countries and fully harmonise with the provisions of the Regulation.

GENERAL PROVISIONS OF THE NEW PERSONAL DATA PROTECTION REGIMETh e new regime of personal data protection rests on the fundamental right of an individual in relation to the protection and processing of his personal data. Th is right is

generated from the basic and general acts of the European Union, includ-ing the European Union Charter of Fundamental Rights and the provi-sions of the Treaty on the Functioning of the European Union (TFEU) itself. It was indeed covered by the acts of the European Union, but by adopting the Regulation, the area of personal data protection is regulated in a new and modern way following the needs and interests of the individuals in relation to data processing and busi-ness needs or the improvement of economic bases for the functioning of the single market. Namely, as it was mentioned previously, one of the main reasons for the adoption of the Regulation was related to the conditions of technological progress which have signifi cant advantages but also gives certain limitations or risks when it comes to processing of personal data. In this regard, the Regulation should contribute to the achievement of the Digital Market Strategy objectives, i.e. to enable the growth of the economy, the quality and availability of public services, and to provide not only greater degree of individual rights in processing of personal data but to bring sig-nifi cant economic benefi ts for EU citizens. Th e new regime of personal data protection, by setting up single supervisory mechanism, simplifi es the procedures by making them predictable and cost-eff ective. One of the most important determinants of the new regime of personal data protection refers to the economic importance of personal data, i.e. the possibility for further use of their value. Having that in mind, the Regulation aims to maximize the benefi ts for an individual but also for the entire economy, taking into account, however, clear rules and

procedures for collecting, processing or transmitting (including cross-border) personal data. Single rules within the European Union enable not only the coordination at the level of policy making but above all at the level of the implementation and cooperation of national supervisors, which will make single supervisory mechanism when it comes to the protection of personal data. Th is ensures long-term sustainable ben-efi ts for all market participants and eliminates unnecessary operating costs in diff erent markets within the European Union. According to some estimates, the annual ben-efi ts of such institutional and legal structure are over two billion euros. Small and medium-sized enterprises are particularly in the focus of the Regulation, in the sense that they are deprived from possible admin-istrative costs or other obstacles to successful business operations, but also larger portion of this sector at the digital services market sup-ports the principle of transfer of personal data, which is decided by the individual.

Bearing in mind the abovemen-tioned, it can be concluded that the basic determinants of the new regulation of the personal data pro-tection consists of single regulation for the personal data protection system for all EU Member States; its function is to provide higher level of the protection of personal data and provide the control to individuals on their data; it also includes max-imising economic benefi ts for both the individual and entire economy.

HARMONISATION WITH GDPR – REQUIREMENTS AND CHALLENGES The General Data Protection Regulation brings a number of


BANKING OPERATIONS

do maja 2018. godine, očekuje se da, s jedne strane, svi obveznici Regulative interno implementiraju procedure koje se tiču novog režima zaštite podataka o ličnosti, i drugo, da se podigne svest pojedinaca o pravima i koristima koje proističu iz GDPR. Bez sinergije oba faktora nije moguće u potpunosti ostvariti očekivane efekte primene GDPR.

Nova Regulativa o zaštiti podataka o ličnosti uvodi niz novih zahteva i termina u vezi sa obradom podataka o ličnosti. Pre svega, povećava se odgovornost rukovaoca podacima o ličnosti i uvode se novi termini kao što su procena rizika za zaštitu podataka ili službenik za zaštitu podataka. Svi rukovaoci poda-cima imaju obavezu da bez odla-ganja obaveste korisnike odnosno nadležnu nacionalnu instituciju za zaštitu podataka o ličnosti o slučajevima mogućih incidenata prilikom obrade ili transfera poda-taka (krađa, uništenje i slično). Nova Regulativa, takođe, zadržava princip saglasnosti fi zičkog lica za obradu podataka ali uz znatno strožije zahteve davanja pristanka na obradu i obaveštavanja fi zičkog lica o izvršenoj obradi. Regulativa, osim toga, uvodi i pravo na zaborav (right to be forgotten) koje se uglavnom tiče korišćenja digitalnih kanala. Ovo pravo fi zičkog lica eksplicitno isporučuje zahtev da, ukoliko poje-dinac ne želi da se njegovi lični podaci obrađuju kao i ukoliko više ne postoji legitiman razlog te obrade, svi podaci o klijentu budu brisani iz evidencija rukovaoca ili obrađivača podataka. Fizička lica imaju pravo da prenesu svoje podatke kod drugog rukovaoca, da povuku jednom datu saglasnost za obradu podataka i čitav niz drugih prava definisanih Regulativom.

Dakle, sva navedena prava klijenata – fi zičkih lica istovremeno upućuju i na obavezu rukovaoca ili obrađi-vača podataka u pogledu poštovanja navedenih i drugih prava po osnovu obrade ličnih podataka ali se njihova odgovornost ne ograničava nužno na tome. Od rukovaoca odnosno obrađivača podataka se očekuje sveobuhvatan i sistemski pristup pitanjima obrade i zaštite ličnih podataka. Ovo podrazumeva da se svi interni poslovni procesi usklade sa zahtevima iz Regulative, a ne samo na nivou compliance funkcije. To će

praktično značiti da će sve institucije koje su obveznici GDPR, a što je ogromna većina javnih i privatnih entiteta, biti u obavezi da osposobe i imenuju internog zaštitnika podataka o ličnosti (data protection offi cer) kao novu, nezavisnu i pre svega savetodavnu funkciju za pitanja zaštite podataka o ličnosti. Radi se o funkciji koja predstavlja sponu između rukovaoca odnosno obra-đivača podataka, lica čiji se podaci obrađuju i nacionalnog supervi-zora ali ne i o funkciji koja je odgo-vorna za usklađivanje sa odredbama Regulative. Obaveza usklađivanja je isključivo pitanje odgovornosti rukovaoca ili obrađivača podataka o ličnosti. Ovo je važna distinkcija u defi nisanju prava i obaveza kod

interne implementacije i sprovođenja zakonite obrade podataka o ličnosti. Upravo u tom smislu Regulativa uvodi dva osnovna principa obrade odnosno zaštite podataka, i to zaštitu podataka by default i zaštitu poda-taka by design. Uslovno, može se smatrati da se radi o jednom od naj-važnijih principa koje uvodi GDPR kao fundamentalni princip zaštite podataka o ličnosti, obzirom da se njime praktično označava da principi zaštite podataka budu ugrađeni u proizvode i usluge i to od najranije faze, odnosno da budu postavljeni

tako da budu standard u ex ante i ex post komunikaciji povodom obrade i zaštite podataka o ličnosti.

Osnovni izazovi koje nameće Regulativa tiču se, pre svega, pro-cesa implementacije, usled čega je i ostavljen rok od dve godine za prilagođavanje i adekvatnu pripremu svih uključenih strana, počevši od nacionalnih supervizora, obveznika primene Regulative pa sve do poje-dinaca odnosno fi zičkih lica čiji se interes u najvećoj meri utvrđuje i štiti ovom Regulativom. Posebno ovde treba dodati izazove jedinstve-nog mehanizma supervizije koji se uspostavlja preko EDPB. Praktično, sada se nivo zaštite podataka o lič-nosti podiže na nivo Evropske unije odnosno nadležne institucije sa

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novelties in relation to the Directive from 1995 in force that requires adequate preparation by all obligors involved in the GDPR. To this end, a two-year deadline was set for full implementation and alignment with the provisions of the regulation. Within that time, i.e. until May 2018, it is expected that, on the one hand, all obligors referred to in regulation will initially implement procedures relating to the new regime of per-sonal data protection and, secondly, to raise the awareness of individuals about the rights and benefi ts aris-

ing from GDPR. Without synergy of both factors, it is not possible to fully realise the expected eff ects of the GDPR implementation.

Th e new Personal Data Protection Regulation introduces a number of new requirements and defi nitions related to personal data processing. First and foremost, the responsibil-ity of the personal data handlers is increased and new defi nitions, such as data protection risk assessment or data protection offi cer are intro-duced. All data handlers are obliged to notify the users or the competent national institution for the protection of personal data without delay on cases of possible incidents during processing or transfer of data (theft , destruction and the like). Th e new

Regulation also retains the principle of consent of the natural person for data processing but with con-siderably more stringent requests for consent to the processing and disclosure of the natural person to the processing. Th e regulation, in addition, introduces the right to be forgotten, which is largely concerned with the use of digital channels. Th is right of a natural person explicitly submits a request that, if an indi-vidual does not want his personal data to be processed, and unless there is no legitimate reason for such processing, all data on client will be deleted from the records of the handler or data processor. Natural persons have the right to transfer their data to another han-dler, withdraw once given approval for the data processing and a whole series of other rights defi ned by the Regulation.

Th erefore, all these rights of the clients – natural persons address at the same time the obligation of the handler or data processor in respect of the above and other rights based on the processing of personal data but their responsibility does not necessarily limit it. Th e handler or data processor is expected to have a comprehensive and systematic approach to the processing and pro-tection of personal data. Th is implies that all internal business processes are aligned with the requirements of the Regulation, not just at the level of compliance function. It means that all institutions that are obligors to GDPR, including large number of public and private entities, will be obliged to hire and appoint an internal data protection offi cer as a new, independent and, advisory function for personal data protection issues. It represents the link between

the operator or the data processor, the person whose data is processed and the national supervisor but not the function that is responsible for the compliance with the provisions of the Regulation. Th e obligation of the harmonisation is solely the responsibility of the processor or handler of personal data. Th is is an important distinction in defi ning the rights and obligations in internal implementation and enforcement of legitimate personal data process-ing. In this respect, the Regulation introduces two basic principles of data processing and protection, namely data protection by default and data protection by design. It may be considered to be one of the most important principles that GDPR introduces as the fundamental principle of personal data protection, since it implies that the principles of data protection are incorporated into products and services from the earliest phase, i.e. they are set as a standard in ex-ante and ex-post communication on personal data processing and protection.

Th e main challenges imposed by the Regulation imply the implemen-tation process. Th us, the deadline of two years was left for alignment and adequate preparation of all concerned parties, from national supervisors, obligors, and individuals and individuals or natural persons whose interests are determined and protected to the largest extent by this Regulation. Th is particularly relates to the challenges of a single supervisory mechanism established through EDPB. Practically, the level of personal data protection is raised to the level of the European Union, i.e. the competent institution, with all the bodies and structures that should respond to the requirements


BANKING OPERATIONS

svim organima i strukturom koja treba da odgovori zahtevima kori-snika i da efi kasno implementira i nadzire sprovođenje Regulative. Obzirom da Regulativa predstavlja vrlo složen mehanizam i da uvodi brojne novine ali i veoma visoke

kaznene odredbe, njena jedinstvena i unifi cirana implementacija kod rukovaoca i obrađivača podataka će takođe biti od izuzetnog značaja, ali ništa manje značajno će biti i kako će se Regulativa implementirati kod krajnjih korisnika – fi zičkih

lica, ili, drugim rečima, koliko će brzo i efi kasno fi zička lica biti u poziciji da razumeju prava koja su im data Regulativom i načine kako da koriste mogućnosti koje im stoje na raspolaganju u pogledu obrade i zaštite njihovih podataka.

BANKE U NOVOM REŽIMU ZAŠTITE PODATAKA O LIČNOSTIZa banke je, u smislu usklađivanja sa odredba-ma Regulative, važna operacionalizacija na ni-vou svih organizacionih delova i jedinica. U tom cilju neophodno je ustanoviti kao i institucional-no i organizaciono urediti pitanje internog zaštit-nika podataka, njegove obaveze, odgovornosti, ulogu, odnose sa drugim organizacionim jedi-nicima a posebno sa menadžment strukturom. Insistiranje na funkciji internog zaštitnika po-dataka zasnovano je na činjenici da je za ova-kav vid transformacije u okviru banke potrebno imati kompetentnu osobu koja može da iznese ceo projekat adaptacije na novi režim zaštite podataka o ličnosti. Ovde, međutim, treba imati u vidu da će ove promene uticati i na transfor-maciju poslovnog modela banke, odnosno, pre svega, na stratešku orijentaciju ka digitalizaciji poslovanja odnosno ka segmentu strategije za-štite i bezbednosti podataka. Novi režim zaštite podataka ide i korak dalje od potrebe da se u informatičkom smislu primene mere bezbed-nosti i zaštite lični podaci obzirom da je to samo jedan od aspekata implementacije regulatornih zahteva o zaštiti podataka o ličnosti u banci. Od internog zaštitnika podataka očekuje se uklju-čenost u sve postojeće, a posebno nameravane procese obrade podataka o ličnosti. U početnoj fazi implementacije potrebno je razviti detaljnu agendu i mapirati sve procese u okviru ban-ke koji zahtevaju usklađivanje sa Regulativom, uključujuči i defi nisanje detaljnih procedu-ra za upravljanje ličnim podacima počevši od bitnih elemenata saglasnosti klijenata za obra-du podataka, rokova čuvanja podataka, njihove ispravke i slično.Ono što je važno napomenuti, a što proističe iz odredbi Regulative, je kontiniuran rad na svim budućim aktivnostima uključujući i procenu uti-caja nameravane obrade podataka o ličnosti (privacy impact assessment - PIA) za sve sluča-

jeve kada se uvodi novi proizvod ili usluga. PIA podrazumeva merenje rizika u odnosu na ob-radu ličnih podataka i obavezno se uključuje u najranijoj fazi pokretanja projekta. Rezimirajući sve napred navedeno jasno proi-zilazi da novi režim zaštite podataka o ličnosti uređen Regulativom 2016/679 nameće izuzetno složene obaveze svim rukovaocima podataka, pri tome i bankama. Ove obaveze, ne samo što su eksplicitno defi nisane i uređene Regulativom o zaštiti podataka o ličnosti, već i nužno dovo-de do strateških promena u ophođenju i pro-mišljanju u pogledu zaštite privatnosti podata-ka. Ovo podrazumeva ugrađenost elemenata zaštite podataka u svim fazama projektnog ciklusa kao i svih prednosti odnosno nedosta-taka u rukovanju podacima o ličnosti. Na ovaj način banke, osim obaveznog usaglašavanja sa Regulativom, mogu steći i izvesnu kompa-rativnu prednost na tržištu obzirom na tradicio-nalno poverenje na kome počiva odnos banke i klijenta, a koje se kroz proces usaglašavanja banaka sa GDPR dodatno učvršćuje i uobliča-va. Ono što sasvim sigurno ostaje za dalju ana-lizu u vremenu koje dolazi jeste pitanje odnosa usklađenosti sa GDPR i zahteva usklađenosti sa regulativom iz drugih domena, na primer spre-čavanja pranja novca i fi nansiranja terorizma, ili, pak, sa tendencijom daljih inovativnih procesa u bankama. Racionalno je očekivati da će se u bankama ubrzano razvijati novi model upravl-janja ličnim podacima (personal data manage-ment) koji će, s jedne strane, obuhvatiti obradu i zaštitu ličnih podataka sa različitih aspekata i regulatornh zahteva (compliance, informaciona bezbednost, strategija digitializacije, kreditni i drugi rizici, savremene platne usluge, itd), ali koji će, s druge strane, iskoristiti ekonomske pred-nosti personal data managementa za povećanje operativne efi kasnosti poslovanja banaka.

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of the users and effi ciently implement and oversee the implementation of the Regulation. Given that the Regulation is a very complex mechanism and introduces numerous innovations, as well as very high penalties, its unique

and unifi ed implementation with the handlers and data processors will also be of utmost importance. It will be also important how the Regulation will be implemented by end-users - natural persons, or, in other words, how quickly

and efficiently the natural persons will be in a position to understand the rights they have been given by the Regulation and the manner of using the options available to them in terms of processing and protecting their data.

BANKS UNDER NEW REGIME OF PERSONAL DATA PROTECTIONFor banks, in terms of alignment with the provi-sions of the Regulation, the operationalization at the level of all organizational parts and units is important. To this end, it is necessary to es-tablish both institutionally and organizationally issue of the internal data protection offi cer, its responsibilities, accountability, role, relations with other organizational units and especially with the management structure. Insisting on the function of the internal data protection offi cer is based on the fact that it is necessary to have a competent person for this kind of transforma-tion within the bank who can present a comple-te adjustment project to the new personal data protection regime. However, it should be borne in mind that these changes will also affect the transformation of the bank's business model, the strategic orientation towards business digi-tization, i.e. the strategy of data protection and security. The new data protection regime goes beyond the implementation of information safe-ty and security of personal data as it is only one of the aspects of the implementation of regula-tory requirements on personal data protection in the bank. The internal data protection offi cer is expected to be included in all existing, and es-pecially intentional personal data processing. It is necessary to develop at the initial implemen-tation phase a detailed agenda and map all pro-cesses within the bank that require complian-ce with the Regulation, including the defi nition of detailed procedures for managing personal data, starting from the essential elements of client consent for data processing, data reten-tion deadlines, corrections, and the like.It is important to note that the Regulation pre-scribes the ongoing work on all future activities, including privacy impact assessment (PIA) for all cases when a new product or service is introdu-

ced. PIA implies risk measurement in relation to personal data processing and must be included at the earliest stage of the project launching. Summarising all of the above, it clearly follows that the new regime of personal data protection set forth in the Regulation 2016/679 imposes extremely complex obligations on all data han-dlers, including banks. These obligations, are explicitly defi ned and regulated by the GDPR, and necessarily result in strategic changes in handling and refl ecting in terms of data priva-cy protection. This implies the incorporation of data protection elements in all phases of the project cycle as well as all the advantages and disadvantages of handling personal data. In this way, in addition to compulsory harmonisation with the Regulation, banks may acquire some comparative advantage on the market with res-pect to the traditional confi dence between the bank and the client, which is further strengthe-ned and structured through the process of har-monisation of banks with GDPR. What surely remains for further analysis in the coming time is the issue of compliance with the GDPR and requires regulatory compliance of other areas, for example, the prevention of money launde-ring and terrorist fi nancing, or with the trend of further innovative processes in banks. It is ratio-nal to expect that banks will rapidly develop a new personal data management model that will, on one hand, cover the processing and protec-tion of personal data from various aspects and regulatory requirements (compliance, informa-tion security, strategy of digitalisation, credit and other risks, modern payment services, etc.), but which will, on the other hand, take advantage of the economic benefi ts of personal data ma-nagement to increase operational effi ciency of banks' operations.


BANKING OPERATIONS

U najvećem dijelu uspješno plasira-

nje ponude i zahtije-vani odgovor tražnje na ponuđene ban-karske proizvode je u direknoj zavisnosti od visine kamatne stope. Međutim, imamo proizvode banke gdje čak ni kamatna stopa nije prioritet, već brzina i kvalitet obrade u odgovoru na tražnju (tenderske garancije, bankarski krediti nasuprot mikrokreditnih agencija...). Defi nisanje ciljeva kroz segmentaciju fi nan-sijskog tržišta banka postiže strateškim planiranjem. Strateško planiranje u sebi sadrži realno sagledavanje sopstvenih resursa, počevši od ljudskih potencijala pa do fi nansijskog potencijala, organizacione strukture, tehnoloških rješenja i resursa, cijene i efi kasnosti realizacije usluga za klijente... Strateško planiranje sadrži: kreiranje vizije banke, izbor strategije banke i razradu akcionog programa banke.

KREIRANJE VIZIJE BANKE Kreiranje vizije banke oslanja se na realnu postojeću „sliku“ banke uz defi nisanje pozicioniranosti na tržištu na kojem posluje. Konkurentnost banke se sagledava kroz SWOT analizu - koje su prednosti, a koji nedostaci banke, gdje se upoređuju: broj i struktura akcionara i deponenata banaka, stabilnost i ročnost depozita, veličina sopstvenih sredstava banaka, troškovi, iznos

stečene aktive u odnosu na kreditni portfolio i bilan-snu sumu, likvidnost i profi tabilnost, pokrivenost tržišta kroz mrežu fi lijala i šaltera, broja i kvaliteta usluga i proizvoda banke i konkurencije, razvijenost informacionih tehnologija, kadrovska struktura i sl.

Razvojna vizija banke treba da odgovori na pitanja o: ▷ Potencijalu i mogućnostima osmišljavanja i plasmana inovativnih fi nansijskih programa; ▷ Povećanju ili smanjenju bilansnih potencijala banke; ▷ Identifi kaciji manje profi tabilnih programa i nji-hovom redefi nisanju, napuštanje ili prepakivanje i plasiranje kvalitetnijim marketingom; ▷ Defi nisanju koje su ciljne grupe klijenata, a naspram njih i o razvoju bankarskih proizvoda. Da li je prioritet retail ili corporate segment, ili „napadati“ oba segmenta; ▷ Organizacionoj strukturi banke uz poseban akcent na iskustvu, kvalitetu kadrova i izbjegavanju impro-vizacije pri upošljavanju ljudi bez iskustva na ključ-nim pozicijama; ▷ Upgrade-u informacionog sistema i tehnologija u banci; ▷ Optimizaciji organizacione mreže banke;

mr Bratislav PejakovićGeneralni sekretar UBCG

Tržište samo po sebi tjera aktere na inovativnost, raznolikost i različitost od konkurencije. Ponašanje banke treba da bude u skladu sa fi nansijskim potencijalom - ukupni izvori sredstava koje banka transformiše u različite oblike fi nansijskih plasmana. Statički posmatrano, ukupni plasmani su pokriveni postojećim izvorima, dok se kod dinamičkog sagledavanja agregata banke računa na veće plasmane od postojećih izvora banke, projektovano kroz nove izvore. Menažment banke treba da vodi računa o limitima rizika kamatne stope, naročito o limitima dispariteta (reprocjena) koji omogućavaju da se umanji mogućnost gubitka zbog kretanja kamatne stope, a to se radi kontolom obima aktive, pasive i fi nansijskih instrumenata koji se reprocjenjuju, ili dospijevaju u datom vremenskom periodu

Finansijski potencijali vizija razvoja banke

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STRATEŠKO PLANIRANJE

A successful placement of off er and required response of demand to the off ered banking product directly

depends on the level of interest rate. However, we have products of the bank where the interest rate is not the priority; instead it is the velocity and the quality of processing in the response to demand (tender guaran-tees, banking loans as opposed to loans of micro-credit agencies, etc.). Th e bank defi nes its objectives through the fragmentation of fi nancial market by strategic plan-ning. Th is implies realistic review of own resources starting from human resources, fi nancial potential, organisational structure, technological solutions and resources, to pricing and effi cient provision of services to clients. Strategic planning contains the creation of the vision of a bank, selection of strategy and develop-ment of action plan of the bank.

DESIGNING THE BANK VISION Designing of the bank vision relies on the realistic cur-rent picture of a bank and defi nition of its position in the market. Th e competitiveness of the bank is reviewed through SWOT analysis – analysing advantages and weaknesses of the bank where the following is compared:

the number and the structure of sharehold-ers and depositors of the bank, stability and maturity of deposits, size of bank's own

funds, expenses, amount of acquired assets to total portfolio and total assets, liquidity, market coverage through network of branches and teller windows, number and quality of services and products of the bank and competition, development of information technologies, staffi ng structure, and the like.

Designing of the vision of the bank should answer the questions on the following:

▷ Potential and possibilities of designing and placement of innovative fi nancial programmes;

▷ Increase or decrease in balance sheet of the bank; ▷ Identifi cation of less profi table programmes and their redefi ning, abandoning or repackaging and investing using more qualitative marketing;

▷ Defi ning target groups of clients and developing banking products. Is the priority retail or corporate sector, or should both sectors be attracted;

▷ Organisational structure of the bank, paying spe-cial attention to the experience, quality of staff and avoiding improvisations when employing people without experience on key positions;

▷ Upgrading informational system and technologies in the bank;

The market itself forces players to be innovative, different and differentiate from the competition. Behaviour of a bank should be in accordance with the fi nancial potential – overall sources of funds the bank transforms into various forms of fi nancial placements. Statically, total placements are covered by current sources, while if bank's aggregates are viewed dynamically, placements should be higher than the current sources of banks. Bank's management should take into account limits of interest rate risk, and in particular limits of disparity (reassessment) which enable reduction of probabilities of loss due to interest rate movement. This is done by controlling the volume of assets, liabilities and fi nancial instruments that are reassessed or mature in a given period

Financial Potential and Visionof Development af a Bank

Bratislav Pejaković, M.Sc.Secretary General of AMB


STRATEGIC PLANNING

▷ Marketing strategiji, analizi tržišta i strateškoj poruci banke prema klijentima u cilju privlačenja novih, a time i uticaju na profi tabilnost i obezbjeđivanju kontinuiteta likvidnosti za nove plasmane.

