Download pdf - CRNOGORSKA KOMERCIJALNA BANKA - CKB ... izvestaji/CKB...06 Finansijski pokazatelji 06 Bilans uspjeha 07 Bilans stanja 08 Uvodna riječ Generalnog direktora 12 CKB Odbor direktora 13

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

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Banka za sva vremena Bank for all times

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06 Finansijski pokazatelji06 Bilans uspjeha07 Bilans stanja

08 Uvodna riječ Generalnog direktora

12 CKB Odbor direktora

13 CKB Menadžment

15 Crna Gora u vijeku velikih i brzih promjena

18 CKB za sva vremena

20 CKB proizvodi – Uvijek nove mogućnosti

24 CKB u svakom domu

26 Korporativna odgovornost

29 Izvještaj nezavisnog revizora

06 Financial Indicators06 Income Statement07 Balance Sheet

10 Statement of the General Manager

12 CKB Board of Directors

13 CKB Management

17 Montenegro in the Century of Big and Fast Changes

19 CKB for All Times

22 CKB Products – Always New Opportunities

25 CKB in every home

27 Corporate responsibility

29 Independent Auditors’ Report

Sadržaj

Godišnji izvještaj | Annual report

Table of Contents


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Napomena / Note �008. �007.

Prihodi po osnovu kamata i slični prihodiInterest and similar income �a 77,��7 �9,��

Rashodi po osnovu kamata i slični rashodiInterest expenses and similar charges �b (�8,187) (�0,110)

Neto prihod od kamata / Net interest income �9,0�0 19,��

Prihodi po osnovu naknada i provizijaFee and commission income 7a �1,7�� 1�,7��

Rashodi po osnovu naknada i provizijaFee and commission expenses 7b (�,1�0) (�,�0�)

Neto prihod od naknada i provizija / Net fee and commission income 17,�� 1�,�17

Neto prihodi iz trgovanjaNet trading income 8 �80 1,09�

Neto dobici po osnovu ulaganja u hartije od vrijednostiNet gains from investment securities 1� ��

Ostali poslovni prihodiOther operating income 708 1,�01

Poslovni rashodiOperating expenses 9 (��,0�0) (�0,��)

Rashodi obezvrjeđenja plasmana i rezervisanjaLosses on impairment and provisions 10 (10,�80) (�,��)

(��,99�) (��,8��)

Dobit prije oporezivanja / Profit before tax 1�,�88 9,07�

Porez na dobitProfit tax 11 (��) (��)

Dobit nakon oporezivanja / Net profit 1�,0�� 8,�10

Bilans uspjeha / Income StatementGodina završena na dan �1. decembar �008. / Year ended December �1, �008(u hiljadama EUR/in thousand EUR)

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Napomena / Note �008. �007.

AKTIVA / ASSETSNovčana sredstva i sredstva kod Centralne bankeCash and balances with the Central Bank 1� 97,�� 1�8, 1��

Krediti i avansi bankamaLoans and advances to banks 1� 8�,900 11�,�9�

Krediti i avansi klijentima, umanjeni za ispravku vrijednosti Loans and advances to customers, net of impairment provisions 1� 9��,�� 719,�19

Hartije od vrijednosti raspoložive za prodajuAvailable for sale securities 1� �0� 1��

Finansijska sredstva po pravičnoj vrijednosti kroz bilans uspjehaFinancial asset at fair value through profit and loss 1� 18� �10

Hartije od vrijednosti koje se drže do dospjećaSecurities held to maturity 17 �00 �17

Nematerijalna ulaganjaIntangible assets 18 �,��9 �,090

Nekretnine, postrojenja i opremaProperty, plant and equipment 19 1�,�08 1�,8�9

Ostala sredstva, umanjeni za ispravku vrijednostiOther assets, net of impairment provisions �0 �,�� ,��

Ukupna aktiva / Total assets 1,1��,�99 1,0��,��

PASIVA / LIABILITIESDepozitiDeposits from Banks �1 �,1�1 �,�7�

Obaveze prema klijentimaDue to customers �� 787,�1� 8��,�8�

Obaveze po kreditimaOther borrowed funds �� 9�,�9� 1��,�0�

Ostale obavezeOther liabilities �� ,�87 �,�9�

RezervisanjaProvisions �� 918 ��0

Obaveze za tekući porezCurrent income tax liabilities 11 �08 �0�

Odložene poreske obavezeDeferred income tax liabilities 11 �88 �1�

Beneficije zaposlenihEmployees’ benefits �� 8 �7�

Ukupne obaveze / Total liabilities 1,09�,�� 98�, �9�

KAPITAL / CAPITALAkcijski kapitalShare capital �7 ��,87� �1,87�

Revalorizacione rezerve na hartijama od vrijednosti raspoloživim za prodajuRevaluation reserves on available-for-sale securities 917 9��

Neraspoređena dobitRetained earnings �0,8�� 8,81�

Ukupan kapital / Total capital �8,�� 1,��8

Ukupna pasiva / Total liabilites and capital 1,1��,�99 1,0��,��

VANBILANSNE POZICIJE / OFF-BALLANCE-SHEET ITEMS �8 1�1,8�9 ��,�1�

Bilans stanja / Balance SheetNa dan �1. decembar �008. / As of December �1, �008(u hiljadama EUR/in thousand EUR)

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Uvaženi partneri i saradnici, poštovani akcionari

Protekla je 2008. godina, koja će u ekonomskoj istoriji, ali i teoriji, biti označena kao godina koju će čitav svijet uzimati kao reper za ono što je bilo do tada i ono što će biti poslije toga.

Tokom prve polovine godine činilo se da će 2008. u Crnoj Gori biti još jedna godina uspona i plime svih ekonomskih agregata, do mjere da je u sektoru bankarstva crnogorska monetarna vlast logično morala uvesti kreditne limite da bi ograničila kreditnu ekspanziju. Naravno, bila je dovoljna i samo zdrava logika da se zaključi da nešto nije u redu. Zbog toga smo mi u CKB-u sredinom 2008. godine uveli mjere opreza i fokusirali se na dva ključna segmenta: održavanje tržišnog učešća u uslovima često nekorektne konkurencije i održavanje likvidnosti banke, a sve u funkciji održavanja snage i stabilnosti Crnogorske komercijalne banke.

Posljednji mjeseci 2008. godine, vrlo eksplozivno i dramatično, donose snažne udare svjetske finansijske, a ubrzo pokazalo se i svjetske ekonomske krize. I sada smo tu gdje jesmo.

Kada je u pitanju CKB, sa sadašnje distance, situacije i dalje bremenite problemima, ogromnim naporima menadžmenta i svih zaposlenih u banci da se stabilnost održi, sa osjećanjem da se sada “lakše diše”, u sabiranju misli i događaja iz protekle godine, ređaju se utisci i ocjene.

Potisnuta su u glavama svih nas kretanja iz prvih devet mjeseci protekle godine. Pečat daje snažan udar krize početkom posljednjeg kvartala, sa veoma prijetećim pojavama. Već na startu dogodila se vrlo teška posljedica i burna reakcija građana koji bezglavo podižu svoje uloge iz banaka. CKB je u tim danima bila u posebno delikatnoj situaciji, jer su gotovo �00 miliona eura ili �0% svih depozita imali građani. Upravo ono gdje smo jako puno truda i vremena utrošili da privučemo depozite stanovništva, odjednom se pokazalo kao najranjivija tačka poslovanja Banke. Psihološki elemenat vraćenog nepovjerenja građana i njihov narasli strah za svoje uloge doseže granice neshvatljivog, ali objašnjivog zbog događaja koji su se na ovim prostorima dešavali u ne tako davnoj prošlosti. Usmjerili smo ogromne napore u Banci da se ublaže nepovoljna kretanja u tome, sa polovičnim uspjehom, zbog objektivno gotovo nemoguće misije u takvim uslovima.