STRATEGIJA BANKE Strategija banke može biti usmjerena na:

▷ Penetraciju na tržištu po obimu i strukturi; ▷ Osvajanje novih klijenata uz kvalitetniju prezentaciju, prepakiranje postojećih ili uvođenje inovativnih proizvoda; ▷ Diverzifi kaciju (proširenje) palete proizvoda uz uvođenje novih proizvoda i usluga

Strateški, razvojna vizija se projektuje na 3-5 godina. Menadžment banke treba da se opredijeli prema potencijalu da li i na koji način mogu napadati sve segmente univerzalnog bankarstva, jer može biti kontraproduktivno, odnosno, ukoliko nemate poten-cijal na taj način prepuštate konkurenciji dubinsko segmentiranje postojećeg tržišta. Kvalitet prezenta-cije proizvoda mora biti adekvatan očekivanjima, kako opredijeljenim budžetom, tako i sledstvenom marketinškom akcijom u prezentaciji proizvoda. Treba imati mjeru u pokrivanju tržišta fi lijalama i šalterima, gdje je osnovni uslov pokrića cost/benefi t analiza po defi nisanim lokacijama. Rasipanjem pažnje i fi nansijskog potencijala rasplinjuje se vizija razvoja banke. Posljedica može biti imidž koji nije na nivou željenog, odnosno neadekvatna obrada tržišta, koja bi morala biti fokusirana na posvećenosti postojećim i animiranju budućih klijenata.

Fokus strategijskog plana banke treba da bude pre-dispozicija banke u ostvarivanju vizije i postavljenih ciljeva. Parametri koji determinišu potencijal mogućeg razvoja stavljaju u fokus:

▷ Veličinu i strukturu bilansa banke, mogući porast kapitala i bilansnog potencijala; ▷ Stepen izloženosti kamatnom riziku; ▷ Politiku kamatnih stopa i naknada banke; ▷ Očekivanu profi tnu stopu u odnosu na aktivu i veličinu kapitala (sopstvenih sredstava) banke; ▷ Infrastrukturu banke i mogućnost njenog razvoja

Proces pravljenja proizvoda se oslanja na koncept „biti drugačiji i efi kasniji“, što utiče na pozicioniranost na tržištu. Proces se može defi nisati kroz šest faza:

▷ Prikupljanje ideja - Izvor ideja su nezadovoljene potrebe postojećih i potencijalnih korisnika. Svi nivoi banke koji imaju neposredne kontakte sa

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▷ Optimising organisational network of the bank; ▷ Marketing strategy, market analysis and strategic message of the bank to its clients in order to attract also new ones and infl uence the profi tability and ensure the ongoing liquidity for new placements.

BANK STRATEGY Bank strategy can be focused on:

▷ Market penetration by volume and structure; ▷ Attracting new clients with more qualitative presen-tation, repackaging of the existing or introducing new products;

▷ Diversifi cation (expansion) of products and intro-duction of new products and services

Strategically, design of the vision is projected for period 3 to 5 years. Management of the bank should see how and whether they can employ all parts of universal banks, as it can be counterproductive or if none of this could be achieved, the competition will take over the current market. Th e quality of product presentation must be adequate to expectations by allocating the budget and marketing for the presentation of products. One should be good in covering market by branches and teller windows where the main prerequisite of the coverage would be cost/benefi t analysis under the defi ned loca-tions. Dissipating the attention and fi nancial potential dissolves the vision od bank's development. It may result in appearance of undesirable image of the bank or inadequate processing of market, which should be focused on the current and attracting of the new clients.

Th e focus of the strategic plan of the bank should be prerequisite of the bank for pursuing its vision and objectives. Indicators determining potential develop-ment focus on the following:

▷ Size and the structure of the balance sheet of the bank, potential increase in capital and balance sheet;

▷ Level of exposure to interest rate risk; ▷ Bank's interest rate and fees policy; ▷ Expected profi t rate compared to assets and size of capital (own funds) of the bank;

▷ Infrastructure of the bank and possibility of its development

Process of making products relies on the concept of “being diff erent and more effi cient”, which infl uences the position in the market. Th e process can be defi ned through six phases:

▷ Gathering of ideas – unsatisfi ed needs of the current and potential users are source of ideas. All levels


STRATEGIC PLANNING

klijentima, državna uprava, marketing istraživanja fi nansijskih usluga, poređenje sa konkurencijom sa aspekta procesa, proizvoda i usluga. ▷ Razmatranje i izbor ideja – Svijest o tome da se novi proizvod koji je komplementaran sa postojećom ponudom obično bolje prodaje; ▷ Poslovna analiza (studija izvodljivosti) - Studija treba da obuhvati istraživanje i analizu tržišta, tehnološku izvodljivost proizvoda, marketing strategije, pro-jekcije prihoda i troškova proizvoda. Potrebno je defi nisati preliminarne ciljeve, izbor ciljnog tržišta i prateće strategije. ▷ Razvoj - Sadrži znanje o bankarskim procedurama (ocjena kreditne sposobnosti, defi nisanost kola-terala, praćenje naplate...). Treba utvrditi osobine nove usluge koja bi osigurala određeni imidž i mjesto u svijesti potrošača. Takođe, potrebno je i razviti prateće aktivnosti: soft versku podršku, oblikovanje obrazaca i dokumenata potrebnih za korišćenje usluge, sastavljanje internih dokumenata sa uputstvima referentima o ispunjavanju i obradi dokumentacije. ▷ Testiranje - Kao bitna faza može se sprovesti kroz eksperimentalni marketing - testiranje tržišta, proizvodnih linija, proizvoda u upotrebi, koncepta proizvoda. Kod većih banaka i tržišta testiranje se radi kroz rad određene fi lijale i konkretnog grada prije uvođenja na cijelo tržište. ▷ Komercijalizacija - Zahtijeva snažnu podršku u mar-ketinškim aktivnostima - organizovanje promocija, reklame - advertajzing, sponzorstva, internet kanali itd. Banke u svijetu praktikuju da prilikom lansiranja novih proizvoda na tržištu, nude i određene nagrade kupcima, zatim podsticajne programe za zaposlene koji rade na prodaji itd. Bitan segment ovdje je i direktni marketing (e-mail, sms, pisma, telefon...)

Istraživanja ukazuju da korisnici bankarskih proi-zvoda/usluga kod nas teško prihvataju inovacije i još uvijek više preferiraju lični kontakt, dolazak u banku u odnosu na nove elektornske distributivne kanale, mada promjene mogu biti jače od očekivanog, ili dosadašnjeg trenda. Posebna pažnja mora se posvetiti nedovoljno upoznatim kategorijama sa IT servisima. Kada govorimo o mobilnom bankarstvu (m-ban-king) odnosno mobilnom plaćanju (m-pay usluge) kao vidu distributivnog kanala, oni predstavljaju još uvijek nedovoljno eksploatisani servis, kako za banke tako i za potrošače gdje je digitalizacija „zagazila“ u

velikom stilu. Prvi korak svakako treba da naprave banke, prihvatanjem i implementacijom, a zatim u cilju upoznavanja nastupiti sa promotivnim kampanjama sa akcentiranjem na prednostima i uklanjanju bari-jere neobaviještenosti. Osnov svake akcije i posebna važnost jeste u poznavanju svojih klijenata, jer svaki klijent ima svoje osobenosti, potrebe za različitim uslugama gdje se koriste različiti kanali distribucije.

RAZRADA AKCIONOG PLANA Razrada akcionog plana banke predstavlja realizaciju strategije razvoja banke. Akcionim planom se povezuje sadašnja i projektovana pozicija banke. Razradu akcio-nog plana treba da sprovodi projektni tim, poznavaoci tržišta, bankarskih tehnika i tehnologije, proizvoda i usluga banke. Prihvatanjem akcionog programa banke od strane menadžmenta i OD Banke, akcioni plan postaje obavezujući za sve uposlene u banci.

Svaki akcioni plan treba da sadrži podatke o troško-vima banke, kadrovskoj osposobljenosti, proizvodima banke, informacionom sistemu i kvalitetu usluga banke uz poznavanje zakonskih i usvojenih internih limita prilikom plasmana sredstava.

Upravljačka struktura uvijek mora imati poseban uvid u troškove banke, koji moraju biti kontrolisani i upodobljeni potencijalu i stremljenjima defi nisanim strategijom razvoja banke. Akcionim planom se utvr-đuju odnosi troškova i dobiti, gdje se kroz smanjenje troškova, inovativnošću i optimalnim ulaganjima kroz animiranje lokalnih eksperata (angažovanje spoljnih saradnika samo u slučajevima nedostajućih znanja) ide ka većoj profi tabilnosti. Planom se defi nišu potrebni kadrovi, ali i ukazuje na one neproduktivne, koji se odstranjuju. Procjenu doprinosa produktivnosti rade dokazani profesionalci sa dugogodišnjim stažom i konkretnim rezultatima u bankama. Kvalitet i paleta proizvoda u skladu sa prepoznatim potrebama tržišta koji se defi nišu strategijom razvoja banke su osnov za buduću pozicioniranost banke na tržištu.

Akcioni plan mora biti tako koncipiran da kroz informacije koje se prezentuju jasno mogu biti upo-trijebljeni za analizu troškova, dobiti i profi ta banke po proizvodima, grupama proizvoda i targetima za pravna ili fi zička lica. Planom se defi nišu i potrebe unaprjeđenja informacionih sistema, kadrova, odnosno samog tehničkog i kadrovskog potencijala banke, sa ciljem identifi kacije i servisiranja potreba tržišta na optimalnom nivou.

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of the bank that have a direct contact with clients, state administration, market researches of fi nancial services, comparison with the competition from the perspective of processes, products and services.

▷ Review and selection of ideas – awareness that new product is compatible with the current off er is usu-ally sold the best;

▷ Business analysis (feasibility study) – it should include research and analysis of market, technological feasi-bility of product, marketing strategy, projection of revenues and expenditures of a product. It should defi ne preliminary objectives, selection of target market and accompanying strategy.

▷ Development – it contains knowledge on banking procedures (assessment of credit capacity, defi nition of collateral, monitoring of collection, and the like). Features of new service should be determined to ensure that customers are aware of certain image and place. In addition, supporting activities should be developed, such as: soft ware support, drawing up formats and documents required for the service, compiling internal documents with instructions and references on the completing and processing od documentation.

▷ Testing – as an important phase it can be carried out through experimental marketing – testing of the market, lines of product, products in use, concepts of products. Testing in majority of banks and markets is performed through the operations of a specifi c branch and specifi c town before introducing the product into the entire market.

▷ Commercialisation – it requires strong support in marketing activities – organising promotions, advertising, sponsorship, Internet channels, and the like. Banks tend to off er certain prizes to customers when launching new products in the market and they have also incentive programmes for their sales employees. Direct marketing is also important in this area (e-mail, letters, telephone, etc.).

Studies show that the users of banking products/services in our country accept innovations with dif-fi culty and still prefer personal contact, appearance in the bank as opposed to new electronic distribu-tion channels, even though changes can be stronger that the expected or current trend. Special attention must be paid to insuffi ciently known categories with IT services. When it comes to m-banking or m-pay services as a type of distribution channel, they still

represent insuffi ciently used service for both banks and customers. Th e fi rst step should be made by banks by accepting and implementing them, which is followed by advertising campaigns in order to highlight the advantages of these products and removing barriers of lack of information. Grounds for every activity and special importance is in know-how, since each client is diff erent, it has its own characteristics and needs for different services where different distribution channels are used.

DEVELOPMENT OF ACTION PLAN Development of the action plan of the bank is realisa-tion of the development strategy of the bank. Action plan connects current and planned position of the bank. Its development should be carried out by project team, marketers, employees familiar with banking techniques and technologies, products and services. When management and board of directors of the bank accepts the action programme, it becomes binding for all employees in the bank.

Each action plan should contain all data on expenses of the bank, staffi ng capacity, bank's products, information system and quality of services of the bank recognising also statutory and internal limits for placing the funds.

Managerial structure must always have special insight in expenses of the bank that must be controlled and adjusted to the potential and defi ned development strategy of the bank. Action plan determines expenses to income ratio, where higher profi tability is achieved through the reduction in expenses, innovation and optimal investment by involvement of local experts (outsourcing only when knowledge is lacking). Th e plan defi nes required staff and indicates to non-productive ones that are removed. Th e assessment of contribution to the profi tability is done by experts with long experience and specifi c results in the bank. Th e quality and range of products in accordance with recognised requirements of the market defi ned in the development strategy are basis for future position of the bank in the market.

Th e action plan must be prepared in such a way to use presented information for cost analysis, income and profi t of the bank per products, groups of prod-ucts and targets for legal or natural persons. Th e plan defi nes also improvements of information systems, staff or technical and staffi ng potential of the bank with the aim to identify and service the market in an optimal manner.


STRATEGIC PLANNING

Iz defi nicija fi nansijske stabilnosti centralnih banaka članica Evropskog

sistema centralnih banaka, vidi se da većina njih samostalno razvija svoje definicije oslanjujći se najčešće na prvi, odnosno širi pristup određivanja fi nansijske stabilnosti. Pomenuti pristup se po pravilu objavljuje u izvješta-jima o fi nansijskoj stabilnosti i javnim saopštenjima. U jednoj komparativnoj analizi ovih pristupa (Čihak M.), koja je prethodila izbijanju svetske fi nansijske krize, utvrđeno je da se centralne banke najčešće usredsređuju na poremećaje u obavljanju osnovnih funkcija, struk-turnu ranjivost sistema i negativan uticaj nestabilnosti fi nansijskog sistema na realnu ekonomiju. Slično istraživanje, sprovedeno nakon globalne fi nansijske krize pod okriljem MMF-a, pokazuje da centralne banke u svojim defi nicijama naglašavaju važnost otpornosti sistema na šokove i nesmetano funkcionisanje sistema uprkos šokovima.

Pošto se fi nansijska stabilnost ne može precizno i brojačano iskazati, kao

što je to slučaj sa nekim monetarnim pokazateljima, pod njom se najčešće podrazumijeva da nema velikih fl uk-tuacija ili zastoja u funkcionisanju samog sistema. Finansijski sistem čine fi nansijske institucije i drugi učesnici, pa i individualna lica, fi nansijski instru-menti tj. hartije od vrijednosti i novac koji cirkulišu tim sistemom, berza i druge forme tržišta, te skup pravila po kojima se odvijaju aktivnosti u fi nansijkom sistemu. Ako fi nansijski sistem ispunjava svoje funkcije, prije svega efi kasno usmjeravanje viškova fi nansijskih sredstava od strane inve-stitora, tj. kreditora prema korisnicima tih sredstava za projekte i likvidnost, tj. zajmoprimace, uz relevantne tržišne informacije, može se reći da fi nansijski sistem dobro funkcioniše. Takođe, ako su makro uslovi, prije svega, infl acija na poželjnom nivou i ako fi nansijski sistem, kao naličje ekonomskog sistema, skladno funkcioniše za potrebe privrede, stanoviništva i države, onda se može reći da je fi nansijski sistem stabilan. Iz

navedenog proizilazi da fi nansijska sta-bilnost znači odsustvo bankarskih kriza i većih fl uktuacija fi nansisjkog tržišta. Stabilan fi nansijski sistem posredujući između zajmodavca i zajmoprimca postiže optimalni izbor između potroš-nje i štednje stanovništva i privrede, te redistribuira rizik na zadovoljavajući način, uz efi kasnu alokaciju ekonomskih resursa tokom vremena (Gjederma, Th e Macroprudential Approach to Financial Stability). Finansijski sistem je stabilan kada apsorbuje različite šokove bez fi nansijskih kriza koje bi dovele do multisektorskog širenja negativnih makroekonomskih efekata (Wieser, Comments on Charles A.E. Goodhart). Schinassy smatra da stabilan fi nansijski sistem omogućava efi kasnu alokaciju ekonomskih resursa, određuje cijenu i upravlja fi nansijskih rizicima i sposo-ban je da obavlja ove funkcije i kada je suočen sa eksternim šokovima i nerav-notežama. Za razliku od ovih različitih pogleda na stabilnost, Ferguson smatra da nije moguće defi nisati fi nansijsku

U teoriji i praksi može se naći mnoštvo defi nicija fi nansijske stabilnosti. Najviše su prisutna dva pristupa, prvi koji se oslanja na zadovoljavajuće funkcionisanje svih elemenata fi nansijskog sistema, i drugi da fi nansijski sistem može da upravlja fi nansijskim rizicima i obezbijedi funkcionisanje sistema u uslovima šokova uz olakšavanje efi kasne alokacije ekonomskih resursa u prostoru i vremenu. U prvom pristupu naglašava se sposobnost fi nansijskog sistema za apsorbovanje šokova (Szczepanska). U drugom pristupu, teoretičari poput Alena i Wooda vide fi nansijsku stabilnost kao suprotnu epizodu fi nansijskoj nestabilnosti, tj. kao smanjenje pristupa novcu od strane privrede, stanovništva i javnog sektora, što u konačnom snažno smanjuje potrošnju tako da se ova epizoda može nazvati krizom. Neki autori smatraju da bi bilo poželjno fi nansijsku stabilnost povezati sa pojmom opšteg blagostanja, da bude mjerljiva, pod kontrolom države i pod odgovornošću određene institucije. Ovi i drugi teorijski pristupi često su teško mjerljivi u praksi. Međutim, kada je u pitanju stabilnost bankarskog sistema kao dijela fi nansijskog sistema, nedoumica ima manje

INSTITUCIONALNA BRIGA

Prof. dr Dragoljub Janković, Univerzitet"Mediteran" Podgorica

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FINANSIJSKA STABILNOST

Ulica Stanka Dragojevića bb | tel: +382 20 481 481e-mail:[email protected] | www.ucbank.me

BANKA OVOGA VREMENA I OVOGA NARODA

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www.lovcenbanka.me

Tel: +382 (0)20 205 410Fax: +382 (0)20 205 411

[email protected]

The defi nitions of the fi nancial sta-bility of central banks members of

the European System of Central Banks indicate that most of them indepen-dently develop their defi nitions, relying mainly on the fi rst or broader approach for determining fi nancial stability. Th is approach is normally published in the fi nancial stability reports and public announcements. In a comparative analy-sis of these approaches (Cihak M.), which preceded the outbreak of the global fi nancial crisis, it was deter-mined that central banks mostly focus on disturbances in performing basic functions, structural vulnerability of the system and the negative impact of the fi nancial system's instability on the real economy. Similar research, conducted aft er the global fi nancial crisis under the umbrella of the IMF, shows that central banks in their defi -nitions emphasise the importance of the system's resistance to shocks and undisturbed functioning of the system in spite of shocks.

Since the fi nancial stability cannot be accurately and numerically presented, as is the case with some monetary indi-cators, it is most commonly assumed that there are no major fl uctuations or downsides in the functioning of the system itself. Th e fi nancial system consists of fi nancial institutions and other participants, including individu-als, fi nancial instruments, i.e. securities and money circulating in that system, the stock exchange and other forms of the market, and the set of rules governing the activities of the fi nancial system. If the fi nancial system fulfi ls its functions, primarily effi ciently directs the surplus of fi nancial resources by the investor, i.e. the creditors towards the benefi -ciaries of these funds for projects and liquidity, i.e. borrowers, with relevant market information, it can be said that the fi nancial system operates well. Also, if macro conditions primarily the infl ation is at a desirable level, and if the fi nancial system, as a backdrop of the economic system, works harmoniously for the

needs of the economy, the population and the state, it can be said that the fi nancial system is stable. It results that the fi nancial stability means the absence of banking crises and major fl uctuations in the fi nancial market. A stable fi nancial system, as an intermediator between the lender and the borrower, achieves the optimal choice between consumption and savings of the households and the economy, and redistributes the risk in a satisfactory manner, with effi cient allocation of economic resources over time (Gjederma, Th e Macroprudential Approach to Financial Stability). Th e fi nancial system is stable when it absorbs various shocks without fi nancial crises that would lead to multisectoral spread of negative macroeconomic eff ects (Wieser, Comments on Charles A.E. Goodhart). Schinassy believes that a stable fi nancial system enables effi cient allocation of economic resources, determines the cost and management of fi nancial risks, and is capable of performing these functions when faced with external shocks and

In theory and practice, many defi nitions of fi nancial stability can be found. Two approaches are the most represented - the fi rst relies on the satisfactory functioning of all elements of the fi nancial system, and the second refers to the fact that the fi nancial system can manage fi nancial risks and ensure the functioning of the system under stress conditions, while facilitating the effi cient allocation of economic resources in space and time. The fi rst approach emphasises the ability of the fi nancial system to absorb shocks (Szczepanska). In the second approach, theoreticians such as Alen and Wood see fi nancial stability as the opposite episode of the fi nancial instability, i.e. they see it as a reduction in access to money by the economy, households and the public sector, which ultimately reduces strongly the consumption so that this episode can be called crisis. Some authors believe that it would be desirable to link fi nancial stability to the concept of general welfare, to be measurable, to be under government control and under the responsibility of a particular institution. These and other theoretical approaches are often diffi cult to measure in practice. However, when it comes to the stability of the banking system as part of the fi nancial system, the doubt is less.

INSTITUTIONAL CONCERNProf. Dragoljub Janković, PhDUniversity "Mediterranean"Podgorica


FINANCIAL STABILITY

stabilnost, već da se može defi nisati samo fi nansijska nestabilnost i to se dešava kada neke važne hartije od vrijednosti bitno odstupaju od svoje fer vrijednosti, kada su velike teškoće u funkcionisanju fi nansijskog sistema i odobravanja kredita, te kada su velika odstupanja agregatne tražnje od proi-zvodnih mogućnosti zemlje.

GLOBALIZACIJA I FINANSIJSKA STABILNOSTFenomen globalizacije doveo je do porasti učestalost fi nansijskih kriza, tako da je to postao dodatni veliki izazov održavanja fi nansijske stabil-nosti. Centralna banka, pored vođenja računa o domaćem fi nansijskom trži-štu, sve više mora da obrati pažnju na njegovu interakciju sa međunarodnim fi nansijskim tržištima.

I pored toga, ima ekonomista koji smatraju da fi nansijska stabilnost za centralnu banku neće ostati eksplicitni cilj jer nije jasno defi nisana, razumljiva za javnost i da može biti pod potpu-nom kontrolom centralne banke. Ali, destruktivnost globalne fi nansijske krize za sada ne ostavlja prostora za promjenu ove glavne uloge centralne banke kada je u pitanju fi nansijska sta-bilnost. Rizici i opasnosti po fi nansijsku stabilnost kada su endogenog karaktera mogu biti djelimično kontrolisani kroz regulaciju, superviziju i krizni menadž-ment fi nansijskih autoriteta. S druge strane, egzogene rizike je mnogo teže kontrolisati i predvidjeti, pa se kreatori ekonomske politike uglavnom usmjera-vaju na povećanje sposobnosti sistema da apsorbuje takve šokove.

Ako nema stabilnog fi nansijskog sistema onda u periodima fi nansij-ske nestabilnosti dolazi do toga da banke nevoljno fi nansiraju profi tabilne projekte, cijena fi nansijske imovine postaje devijantna u odnosu na njenu unutrašnju vrijednost, plaćanja nijesu

na vrijeme itd. Najveća nestabilnost javlja se kada banke odlaze, kada se javlja hiperinfl acije ili slom berze.

INSTITUCIONALNI OKVIR I IZABRANE CENTRALNE BANKEU najvećem broju zemalja fi nansijka stabilnost nije isključivo u nadležnosti centralne banke, već se ta odgovor-nost dijeli sa ministarstvom fi nansija i supervizorskim agencijama. Postavlja se pitanje zašto je cilj centralne banke fi nansijska stabilnost. Odgovor je u hipotezi koja se potvrdila u prošlosti da ekspanzija novca i bankarskih kredita nagovještava fi nansijsku krizu, kao i same povezanost fi nansijske stabilnosti i cjenovne stabilnosti (Cuklerman). Pored toga, najčešći uzroci fi nansij-skih kriza vode porijeklo iz bankar-skih kriza koje su predmet kontrole i regulacije centralnih banaka. S druge strane, monetarna politika preko svojih instrumenata u slučaju krize može uti-cati na poboljšanje likvidnosti (preko odobravanja kredita bankama, sniža-vanjem obavezne rezerve, smanjenjem referentne kamatne stope i dr.) i rast javnog povjerenja, što može značajno doprinijeti ponovnom uspostavljanju fi nansijske stabilnosti (Žugić i Fabris).

Svjetska banka defi niše fi nansij-sku stabilnost kao odsustvo širokih sistemskih epizoda kriza u kojima finansijski sistem ne funkcioniše. Takođe, to je otpornost fi nansijskog sistema na stresove. Stabilan fi nansijski sistem znači efi kasno kretanje resursa, upravljanje rizicima, održavanje nivoa zaposlenosti blizu ekonomskoj pri-rodnoj stopi i eliminisanje relativnog kretanje realne ili fi nansijske imovine koje bi uticalo na monetarnu stabilnost ili nivo zaposlenosti. Finansijski sistem je u opsegu stabilnosti kada se rašire fi nansijski debalansi, bilo da su izazvani spoljašnjim faktorima, ili unutrašnjim nepredviđenim događajima. Stabilan

fi nansijski sistem apsorbuje šokove, prije svega, samo-korektivnim meha-nizmima, kako nepoželjni događaji ne bi imali razorno dejstvo na ekonomiju ili na fi nansijski sistem.

Evropska centralna banka (ECB) nadgleda bankarski i druge finan-sijske sektore ne samo u Eurozoni već i u čitavoj Evropskoj uniji u cilju identifi kacije bilo kakve ranjivosti i vrši provjeru otpornosti fianansij-skog sistema. U tom zadatku ECB sarađuje sa Eurosistemom i siste-mom centralnih banaka Eurosistema. Makroprudencijalna politika usmje-rava se na svaku pojavu sistemskih rizika u fi nansijskom sistemu, sve u cilju održavanja fi nsijske stabilnosti. ECB defi niše fi nansijsku stabilnost kao stanje u kojem se sprječava razvijanje sistemskog rizika. Sistemski rizik se opisuje kao rizik od narušavanja pru-žanja potrebnih fi nansijskih proizvoda i usluga fi nansijskog sistema do tačke u kojoj bi materijalni rast i dobrobit mogli biti značajno pogođeni. Zato makro-prudencijalna politika nastoji spriječiti prekomjerno nakupljanje rizika kao rezultat dejstva spoljašnjih faktora i unutrašnjih neuspješnih tržišta kako bi se ublažio fi nansijski ciklus, učinio fi nansijski sistem elastičnijim i ograničio učinak širenja, te proširio sistemsku perspektivu u fi nansijskoj regulativi kako bi se stvorio pravi set podsticaja za učesnike na tržištu. Poznati su široko primijenjeni stresni testovi u bankar-skom sektoru EU. Makroprudencijalni stres testovi, u okviru projektovanih scenarija, indikatora za mjerenje i pred-viđanje cjelokupnog sistemskog rizika, daju poziciju ekonomije u fi nansijskom ciklusu i, shodno tome, adekvatan stav. Evropska centralna banka izdaje poseban časopis tematski okrenut pro-blematici fi nansijske stabilnosti dajući pregled mogućih izvora rizika i ranji-vosti fi nansijske stabilnosti u Euro zoni.

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imbalances. Unlike these diff erent views on stability, Ferguson believes that it is not possible to defi ne fi nancial stability, but only fi nancial instability can be defi ned, and this happens when some important securities have signifi cant deviation from their fair value when there are major diffi culties in the functioning of the fi nancial system and granting loans, and when there is a large deviation from aggregate demand from the country's production potential.

GLOBALISATION AND FINANCIAL STABILITYTh e phenomenon of globalisation has led to an increase in the frequency of fi nancial crises, and this has become an additional major challenge to maintain fi nancial stability. In addition to main-taining national fi nancial market, the Central Bank has pay attention more to its interaction with international fi nancial markets.

Nevertheless, there are economists who believe that fi nancial stability for the cen-tral bank will not remain explicit because it is not clearly defi ned, understandable to the public, and can be fully controlled by the central bank. But the destruction of the global fi nancial crisis for now leaves no room for changing this central role of the central bank when it comes to fi nancial stability. Risks and dangers to fi nancial stability when endogenous may be partially contradictory through regulation, supervision and crisis man-agement of fi nancial authorities. On the other hand, exogenous risks are much harder to control and to predict, so the economic policy makers are mainly directed towards increasing the system's ability to absorb such shocks.

If there is no stable fi nancial system, the fi nancial instability will result in a situation where banks are reluctant to fi nance profi table projects, the price of fi nancial assets becomes devious in

relation to its internal value, payments are not executed on timely basis, etc. Th e biggest instability occurs when banks leave the market, when hyperinfl ation occurs or when stock exchanges collapse.

INSTITUTIONAL FRAMEWORK AND SELECTED CENTRAL BANKSFinancial stability is not solely within the competence of the central bank in majority of countries, but it shares this responsibility with the fi nance ministry and supervisory agencies. Th e question is why the central bank's objective is fi nancial stability. Th e answer is in a hypothesis that has been confi rmed in the past that the expansion of money and banking loans is indicative of the fi nancial crisis as well as the link between fi nancial stability and price stability (Cuklerman). In addition, the most common causes of fi nancial crises lead to banking crises that are subject to supervision and regulation of central banks. On the other hand, monetary policy through its instruments in the event of a crisis may have an impact on improving the liquidity (by approving loans to banks, lowering the reserve requirement, reducing the reference interest rate, etc.) and public confi dence growth, which can signifi cantly contrib-ute to the reestablishment of fi nancial stability (Žugić And Fabris).

The World Bank defines financial stability as the absence of broad systemic episodes of crises in which the fi nancial system does not function. Also, this is the resilience of the fi nancial system to stress. A stable fi nancial system means effi cient movement of resources, risk management, maintaining the level of employment close to the economic natural rate and eliminating the relative movement of real or fi nancial assets that would aff ect the monetary stability or the level of employment. Th e fi nancial system is in the scope of stability when

fi nancial imbalances are spread out, whether they are caused by external factors or internal contingencies. Stable fi nancial system absorbs shocks pri-marily by self-corrective mechanisms, as undesirable events would not have devastating eff ects on the economy or the fi nancial system.

Th e European Central Bank (ECB) oversees banking and other fi nancial sectors not only in the euro area, but also throughout European Union in order to identify any vulnerabilities and verify the resilience of the fi nancial system. In doing so, the ECB cooperates with the Eurosystem and European System of Central Banks. Macroprudential policy is focused on every occurrence of sys-temic risks in the fi nancial system, in order to maintain the fi nancial stability. Th e ECB defi nes fi nancial stability as a condition preventing the development of systemic risk. Th e systemic risk is described as a risk of distorting the provision of the required financial products and fi nancial system services to a point where material growth and welfare could be signifi cantly aff ected. Th erefore, macro-prudential policy seeks to prevent excessive risk accu-mulation as a result of external factors and internal unsuccessful markets in order to mitigate the fi nancial cycle, make the fi nancial system more elastic and limit the eff ect of contagion, and expand the systemic perspective in fi nancial regulation to create a real set of incentives for market partici-pants. Th ere are widely applied stress tests in the banking sector of the EU. Macroprudential stress tests, within the projected scenarios, indicators for meas-uring and predicting overall systemic risk, give the position of the economy in the fi nancial cycle and, accordingly, an adequate position. Th e European Central Bank issues a special paper on fi nancial stability, giving an overview

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Federalne rezerve u SAD-u (Fed) imaju posebno odjeljenje koje se bavi pitanjem fi nansijske stabilnosti. Odjeljenje za fi nansijsku stabilnost je odgovorno za analize i istraživanja koja su usmjerena na pojave širenja šokova kroz fi nansijske institucije i tržišta u fi nansijskom sistemu i kako ti poremećaji ugrožavaju kreditiranje i pružanje drugih fi nansijskih usluga. To uključuje porast sistemskog rizika koji dolazi iz fi nansijskih tržišta i institucija i pojave novih proizvoda, proučavanje funkcionisanje fi nansijskog tržišta i povezanost fi nansijskih institucija, kao i razumijevanje uloge transformacije leveridža i dospijeća. U Izvještaju za 2016. god. ključne prijetnje po fi nan-sijsku stabilnost su prelivanje rizika iz evropskih banaka u američki fi nansijski sistem, rizici američkih nefi nansisjkih korporativnih kredita, incidenti internet sigurnosti koji su pogodili fi nansijske fi rme, centralane ugovorne strane kao kanali širenja krize, presija na ame-ričke kompanije za životno osiguranje, izloženost najvećih američkih banaka sistemskim rizikom po osnovu izlože-nosti kamatnim stopama i derivatima.

Centralna banka Slovenije u svom izvještaju o finansijskoj stabilnosti analizira ekonomske trendove, sektor stanovništva (fi nansijska imovina ovog sektora, zaduživanje stanovništva i tržište nekretnina), kompanijski sektor (zaduženost, kamatne stope, rizici, per-fomanse), bankarski sektor (struktura, promjene u bilansima, tražnja za kredi-tima, rizici, profi tabilnost i perfomanse, soleventnost), sektor ne-bankarskih fi nansijskih institucija (osiguravajuća društva, dobrovoljna penziona osi-guranja, tržište kapitala i zajednički fondovi) i fi nansijsku infrastrukturu. Stabilnost bankarskog sektora posebno se analizira.

Pod finansijskom stabilnošću Narodna banka Srbije podrazumijeva

da fi nansijski sistem -fi nansijski posred-nici, fi nansijska tržišta i fi nansijska infrastruktura - omogućava ne samo efi kasnu alokaciju fi nansijskih resursa i ostvarenje ključnih makroekonomskih funkcija u normalnim uslovima, već i u uslovima fi nansijske neravnoteže ili potresa u domaćem i međunarodnom okruženju.

Centralna banka Italije stavlja u prvi plan makroekonomske rizike i rizike po sektorima, zatim fi nansijske sistemske rizike (novac i fi nansijska tržišta, banke, osiguravajuća društva i industriju upravljanja imovinom) i na kraju daje makroprudencijalne mjere.

Centralna banka Švajcarske fokusira se na sektor domaćih banaka, posebno na rizik kamatnih stopa.

Grčka centralna banka defi niše fi nan-sijsku stabilnost kao preduslov za fi nan-sijski sistem da kao cjelina, obuhvatajući banke i druge fi nansijske posrednike, te novac, kredite i tržišta kapitala i tržišne infrastrukture (sistem plaćanja, kliringa i poravnanja) bude otporna i sposobna da odoli bilo kojim neočekivanim šoko-vima. Ili, da odvrati od neravnoteže smanjujući vjerovatnoću potresa koji su dovoljno ozbiljni da ugroze efi kasnu raspodjelu štednje i nesmetan protok novca i kredita u socijalno najkorisnije upotrebe i aktivnosti.

Švedski bankarski sistem je ranjiv zbog svoje veličine, koncentracije i međupovezanosti, tako da Centralna banka Švedske ističe veliku izloženost banaka riziku likvidnosti na kratak rok koji može da izazove dugoročnu fi nansijsku nestabilnost. Šok se ispoljava, prije svega, u ozbiljnoj oslabljenosti banke da fi nansira svoje poslovanje na tržištu zbog gubljenja povjerenja tržišnih učesnika jednih u druge, pa su zato manje voljni da međusobno posluju. Banka je otpornija ako ima dovoljno kapitala i likvidnih sredstava. Kao posljedica fi nansijskog šoka, banke

ne mogu da plaćaju jedne drugoj, ne mogu da isplaćuju plate na vrijeme i pojedincima je teško da plaćaju račune. To brzo vodi ka poremećaju fi nansijske stabilnosti, koja zatim vodi u velike drušvene troškove.

Australijska centralna banka gleda na stabilan fi nansijski sistem kao na sistem u kojem fi nansijske institucije, tržišta i tržišna infrastruktura opslužuju nesmetan protok sredstava između štediša i investitora. Centralna banka Australije ima ulogu da ublažava rizik fi nansijskih poremećaja koji mogu imati sistemske konsekvence i da odgovori na fi nansijski sistemski poremećaj ako do njega dođe.

Banka Engleske igra vitalnu ulogu u Velikoj Britaniji u održavanju fi nansijske stabilnosti jačanjem i čuvanjem povjere-nja, djelujući kao kreditor i podržavalac tržišta kao krajnja instanca u vremenima fi nansijskih stresova, promovišući i podržavajući individualne fi nansij-ske institucije kroz tijelo za regulaciju boniteta. Ova centralna banka uklanja ili smanjuje rizik za fi nansijski sistem kao cjelinu kroz Komitet za fi nansij-sku politiku, nadzirući infrastrukturu fi nansijskog tržišta, rješavajući probleme neuspjelih fi nansijskih institucija na bezbjedan način po fi nansijski sistem, te sarađujući sa fi nansijskim vlastima u zemlji radi podrške kontinuitetu poslovanja fi nansisjkog sektora i nje-gove operativne otpornosti.

Centralne banke su ostavljene da se i dalje hvataju u koštac sa svojim odgovor-nostima. Nadgledajući fi nansijsku stabil-nost, žele da banke imaju više kapitala. Kao čuvari ekonomije, mnoge bi voljele da imaju više datih kredita. Ove dvije uloge je teško pomiriti. Mnogi kritikuju centralne banke, da uprkos brojnim teh-nokratskim ekspertima koje upošljavaju, često bivaju zatečene. Nijesu uspijele da preduprijede globalnu fi nansijsku krizu ili krizu duga Eurozone. Prognoze Banke

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Engleske o ekonomskom uticaju Brexit-a do sada su bile pogrešne, kako mnogi stručnjaci tvrde. Teško im je pružiti ruku moći ako padaju u poslu. Zato je i budućnost centralnih banaka neizvjesna. Istorija uči da centralne banke ne mogu dobiti moć na poklon.

Finansijska stabilnost prepoznata je u globalnim razmjerama, tako da je grupa 20 ministara fi nansija i guvernera centralnih banaka najrazvijenijih eko-nomija svijeta (G-20) osnovala Odbor za finansijsku stabilnost (Financial Stability Board - FSB). Ovaj odbor

koordinira i jača međunarodne stan-darde između nacionalnih fi nansijskih vlasti i međunarodnih tijela za među-narodne standarde kao način da ubrza implementaciju efektivnost politika fi nansijskog sektora za rastuću globalnu fi nansijsku stabilnost (Investopedia).

CBCG I FINANSIJSKA STABILNOSTUstavom Crne Gore defi nisana je Centralna banka Crne Gore (CBCG) kao “samostalna or-ganizacija, odgovorna za monetarnu i fi nan-sijsku stabilnost i funkcionisanje bankarskog sistema”. Misija Centralne banke je da nadzire održavanje stabilnosti fi nansijskog sistema kao cjeline i donosi propise i mjere iz ove oblasti. U članu 15 Statuta, Savjet utvrđuje sve neo-phodne mjere za izvršavanje funkcija Centralne banke utvrđenih zakonom, a naročito mjere monetarne politike i mjere radi održavanja sta-bilnosti fi nansijskog sistema kao cjeline. Politika Centralne banke Crne Gore za 2017. god. navo-di: „U cilju jačanja povjerenja u ukupan fi nansij-ski sistem, unaprjeđenja stabilnosti i sigurnosti bankarskog sistema, blagovremene identifi ka-cije i smanjenja negativnih uticaja i rizika, vo-diće politiku monetarne i fi nansijske stabilnosti zasnovanu na preduzimanju svih neophodnih aktivnosti i primjeni svih raspoloživih instrume-nata i mjera iz svoje nadležnosti. U cilju podsti-canja i očuvanja monetarne stabilnosti, vodiće politiku obavezne rezerve zasnovanu na ocje-ni efektivnosti i efi kasnosti primjene postojećih rješenja i, po potrebi, pristupiti implementaciji drugih instrumenata monetarne politike. Radi daljeg podsticanja i očuvanja fi nansijske stabil-nosti razvijaće komponente makroprudencijal-nog okvira, unapređivati indikatore za ocjenu stanja fi nansijske stabilnosti i prevenciju pojave sistemskih rizika, kao i instrumente za njihovo suzbijanje. U cilju jačanja fi nansijskog sistema, poseban akcenat staviće se na podsticanje i očuvanje stabilnosti bankarskog sistema. U tom kontekstu, nastaviće da prati i analizira stan-je u bankarskom sistemu, po potrebi će pre-duzimati korektivne mjere, promovisati jačanje korporativnog upravljanja i upravljanja rizicima

u bankama i nastaviti sa daljom implementa-cijom međunarodno prihvaćenih standarda i principa poslovanja u ovoj oblasti. Podsticaće sprovođenje aktivnosti na sporazumnom fi nan-sijskom restrukturiranju dugova kod fi nansijskih institucija. Nastaviće sa harmonizacijom regula-tornog okvira i statistike iz nadležnosti Centralne banke sa pravnom tekovinom Evropske unije, odnosno obavezama izvještavanja ka Evropskoj centralnoj banci.“U članu 4 Zakona o Centralnoj banci navodi se: „Osnovni cilj Centralne banke je podsticanje i očuvanje stabilnosti fi nansijskog sistema, uklju-čujući podsticanje i održavanje zdravog bankar-skog sistema i sigurnog i efi kasnog platnog pro-meta“, a u članu 14 „Centralna banka nadzire održavanje stabilnosti fi nansijskog sistema kao cjeline i donosi propise i mjere iz ove oblasti“. U svom godišnjem izvještaju o stabilnosti fi nan-sisjkog sistema za 2015. god. Centralna ban-ka razmatra nacionalni makroekonomski okvir, bankarski sistem sa mikrokreditnim fi nansijskim institucijama, tržište kapitala i sektor osiguranja, te fi nansijsku infrastrukturu (platni promet i kre-ditni registar).Okvir za očuvanje fi nansijske stabilnosti koji sprovodi CBCG čine: monitoring i analiza, proc-jena i aktivnosti. Monitoringom se prate kretan-ja makroekonomskih uslova, fi nansijskih tržišta, fi nansijskih institucija i fi nansijske infrastruktu-re. Na osnovu analiza, rade se procjene unutar i izvan fi nansijskog sistema. Na osnovu procjena sprovode se aktivnosti na prevenciji, regulaciji i korektivnim akcijama. Na taj način utiče se na održavanje fi nansijske stabilnosti koja je kao di-namičko stanje input za kontinuirani monitoring i analizu.

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of possible sources of risk and vulner-ability of fi nancial stability in euro area.

Federal Reserves in the United States (Fed) have a special department dealing with fi nancial stability. Th e Financial Stability Department is responsible for analyses and researches that focus on the spread of shocks through fi nancial institutions and markets in the fi nancial system and how these disturbances endanger lending and provision of other fi nancial services. Th is includes an increase in systemic risk arising from fi nancial markets and institutions and emerging new products, study-ing the functioning of the fi nancial market and the linkage of fi nancial institutions, as well as understand-ing the role of leverage and maturity transformation. In the 2016 Report, key threats to fi nancial stability are the spillover of risks from European banks to the US fi nancial system, the risks of US non-fi nancial corporate loans, Internet security incidents that aff ected the fi nancial companies, central counterparties as channels for spread-ing out the crisis, pressure to US life insurance companies, exposure to the largest US banks with systemic risk based on the exposure to interest rates and derivatives.

Th e Central Bank of Slovenia analysed in its report on fi nancial stability the economic trends, the household sector (fi nancial assets of this sector, household borrowing and real estate market), the corporate sector (indebtedness, inter-est rates, risks, performances), banking sector (structure, changes in balance sheets, credit demand, risks, profit-ability and performance, solvency), the sector of non-banking fi nancial institu-tions (insurance companies, voluntary pension insurance companies, capital market and mutual funds) and fi nancial infrastructure. Stability of the banking sector is particularly analysed.

Th e National Bank of Serbia implies under the fi nancial stability that the fi nancial system - fi nancial intermedi-aries, fi nancial markets and fi nancial infrastructure - enables not only effi cient allocation of fi nancial resources and the achievement of key macroeconomic functions under normal conditions but also in the conditions of fi nancial imbalances or crisis in domestic and international environment.

Th e Central Bank of Italy puts macro-economic risks and risks per sectors on fi rst place, followed by fi nancial systemic risks (money and fi nancial markets, banks, insurance companies and asset management industry) and fi nally it provides macro-prudential measures.

Th e Central Bank of Switzerland focuses on the domestic banking sector, espe-cially on interest rate risk.

Th e Central Bank of Greece defi nes fi nancial stability as a prerequisite for the fi nancial system as a whole, including banks and other fi nancial intermediaries, money, credit and capital markets and market infrastructure (payment, clearing and settlement systems) to be resilient and capable of withstanding any unexpected shocks. Or, to reverse the imbalance by reducing the likelihood of crises that are serious enough to endanger the effi cient allocation of savings and smooth fl ow of money and loans into socially most useful uses and activities.

Th e Swedish banking system is vulner-able due to its size, concentration and interconnectivity, so the Central Bank of Sweden highlights the banks’ high exposure to short-term liquidity risk that can cause long-term fi nancial instability. Th e shock is primarily displayed in a serious weakening of the bank to fund its business in the market because of the loss of market participants' confi dence in each other, and therefore they are less willing to do business with each other. Th e bank is more resilient if it has enough

capital and liquid assets. As a result of a fi nancial shock, banks cannot pay to each other, they cannot pay the salaries on time and it is diffi cult for individuals to pay their bills. Th is quickly leads to a disruption of fi nancial stability, which then leads to large social costs.

Th e Central Bank of Australia looks at a stable fi nancial system as a system in which fi nancial institutions, markets and market infrastructure serve the smooth fl ow of funds between deposi-tors and investors. Th e Central Bank of Australia has the role to mitigate the risk of fi nancial disturbances that may have systemic consequences and respond to fi nancial systemic disturbances if they occur.

Th e Bank of England plays a vital role in maintaining fi nancial stability by strengthening and maintaining confi -dence, acting as a lender of last resort for markets times of fi nancial stress, promoting and supporting individual fi nancial institutions through the credit rating agency. Th is central bank removes or reduces the risk to the fi nancial system as a whole through the Financial Policy Committee, overseeing the fi nancial market infrastructure, solving the prob-lems of failed fi nancial institutions in a safe manner to the fi nancial system, and working with the fi nancial authorities in the country to support the continuity of the fi nancial sector operations and its operational resilience.

Central banks are left to caught up with their responsibilities. Monitoring the fi nancial stability, they want banks to have more capital. As guardians of the economy, many of them would like to see more lending activities. Th ese two roles are diffi cult to reconcile. Many criticize central banks that, despite the numerous technocratic experts they hire, they are oft en caught up. Th ey failed to prevail the global fi nancial crisis or the euro are debt crisis. Th e Bank of England's


FINANCIAL STABILITY

forecasts of the economic impact of Brexit have been wrong so far, as many experts claim. It is diffi cult to give help them if they fall into the business. Th at is why the future of central banks is uncertain. History teaches that central banks cannot get the power as a gift .

Financial stability has been recognised globally. Th erefore, a group of 20 fi nance ministers and governors of the cen-tral banks of the world's most devel-oped economies (G-20) established the Financial Stability Board (FSB). Th is FSB coordinates and strengthens

international standards between national fi nancial authorities and international bodies for international standards as a way to accelerate the implementation of the fi nancial sector's eff ectiveness for growing global fi nancial stability (Investopedia).