Uvodna riječ Generalnog direktora

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Uspjevali smo da se održimo zahvaljujući snazi Banke, njenim ljudima, potencijalima i rezervama, i zahvaljujući svojim klijentima koji su razumjeli situaciju i razvoj događaja. Ispostavilo se da u tim najačim udarima krize, naši klijenti su ispoljili odvažnost, postojanost i odanost i na pravi način su vrednovali ono što je CKB učinila za njihov status i razvoj svih proteklih godina. Ostali su vjerni i odani Banci i spremni da sa njom podijele teret krize. Istina, bilo je u manjem broju i onih drugih.

Ono što daje glavni pečat svim događanjima proteklih mjeseci krize jeste odnos naše matične banke, OTP, prema CKB-u. Bila je to i ostala podrška za koju smo ponekad imali bojazan hoćemo li je dobiti. Mada smo imali osjećaj da je zaslužujemo. Spremnost OTP da da punu podršku CKB-u demonstrirajući time povjerenje i smatrajući to opravdanim, kao i ocjena CKB-u da takvu podršku svojim dosadašnjim radom i rezultatima opravdava i zaslužuje, imali su za rezultat snažnu podršku OTP-a za stabilizovanje i održavanje likvidnosti CKB-a čime je praktično nadoknađen odliv depozita građana. Imamo uvjerenje da se to veoma cijeni i kod relevantnih adresa u Crnoj Gori.

Monetarna i izvršna vlast u Crnoj Gori je u ovom kriznom periodu preduzela niz mjera iz okvira svoje nadležnosti, aktivirajući sve potencijale koji su joj na raspolaganju. Treba istaći da je saradnja CKB-a sa institucijama države Crne Gore bila obostrano veoma korektna, aktivna i plodotvorna.

Rezultati koje je ostvarila Banka u prošloj godini su dobri, čak i veoma dobri u uslovima u kojima smo radili, ali o njima ne bih htjela govoriti. Važnije je da je CKB održala svoju snagu i zadržala svoj tržišni udio. Prebrođen je prvi veoma snažan udar krize, poslovanje se stabilizuje, naziru se nove razvojne mogućnosti. CKB je bila i ostala stožer oko koga se

odvija najveći dio crnogorskog ekonomskog života. Vidjećemo kako dalje.

Hvala svima na izuzetnom razumijevanju, saradnji, požrtvovanosti i odanosti projektu CKB. Naročito hvala našem vlasniku OTP-u na jakoj podršci i

razumijevanju za aktuelne prilike u kojima CKB posluje i opstaje.

Milka Ljumović, Generalni direktorPodgorica, mart �009. godine

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Dear partners and associates, dear shareholders,

The year 2008 passed but it will be remembered in the economic history and theory as the year which the whole world saw as a benchmark for everything that had happened before and all that will happen after it.

During the first half of 2008 it seemed that Montenegro will have just another year of rise and high tide in all economic segments, however the reality was that Montenegrin monetary authorities had to introduce credit limits in the banking sector in order to limit the credit expansion.

Naturally, only sound logical thinking was enough for one to conclude that something is not all right. That is why we, in CKB, in the middle of 2008, introduced some measures for prudential reasons and focused on two key segments: maintenance of market share in conditions of often disloyal competition and maintenance of bank’s liquidity, all in an effort to maintain the strength and stability of Crnogorska Komercijalna Banka.

Last months of 2008, very explosively and dramatically, brought strong blows of world financial crisis which soon proved to be world economic crisis. And now, we are where we are.

When it comes to CKB, from this point in time, from the situation still burdened with problems and situation marked by strong efforts of the Management and all employees of the bank to maintain the stability, with a feeling that now “ we breathe easier”, by collecting thoughts and events from the previous year, impressions and analyses revolve.