CBCG AND FINANCIAL STABILITYThe Constitution of Montenegro defi ned the Central Bank of Montenegro (CBCG) as an "in-dependent organisation, responsible for mone-tary and fi nancial stability and functioning of the banking system". The Central Bank's mission is to supervise the maintenance of the stability of the fi nancial system as a whole and to adopt regulations and measures in this area. Article 15 of the Statute prescribes that the Council estab-lishes all the necessary measures for the per-formance of the functions of the Central Bank as provided by law, and in particular measures of monetary policy and measures to maintain the stability of the fi nancial system as a who-le. The Central Bank of Montenegro's Policy for 2017 states: "In order to strengthen confi dence in the overall fi nancial system, improve stability and safety of the banking system, timely identi-fi cation and reduce negative impacts and risks, it will pursue the monetary and fi nancial stability policy based on taking all the necessary activi-ties and applying all available instruments and measures within its competence. In order to en-courage and preserve monetary stability, it will carry out reserve requirement policy based on an the assessment of the effectiveness and effi cien-cy of the application of existing solutions and, if necessary, implement other monetary policy instruments. To further stimulate and safeguard fi nancial stability, it will develop the components of the macro-prudential framework, improve in-dicators for assessing the fi nancial stability and preventing systemic risks as well as instruments for their suppression. In order to strengthen the fi nancial system, special emphasis will be put on encouraging and maintaining the stability of the banking system. In this context, it will continue to monitor and analyse the situation in the banking system, take corrective actions if necessary, pro-

mote the strengthening of corporate governance and risk management in banks and continue with the implementation of internationally accepted standards and business principles in this area. It will encourage the implementation of activities on voluntary fi nancial restructuring of debts with fi nancial institutions. It will continue to harmoni-se the regulatory framework and statistics un-der the jurisdiction of the Central Bank with the EU Acquis, i.e. the reporting obligations to the European Central Bank”. Article 4 of the Central Bank Law states: "The main objective of the Central Bank is to foster and maintain the stability of the fi nancial sys-tem, including the promotion and maintenan-ce of a sound banking system and secure and effi cient payment transactions", and Article 14 "The Central Bank supervises the maintenance of fi nancial system stability as a whole and pas-ses regulations and measures in this area".The Central Bank considered, in its 2015 Report on the stability of the fi nancial system the national macroeconomic framework, the banking system with microcredit fi nancial institutions, the capital market and the insurance sector, and the fi nancial infrastructure (payment and credit registers).The CBCG's fi nancial stability framework con-sists of: monitoring and analysis, estimates and activities. Monitoring includes monitoring of trends of macroeconomic conditions, fi nan-cial markets, fi nancial institutions and fi nancial infrastructure. Based on the analysis, estimates are made within and outside the fi nancial sys-tem. On the basis of the estimates, the activities concerning prevention, regulation and correcti-ve actions are carried out. In this way, it affects the maintenance of fi nancial stability which is an input for continuous monitoring and analysis as a dynamic condition.

63FINANCIAL STABILITY

Jedinstvena formula opti-malne strukture kapitala

kojom bi se maksimizirala vrijednost preduzeća, ne postoji. Struktura se zato definiše i planira u zavi-snosti od različitih deter-minanti, od kojih ključne predstavljaju učešće mate-rijalne imovine, profi tabil-nost, rast i veličina predu-zeća. Međutim, polazeći od specifičnosti svakog preduzeća pojedinačno, ciljna struktura kapitala može se ocijeniti kombinacijom brojnih determinanti svojstvenih preduzeću i uslovima u kojima posluje (unikatnost proizvoda, nestabilnost nov-čanih tokova, stopa infl acije i sl.). Empirijska istraživanja pokazuju da preduzeća kao značajan faktor strukture kapitala navode i fi nansijsku fl eksibilnost – mogućnost brzog reagovanja i mobilisanje fi nansijskih sredstava u pravo vrijeme i na pravi način. Fleksibilnost predstavlja isključivo pravovremeno i profi tabilno djelovanje, dok se izbor izvora fi nansiranja ne mora vršiti hijerarhijski. Osim fi nansijske fl eksibilnosti, kao najznačajni faktori navode se kreditni rejting kompanije, nedostatak internih izvora fi nansiranja, poreske uštede po osnovu kamata, nestabilnost novčanih tokova i nivo kamatnih stopa. Iz tog razloga zaključujemo da kompanije mogu težiti optimalnoj

strukturi kapitala i visokoj tržišnoj vrijednosti kroz rast cijena akcija, a sve to realizovati efi kasnim djelovanjem i pravovremenim odlučivanjem u različitim interno i eksterno nametnutim situacijama.

Finansijske odluke se ne mogu donositi nezavisno od planskih razvojnih aktivnosti preduzeća. Na osnovu empirijskih istraživanja je potvrđeno da između odluka o strukturi kapitala i investicionih aktivnosti postoji značajna međusobna interakcija. Izabrana metoda pla-ćanja merdžera i akvizicija od strane preduzeća sticaoca zavisi od izvora fi nansiranja kojima preduzeće raspo-laže. Gotovina se najčešće koristi kada preduzeće ima interno generisana sredstva ili kada postoji mogućnost da se zaduži i na taj način fi nansira transakciju gotovi-nom (iako se ne isključuje i emisija akcija). Ukoliko ne

Struktura kapitala u funkciji odlučivanja o merdžerimai akvizicijama

Dr Ana Mugoša

Donošenje fi nansijskih odluka kojima se mijenjaju odnosi unutar izvora fi nansiranja, tj. strukture kapitala, utiče na donošenje investicionih odluka i kreiranje vrijednosti preduzeća. Analiza prethodno navedenog stava već pola vijeka se formalizovala u kontekstu teorija strukture kapitala. Polazne pretpostavke teorije strukture kapitala postavili su Miler i Modiljani, zastupajući stav da je za kreiranje vrijednosti kompanije irelevantna struktura kapitala preduzeća, u uslovima perfektnog tržišta. Uvođenjem poreske stope na dobit, utvrđeno je da vrijednost preduzeće raste s povećanjem stepena zaduženosti, zbog računovodstvenog tretmana kamata. Nakon MM teorije, razvijaju se Teorija statičkog kompromisa i Teorija hijerarhije, kao dvije ključne teorije strukture kapitala. Na osnovu stavova Teorije statičkog kompromisa zaključujemo da svako preduzeće teži da planira i kreira ciljnu ili optimalnu strukturu kapitala, u zavisnosti od troškova i koristi koje nosi emisija duga. Teorija hijerarhije predlaže sasvim drugačije viđenje, naglašavajući značaj hijerarhije u izboru izvora fi nansiranja - od interno generisanih, preko duga do akcionarskog kapitala. Do danas je razvijeno nekoliko savremenih modela i teorija, čime se potvrđuje aktuelnost problematike vezane za strukturu kapitala i kontinuitet njenog istraživanja. Uslovi u kojima posluju savremena preduzeća su izuzetno kompleksni, jer uključuju faktore koji utiču na strukturu kapitala, kao što su: agencijski troškovi, informaciona asimetrija, negativna selekcija, fi nansijske neprilike i sl. Iz tog razloga se nijedna teorija ne može u potpunosti izolovano primijeniti u procesu fi nansijskog i poslovnog odlučivanja u praksi

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IZBOR IZ NAGRAĐENIH RADOVA CENTRALNE BANKE CRNE GORE

There is no uniform formula of optimal capital structure which would maximise the value of a company. Th us,

the structure is defi ned and planned depending on various determinants, of which the key is share in tangible assets, profi tability, growth and size of a company. However, taking into consideration the specifi cities of each company, targeted capital structure can be assessed through a combination of numerous determinants that are typical for a company and the conditions in which it operates (uniformity of products, instability of cash fl ows, infl ation rate, and the like). Th e empiri-cal research shows that companies state fi nancial fl exibility as an important factor of the capital structure – the possibility of prompt reaction and engagement of fi nancial resources in the right time and in the right manner. Th e fl exibility is exclusively timely and profi table action, while the selection

of sources of fi nanc-ing cannot be done according to the order. In addition to fi nancial fl exibil-ity, the following are mentioned as the most important factors: credit rating of a company, lack of internal sources of financing, tax savings based on interest rate, insta-bility of cash fl ows and level of inter-est rates. Th us, the conclusion can be drawn that com-panies may strive to optimal capital structure and high

market value through the increase in prices of shares, which can be achieved by effi cient action and timely decision-making in various internally and externally imposed situations.

Financial decisions cannot be passed independently from the planned development activities of a company. Based on empirical research, it is confi rmed that there is a signifi cant interaction between the decisions made on capital structure and investment activities. Th e selected method of payment of mergers and acquisitions by an acquiring company depends on the sources of fi nancing it has at its disposal. Cash is most frequently used when the company has internally generated funds or when there is a possibility to borrow and fi nance the transaction by cash (although issue of shares is not excluded). If no internal funds exist, the company may decide to swap shares. Th e

Capital Structure in the Function of Deciding on Mergers and Acquisitions

Ana Mugoša, PhDThe adoption of the fi nancial decisions that change the relationship within sources of fi nancing, i.e. capital structure, infl uences the adoption of investment decisions and the creation of the company values. The analysis of the above positions has been formalised for almost half of the century in the context of the capital structure theory. The basic assumptions of the capital structure theory were set by Modigliani and Miller, advocating the position that the capital structure is irrelevant for the creation of the value of a company when the market conditions are perfect. The introduction of income tax determined that the company value increases as the level of debt of the company increases due to the accounting treatment of interest rate. After the M&M theory, the Static Trade-off Theory and the Pecking-order Theory are developed and represent two key theories in the capital structure theory. Based on the views of the Static Trade-off Theory, it can be concluded that each company strives to plan and create targeted or optimal capital structure depending on the expenses and benefi ts resulting from the issue of debt. the Pecking-order Theory suggests completely different view, highlighting the importance of order in the selection of sources of fi nancing – from internally generated through debt to share capital. Several modern models and theories have been developed until now, which confi rms the issue concerning capital structure and continuity in its research. The conditions in which modern companies operate are extremely complex, as they include factors infl uencing the structure of capital like: agency expenses, information asymmetry, negative selection, fi nancial disturbances and the like. Therefore, no theory can be fully implemented isolated in the process of fi nancial and business decision-making in practice


SELECTION FROM THE AWARDED PAPERS OF THE CENTRAL BANK OF MONTENEGRO

postoje interna sredstva, preduzeće se može odlučiti za razmjenu akcija. Razmjena akcija kao metod koristi se i kada su akcije preduzeća sticaoca precijenjene na tržištu, u sistemima gdje postoji veća zaštita akcionara ili kada su ta preduzeća visokozadužena. Međutim, odluke o izboru metoda plaćanja nisu isključivo determinisane izvorima fi nansiranja, već i strateškim ciljevima preduzeća sticaoca.

Rapidni razvoj merdžera i akvizicija uticao je na pojavu sve većeg broja transakcija koje se fi nansiraju zaduživanjem ili leveridžom, tehnika fi nansiranja poznata kao LBO. Cilj LBO transakcije podrazumijeva kupovinu preduzeća ili dijela imovine od strane investicionih fondova, servisiranje duga iz novčanih tokova ciljnog preduzeća i potom njegovu prodaju. S obzirom na činjenicu da se preuzimanje vrši s visokim procentom pozajmljenog kapitala, koji iznosi i do 90% vrijednosti investicije, ove transakcije rezultiraju u visokim stopama prinosa na sopstveni kapital. Tipičan LBO povrat novca je dva do pet puta veći u odnosu na investiciju. Osim LBO, nerijetko su u fazi restrukturiranja zastupljene tehnike planova za raspodjelu akcija zaposle-nima u kompaniji, dokapitalizacije drugom klasom akcija i ponuda za zamjenu.

Veoma važan segment predstavlja prilagođavanje struk-ture kapitala usljed merdžera i akvizicija. To znači da se mora zadržati adekvatan nivo zaduženosti u fazama prije i poslije preuzimanja i spajanja preduzeća. Prilagođavanje se kod preduzeća sticaoca vrše zbog povećanja vjerovat-noće sprovođenja uspješne transakcije, ali i kod ciljnih preduzeća kako bi bila atraktivnija za preuzimanje, ili pak, kreirala odbrambenu strategiju od preuzimanja. Kada govorimo o postakvizicionoj fazi, rezultati istraživanja pokazuju da se dugoročno stepen zaduženosti novonastale kompanije povećava, usljed niskog stepena zaduženosti kompanije kupca i neiskorištenih dugovnih kapaciteta koji se kreiraju fi nansijskom sinergijom. S druge strane, ukoliko postoje značajna odstupanja od ciljne strukture kapitala u periodu prije merdžera i akvizicije, tako da je struktura pomjerena u korist pozajmljenih izvora, novo-nastalo preduzeće teži da u što kraćem roku sanira efekat fi nansiranja akvizicije snižavanjem stepena zaduženosti. Ukoliko uzmemo u obzir prilagođavanja strukture kapitala prije i poslije preuzimanja i spajanja preduzeća, težnju da se u post fazi izvrši rebalans ka optimalnoj strukturi kapitala, onda možemo zaključiti da se menadžeri vode pretpostavkama dinamičke Teorije kompromisa.

Kada govorimo o izvorima finansiranja u kontek-stu spajanja i preuzimanja, rezultati istraživanja Ujsala (2007) potvrđuju da su u procesu preuzimanja aktivnije

niskozadužene kompanije. Rezultati se opravdavaju visokim stepenom fi nansijske fl eksibilnosti i većim izborom izvora fi nansiranja. S druge strane, visokozadužene kompanije imaju ograničene izvore fi nansiranja ili nepovoljne uslove fi nansiranja, a samim tim i nižu vjerovatnoću sprovođenja korporativnog restrukturiranja. Finansiranje merdžera i akvizicija podrazumijeva kompleksan sistem različitih međuzavisnosti i prevazilazi dimenziju samog odabira izvora fi nansiranja. Ono mora uključiti interakciju između fi nansijskih odluka, metoda plaćanja i izvora fi nansiranja.

Uspješnost sprovedenog spajanja ili preuzimanja ocje-njuje se pomoću ex-ante i ex-post istraživanja. Ex-ante istraživanjima se defi niše ex-ante ocjena očekivanih ex-post efekata merdžera i akvizicija. Suština ove metode se ogleda u mjerenju prosječnih kumulativnih abnormalnih prinosa prije i poslije najave o merdžeru i akviziciji u defi nisanom vremenskom prozoru. Pozitivna reakcija tržišta ogleda se u rastu prosječnih kumulativnih abnor-malnih prinosa. Rezultati pokazuju da tržište reaguje na nove informacije i da postoje promjene u kumulativnim abnormalnim prinosima kompanija koje sudjeluju u transakciji. Te promjene su pozitivne i značajnije za akcionare ciljne kompanije. Ex-post istraživanja se bave ocjenom uspješnosti merdžera i akvizicija u fazi nakon sprovedene transakcije. Profi tabilnost transakcije mjeri se primjenom fundamentalnih pokazatelja, tj. računovod-stvene, tržišne i nefi nansijske mjere. Iako su sprovedena brojna istraživanja vezana za post fazu, ipak ne postoji jedinstven zaključak o tome da li merdžeri i akvizicije kreiraju ili uništavaju vrijednost kompanije. Razlog se pronalazi u činjenici da se koriste univerzalne mjere i metodologija u svim studijama, ne uzmijaći u obzir specifi čnost i heterogenost transakcija, motive i ciljeve njenog sprovođenja i karakteristike djelatnosti iz kojih dolaze kompanije.

Poslovno restrukturiranje, kroz strategiju ekspanzije koja se realizuje putem transakcija merdžera i akvizicija1, predstavlja proces povećanja ekonomske vrijednosti

1 Merdžeri predstavljaju spajanje ili udruživanje dva preduzeća u jedno novo preduzeće. Akvizicija predstavlja preuzimanje ciljne kompanije od strane kompanije kupca. Kompanija kupac postaje vlasnik, što s pravnog aspekta znači da ciljna kompanije prestaje da postoji. Iako je jednostavno napraviti razliku između ova dva pojma, u stvarnosti linija njihovog razgraničenja nije toliko vidljiva. U velikom broju slučajeva, kompanije kupci preuzimaju konkurentske kompanije, pa se najčešće govori o neprijateljskim preuzimanjima. Zbog negativne konotacije samog procesa akvizicije, formalno se može izvršiti merdžer, a da zapravo transkacija strateški ima karakter akvizicije. S obzirom na činjenicu da su merdžeri manje zastupljeni u praksi, a da se akvizicije vezuju za neprijateljska preuzimanja, sve češće se u najavama o transformaciji preduzeća ova dva pojma povezuju u jedan pojam, tačnije govorimo o transakcijama merdžera i akvizicija (M&A deals). Međutim, najveći procenat tih transakcija predstavljaju akvizicije, kao što je i slučaj sa transakcijama uzorka doktorske disertacije.

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shares swap is used as a method also when the shares of the acquiring company are over-estimated in the market, in the systems where there is higher protection of shareholders or when these companies are highly leveraged. However, the decisions on the selection of the payment methods are not exclusively determined by sources of fi nancing but also by strategic objectives of the acquiring company.

Rapid development of mergers and acquisitions infl uenced the appearance of an increasing number of transactions funded through borrowings or leverage, a fi nancing tech-nique known as leveraged buy-out (LBO). Th e objective of the LBO transaction implies the purchase of a company or part of assets by investment funds, debt servicing from cash fl ows of the targeted company and its sale. Considering the fact that the acquisition is executed with high percentage of borrowed capital, which goes even up to 90% of the value of investment, these transactions result in high rates of return on own capital. Typical LBO return of money is two to fi ve times higher compared to the investment. In addition to LBO, some techniques of plans for distribution of shares to employees are oft en present in the restructuring phase, as well as recapitalisations by secondary class of shares and swap.

An important segment is adjustment of capital structure due to mergers and acquisitions. It means that adequate level of debt must be kept in phases before and aft er mergers and acquisitions of company. Adjustment with the acquiring company is made due to the increase in probability of car-rying out successful transaction and in targeted companies to make them more attractive for the acquisition or create a defence strategy from the acquisition. When it comes to post acquisition phase, the results of research show that the level of debt of new company increases in long run, due to low level of debt of the purchasing company and unused debt capacities that are being created by fi nancial synergy. On the other hand, if there are signifi cant deviations from targeted capital structure in period prior to merger and acquisitions, so that the structure is moved in favour of borrowed sources, new company strives to recover the eff ect of fi nancing of acquisition in short period by lowering borrowing rates. If capital structure adjustment is considered before and aft er the merger and acquisition of the company, the need to make rebalance in the post phase towards optimal capital structure, it can be concluded that managers take into consideration assumptions of the Static Trade-off Th eory.

When it comes to sources of fi nancing in the context of mergers and acquisitions, the results of the research of Ujala (2007) confi rm that companies with lower level of debt are more active in the merger process. Th e results are justifi ed

by high level of fi nancial fl exibility and higher selection of sources of fi nancing. On the other hand, highly leveraged companies have limited sources of fi nancing or unfavour-able conditions of fi nancing, and thus lower probability of implementing corporate restructuring. Financing of mergers and acquisitions implies a complex system of diff erent inter-dependencies and exceeds the dimension of the selection of sources of fi nancing. Th is must include interaction between the fi nancial decisions, methods of payment and sources of fi nancing.

Th e successfulness of the implemented merger or acquisi-tion is evaluated using ex-ante and ex-post researches. Ex-ante researches defi ne ex-ante assessment of expected ex-post eff ects of mergers and acquisitions. Th e basics of this method refl ects in the measurement of average cumulative abnormal return before and aft er the announcement on merger and acquisition in defi ned time period. Positive market reaction refl ects in the growth of average cumulative abnormal returns. Th e results show that the market reacts on new information and there are changes in cumulative abnormal returns of companies participating in the transactions. Th ese changes are positive and more important for shareholders of the targeted company. Ex-post researches deal with the assessment of successfulness of the mergers and acquisitions in the phase aft er the executed transaction. Th e profi tability of the transaction is measured by applying fundamental indicators, i.e. accounting, market and non-fi nancial measures. Although numerous researches were conducted regarding the post phase, no uniform con-clusion can be drawn on whether mergers and acquisitions create or destroy the value of the company. Th e reason lies in the fact that universal measures and methodologies are used in all studies without taking into consideration specifi cities and heterogeneity of transactions, motives and objectives of the transaction and characteristics of the industries the companies come from.

Business restructuring, using the strategy of expansion that is realised through the transactions of mergers and acquisitions1, is a process of increasing economic value of

1 Mergers are connecting or joining two companies into new company. Acquisition is takeover of targeted company by a purchasing company. Purchasing company becomes the owner, which from the legal aspect, means that target company ceases to exist. Although it is simple to diff er between these two expressions, in reality the line of their division is not so visible. In large number of cases, purchasing companies take over competitive companies so this usually refers to hostile takeover. Due to negative meaning of the acquisition process, merger can be formally executed meaning that in fact the transaction has strategically the character of an acquisition. Considering the fact that mergers are less present in practice, and acquisitions are related to hostile takeovers, these two expressions are usually connected in the announcements on the transformation of company into one, thus becoming merger and acquisition deals (M&A deals). However, the largest percent of these transactions are acquisitions as it is the case with the sample of transactions of the doctoral thesis.



company and dominant determinant of modern economy. Mergers and acquisitions are part of the most important and largest investment decisions of corporate governance. Th ey also make very meaningful and complex transactions that most frequently require simultaneous decision-making on the selection of strategy (mergers or acquisition), pay-ment methods and sources of fi nancing of new company, and future needs for sources of fi nancing (targeted capital structure).

Numerous researches (Andrade et al., 2001; Bruner, 2004; Martynova and Renneboog, 2008, 2006) indicated to the strong connection between the capital structure planning, i.e. a method of fi nancing on one hand and business restructur-ing on the other hand. However, a small number of scientifi c studies (Maloney, McCormik and Mitchell, 1993; Harford, 1999; Ujal, 2007, 2011) deals with the targeted capital structure as a factor infl uencing the decision-making process on mergers and acquisitions, and these researches predominantly refer to the USA companies. Several important and current issues were set within this analysis, such as:

▷ Is capital structure important factor in the process of making decisions on corporate transformations, i.e. can deviation of actual from targeted leverage level, defi ned as leverage defi cit, infl uence the investment decisions?

▷ Who has higher share in mergers and acquisitions, lower leveraged or highly leveraged companies?

▷ How does the market react on the announcements of mer-gers and acquisitions by lower leveraged companies and how does it react if highly leveraged companies announce mergers and acquisitions?

Considering the fact that the selection of sources of fi nancing infl uences passing of the corporate decisions on the trans-formation of the company, this doctoral thesis was aimed at analysing their mutual interaction on the sample of companies from the Western Europe.

Th e set hypotheses were tested on the sample of 921 company from the Western Europe and 1,564 transactions executed in this region in period 2003-2010. Th e research was made in three phases that implied the following:

▷ Assessment of targeted level of debt and defi ning variable of leverage defi cit;

▷ Testing of the probability of acquisitions depending on the leverage defi cit;

▷ Testing of the capital market reaction, measured by cumu-lative abnormal returns depending on the leverage defi cit.

Phase I – Th e specifi cation of the established model and tests of classical simple linear regression model showed that the targeted level of debt on the data panel must be assessed

using two-stage feasible generalised least squares method or FGLS. Th e results confi rmed statistically important and negative correlation between targeted level of debt and the share of tangible assets, growth, profi tability, uniformity of products and average return on equity. Statistically important and positive correlation was determined between targeted level of debt and the size of the company. Th e results are in accordance with the Static Trade-off Th eory and Pecking-order Th eory. Also, the obtained results are in accordance with the previously conducted researches (Frank and Goyal, 2009; Ujal, 2007; Kayhan i Titman, 2007; Hovakiman et al., 2001; Rajan and Zingales, 1995), except in the context of tangible assets.

Negative sign of the tangible asset coeffi cient can be justifi ed by the arguments from the Pecking-order Th eory but also factors such as specifi city of the country in which companies operate, conditions in the fi nancial markets, heterogeneity of the companies of high sample and eff ect of crisis that infl uenced the establishment of negative correlation between tangible assets and targeted level of debt. Due to the fact that the crisis period was characterised by the limited access to sources of fi nancing and high interest rates on debt, the com-panies were not able to increase the level of debt although they had collateral.

Th e compliance of results with main capital structure theo-ries was confi rmed in the practice through the results of the research of Graham and Harvey (2001). Th ey showed that the theoretical aspect of fi nance can be applied and explained best to the sample of large companies. Th e conclusion of Graham and Harvey is additional argument of objectivity of the results obtained in the fi rst phase of the research of this doctoral thesis since our sample contained large companies implementing the restructuring.

Phase II – Probability of implementing acquisitions was tested using univariate and multivariate analysis.

Univariate analysis. Based on the results obtained, it was confi rmed that lower leveraged companies will be more successful in the acquisition process. Th e average values of the characteristics of the companies were analysed per four categories (quartile) of leverage defi cit, whereby lower leveraged companies were in the fi rst interval, and highly leveraged companies were in the fourth interval. Th ese values indicated higher probability of acquisition of companies from the fi rst quartile of the leverage defi cit. Companies from the fi rst quartile are characterised by higher growth potential, higher profi tability and higher share of research expenses and development, which are the main characteristics of acquirers. However, more precise results and conclusions were obtained aft er running the multivariate logistic regression.



preduzeća i dominantnu odrednicu savremene ekonomije. Merdžeri i akvizicije su dio najvažnijih i najvećih inve-sticionih odluka korporativnog upravljanja. Oni, takođe, čine i veoma sadržajne i složene transakcije koje najčešće zahtijevaju simultano odlučivanje o: izboru strategije (spajanje ili preuzimanje), metodama plaćanja i izvorima fi nansiranja novonastalog preduzeća i budućim potrebama za izvorima fi nansiranja (ciljna struktura kapitala).