We repressed in our heads the memories of the first nine months of last year. Hard blow of the crisis at the beginning of the last quarter left the strongest impression bringing with it some threatening signs. Already at the beginning, the consequence was furious reaction of citizens who started, in confusion, to withdraw their deposits from the banks. In those days, CKB was in especially delicate position because almost EUR 500 million or 50% of all deposits were citizens’ deposits. Exactly the area where we invested a lot of efforts and time – attracting citizens’ deposits, proved to be the most vulnerable point of the bank’s operation. Psychological element of returned mistrust of citizens and their grown fear for their own deposits reached the level of the inapprehensible but explicable due to the events that took place in this area in not so distant past. We directed our enormous efforts in the bank to mitigate the unfavourable flows, with partial success, because it was objectively “mission impossible” under the circumstances.

Statement of the General Manager

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We succeeded thanks to the strength of the bank, its staff, potentials and reserves, and thanks to its clients who understood the situation and developments. It proved that our clients, under the most intensive blows of the crisis, showed their courage, stability and loyalty and they valued in the right way what CKB did for their stastus and development in the past years. They remained loyal and committed to the bank and ready to share the burden of the crisis with it. There were fewer of those who acted differently.

The strongest impression during these past moths of crisis was left by the relation of our parent bank, OTP, towards CKB. That was constat support for which we sometimes feared whether we will have it or not. However, we always felt that we deserve it. Readiness of OTP to provide its full support to CKB, showing in that way its confieence in CKB, considering that support justified, as well as assessing that CKB deserves such support because of its work and results, stabilized and maintened the liquidity of CKB with which the outflow of citizens’ deposits was almost recovered . We have been assured that this was also highly appreciated at some relevant addresses in Montenegro.

In this period of crisis, monetary and executive authorities in Montenegro undertook a series of measures from the area of their jurisdiction, activating all potentials available. It should be pointed out that cooperation between CKB and the institutions of Montenegro has been good, active and fruitful on both sides.

The results achieved by the bank in the last year are good, even very good under the circumstances, however I will not talk about that. The most important is that CKB maintained its strength and its market share. The first strong blow of the crisis is overcome, the business is stabilized and we see some new development possibilities. CKB was and still is a pillar around which the greates part of the economic life of Montenegero

is lived. We will see how it will be in the future.

I would like to thank everybody on utmost understanding, cooperation, devotion and loyalty to the CKB project. My special thanks to our owner,

OTP, for their strong support and understanding for the actual situation in which CKB operates and survives.

Milka Ljumović, General ManagerPodgorica, March 2009

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CKB Odbor direktora | CKB Board of Directors

József WindheimPredsjednik | President

András TakácsČlan | Member

Szabolcs Dr. KorbaČlan | Member

Ibolya KónyaČlan | Member

Aleksandra PopovićČlan | Member

Gábor KolicsČlan | Member

Tibor Tamás AndráskóČlan | Member

Milka LjumovićČlan | Member

Bose TatarČlan | Member

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CKB Menadžment | CKB Management

Milka LjumovićGeneralni direktor | General Manager

tel. +382 (0) 20 404 256fax. +382 (0) 20 235 757

Bose TatarZamjenik generalnog direktora | Deputy General Manager

tel. +382 (0) 20 404 256fax. +382 (0) 20 235 757

Aleksandra PopovićZamjenik generalnog direktora | Deputy General Manager

tel. +382 (0) 20 404 364fax. +382 (0) 20 235 252e-mail: [email protected]

Predrag BožovićPomoćnik generalnog direktora | Assistant General Manager


Dubravka PavićevićPomoćnik generalnog direktora | Assistant General Manager


1�

Mala zemlja velikih mogućnosti

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

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

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

Drugu polovinu godine obilježili su i veoma visok suficit državnog budžeta, koji je zbog visokih priliva i rebalansiran, pa su tako prije vremena vraćeni dugovi međunarodnim finansijskim institucijama, ali i visoka stopa inflacije, uzrokovana spoljnim i unutrašnjim faktorima, koji se ipak zadržala na jenocifrenom nivou od oko 8,�%. Ukupan bruto društveni proizvod je dostigao nivo od blizu �,� milijarde eura, sa realnim rastom od preko 7%, stopa nezaposlenosti pala je na ispod 1�% a realni rast zarada je iznosio 1�%. Ukupan iznos stranih direktinih investicija premašio je milijardu eura, a prihod od turizma iznosio je oko �00 miliona eura.