Brojna istraživanja (Andrade et al., 2001; Bruner, 2004; Martinova i Rinebug, 2008, 2006) ukazuju na postojanje jake veze između planiranja strukture kapitala, tačnije načina fi nansiranja, s jedne strane i poslovnog restruk-turiranja, s druge strane. Međutim, mali broj naučnih radova (Maloni, MekKormik i Mičel, 1993; Harford, 1999; Ujsal, 2007, 2011) bavi se problematikom ciljne strukture kapitala kao faktora koji utiče na donošenje odluka o merdžerima i akvizicijama, a istraživanja se pretežno odnose na preduzeća iz SAD-a. U okviru ove analize postavljeno je nekoliko značajnih i aktuelnih pitanja:

▷ Da li je struktura kapitala značajan faktor u procesu donošenja odluka o korporativnim transformacijama, tj. da li odstupanje stvarnog od ciljnog stepena zaduže-nosti, defi nisano kao leveridž defi cit, može uticati na investicione odluke? ▷ Da li veće učešće u aktivnostima merdžera i akvizicija imaju niskozadužena ili visokozadužena preduzeća? ▷ Kako tržište reaguje na najave o merdžerima i akvi-zicijama od strane niskozaduženih, a kako od strane visokozaduženih preduzeća sticaoca?

S obzirom na činjenicu da izbor izvora fi nansiranja utiče na donošenje korporativnih odluka o transformaciji preduzeća, doktorska disertacija je za cilj imala analizu njihove međusobne interakcije na uzorku kompanija iz Zapadne Evrope.

Postavljene hipoteze testirane su na uzorku od 921 preduzeća iz Zapadne Evrope i 1.564 sprovedene tran-sakcije u tom regionu, u periodu od 2003.-2010. godine. Ispitivanje je izvršeno u tri faze koje su podrazumijevale:

▷ ocjenu ciljnog stepena zaduženosti i defi nisanje varijable leveridž defi cit; ▷ testiranje vjerovatnoće preuzimanja u zavisnosti od leveridž defi cita; ▷ testiranje reakcije tržišta kapitala, mjereno kumulativ-nim abnormalnim prinosima, u zavisnosti od leveridž defi cita.

Faza I. Specifi kacija postavljenog modela i testovi klasičnog jednostavnog linearnog regresionog modela, pokazali su da se ciljni stepen zaduženosti na panelu podataka mora

ocijeniti dvoetapnom metodom uopštenih najmanjih kva-drata ili FGLS. Rezultati su potvrdili statistički značajnu i negativnu korelaciju između ciljnog stepena zaduženosti i učešća materijalne aktive, rasta, profi tabilnosti, unikat-nosti proizvoda i prosječnog prinosa na akcije. Statistički značajna i pozitivna korelacija je utvrđena između ciljnog stepena zaduženosti i veličine preduzeća. Rezultati su u skladu sa Teorijom statičkog kompormisa i Teorijom hijerarhije. Takođe, dobijeni rezultati su u skladu sa prethodno sprovedenim istraživanjima (Frenk i Gojal, 2009; Ujsal, 2007; Kajhan i Titman, 2007; Hovakimijan et al., 2001; Rajan i Zingales, 1995), osim u kontekstu materijalne aktive.

Negativan znak koefi cijenta materijalne aktive može se opravdati argumentima Teorije hijerarhije, ali i fak-torima kao što su specifi čnost zemlje u kojima posluju kompanije, uslovi na fi nansijskim tržištima, heterogenost kompanija velikog uzorka i efekat krize, koji su uticali na formiranje negativne korelacije između materijalne aktive i ciljnog stepena zaduženosti. S obzirom na činjenicu da je period krize karakterisao ograničen pristup izvorima fi nansiranja i visoke kamatne stope na dug, preduzeća nisu bila u mogućnosti da povećavaju stepen zaduženosti, iako posjeduju kolateral.

Usklađenost rezultata s osnovnim teorijama strukture kapitala je potvrđena i u praksi, rezultatima istraživanja Grahama i Harvija (2001). Oni su pokazali da se teorij-ski aspekt fi nansija može primijeniti i najbolje objasniti upravo na uzorku velikih kompanija. Zaključak Grahama i Harvija je dodatni argument objektivnosti dobijenih rezultata u prvoj fazi istraživanja doktorske disertacije, s obzirom na činjenicu da je naš uzorak sastavljen od velikih kompanija koje sprovode restrukturiranje.

Faza II. Vjerovatnoća sprovođenja akvizicija testirana je univarijantnom i multivarijantnom analizom.

Univarijantna analiza. Na osnovu rezultata potvrđeno je da će veći uspjeh u sprovođenju akvizicija imati nisko-zadužene kompanije. Prosječne vrijednosti karakteristika kompanija analizirane su po četiri kategorije (kvartili) leveridž defi cita, s tim što se u prvom intervalu nalaze niskozadužene, a u četvrom intervalu visokozadužene kompanije. Te vrijednosti su ukazale na veću vjerovatnoću preuzimanja kompanija iz prvog kvartila leveridž defi cita. Kompanije iz prvog kvartila karakteriše veći potencijal rasta, veća profi tabilnost i veće učešće troškova istraži-vanja i razvoja, što su osnovne karakteristike akvizitera. Međutim, precizniji rezultati i zaključci dobijeni su tek nakon sprovođenja multivarijantne logističke regresije.

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Multivariate analysis. Th e probability of executing acquisitions was tested on two models applying probit analysis. In model 1, the probability of acquisition was tested depending on the artifi cial variable of lower leveraged company and variables of size, profi tability, growth and average return on equity. Th e growth in the value of lower leveraged company for one standard deviation increases the probability of acquisition by 5.42%. Statistically important and positive correlation between the size, profi tability and probability of acquisition showed that higher success in acquisition had large and profi table companies in Western Europe.

In model 2, the probability of acquisition was tested depend-ing on the leverage defi cit size, profi tability, growth and average return on equity. It was proved that there is a higher probability of acquisition by lower leveraged companies. Th e growth in the value of leverage defi cit by one standard deviation decreases the probability of acquisition by 2.48%. Th e conclusion can be drawn that there is a low probability of acquisition by highly leveraged companies as the growth in leverage defi cit means moving of the capital structure above the targeted structure.

Drawing the same conclusion based univariate and both models of multivariate analysis contributed to the objectivity of the results obtained. Th e results obtained are in accord-ance with the previous researches made by Ujala (2007, 2011), which represents the only research that tests the correlation between the probability of acquisition and deviation from targeted capital structure.

Phase III – The capital market reaction was tested by measuring cumulative abnormal returns depending on the leverage defi cit and size of the company. Th e average values of the cumulative abnormal returns are statistically important, which means that the market reacts on the announcements on mergers and acquisitions. Statistically important and positive correlation between leverage defi cit and average cumulative abnormal returns was established. If leverage defi cit is increased by 1%, it will result in the growth in average cumulative abnormal returns by 0.591%. Based on the results, it can be concluded that cumulative abnormal returns were declining, if lower leveraged companies announce acquisition and they are increasing in case of announcements by highly leveraged companies (growth in leverage defi cit).

Negative capital market reaction on the announcements of mergers and acquisitions of lower leveraged companies was confi rmed also in the researches of Ujala (2007), Harford (1999) and Maloney et al. (1993). It is worth mentioning that Harford analysed the reaction of the capital market on the announcements on mergers and acquisitions depending on

extensive reserve of cash of the company, while Maloney et al. did that compared to the level of debt. However, although they diff er in the methodology, the basics of all three researches are the same as the Ujal covered by leverage defi cit variables from the models used by Harford and Maloney et al. Th e results are in accordance with the Janzen’s hypothesis on free cash fl ows which implies that capital markets have negative reaction on announcements on merger by lower leveraged companies (agency problem between the management and shareholders).

According to the results obtained, the research arguments the justifi cation of the analysis of capital structure in the function of the making decision on mergers and acquisitions. Arguments on the actuality and importance of this research refl ects on the following:

▷ Based on the aforesaid, the complexity and actuality of the issue regarding the impact of the capital structure on the decisions on mergers and acquisitions is confi rmed. Th e actuality of research is based on the fact that, although similar researches were carried out in the USA market, there is a small number of researches that processed this issue on the sample of European companies applying the concept of leverage defi cit;

▷ Th e research proved the importance of the leverage defi cit in the function of deciding on corporate restructuring. Th is concept was successfully applied in the study of Ujala (2007), and also in the studies of Hovakiman, Opler and Titman (2001), who showed that deviation from targeted capital structure influences the selection of financing instruments. Th e positions of dynamic Trade-off Th eory were confi rmed in this way;

▷ With regard to the methodology, the sample was substan-tially large for making statistically valid conclusions on the researched issue;

▷ In addition to classical techniques of quantitative analysis, modern research methods were used such as evaluation of data panel, multivariate logistic regression and study of events. Th e use of complex techniques contributed to com-plex analysis of problems and generating objective results;

▷ Growing trend in indebtedness of companies in the global level poses the need to search for the solution for the pro-blem of fi nancing mergers and acquisitions and analysis of successfulness of eff ects of these transactions. In that regard, a space is opened for future researches that will connect deviations from the targeted capital structure and other types of corporate decisions;

▷ Th e paper exceeds the national and regional economy frameworks by its scope and the results of this research thereby have wider importance.



Multivarijantna analiza. Vjerovatnoća sprovođenja akvizicija testirana je na dva modela primjenom probit analize. U modelu 1, vjerovatnoća preuzimanja testirana je u zavi-snosti od vještačke varijable niskozadužene kompanije i varijabli veličina, profi tabilnost, rast i prosječan prinos na akcije. Dokazano je da postoji veća vjerovatnoća preuzimanja od strane niskozaduženih kompanija. Rast vrijednosti niskozadužene kompanije za jednu standardnu devijaciju povećava vjerovatnoću preuzimanja za 5,42%. Statistički značajna i pozitivna veza između veličine, profi tabilnosti i vjerovatnoće preuzimanja pokazuje da u Zapadnoj Evropi veći uspjeh u preuzimanju imaju velike i profi tabilne kompanije.

U modelu 2, vjerovatnoća preuzimanja testirana je u zavisnosti od leveridž defi cita, veličine, profi tabilnosti, rasta i prosječnog prinosa na akcije. Dokazano je da postoji veća vjerovatnoća preuzimanja od strane nisko-zaduženih kompanija. Rast vrijednosti leveridž defi cita za jednu standardnu devijaciju smanjuje vjerovatnoću preuzimanja za 2,48%. Zaključujemo da postoji manja vjerovatnoća preuzimanja od strane visokozaduženih kompanija, jer rast leveridž defi cita znači pomjeranje strukture kapitala iznad ciljne.

Izvođenje istog zaključka na osnovu univarijantne i oba modela multivarijantne analize doprinosi objektivnosti dobi-jenih rezultata. Dobijeni rezultati su u skladu s prethodno sprovedenim istraživanjima Ujsala (2007, 2011), što predstavlja jedino istraživanje koje testira vezu između vjerovatnoće preuzimanja i odstupanja od ciljne strukture kapitala.

Faza III. Reakcija tržišta kapitala testirana je mjerenjem prosječnih kumulativnih abnormalnih prinosa u zavisno-sti od leveridž defi cita i veličine kompanije. Prosječne vrijednosti kumulativnih abnormalnih prinosa su sta-tistički značajne, što znači da tržište reaguje na najave o spajanjima i preuzimanjima. Utvrđena je statistički značajna i pozitivna veza između leveridž defi cita i pro-sječnih kumulativnih abnormalnih prinosa. Ukoliko se leveridž defi cit poveća za 1%, to će usloviti rast prosječnih kumulativnih abnormalnih prinosa za 0,591%. Na osnovu rezultata zaključujemo da kumulativni abnormalni prinosi opadaju, ukoliko niskozadužene kompanije najavljuju preuzimanje, a rastu u slučaju najava od strane visoko-zaduženih kompanija (rast leveridž defi cita).

Negativna reakcija tržišta kapitala na najave o merdžerima i akvizicijama niskozaduženih kompanija je potvrđena i u istraživanjima Ujsala (2007), Harforda (1999) i Malonija et al. (1993). Važno je spomenuti da Harford analizira reakciju tržišta kapitala na najave o merdžerima i akvizicijama u

zavisnosti od prekomjerne rezerve gotovine preduzeća, a Maloni et al. u odnosu na stepen zaduženosti. Međutim iako se metodološki razlikuju, suština sva tri istraživanja je ista, jer je Ujsal leveridž defi citom obuhvatio varijable iz modela Harforda i Malnonija et al. Rezultati su u skladu s Džensenovom hipotezom o slobodnim novčanim tokovima, po kojoj tržišta kapitala negativno reaguju na najave o preuzimanju od strane niskozaduženih kompanija (agencijski problem između menadžmenta i akcionara).

Shodno dobijenim rezultatima, sprovedeno istraživa-nje argumentuje opravdanost analize strukture kapitala u funkciji odlučivanja o merdžerima i akvizicijama. Argumentacija o aktuelnosti i značaju ovog istraživanja ogleda se u sljedećem:

▷ na osnovu izloženog, potvrđena je složenost i aktuel-nost problematike vezane za uticaj strukture kapitala na odluke o merdžerima i akvizicijama. Aktuelnost istraživanja zasniva se na činjenici da, iako su slična istraživanja sprovođena na tržištu SAD-a, postoji mali broj istraživanja koja su ovu problematiku obrađivala na uzorku evropskih kompanija, primjenom koncepta leveridž defi cita; ▷ istraživanjem je dokazan značaj leveridž defi cita u funkciji odlučivanja o korporativnim restrukturiranjima. Ovaj koncept je uspješno primijenjen u studiji Ujsala (2007), ali i u studiji Hovakimijana, Oplera i Titmana (2001), koji su pokazali da odstupanje od ciljne strukture kapitala utiče na odabir instrumenata fi nansiranja. Na taj način su potvrđeni stavovi dinamičke Teorije kompromisa; ▷ s metodološkog aspekta, uzorak je dovoljno velik za donošenje statistički validnih zaključaka o istraživa-nom problemu; ▷ pored klasičnih tehnika kvantitativne analize, korištene su i savremene metode istraživanja, kao što su metode ocjene panela podataka, multivarijantna logistička regre-sija i studija događaja. Korišćenje kompleksnih tehnika doprinijelo je složenoj analizi problema i generisanju objektivnih rezultata; ▷ rastući trend zaduženosti kompanija na globalnom nivou nameće potrebu traženja rješenja za problem fi nansiranja merdžera i akvizicija, kao i analize uspješ-nosti efekata ovih transakcija. U tom smislu otvara se prostor za buduća istraživanja koja će povezivati odstupanja od ciljne strukture kapitala i druge vrste korporativnih odluka; ▷ svojim obuhvatom rad prevazilazi okvire nacionalne i regionalne ekonomije, a rezultati ovog istraživanja time imaju širi značaj.

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Ova direktiva je usvojena sa

ciljem da zajedno sa ranije uspostav-ljenim jedinstve-nim supervizor-skim mehanizmom (SSM) i redefi nisanim sistemom zaštite depozita, uspostavi regulatorni okvir koji treba da obezbijedi amortizovanje negativnih efekata propadanja zna-čajnih banaka i investicionih fi rmi na fi nansijsku stabilnost u okviru Evropske Unije.

Implementacijom ove direktive izvršeno je uskla-đivanje regulativa i praksi na nivou zemalja EU, koje su do usvajanja ove direktive bile različite, sa velikim brojem specifi čnih rješenja što je proizvo-dilo određenu pravnu nesigurnost i otežavalo pro-cese sanacije, posebno kod bankarskih grupa koje posluju na teritoriji više zemalja. Može se ocijeniti da je Direktiva u tom dijelu u potpunosti ostvarila planirani cilj.

Implementacija ove direktive u nacionalna zako-nodavsta je predstavljala veoma zahtjevan posao, na što ukazuje i činjenica da veći broj zemalja članica Evropske Unije nije uspio da stvori preduslove da počev od 01. januara 2016. godine, kao krajnjeg roka za njenu implementaciju, počne potpuna primjena u praksi propisa o sanaciji banaka.

NOVA REGULATORNA RJEŠENJA IZ BRRD-APo regulatornim rješenjim koja su važila do usva-janja BRRD-a, cjelokupni postupak i ovlašćenja po pitanju rješavanja problematičnih banaka su bili dio supervizorske funkcije, koju su izvršavali organi nadležni za superviziju banaka.

Ova direktiva razdvaja postupak i ovlašćenja za opo-ravak banaka (recovery) od postupka i ovlašćenja za sanaciju banaka (resolution), na način da se mjere oporavka (tzv. mjere rane intervencije) zadržavaju u okviru supervizorske funkcije, a ukoliko te mjere ne mogu da rezultiraju uspješnim oporavkom banke, dalji postupak i ovlašćenja za rješavanje problematičnih banaka povjeravaju se funkciji sanacije banaka, kao specijalizovanoj funkciji koja korišćenjem instru-menata sanacije iz BRRD-a treba da sanira banku u problemima, ako je to moguće.

Izvršavanje funkcija oporavka i funkcija sanacije može biti organizovano u različitim organima, a može se organizovati u okviru jednog subjekta (npr. agencije za superviziju banaka ili centralne banke), s tim što se mora obezbijediti funkcionalna i organizaciona razdvojenost organizacione jedinice koja se bavi problemima sanacije od organizacione jedinice za superviziju banaka.

Po pitanju oporavka banaka koji je predmet pažnje supervizora, regulativa EU zadržava set supervizor-skih mjera koji je postojao i po ranijim propisima, uz uključivanje dodatnih mjera koje supervizor može preduzimati u cilju otklanjanja slabosti u poslovanju banaka i njihovo vraćanje u regularni režim poslovanja.

Novina je da svaka banka, tokom redovnog poslo-vanja, mora imati pripremljene planove oporavka i

Sanacija banaka u skladu sa direktivama Evropske Unije

Filip ĆirovićPoučena iskustvima iz globalne fi nansijske krize koja je izazvala izuzetno teške posljedice po fi nansijski sistem zbog propadanja jednog broja banaka i investicionih fi rmi, Evropska Unija je u posljednjih nekoliko godina usvojila set regulatornih akata među kojima je jedan od najznačajnijih Direktiva o uspostavljanju okvira za oporavak i sanaciju kreditnih institucija i investicionih fi rmi (tzv. Bank Recovery and Resolution Directive - BRRD) usvojena 2014. godine, sa početkom primjene od 1. januara 2016. godine

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This Directive is aimed at establishing, together with previously adopted Single Supervisory

Mechanism (SSM) and redefi ned deposit guarantee scheme, a regulatory framework to ensure mini-mising negative eff ects of the failure of important banks and investment fi rms on the fi nancial stability within the European Union.

Th e implementation of this Directive harmonised the regulation and practices of the EU Member States, which diff ered before the adoption of this Directive as they included a large number of specifi c solutions. Th is implied certain legal uncertainty and hindered the resolution process, particularly of the banking groups operating in several countries. In this regard, it can be assessed that the Directive fully achieved the planned objective in this area.

Transposing the directive into the national leg-islations was very demanding. Th is was indicated by the fact that large number of EU Member States failed to create prerequisites to start the imple-mentation of the bank resolution regulations in practice on 1 January 2016 as the fi nal deadline for its implementations.

NEW REGULATORY SOLUTIONS FROM THE BRRDTh e regulatory solutions that were used before the adoption of the BRRD prescribed that the entire procedure and powers regarding the resolution of

failed banks were under the supervisory function that was executed by the bank supervision authorities.

Th e Directive separates the process and powers for the recovery of banks and the processes and powers for the resolution of banks in the manner that the early intervention measures are kept within the supervisory function, and if those measures cannot result in the successful recovery of bank, further process and powers for the resolution of failed banks are entrusted to the bank resolution function as specialised function, which uses the resolution tools set in BRRD to resolve the failed bank, if possible.

Th e execution of the recovery and resolution func-tions may be organised within diff erent authorities and it may be organised within one entity (like bank supervision agency or central bank), whereby organisational unit dealing with the resolution must be functionally and organisationally separated from the organisational unit responsible for the banking supervision.

With regard to the recovery of banks that are subject to the supervisory attention, the EU regula-tion kept a set of supervisory measures that existed also in the previous regulations, with the inclusion of additionally measures that a supervisor can take in order to remove the weaknesses disclosed in banks' operations and return them to the regulatory

Bank Resolution Accordingto EU Directives

Filip ĆirovićThe European Union, learning from the experience of the global fi nancial crisis that caused extremely serious consequences to the fi nancial system due to the failure of a number of banks and investment fi rms, recently adopted a set of regulatory acts, among which one of the most important is the Directive establishing a framework for the recovery and resolution of credit institutions and investment fi rms (Bank Recovery and Resolution Directive - BRRD). It was adopted in 2014, and its implementation started on 1 January 2016



dužna je da ih ažurira najmanje jednom godišnje. Banke su dužne da svoje planove oporavka prezentuju organu za superviziju radi ocjene sveobuhvatnosti i realnosti tih planova, tj. provjere da li iz ovakvih planova proizilazi sposobnost banke da preduzi-manjem mjera iz plana oporavka popravi ugroženu solventnost, a da pri tome da nije potrebno vršiti sanaciju banke.

Ukoliko raspoložive supervizorske mjere ne mogu rezultirati ozdravljenjem banke, zavisno od značaja banke, moguće su dvije varijante daljeg postupanja prema takvoj banci. Za banku u problemima čija sanacija nije u javnom interesu, jer stečaj te banke neće dovesti do narušavanja fi nansijske stabilnosti, ne primjenjuju se mjere sanacije, već samo supervi-zorske mjere koje u krajnjem rezultiraju ili ozdrav-ljenjem banke ili otvaranjem stečajnog postupka, ako su ispunjeni zakonom propisani uslovi. Kada je u pitanju značajnija banka, što se utvrđuje na bazi defi nisanih kriterijumima, pokreće se postupak sanacije te banke, ukoliko organ za sanaciju procijeni da primjena instrumenata sanacije može rezultirati povratkom solventnosti i održivosti banke.

INSTRUMENTI SANACIJEU dijelu instrumenata sanacije, BRRD definiše sljedeće jedinstvene instrumente sanacije:

▷ prodaja akcija, odnosno imovine i obaveza (pro-daja poslovanja); ▷ prenos akcija, odnosno imovine i obaveza banci za premošćavanje (tzv. bridge bank); ▷ odvajanje imovine; ▷ interna raspodjela gubitaka (“bail-in” instrument).U postupku sanacije, organ nadležan za sanaciju

može da primijeni jedan ili više od navedenih instru-menata, sa izuzetkom da se instrument odvajanja imovine ne može primijeniti samostalno, već samo u kombinaciji sa nekim drugim instrumentom sanacije.

Prodaja akcija, imovine i obaveza - Nadležni organ za sanaciju može prodati akcije banke u sana-ciji, njenu cjelokupnu imovinu ili obaveze banke, ili samo njihov dio.

U postupku prodaje moraju se preduzeti sve razumne mjere da bi se prodaja izvršila po tržišnim uslovima, ali uvažavajući posebno i potrebu za očuva-njem fi nansijske stabilnosti. Korišćenje instrumenta prodaje akcija ima puni smisao samo ukoliko se ta prodaja vrši kupcu koji je spreman da dodatnim

ulaganjima (dokapitalizacijom banke, povećanjem depozitnog potencijala i dr,) sanira banku i dovede je do nivoa da ispunjava sve regulatorne uslove koji se zahtijevaju od vlasnika banaka, u skladu sa relevantnim direktivama EU, odnosno propisima zemlje u kojoj banka posluje.

Bridge banka - Instrument prenosa akcija imovine ili obaveza banke na banku za premošćavanje (bridž banka) generalno nije novina koju donosi BRRD, jer su slični instrumenti i ranije korišćeni u Evropi, a posebno u Sjedinjenim Američkim Državama.