Crnogorska komercijalna banka memeber of otp group

Crnogorska komercijalna banka banka za sva vremena


Crnogorska komercijalna banka Bank for all times










































1�

Crna Gora u vijeku velikih i brzih promjena

Crna Gora, mala zemlja, na početku 21. vijeka, vijeka velikih i brzih promjena, razumije da proces tranzicije crnogorske privrede i društva mora podrazumijevati radikalne promjene na svim nivoima i u svim segmentima društveno-ekonomskog života ljudi. Zahvaljujući stalno prisutnim promjenama globalnog okruženja, radikalnim mijenjanjem finansijskog makro i mikro okruženja, otvaranjem novih investicionih mogućnosti, Crna Gora se dobro pozicionira na poslovnoj i političkoj mapi svijeta, postaje važna i nezaobilazna destinacija međunarodnog biznisa.

Mediteranska zemlja, po mnogo čemu privlačna, smještena je u samom srcu Evrope, sa površinom od oko 14.000 km2 i oko 650.000 stanovnika. Vrlo izražene geografske i klimatske raznolikosti, četiri područja visoke atraktivnosti (Ulcinjska plaža, Boka Kotorska, Skadarsko jezero i svijet visokih planina) nude jedinstven i aktivan odmor, a Crnu Goru s pravom pozicioniraju kao “zemlju šest kontinenata” i jednu od najbrže rastućih turističkih privreda svijeta. I ove godine, Crnu Goru je posjetilo preko milion turista, a prihod od turizma dostigao je brojku od �1� miliona eura.

Dugoročna ekonomska održivost i vladavina prava u narednom periodu moraju biti osnov dalje izgradnje modernog društva i važan korak ka razvoju sistema evropskih vrijednosti. Opredjeljena za punopravno članstvo u Evropskoj uniji i svjesna jedinstvene, evropske perspektive, Crna Gora je u 2008. godini podnijela zahtjev, a u 2009. godini očekuje i dobijanje statusa kandidata za članstvo u EU.

Rekordan neto priliv stranih direktnih investicija u Crnoj Gori u 2008. godini iznosio je ��8 miliona eura, 8.1% više u odnosu na prethodnu godinu. Stopa inflacije, iako i dalje visoka, uzrokovana blagim padom industrijske proizvodnje i uticajem spoljnih i unutrašnjih faktora, zadržala se na jednocifrenom broju od oko 7% i zabilježila pad u odnosu na 2007. godinu. Realni rast zarada iznosio je 17%, a prema podacima Zavoda za zapošljavanje Crne Gore stopa nezaposlenosti je bila na nivou od 10%. Ukupan bruto društveni proizvod u �008. godini premašio je iznos od �.� milijarde eura, sa realnom stopom rasta od preko 8%. Godinu �008. obilježio je i porast ukupne aktive banaka od gotovo 11%, kredita od 23%, ali i pad depozita za �.7% u odnosu na prethodnu godinu.

Pokretanjem značajnih projekata crnogorske privrede, liderstvom u sektoru finansija i bankarstva, intezivnom međunarodnom saradnjom i strateškim partnerstvima, Crnogorska komercijalna banka je nosilac promjena crnogorske ekonomije, savremena institucija koja Crnu Goru priključuje razvijenom svijetu.