Na bridž banku se, zavisno od potrebe, mogu prenijeti akcije i drugi instrumenti kapitala, kao i cjelokupna ili dio imovine i obaveza jedne ili više banaka u sanaciji. Pri sprovođenju transakcija prenosa postoji ograničenje koje ne dozvoljava da ukupna vrijednost obaveza prenijetih na bridž banku može preći ukupnu vrijednost imovine banke u sanaciji koja je prenesena na bridž banku, ili joj je obezbijeđena iz drugih izvora. Mogućnost da se na bridž banku mogu prenijeti akcije, imovina i oba-veze više banaka u situaciji je posebno značajna za velike bankarske sisteme, jer omogućava simultani prenos imovine više banaka koji su u određenom trenutku u režimu sanacije na jednu bridž banku, čime se sa visokom pouzdanošću može, bez dodat-nog kapitala, formirati održiva bridž banaka, koja se u daljem postupku relativno brzo može prodati zainteresovanim investitorima.

Bridž banku se osniva sa ciljem da se privremenim preuzimanjem akcija, imovine ili obaveza banke u sanaciji obezbijedi nastavak pružanja osnovnih fi nansijskih usluga klijentima banke u sanaciji i nastavak obavljanja osnovnih fi nansijskih aktivno-sti, a da se kasnije izvrši prodaja prenijetih akcija, odnosno imovine i obaveza, novim ulagačima koji ispunjavaju propisane uslove za sticanje vlasništva nad bankom. Kao i u slučaju korišćenja instrumenta prodaje akcija, imovine i obaveza, i prenos akcija imovine i obaveza na briž banku vrši se bez sagla-snosti akcionara, deponenata i drugih povjerilaca banke u stečaju ili bilo kog trećeg lica.

Dozvolu za rad bridž banke izdaje organ koji izdaje dozvole za rad banaka, u skladu sa propisima kojim se uređuje bankarsko poslovanje (centralna banka ili poseban nezavisni supervizorski autoritet). Kapital bridž banke, kao i određeni pokazatelji poslovanja, u određenom periodu mogu biti manji od zakonom

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course of operations.Th e novelty is that each bank, during its normal

course of operations, must draw up recovery plans and it should update them at least once a year. Banks are obliged to present their recovery plans to the supervision authority for the assessment of appropriateness and reality i.e. to check if such plans include the availability of the bank to take meas-ures from the recovery plan to fi x the jeopardised solvency without imposing resolution in the bank.

If the available supervisory measures cannot result in bank rehabilitation, depending on the importance of the bank, two options of further actions are possible for such bank. Where the resolution of a distressed bank is not in public interest as the bankruptcy of such bank will not threat the fi nancial stability, the resolution measures will not apply to that bank but only supervisory measures that ultimately will lead either to bank rehabilitation or bank bankruptcy if the statutory requirements are not met. However, if the bank is of public interest, which is determined on the basis of defi ned criteria, the resolution will be opened in the bank if the resolution authority assesses that the implementation of resolution tools may result in the recovery of bank's solvency and sustainability.

RESOLUTION TOOLSIn the section regarding the resolution tools, the BRRD defi nes the following single resolution tools:

▷ Sale of shares, assets and liabilities (sale of business), ▷ Transfer of shares, assets and liabilities to a bridge bank, ▷ Asset separation, ▷ bail–in tool.Th e resolution authority may apply in the resolu-

tion one or more of these tools, with an exception that the asset separation tool cannot be applied independently but only in combination with another resolution tool.

Sale of shares, assets and liabilities - Th e resolution authority may sell shares of the bank under resolu-tion, its entire assets or liabilities or part of them.

During the sale, all reasonable measures must be taken to sell business under market conditions respecting at the same time the need to preserve the fi nancial stability. Th e use of sale of shares tool

has full sense only if this sale is made with a buyer who is ready to resolve the situation in the bank by additional investments (recapitalisation of the bank, increase in deposits, and the like) and brings it to the level that it meets all regulatory require-ments that are imposed against owners of the bank in accordance with the relevant EU directives i.e. regulations of the country where the bank operates.

Bridge bank - In general, transfer of shares, assets or liabilities to a bridge bank that is prescribed by the BRRD does not represent novelty, since similar tools are used previously in Europe and in particular in the USA.

Shares and other instruments of capital can be transferred to a bridge bank depending on the need, as well as all or part of assets and liabilities of one or more banks under resolution. When executing transfers, there is a limitation that does not allow total value of liabilities transferred to a bridge bank to exceed total assets of the bank under resolution transferred to a bridge bank or that is provided from other sources. Th e possibility to transfer shares, assets and liabilities of several banks under resolution to a bridge bank is particularly important for large banking systems as it enables a simultaneous transfer of assets of several banks that are in certain period under resolution to one bridge bank, which can, with high reliability and without additional capital, establish sustainable bridge bank that can be sold very quickly to inter-ested investors in further procedure.

Bridge bank is established in order to ensure the continuance of the provision of main fi nancial services to the clients of the bank under resolution and performance of main fi nancial activities by assuming temporarily shares, assets or liabilities of the bank under resolution. Subsequently, the shares, assets and liabilities are sold to new investors that meet the prescribed requirements for acquir-ing ownership of the bank. As in the case of use of sale of business tool, transfer of shares, assets and liabilities to a bridge bank is made without prior approval of the shareholders, depositors and other creditors of the bank under bankruptcy or any third party.

An authority responsible for bank licensing issues a license to the bridge bank according to the regulations governing banking operations



propisanog nivoa, ako organ za sanaciju ocijeni da je to neophodno radi ostvarivanja ciljeva sanacije.

Instrument prenosa akcija, imovine i obaveza na bridž banku, može na prvi pogled izgledati kao relativno jednostavan instrument za sanaciju. Medjutim, dublja analiza svih transakcija i praksa vezana za osnivanje bridž banke i poslove prenosa pokazuju da se radi o nizu veoma složenih postupaka koji se moraju završiti u izuzetno kratkom roku (najčešće tokom vikenda), kako bi se obezbijedilo da klijenti banke u sanaciji faktički ne primijete da je izvršen transfer vlasništva, čime se smanjuje rizik da zbog postupka sanacije dođe do odliva depozita ili drugih negativnih efekata koji su vezani za banke u problemima. Zbog toga, za primjenu u praksi ovog instrumenta mora postojati već pripremljena pravna, ekonomska i logistička infrastruktura koja omogućava brzi transfer imovine na bridž banku.

Odvajanje imovine - Ovaj instrument sanacije omogućava organu za sanaciju da prenese imovinu, prava ili obaveze banke u sanaciji ili bridž banke na jedno ili više pravnih lica za upravljanje imovinom.

Za korišćenje ovog instrumenta sanacije potrebno je da je ispunjen najmanje jedan od sljedećih uslova:

▷ da je stanje na tržištu takvo da bi prodaja ove imovine u stečajnom postupku koji bi uslijedio mogla negativno da utiče na fi nansijsko tržište; ▷ da je prenos potreban da bi se obezbijedilo nesme-tano poslovanje banke čija su imovina ili obaveze prenijeti, ili ▷ da je prenos potreban radi ostvarenja najvećeg mogućeg prihoda od unovčenja, odnosno prodaje prenijete imovine uz što manje troškove.

U praksi, najčešće se osniva posebno pravno lice za upravljanje preuzetom imovinom, ili te poslove povjerava već postojećim agencijama u državnom vlasništvu, koji upravljaju prenijetom imovinom radi povećanja njene vrijednosti putem prodaje ili njenog unovčenja na drugi način.

Bail-in instrument - Kao potpuno novi instru-ment sanacije banaka, BRRD uspostavlja instrument interne raspodjele gubitaka (bail-in instrument.). Ovaj instrument se zasniva na načelu da efi kasan sistem sanacije treba da svede, na najmanju moguću mjeru, troškove sanacije propale banke koji padaju na teret poreskih obveznika (budžeta). On treba da obezbijedi da se sistemski važne banke mogu sani-rati bez ugrožavanja fi nansijske stabilnosti zemlje.

To se postiže korišćenjem bail in instrumenta, tako što se tim instrumentom obezbjeđuje da akcionari i povjerioci banke u problemima snose određene gubitke i preuzmu odgovarajući dio troškova koji proizilaze iz propasti banke. Ovaj instrument se bazira na načelu da gubitke vezano za sanaciju prvo treba da snose akcionari, a nakon toga, po utvrđenom redosljedu i druga lica, uključujuči i određene povjerioce banke u sanaciji. Organ za sanaciju može primijeniti bail-in instrument, u cilju dokapitalizacije banke u sanaciji, u mjeri koja je neophodna za njeno dalje nesmetano poslova-nje u skladu sa zakonom i održavanje dovoljnog poverenja u banku na fi nansijskom tržištu, ili radi konverzije u kapital ili otpisa glavnice obaveza, ili dužničkih instrumenata koji se prenose na bridž banku, sa ciljem obezbjeđenja kapitala za tu banku, ili se prenose u okviru instrumenata prodaje akcija, odnosno imovine i obaveza ili odvajanja imovine banke u sanaciji.

Organ nadležan za sanaciju može primijeniti bail-in instrument radi dokapitalizacije banke u sanaciji samo ako se može osnovano očekivati da će primjena tog instrumenta, zajedno sa drugim mjerama, uključujući mere koje se sprovode u skladu sa planom sanacije, uz ostvarivanje odgovarajućih ciljeva sanacije, dovesti do toga da ta banka ponovo uspostavi zadovoljavajući fi nansijski položaj i dugo-ročnu održivost.

Kada je u pitanju primjena bail-in instrumenta na obaveze banke u sanaciji na koje se mogu primeniti otpis i konverzija (tzv. kvalifi kovane obaveze), tim obavezama se smatraju sve obaveze banke u sanaciji, osim obaveza banke koje predstavlju potraživanja povjerilaca koja uživaju posebnu zaštitu u skladu sa stečajnim zakonodavstvom, čime se na određeni način propisi iz oblasti sanacije, po pitanju zaštite pojedinih kategorija povjerilaca banke, sinhronizuju sa stečajnim zakonodavstvom.

U složenom postupku, poštujući načela redosljeda i ravnomjernosti raspodjele gubitka, organ za sanaciju poništavanjem ili smanjenjem vrijednosti akcija, transformacijom dužničkih instrumenata u kapital, transformisanjem drugih kvalifi kovanih obaveza banke u instrumente kapitala i slično, na teret akcionara i povjerilaca banke smanjuje obaveze banke i istovremeno pojačava njenu kapitalizovanost.

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(central bank or special independent supervisory authority). Capital of the bridge bank and certain performance indicators in certain period may be below the regulatory requirements if the resolution authority assesses that it is so required for achiev-ing resolution objectives.

Transfer of sale of shares, assets and liabilities tool to a bridge bank may appear as relatively simple resolution tool. However, deeper analysis of all transactions and practices regarding the establish-ment of the bridge bank and operations show that a series of complex procedures is involved that needs to be completed in very short period (usually over the weekend), to ensure that the clients of the bank under resolution do not notice that the ownership is transferred, which diminishes the risk of deposit run due to the resolution or other adverse eff ects connected with the failed banks. Th erefore, legal and economic infrastructure and logistics should be already prepared in practice that will enable fast transfer of assets to a bridge bank.

Asset separation - Th is resolution tool enables resolution authority to transfer assets, rights or liabilities of the bank under resolution or bridge bank to one or more asset management vehicles.

At least one of the following requirements must be met for using this resolution tool:

▷ market condition is such that the sale of these assets in the bankruptcy proceedings that would follow might adversely infl uence the fi nancial market; ▷ transfer is needed to ensure smooth operations of the bank whose assets or liabilities are tran-sferred, or ▷ transfer is needed to make income from sale to the maximum extent possible, or sale of assets with lower expenses.Th e practice shows that only one asset manage-

ment vehicle is established most frequently or such activities are entrusted to the existing public asset management vehicles that manage transferred assets to increase its value through sale or otherwise.

Bail-in tool - BRRD established completely new bank resolution tool in the form of bail-in tool. It is based on the principle that the effi cient resolution system should reduce to the minimum extent pos-sible the resolution expenses of a failed bank that would be charged to taxpayers (budget). It should

ensure the resolvability of systemically important banks without jeopardising fi nancial stability of a country. It is achieved using bail-in tools that ensure that the shareholders and creditors of a failed bank bear certain losses and assume certain portion of expenses arising from the bank failure. Th is resolution tool is based on the principle that losses arising from the resolution should be fi rst borne by shareholders, followed by other persons according to the priority order including certain creditors of the bank under resolution. Th e resolu-tion authority may apply bail-in tool in order to recapitalise bank under resolution to the extent needed to restore its operations in accordance with the law and sustain suffi cient market confi dence in the bank, or to convert into equity or reduce the principal amount of claims or debt instruments that are transferred to a bridge bank aimed at providing capital for that bridge bank or under the sale of business tool or asset separation tool.

Resolution authorities may apply the bail-in tool for the recapitalisation of the bank under resolu-tion only if there is a reasonable prospect that the application of that tool together with other relevant measures including measures implemented in accordance with the resolution plan will, in addition to achieving relevant resolution objectives, restore the bank in question to fi nancial soundness and long-term viability.

When it comes to the implementation of the bail-in tool on the liabilities of the bank under resolution to which write down and conversion can be applied (eligible liabilities), such liabilities include all liabilities of the bank under resolution, except liabilities of the bank that represent claims of creditors that enjoy special protection in accordance with the bankruptcy law whereby certain regula-tions from the resolution area with regard to the protection of individual categories of the bank's creditors are harmonised with the bankruptcy law.

In the complex process, respecting the principles of priority and equal distribution of losses, resolu-tion authority reduces liabilities of the bank against shareholders and creditors by cancelling or reducing the value of shares, converting debt instruments into capital, converting other eligible liabilities of the bank into instruments of capital and the like and at the same time it increases its capitalisation.



SANACIONI FONDJedno od ključnih novih rješenja za podršku sanaciji banaka je sanacioni fond koji se koristi u slučaju propadanja banke i fi nansira se doprinosima iz bankarskog sektora. U skladu sa BRRD-om svaka država članica mora formirati ex-ante sanacioni fond ili neki drugi sličan aranžman. Direktivom nije striktno defi nisano ko upravlja ovim fondom, a u državama članicama EU to su najčešće agen-cije ili druga tijela za zaštitu depozita ili organ za sanaciju. Novčana sredstva se čuvaju na računu koji je otvoren u centralnoj banci. Fond se for-mira na osnovu priliva novčanih sredstava po osnovu ex ante doprinosa koje su banke dužne da uplaćuju jednom godišnje u sanacioni fond. Iznos doprinosa nije fi ksno utvrđen, već zavisi od obima poslovanja banke. Doprinosi za sanacioni fond se utvrđuju tako što se od ukupnih obaveza banke oduzmu ukupni zaštićeni depoziti. Doprinosi se prilagođavaju srazmjerno profi lu rizičnosti banke u skladu sa defi nisanim kriterijima za utvrđivanje rizičnosti banaka.

Ukoliko novčana sredstva prikupljena iz pred-hodnih doprinosa nijesu dovoljna, prikupljaju se

naknadni (ex-post) doprinosi. Ovi doprinosi ne mogu da budu veći od trostrukog godišnjeg iznosa ex-ante doprinosa. Karakteristično za ove doprinose je to da organ koji upravlja sanacionim fondom može djelimično ili potpuno izuzeti od obaveze plaćanja dodatnih doprinosa pojedine banke, ako bi to ugrozilo njihovu likvidnost ili poslovanje.

Ukoliko prikupljeni doprinosi nijesu dovoljni da podmire potrebe sanacionog fonda, dodatna sredstva se obezbjeđuju ugovaranjem pozajmica ili korišćenjem drugih izvora fi nansiranja.

Uspostavljanje ex-ante sancionog fonda posmatrano u kontekstu stvaranja uslova za uspješnu sanaciju predstavlja napredak u odnosu na postojeće stanje. Nedostatke ovakvog rješenja se moguće tražiti u dodatnom fi nansijskom opterećenju banaka, ali se može očekivati da će se taj teret u krajnjem prenijeti na klijente banke, kroz odgovarajuće povećanje cijene bankarskih proizvoda i usluga. Sredstva u fond se prilivaju periodično, tako da sredstva fonda u prvim godinama njegovog postojanja neće biti značajan izvor sredstava za sanaciju banaka, Međutim, dugoročno posmatrano može se ocijeniti da da uspostavljanje fonda za sanaciju ima opravdanje.

SANACIJA BANAKA U CRNOJ GORI

Analiza postojećih instrumenata sanacije koje se mogu identifi kovati u Zakonu o ban-kama koji se primjenjuje u Crnoj Gori, po-kazuje da Centralna banka kao supervizor bankarskog sektora i u ovom trenutku ima značajan broj instrumenata koji obezbjeđu-ju sprovođenje mjera koje po svojoj suštini imaju karakter mjera rane intervencije i sana-cije banaka (supervizorske mjere, uključujući i mjeru uvođenja privremene uprave u banci).Prema postojećim zakonskim rješenjima Centralna banka posjeduje značajne instru-mente za sanaciju banaka, ali da je u odnosu na zahtjeve iz BRRD-a postoje sljedeći zna-čajniji nedostaci:• postoji objedinjenost funkcije supervizi-

je i sanacije u okviru iste, supervizorske funkcije, što nije u skladu sa zahtjevima iz BRRD-a;

• ne postoje obaveze banaka da u svakom trenutku imaju plan oporavka, jer se taj plan priprema samo na zahtjev Centralne banke;

• ne postoje planovi sanacije prije preduzi-manja mjera sanacije, već se taj plan pra-vi nakon uvođenja privremene uprave u banci;

• nedostaju određeni instrumenti sanacije koje sadrži BRRD (bail-in instrument, jas-no defi nisana mogućnost osnivanja bridž banke i dr.);

• ne postoji sanacioni fond ili slični aranžman koji bi bio izvor sredstava za sprovođenje sanacije.

Može se ocijeniti da najveći nedostatak po-stojećeg regulatornog okvira za sanaciju predstavlja nepostojanje jasno opredijeljenih sredstava koja bi se mogla aktivirati u slučaju

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propadanja banaka, što je možda i najzna-čajniji preduslov za održavanje fi nansijske stabilnosti u situaciji kada je ugroženo po-slovanje neke od značajnijih banaka. Crna Gora još nije uskladila svoje zakonodav-stvo za zahtjevima koji proizilaze iz BRRD-a, tako da će narednom periodu, u izvršavanju obaveza koje proizilaze iz Programa pristu-panja Crne Gore Evropskoj Uniji, predstojati obaveza usklađivanje nacionalne regulative i u ovom segmentu.Na osnovu analize uporednih rješenja, po pitanju određivanja nadležnog organa za sanaciju banaka u Crnoj Gori, čini se da je određivanje Centralne banke da, pored su-pervizorske, ostvarivaruje i funkciju organa za sanaciju banaka, najrealnija opcija, kako sa materijalnog aspekta, tako i sa aspekta kadrovske osposobljenosti. Naravno, uz ade-kvatnu organizacionu i funkcionalnu odvoje-nost i nezavisnost poslova supervizije koja se zahtijeva pravilima sadržanim u BRRD-u. Po pitanju organa koji će se baviti prikupl-janjem sredstava i upravljati sredstvima sa-nacionog fonda, moguća su dva rješenja. Jedno je da se upravljanje sanacionim fon-dom organizuje u okviru Fonda za zaštitu depozita, koji već ima uspostavljen sličan sistem kada su u pitanju sredstva za zašti-tu depozita, a drugo da se i ta funkcija po-vjeri Centralnoj banci. Argumenti za bilo od koja ova dva rješenja su održivi, a i uporedna praksa ne daje argumente koji bi favorizovali bilo koje od ovih rješenja. Priprema planova oporavka i njihova ocje-na od strane supevizora na način utvrđen BRRD-om je dobar preduslov za efi kasni-je postupanje u slučaju nastanka problema u banci. U ovom dijelu postoji opasnost da banke pripremanju ovih planova ne pristu-pe sa punom pažnjom, kao i opasnost da supervizor na bazi slike o stanju banke ko-jim raspolaže ne može adekvatno procijeniti realnost takvih planova. Ukoliko se u prak-si pripremi planova i njihovom revidiranju ne posveti izuzetna i stručna pažnja, ti planovi mogu postati samo formalni akt koji u trenut-

ku njegove aktivacije neće imati neki prak-tični značaj, pa je u tom dijelu nužno obez-bijediti da planove oporavka pripremaju i ocjenjuju izuzetno stručna lica.Kod instrumenata sanacije, može se ocijeniti da će usvajanjem nove regulative iz oblasti sa-nacije biti učinjen značajan napredak, posebno kada je u pitanju uvođenje bail-in instrumenta. Korišćenje ovog instrumenta je postavljeno na pravilnim osnovama, posmatrano sa aspekta snošenja tereta interne sanacije. Mana ovog instrumenta se može identifi kovati u činjeni-ci da se radi o veoma kompleksnim proced-urama za njegovu primjenu, sa značajnim ele-mentima koji se moraju bazirati na procjenama stručnih lica, što osnovano usložnjava proces i zahtjeva dug rok za sprovođenje sanacije ko-rišćenjem ovog instrumenta. Primjena ovog instrumenta u određenom periodu može biti otežana zbog ograničenih kapaciteta, kako kod organa za sanaciju, tako i kada su u pi-tanju eksterni stručnjaci koji se uključuju u po-stupak sanacije.Dodatno, korišćenje „bail-in“ instrumenta može proizvesti značajan rizik od pokretanja sudskih sporova od strane zainteresovanih lica. U tom smislu, neophodno je obezbi-jediti adekvatnu pravnu zaštitu lica koja su uključen u proces sanacije, uključujući i ade-kvatnu osposobljenost lica koja bi rješavala takve sporove, koja im omogućava da u po-tpunosti shvate logiku i ciljeve sanacije, kao i da procijene posljedice koje nastaju u po-stupku sanacije konkretne banke u odnosu na posljedice koje bi nastale u slučaju pokre-tanja stečajnog postupka nad tom bankom.

Na osnovu navedenog, može se konstatovati da će se implementacijom u nacionalno za-konodavstvo procedura, instrumenata i siste-ma sanacije sadržanog u BRRD-u, značajno unaprijediti regulatorni okvir kojim se uređuje sanacija banaka u Crnoj Gori i stvoriti uslo-vi da se, adekvatnom primjenom mogućih rješenja u praksi, značajno ublaže negativne posljedice koje može proizvesti propadanje neke od banaka.

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RESOLUTION FUNDOne of the key new solutions for supporting the bank resolution is resolution fund that is used in the case of bank's failure. It is fi nanced through contribu-tions from the banking sector. In accordance with the BRRD, each member state must establish ex-ante resolution fund or similar arrangement. Th e directive did not strictly defi ned who manages this fund, while in the EU Member States these are most frequently agencies or other deposit guarantee schemes or resolution authority. Monetary assets are kept at the account opened with the central bank. Th e fund is established on the basis of the cash infl ows based on ex ante contributions that banks are obliged to pay once a year into the resolution fund. Th e amount of contributions is not fi xed but it depends on the volume of bank's activities. Th e contributions for resolution fund are determined in the manner that total eligible deposits are deducted from total liabilities of the bank. Contributions are adjusted proportionate to the risk profi le of the bank in accordance with the defi ned criteria for establishing risk profi le of the banks.

If monetary assets collected from the previous contributions are not suffi cient, ex post contributions

are gathered. Th ese contributions cannot exceed triple annual ex ante contributions. Th e authority managing the resolution fund can partially or fully exempt these contributions from the payment of additional contributions of a bank if this would jeopardise its liquidity or operations.

If gathered contributions are not suffi cient to meet the requirements of the resolution fund, additional funds are provided through borrowings or using other sources of fi nancing.

Th e establishment of ex-ante resolution fund, in the context of creating conditions for successful resolution poses a progress compared to the cur-rent situations. Shortfalls of such a solution can be seen in additional fi nancial burden to a bank, but it may be expected that this burden will ultimately be transferred to the clients of the bank through corresponding increase in prices of the banking products and services. Fund can receive infl ows periodically and the resources of the fund during the fi rst years of its establishment will not be suffi cient source of funds for the bank resolution. However, in long run, it can be assessed that the establishment of the resolution fund has its justifi cation.

RESOLUTION OF BANKS IN MONTENEGRO

The analysis of the current resolution tools that can be identifi ed in the current Banking Law in Montenegro shows that the Central Bank, as the supervisor of the banking sector, has currently signifi cant number of tools at its dis-posal that ensure implementation of measures that have the character of early intervention measures and resolution of banks (superviso-ry measures including measure of introducing temporary administration in the bank).According to existing legal regulations, the Central Bank possesses signifi cant instru-ments for the resolution of banks, but the-re are signifi cant shortcomings in relation to BRRD requirements:• There is a unity of supervisory and resolu-

tion functions within the same superviso-ry function, which is not in line with BRRD requirements:

• There is no obligation of the bank to have a recovery plan at all times, as this plan is drawn up only at the request of the Central Bank;

• There are no resolution plans before taking resolution measures, but this plan is drawn up after the introduction of temporary ad-ministration in the bank;

• some resolution tools covered by the BRRD are missing (bail-in tool, clearly de-fi ned possibility of establishing a bridge bank, etc.);

• There is no resolution fund or similar arran-gement that would be the source of funds for implementing the resolution.