1�

Mala zemlja velikih mogućnosti

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

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

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

Drugu polovinu godine obilježili su i veoma visok suficit državnog budžeta, koji je zbog visokih priliva i rebalansiran, pa su tako prije vremena vraćeni dugovi međunarodnim finansijskim institucijama, ali i visoka stopa inflacije, uzrokovana spoljnim i unutrašnjim faktorima, koji se ipak zadržala na jenocifrenom nivou od oko 8,�%. Ukupan bruto društveni proizvod je dostigao nivo od blizu �,� milijarde eura, sa realnim rastom od preko 7%, stopa nezaposlenosti pala je na ispod 1�% a realni rast zarada je iznosio 1�%. Ukupan iznos stranih direktinih investicija premašio je milijardu eura, a prihod od turizma iznosio je oko �00 miliona eura.














































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Montenegro in the Century of Big and Fast Changes

Montenegro, a small country, at the beginning of the 21st century, century of big and fast changes, understands that transition process of the Montenegrin economy and society must imply radical changes at all levels and in all segments of social and economic life of people. Thanks to continuous changes in the global environment, radical changes of financial macro and micro environment, opening of new investment possibilities, Montenegro has been well positioned on the business and political world map and it is becoming important and “must visit” destination of international business.

A Mediterranean country, attractive in many aspects, is located in the very heart of Europe, with an area of about 14,000 square kilometers and about 650,000 inhabitants. With quite prominent geographical and climate diversity, four highly attractive areas (Ulcinj Beach, Boka Kotorska, the Skadar Lake and the world of high mountains) offer unique and active vacation and justifiable position Montenegro as the “country of 6 continents” and one of the fastest growing tourist economies of the world. This year too, Montenegro was visited by over a million of tourists and tourist income reached the figure of EUR 615 million.

Long term economic viability and the rule of law in the following period must be the grounds for further building of a modern society and important step towards development of the system of European values. Committed to become full member of European Union and aware of the unique European prospects, in 2008 Montenegro filed the application and in 2009 it expects to gain the status of a candidate for EU membership.

Record net inflow of foreign direct investments in Montenegro in 2008 amounted to EUR 568 million, 8,1% more than in the previous year. Inflation rate, although still high, caused by slight decrease in industrial production and impact of foreign and internal factors remained at 1 digit number of about 7% and recorded decrease compared to the year 2007. Real wage growth amounted to 17% and according to the data of the Employment Bureau of Montenegro the unemployment rate was at the level of 10%. Total Gross Domestic Product in 2008 exceeded the level of EUR 3,3 billion with real growth rate of over 8%. The year 2008 was also marked by growth of total assets of banks of almost 11%, loans of ��%, but also deposit decrease by �,7% compared to the previous year.

Launching of significant projects of Montenegrin economy, leadership in financial and banking industry, intensive international cooperation and strategic partnership make CKB an initiator of changes in Montenegrin economy, a modern institution that links Montenegro with developed world.

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CKB za sva vremena

Bankarsko tržište Crne Gore u 2008. godini karakterisale su vrlo dinamične promjene: moderna regulativa, izražena konkurentnost i stalni trend rasta. Bankarstvo kao vrlo važan sektor crnogorske privrede može biti ključna poluga za dalji razvoj ekonomije Crne Gore, potvrdila su kretanja u 2008. godini, ali i pokazala da se aktivnosti na ovom tržištu mogu i moraju voditi samo na zdravim osnovama. U Crnoj Gori posluje 11 banaka, a CKB je i 2008. godine bila neprikosnoveni lider sa stopom tržišnog učešća od 35% do preko 60% u različitim segmentima poslovanja.

Bilansna suma Crnogorske komercijalne banke, na kraju godine, iznosila je 1.162 milijarde eura, ukupni depoziti klijenata 787 miliona, a neto kreditni portfolio 9�� miliona eura. Neto profit CKB-a na kraju decembra iznosio je 12 miliona eura. Crnogorska komercijalna banka sa preko 300.000 klijenata, građana i kompanija, gotovo 500 zaposlenih, veoma razvijenom mrežom od 40 poslovnih jedinica pokriva cijelu teritoriju Crne Gore.