It can be concluded that the greatest short-coming of the existing regulatory resolution framework is the absence of clearly commit-ted funds that could be used in the event of



failure, which is perhaps the most important prerequisite for maintaining fi nancial stability in a situation where the operations of some of the major banks are threatened. Montenegro has not harmonised its legisla-tion with the BRRD requirements yet, so that in the forthcoming period, the obligation to harmonise the national regulations in this part will be an obligation in the forthcoming period deriving from the Accession Program of Montenegro to the European Union.Based on the analysis of the comparative solutions concerning determination of the competent authority for bank resolution in Montenegro, it seems that determining the Central Bank to pursue the function of the bank resolution authority in addition to its supervisory function is the most realistic op-tion from both material and staffi ng aspects. Surely, together with adequate organisatio-nal and functional independence and sepa-ration of the supervision that is required by the BRRD. With regard to the authority that will be enga-ged in gathering funds and managing reso-lution fund resources, two solutions are po-ssible. The fi rst one is that it would be within the Deposit Protection Fund which has alre-ady established similar system for deposit insurance, while the second is to entrust this function to the Central Bank. Arguments for any of these solutions are sustainable, and comparative practice does not give any ar-guments that would be in favour of any of the aforesaid solutions. Drawing up the recovery plans and the-ir assessment by the supervisors under the BRRD is a good prerequisite for more effi -cient activity in case of bank failure. In this part, there is a danger that the bank does not pay full attention when drawing up these plans and supervisors cannot assess in an adequate manner the reality of these plans based on the picture of the bank. If excep-tional and professional attention in practice is not paid to drawing up plans and their re-vision, they can become only formal docu-

ments that will not have any importance in practice, if used. Therefore, it is important to ensure that recovery plans are drawn up and assessed by professionals.With regard to the resolution tools, the adop-tion of new regulation governing the resolu-tion a signifi cant progress will be made, par-ticularly by introducing the bail-in tool. The use of this instrument is established on pro-per basis if observed from the aspect of bea-ring bail-in tool. The shortcoming of this tool can be identifi ed in the fact that there are very complex procedures for its implemen-tation with signifi cant elements that can be based on the assessment of experts which makes the process more complex and requ-ires long period for implementation of the re-solution using this tool. The implementation of this tool in certain period can be hindered due to limited capacities of both resolution authorities and external experts to be inclu-ded in the resolution.Moreover, the use of bail-in tool can result in risk of initiating lawsuits by stakeholders. To that end, it is necessary to ensure adequa-te legal protection of persons included in the resolution process, including adequate trai-ning of persons that would resolve such dis-putes that enables them to fully understand the logic and objectives of the resolution and assess the consequences arising from the resolution of the bank compared to the con-sequences that would have occurred in case of opening bankruptcy proceedings in such a bank.

Finally, it can be concluded that transposing of the resolution measures, tools and sys-tems contained in the BRRD into the natio-nal legislation will substantially improve the regulatory framework governing bank resolu-tion in Montenegro and create conditions to signifi cantly reduce by adequate implemen-tation of possible solutions in practice nega-tive consequences that may arise from the failure of some of the banks.



Da li je plaćanje platnim karti-cama u Crnoj Gori sigurno?

Ukratko rečeno, jeste. Ipak, sigurnost plaćanja zavisi od mnogo faktora. Dva ključna faktora koji utiču na sig-urnost transakcija su tehnološki razvoj banke koja nudi ovu vrstu usluge i dostupnost edukativnih informacija krajnjem korisniku. Dokumentacija kartičnih brendova sadrži detaljno defi nisane standarde, kao i pravila i poslovne prakse za primjenu sig-urnosnih mehanizama kojih banke treba da se pridržavaju. S druge strane, ove informacije banke treba da koriste i za edukaciju svojih klijenata.

Za banku je najbitnije da jasno definiše način autorizacije i time obezbjedi sigurnu transakciju platnom karticom. Zakon o platnom prometu, Autorizacija platne transakcije, Član 30 jasno nalaže da je obaveza svake banke da defi niše šta se podrazumijeva pod autorizovanom platnom transak-cijom i kojim mehanizmom korisnik kartice daje saglasnost za izvršavanje platne transakcije. Saglasnost za izvr-šavanje platne transakcije, odnosno njena autorizacija se ugovara između platioca (korisnika kartice) i pružaoca platnih usluga (banke). Za svaku transakciju izvršenu u suprotnosti sa ugovorenim načinom smatra se da nije adekvatno autorizovana, iako

može biti inicirana i uspješno izvr-šena od strane stvarnog korisnika kartice. Zbog toga je poželjno da banke i kroz Opšte uslove informišu klijente sa što više detalja o tome kako se vrši ispravna autorizacija platne transakcije za svaki pojedi-načni platni instrument, po svakom pojedinačnom prihvatnom kanalu, ali i koji postupci obavljanja kartičnih transakcija, koji se intezivno koriste u praksi, nisu uvijek i najsigurniji za korisnika kartice.

Sigurnost kojih transakcija naj-više opterećuje klijente i banke?

MOTO (Mail Order Telephone Order) transakcije i plaćanje preko interneta najviše zabrinjavaju klijente i nose najveći sigurnosni rizik, jer se transakcije obavljaju dostavlja-njem personalizovanih sigurnosnih elemenat, kartice trgovcu putem email-a ili telefona, odnosno njiho-vim unosom na internet stranicu.

Klijenti često pogrešno, sa aspekta bezbjednosti, ne prave razliku između MOTO i internet transakcija, jer se u oba slučaja za transakciju koriste personalizovani sigurnosni elementi kartice.

Treba naglasiti da banke ni u jednom slučaju ne snose odgovor-nost za posljedice koje mogu nastati

usljed korišćenja kartica prilikom kupovina bez prisustva kartice. U slučaju zloupotreba, banke su dužne da, tokom postupka rješavanja rekla-macije, utvrde da li je sporna transak-cija autentifi kovana, autorizovana, pravilno evidentirana i knjižena i da li je na njeno izvršenje imao uticaj tehnički kvar ili drugi nedostatak, i da postupe po zakonu, ugovoru ali i internim pravilima i odlukama, sa ciljem da zaštite i klijente i svoje poslovanje. Kada govorimo o inter-nim pravilima i odlukama mislim na posebne budžete formirane za pokrivanje šteta nastalih zloupo-trebama kartica i posebna tijela u okviru banke koja se bave istragama, utvrđivanjima uzroka nastalih zlo-upotreba i analizom preduzetih mjera za njihovo sprječavanje. Na osnovu rezultata takvih istraga i analiza se donosi i odluka o kori-šćenju budžeta za pokrivanje šteta nastalih zloupotrebama kartica. Postupak rješavanja reklamacije je složen, zahtijeva poznavanje pravila kartičnih brendova i određeno vri-jeme za njeno okončanje.

Da li zbog toga treba zabraniti internet transakcije?

Internet transakcije ne treba da se zabrane. Uz razvoj telekomunika-cija, sistemi za elektronsko plaćanje ubrzano zamjenjuju tradicionalne metode plaćanja koje podrazumijevaju direktan kontakt između kupaca i prodavaca. Na globalnom nivou, i u Crnoj Gori, internet trgovina bilježi trend rasta i postaje jedan od ključnih kanala prodaje. Kartični brendovi su regulisali ovaj kanal prodaje pravilima i standardima kojih sve banke moraju da se pridržavaju. Pravila i standardi se konstantno unapjređuju sa ciljem

INTERNETTRGOVINA

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Is payment by payment cards in Montenegro safe?

In short, yes, it is. However, the security of payment depends on many factors. Th e technological development of a bank off ering this type of service and the availability of educational information to the end user is two key factors aff ecting the security of transactions. Th e documentation of payment card brands contains detailed standards, as well as rules and busi-ness practices for the application of security mechanisms that banks have to adhere to. On the other hand, banks should use this information also to educate their clients.

It is most important for a bank to clearly defi ne the way of authoriza-tion, thereby ensuring secure payment transaction. The Payment System Law in the chapter on Authorisation on Payment Transactions, Article 30 clearly stipulates that each bank should defi ne the authorised payment transaction and a mechanism used by the payment card user to give consent for the payment transaction execution. Th e consent to execute the payment transaction, i.e. its authorisation, is contracted between the payer (payment card user) and his payment service provider (the bank). Any transaction

executed in contravention of the agreed manner is not considered duly author-ised, although it can be initiated and successfully executed by the actual payment card user. Th erefore, banks should inform clients through gen-eral terms and conditions of as much detail as to how the payment transac-tion authorisation is valid for each individual payment instrument, each individual receipt channel, and which procedures for executing payment card transactions that are intention-ally used in practice, are not always the safest for the payment card user.

With regard to security, what type to transactions pose the

highest concern to clients and banks?MOTO (Mail Order Telephone Order) transactions and internet payments are the ones that pose the highest concern to clients as they bear the highest security risk. Th ese transactions are executed by delivering personalised security elements of the payment card to a merchant via email or phone, i.e. entering these data on the merchant's web page.

With regard to security, clients usually do not diff erentiate between MOTO and internet transactions, because personalised security elements

of the payment cards are used in both cases.

It should be emphasized that banks do not bear any responsibility for the consequences of using the payment cards when purchasing without the presence of the payment card. In the event of misuse, banks are obliged to determine whether the disputed trans-action is authenticated, authorised, properly recorded and booked, and whether the execution has had any technical or other defective eff ect, and to comply with the law, contract but also internal rules and decisions, with the aim of protecting both clients and their business. In respect of internal rules and decisions, they include special budgets designed to cover the damage caused by payment card misuse and special bodies within the bank deal-ing with investigations, defi ning the causes of misuses and analysing the measures taken to prevent them. Based on the results of such investigations and analysis, the decision is passed on the use of the budget to cover the damage caused by payment card misuse. Th e process of resolving the complaint is complex: it requires knowledge of the rules of the payment card brands and a certain amount of time for its fi nalization.

Therefore, should internet tran-sactions be prohibited?

Internet transactions should not be prohibited. Together with the development of telecommunications, electronic payment systems quickly replace traditional payment methods which imply direct contact between the buyers and sellers. Internet trad-ing is trending up worldwide and in Montenegro, and it is becoming one of the key trading channels. Payment

INTERNETTRADING


QUESTIONS AND ANSWERS

povećanja bezbjednosti platnih instru-menata. Posljedično tome, banke su u obavezi da prate i implementiraju nove standarde i pravila. Profesionalne službe i stručni kadrovi u okviru kar-tičnih brendova, ali i banaka, se bave defi nisanjem i implementacijom naj-efi kasnijih mjera bezbjednosti za ovaj kanal trgovine, i ogroman novac se ulaže u njihov razvoj.

Koje su to mjere koje banke preduzimaju da bi spriječile

eventualne zloupotrebe?Postoje različite mogućnosti za sprje-čavanje zloupotreba, od defi nisanja limita potrošnje (broj transakcija, iznos transakcija) za pojedine kanale trgovine, preko izdavanja limitiranih prepaid kartica koje imaju sredstva samo u momentu kupovine, do implementacije posebnih servisa. Ono što svaka banka treba da pre-duzme je uvođenje dodatnih mjera sigurnosti kao sto su 3D secure servisi i to VbV(Verifi ed by VISA), MasterCard secure code i American express Safekey, ali i stalni monito-ring kartične mreže kroz različite servise on-line izvještavanja.

Radi pojašnjenja za one koji nisu upućeni u ovaj segment poslovanja, pojasnićemo ukratko način funkcio-nisanja 3D secure servisa. Ovaj servis predstavlja dodatni nivo bezbjed-nosti kod obavljanja transakcija na

internetu i omogućava autorizaciju transakcije putem dinamičke šifre ili OTP-a (One Time Password) koji klijent dobija, najčešće putem SMS-a (nije obavezno), u momentu iniciranja transakcije na internetu. Može biti podržan sa strane izda-vaoca kartice, ali i strane prihvatne mreže, odnosno prihvatioca kartica.

Kakve rezultate klijenti mogu očekivati u reklamacionom

postupku za internet transakcije?Postoji više različitih situacija kada kada govorimo o reklamacionom postupku za internet transakcije, koje zavise od stepena implemen-tiranih sigurnosnih standarda na strani prihvatioca i izdavaoca kar-tica. U slučaju da internet stranica ne podržava 3D secure servis, a kartica klijenta podržava, za svaku zloupotrebljenu transakciju kli-jent ima pravo da reklamacijom ostvari povraćaj sredstava. Ukoliko je došlo do zloupotrebe, a prihvatilac i izdavalac kartica podržavaju ovaj servis, i istovremeno je transakcija autorizovana ovim servisom, kli-jent je zasigurno omogućio neo-vlašćeni pristup personalizovanim sigurnosnim elementima i pristup kanalu za dostavljeaje OTP-a. U tom slučaju korisnik kartice će snositi svu štetu nastalu zloupotrebom kartice. Reklamacije takođe neće

biti povoljno riješene po korisnika kartice ukoliko trgovačke internet stranice podržavaju standarde koji su na većem nivou sigurnosti.

Ukoliko su i korisnik kartice i trgovac na istom nivou primjene standarda bezbjednosti koje kartični brendovi priznaju, korisnik kartice je u reklamacionim postupcima, koje vode banke za svoje klijente, u startu u prednosti, dok trgovac mora dokazati da se klijent ispravno identifi kovao i autorizovao transakciju, što je u praksi, kada se ne primjenjuju 3D secure servisi, jako teško. Međutim rezultat ovakvih reklamacija je neiz-vjestan. U tim postupcima bitno je da je bančin službenik stručan i ima iskustva iz ove oblasti i da se prilikom reklamacije koju prosljeđuje kartičnim brendovima, pozove na ispravan „osnov reklamacije“, jer se u suprotnom reklamacija za klijenta neće povoljno riješiti.

Ova oblast je jako složena i zahtjevna. Zahtijeva stalne eduka-cije i tehnološka usavršavanja, ali i primjenu zakona i njihovo razumi-jevanje. Iako banke u Crnoj Gori ne zaostaju za razvijenim evropskim tržištima u ovom segmentu poslova-nja, moraju se stalno prilagođavati zahtjevima tržišta i moraju ulagati u razvoj servisa koje pružaju sigur-nost klijentima u korišćenju platnih instrumenata.

Garancije predstavljaju, globalno posmatrano, najčešće korišćeni

instrument u spoljnotrgovinskoj raz-mjeni tj. prekograničnom prometu. Kao izdavaoci garancija mogu se, u zavisnosti od propisa konkretne zemlje, angažovati: banke, banke za razvoj, banke za osiguranje i

fi nansiranje izvoza, kompanije čija je djelatnost osiguranje, faktoring, forfeting i lizing, kao i neka druga pravna lica. Banka treba da klijentu koji namjerava da zaključi ugovor sa novim partnerom preporuči da se detaljno informiše u vezi sa siste-mom poslovanja sa garancijama u

zemlji sjedišta partnera.Najznačajni elementi bankarske

garancije su: banka-garant; nalogo-davac/uvoznik; korisnik/izvoznik; iznos garancije; osnovni podaci o poslu za koji se zahtijeva izdavanje garancije; valuta na koju glasi garan-cija; rok važnosti garancije - naznaka

DA LI BANKA MOŽE IZDATI GARANCIJU PREMA INOSTRANSTVU NA SVOM MEMORANDUMU?

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Guarantees are, in global terms, the most frequently

instrument used in foreign trade i.e. cross-border transactions. Depending on the regulations of a specifi c country, issuers of guarantees can be banks, deve-lopment banks, banks for insurance

activities and export fi nancing, companies engaged in insurance activities, factoring, forfeiting and leasing operations, and some other legal persons. If a client intends to enter into agreement with a new partner, its bank should recommend to be informed in

detail on the activities related to guarantees in the home country of the counterparty.

Th e most important elements of the bank guarantee are: bank - guarantor; obligor/importer; beneficiary/exporter; amount of guarantee; main data on the

card brands regulated this channel by setting rules and standards applicable to all banks. Rules and standards have been constantly improving with the aim of increasing the security of payment instruments. Consequently, banks are obliged to monitor and imple-ment new standards and rules. Th e professional units and experts within payment card brands and banks are involved in defi ning and implementing the most effi cient security measures for this trading channel, investing simultaneously enormous amount of money in their development.

What type of measures is taken by banks to prevent potential

misuses?Th ere are various possibilities to pre-vent misuses, from defi ning limits of spending (number of transactions, amount of transactions) for some trading channels, to issuing limited prepaid cards that funds only in the moment of purchase and implementing special services. Every bank should introduce additional security meas-ures such as 3D secure services VbV (Verifi ed by VISA), MasterCard secure code and American express Safekey. Banks should also monitor continu-ously payment card networks through diff erent on-line reporting services.

The 3D service is an additional level of security in executing internet

transactions and enables the authorisa-tion of transaction through dynamic code or OTP (One Time Password) provided to a client most frequently via SMS (not obligatory), in the moment of initiating internet transaction. It may be supported by the payment card issuer and by accepting network or recipient of the payment card.

What results are expected by clients in the complaint proce-

dure regarding internet transactions?Th ere are several diff erent situations regarding the complaint process for internet transactions that depend on the level of implementation of the security standards on the side of the recipient and the issuer payment cards. When the website does not support the 3D secure service but the payment card of the client supports it, the client has the right to request recovery of funds through complaint procedure for each misused transaction. If the misuse of the payment card occurred, and both the recipient and the issuer of the pay-ment card support this service, while the transaction is authorised by this service, the client has surely allowed unauthorised access to personalised security features and access to the OTP delivery channel. In this case, the payment card user will bear all the damage caused by the payment card misuse. Complaints will also not be

resolved in favour of the payment card users if they are commercial websites, which support standards that are at a higher level of security.

If the payment card user and the merchant apply the security standards at the same level recognised by pay-ment card brands, the payment card user is in the complaint procedures that banks handle for their clients are in advantage, while the merchant has to prove that the client has properly identifi ed and authorised the transac-tion, which is in practice very diffi cult if it does not use 3D secure services. However, the result of such complaints is uncertain. In these procedures, it is important that the bank's offi cer is an expert and has experience in this area. When fi ling a complaint with the payment card brands, the bank's offi ces should state correct grounds for the complaint; otherwise the client complaint will not be solved.

This area is very complex and demanding. It requires permanent training and technological advance-ment, but also the application of the laws and their understanding. Although banks in Montenegro are lagging behind the developed European mar-kets in this business segment, they must constantly adjust to market demands and invest in developing services that provide customers with security in the use of payment instruments.

CAN A BANK ISSUE INTERNATIONAL GUARANTEE ON ITS MEMORANDUM?



događaja čijim nastupanjem prestaje važnost garancije; uslovi za upući-vanje zahtjeva od strane korisnika za naplatu po garanciji i dr.

Najveći broj banaka obavlja prekogranične transakcije kori-steći SWIFT mrežu (Societe for Worldwide Interbank Financial Telecommunication). Riječ je o međunarodnoj asocijaciji banaka, fi nansijskih institucija i drugih prav-nih lica. Međutim, banke iz određe-nih zemalja (Tunis, Maroko, Alžir i dr.) korespondenciju obavljaju, po osnovu garancijskog i akreditivnog poslovanja, pretežno ili isključivo putem pošte, dakle bez korišćenja SWIFT - mreže. Treba imati u vidu činjenicu da je kod takvog modela korespondencije neophodno una-prijed utvrditi sve elemente u vezi sa potpisivanjem i kontrolom potpisa dokumentacije od strane ovlašćenih lica banaka koje učestvuju u tran-sakciji. Činjenica je da je značajan broj banaka širom svijeta napustio praksu štampanja i slanja drugim

bankama spiskove lica ovlašćenih za potpisivanje dokumentacije u poslovanju sa inostranstvom (List of Authorized Signatures). Alternativa štampanim listama su elektronske kriptovane datoteke koje primjenjuje sve veći broj banaka širom svijeta.

Navedene promjene imaju za posljedicu da se, umjesto ranije isključivo korišćenog modela upoređivanja potpisa sa primljene dokumentacije sa potpisima na štampanom primjerku Liste ovla-šćenih potpisa, sada primjenjuje model provjere autentičnosti pot-pisa na dokumentaciji primljenoj u štampanoj formi. Postupak provjere se obavlja upućivanjem zahtjeva u vezi sa svakom pojedinačnom garancijom putem SWIFT poruke na adresu banke koja je dostavila potpisanu dokumentaciju putem pošte. Razumije se, takav način provjere je praćen sa dva veoma značajna elementa:banka koja je uputila dokumentaciju i banka koje je primila dokumentaciju moraju

imati razmijenjene SWIFT klju-čeve; postupak provjere zahtijeva određeno vrijeme za reagovanje od strane banke koja je dostavila dokumentaciju, što može biti veoma osjetljivo u pogledu rokova koji prate transakciju koja je predmet korespondencije putem pošte.

S obzirom na navedene specifi č-nosti, u praksi se često sreće potreba za obraćanjem trećoj, posredničkoj banci, a to je po pravilu banka sa kojom sarađuju obije banke uklju-čene u garancijski posao. Kao treća banka može se pojaviti centralna banka zemlje u kojoj jedna od banaka uključenih u garancijski posao ima svoje sjedište.

Smisao provjere autentičnosti pri-mljene dokumentacije je da se otkloni rizik falsifi kata. Napomenućemo da garancijski poslovi koji se obav-ljaju putem SWIFT-a ne zahtijevaju posebnu provjeru autentičnosti, t.j. smatraju se autentičnim s obzirom na pouzdanost SWIFT sistema.

KOJE SU IZMJENE PLANIRANE U SEPA SISTEMU I KADA POČINJE NJIHOVA PRIMJENA?

SEPA sistem (Single Euro Payments Area) predstavlja inici-

jativu Evropske unije za integrisanje i unifi kaciju modela u korišćenju fi nansijskih instrumenata koji glase na EUR valutu. SEPA sistem trenutno primjenjuje 35 država i to: 28 država članice EU, četiri države članice Evropske asocijacije za slobodnu trgovinu (EFTA), kao i Andora, Monako i San Marino.

Pored navedenih zemalja, SEPA sistem je veoma značajan i za sve zemlje koje platni promet sa ino-stranstvom obavljaju u EUR valuti i to preko korespondenata koji

svoja sjedišta imaju u evropskim zemljama. Činjenica je da sve banke u SEPA sistemu imaju pravo da odlučuju o naplaćivanju pro-vizija učesnicima platnog prometa, bez obzira na to da li se radi o transakcijama u zemlji ili o prekograničnim transakcijama. Instrukcijama Evropske komisije br. 924/2009 utvrđeno je da troškovi izvršenja doznaka do iznosa od EUR 50.000

u zemljama članicama Evropske unije moraju biti isti sa troško-

vima transfera iznosa do EUR 50.000 koji

se realizuju unutar n a c i o n a l n i h platnih sistema zemalja članica EU, a za koje je ova odredba

obavezujuća. Posebno je važno

uzeti u obzir činjenicu da predmetna instrukcija

EU ne reguliše troškove po osnovu konverzije iz EUR

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operation for which the guar-antee is issued; currency on the guarantee; expiration date of the guarantee – events that result in the expiry of the guarantee; terms and conditions for delivering the request by the benefi ciary for call-ing the guarantee, and the like.

The largest number of banks performs their cross-border trans-actions using SWIFT (Societe for Worldwide Interbank Financial Telecommunication). Th is is inter-national association of banks, fi nancial institutions and other legal persons. However, banks coming from certain countries like Tunis, Morocco, Algeria perform their correspondent guarantee and letter of credit activities primar-ily or exclusively through post offi ce, without using the SWIFT. It should be born in mind that this model of correspondent activities requires that all elements regard-ing signing and control of signing of documentation by authorised

persons of the participating banks are determined in advance. Th e fact is that a signifi cant number of banks worldwide have left the practice of printing and sending lists of authorised signatories to other banks. Instead of the printed lists, the electronic encrypted data files are used by an increasing number of banks worldwide.

Th erefore, instead of the model of comparing signatures from the received document with the printed list of authorised signatories that was used previously, the model of verifi cation of signatures on documents received in hard copy is used nowadays. Th e verifi cation is performed by sending a request with regard to each individual guarantee via SWIFT message to the address of the bank that delivered the signed documents via post office. Such a manner of verifi cation is monitored by two very important elements: the bank that has forwarded the

documentation and the bank that has received documentation must exchange SWIFT keys; the veri-fi cation process requires certain time for the bank submitting the documents to react, which can be very sensitive regarding the time-frames that follow the transaction subject to the correspondence via post offi ce.

Due to the mentioned specifi ci-ties, the practice oft en shows the need to address the third, inter-mediary bank, which is as a rule the bank with which both banks included in the guarantee activity cooperate. A third bank can be the central bank of a country in which one of the banks engaged in guarantee has its head offi ce.

Th e verifi cation of the received documents is to remove the risk of forgery. Guarantee activities per-formed via SWIFT do not require separate authentication, i.e. they are considered authenticated due to reliability of SWIFT systems.

WHAT ARE THE CHANGES PLANNED WITHIN THE SEPA AND WHEN WILL THEIR IMPLEMENTATION START?

The Single Euro Payments Area (SEPA) is an initiative of the

European Union for integrating and unifying models in using fi nancial instruments denominated in euro. SEPA is currently applied in 35 countries: 28 EU Member States, four EFTA member states, and Andorra, Monaco and San Marino.

In addition to these countries, SEPA is also very important for the countries that execute their international payment transac-tions in euro through their cor-respondents having their head

offi ces in European countries. Th e fact is that all banks in SEPA have the right to decide on charging fees for the payment system p a r t i c i p a nt s , regardless these are national or international payment trans-actions. Th e Regulation (EC) No 924/2009 prescribed that the expenses for exe-cuting remittances up to 50,000 euros in the EU Member States must be

the same as transfer expenses up to 50,000 euros realised within

the national payment systems of the EU

Member States for which this provi-sion is binding.

It should be taken into con-sideration that

the EU regulation do not prescribe

the expenses based on euro conversion into

other currencies and vice versa, which are used in



u druge valute i obrnuto, a koje se koriste u platnom prometu koji izvršavaju banke u zemljama čla-nicama EU. Shodno tome, troškovi konverzije mogu biti naplaćivani ispostavljanjem naknadnih računa za plaćanje ili pak direktnim zadu-ženjem računa banke koja je nalo-godavac konverzije.

SEPA radi na intenziviranju svojih aktivnosti u unaprjeđenju plaćanja u realnom vremenu. Fokus Evropskog savjeta za plaćanja (EPC) će narednih godina biti na instant plaćanjima. Glavne karakteristike ICT Instant modela su: novac će biti transferi-san za maksimalno 10 sekundi na račun korisnika; inicijalno može biti transferisano 15.000 eura; model će podržavati samo plaćanja u euro valuti; ovaj model se može koristiti

opciono, tako da ga koriste samo primaoci sredstava, ili i nalogodavci i primaoci sredstava.

Da bi se postigli svi ciljevi, EUR Uprava za plaćanja u maloprodaji (Euro Retail Payments Board - ERPB) je postavio defi niciju instant plaćanja, kao elektronskih maloprodajnih plaćanja koja su non-stop dostupna. Defi nicija takođe naglašava da je ovakva dostupnost rezultat trenutnog ili skoro trenutnog kliringa među-bankarskih transakcija i odobrenja sredstava na račun primaoca uz potvrdu nalogodavcu o izvršenom plaćanju u roku od nekoliko sekundi od iniciranja transakcije. U idealnom slučaju, to će biti realizovano bez obzira na to koji instrument plaća-nja je korišćen: direktno zaduženje, platna kartica ili prenos sredstava,

odnosno koja podrška je uspostav-ljena za kliring. Ciljano maksimalno vrijeme za koje bi transakcija bila završena je 10 sekundi.

U pogledu kalendara dešavanja ova inicijativa je stavljena u SEPA Instant Credit Transfer (SCT Inst) šemu, sa verzijom 1.0 za 2017 SCT Inst Pravilnik, koji je objavljen 30. novembra 2016. Predmetni Pravilnik će stupiti na snagu 21. novembra 2017 i ostaće na snazi do novembra 2019. Pomenuti datum je izabran kako bi se obezbijedilo dovoljno vremena za sprovođenje izmjena koje moraju biti u skladu sa šemom SCT Inst. Sljedeći ciklus unaprje-đenja je planiran za 2018. godinu, pri čemu će sve planirane izmjene biti primjenjivane od novembra 2019. godine.

Franšiza predstavlja model orga-nizovanja sistema proizvodnje

i/ili prodaje roba odnosno pružanja usluga po modelu koji već primje-njuje davaoc franšizinga. Franšiza može biti lokalnog karaktera, kada se i davalac i korisnik franšize nalaze u istoj zemlji, ili internacionalna.

Ugovor o franšizingu predstavlja formalno pravni ugovor zaključen između davaoca i primaoca franši-zinga, i takav ugovor sadrži sljedeće elemente: nazive učesnika-partnera; defi niciju vlasništva na predmetom ugovora; defi niciju teritorije na koju se odnosi primjena ugovora; datum stupanja na snagu, kao i uslove za raskid ugovora; minimalni obim prometa u prvoj, kao i kasnijim godinama poslovanja; marketing, trening, osiguranje, izuzeća, arbitraže u slučaju nesuglasica i dr.

Prednosti franšize su: korišćenje tuđih sredstava pod tačno utvr-đenim uslovima; veća mogućnost prodaje bazirana na prepoznatljivom nazivu - brendu; precizno defi nisani fi nansijski planovi; obezbijeđena podrška u eventualnim kriznim periodima i dr.

Sa gledišta novoosnovanog pri-vrednog društva, franšizno poslo-vanje pruža sigurniji početak poslo-vanja i znatno povećava šanse za opstanak na tržištu, što je posebno važno u zemljama u tranziciji. Ulazak u poslovanje putem franšize je lišen određenih rizika. Istraživanja su pokazala da pokretanje poslovanja u sistemu franšize veoma rijetko ne uspeva, a ukoliko se to dogodi, najčešći razlog za to je što se korisnik franšize nije pridržavao instrukcija dobijenih od davaoca franšize.

Banke predstavljaju veoma zna-čajan faktor poslovanja kori-snika franšize, budući da se od banaka očekuje odobravanje "start-up" kredita. U zavisnosti od regulatornih zahtjeva u vezi sa poslovanjem novoosnovanih privrednih društava, u praksi se veoma često sreće podrška banaka u vezi sa izdavanjem garancija. Naime, ukoliko je davalac franšize nerezident, on može izdati kontra-garanciju kao instrument obezbjeđenja u korist lokalne banke, koja će izdati direktnu garanciju u korist kori-snika franšize. Potreba za takvim aranžmanom se može pojaviti ne samo na početku poslovanja korisnika franšize, već i kasnije - najčešće u vezi sa proširenjem obima aktivnosti.

KAKO BANKA MOŽE PRUŽITI PODRŠKU KORISNIKU FRANŠIZE?

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A franchise is a model of organ-ising the system of production

and/or sale of goods or providing services using the model being applied by the provider of the franchise. Franchise can be local when the provider and user are in the same country, or international.

A franchise agreement is a legal contract signed between the pro-vider and user of the franchise, and it contains the following ele-ments: names of the participants – counterparties; definition of ownership of the object of the agreement; defi nition of territory where the agreement is applied; date of entering into force, terms and conditions for its termination; minimum volume of turnover in the fi rst and subsequent busi-ness years; marketing, training,

insurance, exemptions, arbitrages in case of disputes, and the like.

Advantages of the franchise are as follows: use of third party funds under the exactly specifi ed terms and conditions; higher possibil-ity of sale based on recognisable name – brand; defi ned fi nancial plans; support in contingencies, and the like.

From the aspect of new company, franchise activities provide safe start-up, and substantially increase the survival in the market, which is particularly important in the countries in transition. Start-ups using franchise do not bear certain risks. Th e researches have shown that new companies in the fran-chise system rarely fail, and if that occurs, the most frequent reasons is that the user of franchise did not

adhere to the instructions obtained from the provider of the franchise.

Banks are very important for the activities of the franchise users since they are expected to grant start-up loans. Depending on regulatory requirements for new companies, the practice oft en shows that the banks are very sup-portive when it comes to the issue of guarantees. If the franchise pro-vider is non-resident, it may issue counter-guarantee as an instrument of security in favour of local bank which will issue direct guarantee in favour of franchise user. Th e requirement for such an arrange-ment may appear both at the start of the business of the franchise user and later when the franchise user wants to expand the volume of its activities.

the payment systems of the banks in EU Member States. In that regard, conversion expenses can be charged by delivering subse-quent accounts for payment or direct debiting of the bank that is ordering the conversion.

SEPA works on intensifying its activities in order to improve payments in real time. Th e focus of European Payment Council (EPC) will be on instant payments in the coming years. Th e main features of the ICT instant model are: money will be transferred for a maximum of 10 seconds to the benefi ciary account; 15,000 euros can be initially transferred; the model will support only payments in euro; the use of this model is optional so it can be used only

by recipients or both ordering parties and recipients.

In order to reach all objectives, Euro Retail Payments Board (ERPB) set up the defi nition of instant payment as electronic retail payments that are available 24/7. Th e defi nition also highlights that such availability is the result of current or almost current clear-ing of interbank transactions and crediting of funds at the recipi-ents’ account with the confi rma-tion to the ordering party on the executed payment within several seconds since the inception of the transaction. Ideally, this would be executed regardless of what pay-ment instrument is used: direct debiting, payment card or trans-fer of funds, i.e. which support

has been established for clearing. Targeted maximum time for the transaction to be executed is 10 seconds.

With regard to the agenda, this initiative has been placed in SEPA Instant Credit Transfer (SCT Inst) scheme, version 1.0 for 2017 SCT Inst Rulebook, which is pub-lished on 30 November 2016. Th is Rulebook will enter into force on 21 November 2017 and it will remain in force until November 2019. Th e said date is selected in order to provide suffi cient time for the implementation of changes to be in line with the SCT Inst Scheme. Th e next cycle of improvements is planned for 2018, whereby all projected changes will be applied from November 2019.

HOW CAN THE BANK SUPPORT FRANCHISE USER?



U periodu od nepune dvije godine i po treći put je morala da uđe u rat, ovog puta protiv novog i mnogo brojnijeg, jačeg, dobro nao-ružanog, uvježbanog i odmornog neprijatelja. Padom Lovćena 13. januara i zauzimanjem nebranjenog Cetinja 15. januara 1916., u borbi između neuporedivo brojnije austrougarske vojske (odnos pješadije bio je 6:1, artiljerije 12:1, potpomognute moćnom pomorskom fl otom i avijacijom, u korist Austrougarske) započela je okupacija Crne Gore. Crnogorski kralj i veći dio Vlade povukli su se iz Crne Gore i preko Italije uputili za Francusku iz koje se nikad neće vratiti.

Nakon niza ratova i velikih vojničkih pobjeda konačno je došao 25. januar 1916. kada je potpisan akt o polaganju crnogorskog oružja u Prvom svjetskom ratu. Ovim činom Crna Gora je formalno kapitulirala iako nikada nije potpisan zvanični akt o tome.

Na Cetinju su ostala tri ministra, koji su kao „krnja vlada“ vršili vlast i pregovarali o primirju i eventualnom separatnom miru. Uvidjevši da od separatnog mira sa Crnom Gorom nema ništa, okupator je početkom marta 1916. uveo okupacionu upravu na čijem je čelu bilo Vojno generalno guvernerstvo direktno potčinjeno austrougarskoj Vrhovnoj komandi. Njeno sjedište bilo je na Cetinju, a njime je najprije rukovodio Viktor Veber.

Donošenjem niza naredbi organizovana je sudska, fi nansijska i civilna vlast. Uvedeno je latinično pismo.

Na samom početku okupacije kurs metalnog crnogorskog novca bio je 1:1 u odnosu sa krunom. Austrougarske vlasti nijesu priznavale vrijednost papirnih bonova, tj. uputnica koje je emitovala crnogorska Državna blagajna što je izazvalo nestašicu metalnog novca i povećanje cijena svih roba. Narod nije mogao kupovati hranu, plaćati takse, poreze, vraćati kredite i sl.

ŽIGOSANJE CRNOGORSKIH PERPERAU junu 1916. okupaciona vlast je donijela prve naredbe i donekle uredila cirkulaciju papir-nih perpera. Naredbom Vojnog generalnog guvernersta br. 8, određen je kurs 1 kruna = 1 kovani perper (srebrni, nikleni, bakarni novac) ili dva papirna perpera.

Prvim članom Naredbe br. 9 regulisan je promet i uslov pod kojim će se primati: „Perperne bonove, to jest uputnice bivše crno-gorske državne blagajne, od jednoga, dva, pet, deset, dvadeset, pedeset ili sto perpera primat će i vojničke prodavaone kao platežno sredstvo za životne namirnice i potrebštine, ako bude na njima otisnut žig jedne K. i K. okružne komande”. Ovjeravanje je vršeno pečatima na kojima, njemačkim jezikom, u krugu oko grba dvojne monarhije, piše: „K.u K. MILITAR GENERALGOUVERNEMENT IN MONTENEGRO KREISKOMMANDO...“, i ime grada, sjedišta K. i K. okružne komande, u kome je žigosanje izvršeno. Obilježavanje je obavljeno u okružim komandama: Cetinje,

NOVAC ZA VRIJEME AUSTO-UGARSKE OKUPACIJE 1916-1918

Miodrag KirsanovCentralna banka Crne Gore

Nakon atentata u Sarajevu 28. juna 1914., kada je poginuo austrougarski prijestolonasljednik Franc Ferdinand, uslijedio je niz događaja koji su na kraju rezultirali početkom Prvog svjetskog rata. Austrougarska je za organizovanje atentata optužila Srbiju i 10. jula joj uputila ultimatum koji ova nije mogla prihvatiti bez poniženja i povrede svojih suverenih prava. Solidarišući se sa Srbijom, u želji za „oslobođenjem sve porobljene braće ispod austrougarskog jarma“, a shodno Odluci Narodne skupštine, Crna Gora je 26. jula objavila rat Austrougarskoj, a sljedećeg dana i Njemačkoj

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After the assassination in Sarajevo on 28 June 1914, when the Austro-Hungarian heir to the throne Franc Ferdinand was killed, a series of events occurred that resulted in the beginning of the World War I. Austro-Hungary accused Serbia of organising the assassination, and it sent an ultimatum on 10 July, which Serbia could not accept without humiliation and violation of its sovereign rights. In solidarity with Serbia and the desire to "release all enslaved brothers from the Austro-Hungarian occupation", and according to the decision of the National Assembly, Montenegro announced the war against Austro Hungarian on 26 July and against Germany the following day

It had to had to go to war for the third time in period of less than two years. Th is time it was against new and much larger, stronger, well-armed, trained and relaxed enemy. Th e occupation of Montenegro started with the fall of Lovćen on 13 January and the occupation of the undefended Cetinje on 15 January 1916, in the battle against incomparably numerous Austro-Hungarian armies (the ratio of infantry was 6: 1, artillery 12: 1, supported by the powerful naval fl eet and aviation in favour of Austro-Hungarians). Th e Montenegrin King and most of the Government withdrew from Montenegro and were headed through Italy to France, from which they had never returned.

Aft er a series of wars and large military victories, an act on Montenegro surrender in the World War I was signed on 25 January 1916. It was the date when Montenegro formally capitulated although an offi cial document had never been signed thereof.

Th ree ministries remained on Cetinje, who represented the government as “truncated gov-ernment” and negotiated on truce and potential separate peace. Recognizing that separated peace with Montenegro will not happen, the occupier established occupying government at the beginning of March 1916 which was chaired by the Military General Governorship directly subordinated to the Austro-Hungarian Supreme Command. Its head offi ce was on Cetinje and it was governed Viktor Weber.

Financial and civil government was organised passing a series of orders. Latin alphabet was also introduced.

Th e exchange rate of Montenegrin coins against Krone at the beginning of occupation was 1:1. Austro-Hungarian authorities did not recognise the value of paper bills i.e. money orders issued by the Montenegrin Treasury, which resulted in the lack of coins and increase in prices of all commodities. Th e citizens could not buy food, pay taxes, duties, repay loans, and the like.

MONTENEGRO PERPER STAMPINGIn June 1916, the occupation authority issued fi rst orders and somewhat made an order in the circulation of Perper notes. Th e exchange rate was set by the Order 8 of the Military General Governorship 1 Krone = 1 perper coin (silver, nickel, copper coin) or two banknote Perpers.

Article 1 of the Order 9 regulated the turnover and conditions under which the following will be received: “Perper bills, i.e. money orders of former Montenegrin Treasury of one, two, fi ve, ten, twenty, fi ft y or one hundred Perpers will be received by mili-tary shops as means of payment for food and neces-sities if they display stamp of one K and K or district command”. Th e stamping was made by seals which included in German the following writing around the coat of arms of dual monarchy: “K.u K. MILITAR GENERALGOUVERNEMENT IN MONTENEGRO KREISKOMMANDO...”, and the name of town, head offi ce of K. and K. of district command where it was

MONEY DURING AUSTRO-HUNGARIAN OCCUPATION IN PERIOD 1916-1918

Miodrag KirsanovCentral bank of Montenegro


PAST TIMES

Podgorica, Nikšić, Pljevlja, Kolašin, Stari Bar i Ipek (Peć). Pečati su okrugli, prečnika od 10 do 17 mm, i mogu biti otisnuti plavom, crnom, ljubičastom i crvenom bojom.

Nemamo pouzdanih podataka koliko je papirnih perpera bilo ovjereno. Neki autori smatraju da količina nije bila veća od trećine u promet puštenog papirnog perpera i da se za pečatiranje papirnih perpera narod odlučivao samo u krajnjoj nuždi. Ne treba zanemariti da su mali broj mjesta za žigosanje, ratno stanje i loše saobraćajne veze imali veliki uticaj na količinu žigosanog novca.

Važenje papirnih perpera iz 1914. produženo je Naredbom br. 30, od 4. jula 1917. do daljnjeg.

U septembru 1917. godine Vojni generalni guverner objavio je da će se ponovo primati perperi radi bilje-govanja, ali ovaj put uz pisanu molbu i plaćanje takse od 1 perpera i 20 para u kovanoj vrijednosti.

AUSTOUGARSKI ILI ARBANAŠKI PERPERNaredbom br. 20 C i kr. Vojni generalni guverner objavio je da se izdaje u promet uputnica od 10 per-pera koja će se mijenjati za oštećene i prebiljegovane perperske bonove.

Oglas o puštanju u promet Uputnice vrijednosti 10 perpera 01. juna 1917.

01. jun.1917. uputnica na 10 perpera, avers, 136x100 mm

Naredba br. 30 o produženju važenja perpera

5 perpera, I izdanje 1914, peèat Cetinje (foto ebay.ca)

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stamped. Stamping was made in district commands on Cetinje, in Podgorica, Nikšić, Pljevlja, Kolašin, Stari Bar and Ipek (Peć). Seals were round of 10 to 17mm in diameter and stamps could be in blue, black, purple and red colour.

Th ere is no reliable data on the amount of stamped Perpers. Some authors believe that the quantity was not more than one third of the Perper notes in circulation, and citizens opted for stamping of the Perper notes only as ultimate necessity. One should not neglect the fact that small number of stamping locations, war and poor infrastructure infl uenced largely the quantity of stamped money.

Th e validity of banknotes of Perper from 1914 was extended by Order 30 of 4 July 1917 until further notice.

In September 1917, Military General Governor announced that Perpers for stamping will be received again with the written application and payment of tax of 1 Perpers and 20 Para in coins.

AUSTRO-HUNGARIAN OR ARBANASI PERPEROrder 20 C and Military General Governor announced that note in denomination of 10 perpers will be issued that will be replaced for damaged and stamped perper bills.

Cetinjske novine, No. 113, September 13th 1917

1 June 1917 Money order in denomination of10 perpers, obverse, 136x100 mm

20 Perpers, July 25th 1914 (www.banknote.ws)

Order on issuing Money order in denomination of 10

perpers on 1 June 1917


PAST TIMES

Na osnovu Naredbe br. 29 od 29. juna 1917., emitovane su uputnice od 1, 2 i 5 perpera.

U broju 132 od 18. novembra 1917. Cetinjske novine su najavile izdavanje uputnica na 20, 50 i 100 per-pera. Na ovaj način je okupaciona vlast u Crnoj Gori izjednačila apoensku strukturu sa crnogorskim perperskim bonovima u namjeri da postigne jed-nostavnost platežnih sredstava kod javnih blagajni. Pored krune, kao zvanične austrougarske valute u prometu su bile tri vrste perpera. Prvo izdanje od 25. jula 1914. dizajnirano i štampano na Cetinju, drugo izdanje od 10. maja i 4. decembra 1915. dizajnirano i štampano u Parizu i treća vrsta koju su štampale i emitovale austrougarske okupacione vlasti 1917. Ovo izdanje domaći numizmatičari nazivaju austrijski ili arbanaški perper, zbog trojezičnog teksta štampanog na našem, njemačkom i albanskom jeziku.

Austrougarski perper je štampan u Državnoj štampa-riji u Beču (Wiener Staatsdruckerei), na veoma lošem papiru, koji ne trpi savijanje i nije pogodan za novac, vjerovatno iz razloga što njegova duža upotreba nije ni planirana. Kvalitet štampe i boja su na zavidnom nivou.

Nije nam poznat autor dizajna ovih perpera ali smo svjedoci da se radi o lijepim i vješto urađenim uputnicama čiji je izdavač austrougarska Vojna uprava u Crnoj Gori.

05.07.1917. uputnica na 1 perper, avers, 136x100 mm 05. jul 1917. uputnica na 2 perpera, avers, 136x100 mm

05 .jul 1917. uputnica na 5 perpera, avers, 136x100 mm

20.novembar.1917. uputnica na 20 perpera, avers i revers, 148x110 20.novembar1917. uputnica na 50 perpera, avers, 157x118 mm

Najava uputnica na 20, 50 i 100 perpera

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5 July 1917, note in denomination of 1 perper, reverse, 136x100 mm

5 July 1917, note in denomination of 5 perpers, reverse, 136x100 mm

5 July 1917, note in denomination of 2 perper, reverse, 136x100 mm

20 November 1917, money order of 50 perpers, reverse, 148x110 20 November 1917, money order of 100 perpers, obverse and reverse, 148x110

Pursuant to Order 29 of 29 June 1917, notes in denomi-nation of 1, 2 and 5 perpers were issued.

In its issue 132 of 18 November 1917, the newspaper “Cetinjske novine” announced issuing of notes in denomi-nation of 20, 50 and 100 perpers. Th e occupying authorities in Montenegro equalized denomination structure with Montenegrin bills in this manner. Th eir intention was to simplify means of payment in public treasuries. In addition to krone, as offi cial Austro-Hungarian currency, three types of perpers were in circulation. Th e fi rst issue of 25 July 1914 was designed and printed on Cetinje, the second issue of 10 May and 4 December 1915 was designed and printed in Paris and, the third type was printed and issued by Austro-Hungarian occupying authorities in 1917. Th is issue is called by domestic numismatists Austrian or Arbanasi perper, due to text printed in three languages, Montenegrin, German and Albanian.

Austro-Hungarian perper was printed in State Treasury in Vienna (Wiener Staatsdruckerei), on very bad paper which did not endure folding and was not suitable for money. It was probably because its longer use was not planned. Th e quality of printing and colours are not very good.

Th e author of the design of these perpers is not known, but we are witnesses that these are beautiful and very neatly prepared money orders issued by Austro-Hungarian Military Governance in Montenegro.

Announcement on issuing 20, 50 and 100 perpers


PAST TIMES

Bulevar Sv Petra Cetinjskog 115, 81 000 PodgoricaBulevar Petra Cetinjs g 115, 81 00 odgoricaTel: +382 (0)20 407 90Tel: +382 )20 407 900

Investic ono b nkars voK stodi poslov i VIP banka stvoUpravljanje sr dstvimaKomerc alno ankar tvoE tradingE banki g

www.invest-banka.com, www.atlas.co.yu

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Documents

jun 2017 godina 10, broj 38 - UBCGubcg.info/wp-content/uploads/2017/06/Bankar-38_06-2017_WEB-1.pdf · Erste Bank AD Podgorica Hipotekarna Banka AD Podgorica Invest Banka Montenegro