CKB, banka uvijek jasne vizije i savremenog pristupa poslovanju, unapređuje, razvija i kreira sve segmente bankarskog poslovanja u Crnoj Gori. Vlasnik Crnogorske komercijalne banke, mađarska OTP banka, jedan od lidera regiona centralne, istočne i jugoistične Evrope, svoj uspjeh gradi na tri stuba OTP vizije: stručnosti kadra, poznavanju lokalnih i regionalnih tržišta, i izgradnji posebnih odnosa sa klijentima. Upravo tako definisana vizija OTP-a, bankarske grupacije koja trenutno posluje sa preko 11 miliona klijenata u 9 zemalja, sa oko �� hiljade zaposlenih i preko 1500 filijala, jača i poziciju CKB-a na crnogorskom tržištu, a Crnogorskoj komercijalnoj banci obezbjeđuje siguran dalji rast i razvoj.

Od samog osnivanja, CKB je dobro sarađivala sa svojim klijentima, a sredstva, iskustvo i energiju usmjeravala u ostvarenju kako zajedničkih projekata, tako i otvaranju novih mogućnosti crnogorske ekonomije. Crnogorska komercijalna banka danas je nesumnjivi lider, a kroz prepoznatljiv model poslovanja utemeljen na znanju i timskom radu, svoju poziciju u budućnosti dodatno će jačati.

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Montenegrin banking market in 2008 was characterized by very dynamic changes: modern regulations, increased competitiveness and continuous growth trend. Banking as the most significant industry of Montenegrin economy could be a key leverage for further development of the Montenegrin economy as confirmed by trends in 2008 and it has also shown that activities in this market may and must be kept only on healthy grounds. Presently, 11 banks operate in Montenegro and in 2008 CKB again was a true leader with a market share from 35% to over 60% in different segments of operations.

Balance sum of Crnogorska Komercijalna Banka, at year end, amounted to EUR 1,162 billion, total clients deposits EUR 787 million and net loan portfolio EUR 952 million. Net profit of CKB at the end of December amounted to EUR 12 million. Crnogorska Komercijalna Banka with over 300,000 clients, both retail and corporate, almost 500 employees, highly developed network of 40 business units covers the entire territory of Montenegro.

CKB, the bank that has always had a clear vision and modern approach to business, enhances, develops and creates all segments of banking operations in Montenegro. The owner of Crnogorska Komercijalna Banka, Hungarian OTP Bank, one of the leaders in the region of Central, Eastern and South-East Europe, builds its success on three pillars of OTP vision: staff expertise, knowledge of local and regional markets and building of special client relations. Vision so defined by OTP, the banking group that currently operates with over 11 million clients in 9 countries, with about 33,000 employees and over 1,500 branches, also strengthens CKB position on the Montenegrin market and provides for safe further growth and development of Crnogorska komercijalna banka.

From its foundation, CKB has had a very good cooperation with its clients, allocating resources, experience and energy into accomplishment of mutual projects and opening of new opportunities of the Montenegrin economy. CKB is presently a true leader and with recognizable business model, founded on the knowledge and team work, will additionally strengthen its position in the future.

CKB for All Times

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CKB timSavremeni razvoj bankarstva nameće potrebu za neprekidnim istraživanjima i novim znanjima, osvajanjem novih tržišta, stalim mijenjanjem i unapređenjem ponude, uvođenjem i iniciranjem novih proizvoda. Najbolji crnogorski bankarski tim, različitih profila znanja i sposobnosti, kreira i upravlja kvalitetom proizvoda i usluga Crnogorske komercijalne banke. CKB tim nosilac je novih ideja u razvoju proizvoda, garancija realizacije ciljeva i strategije banke. Sa oko 500 zaposlenih, Crnogorska komercijalna banka obezbjeđuje konkurentsku prednost u budućnosti i jača lidersku poziciju.

Prepoznata kao banka uvijek okrenuta klijentu i razumijevanju njihovih potreba, Crnogorska komercijalna banka je i tokom 2008. godine, novim partnerstvima i uslugama potvrdila da je njena tržišna pozicija jedinstvena.

Poslovanje sa karticamaCKB je danas partner svih vodećih brendova kartičarstva, principal za Master i Visa Card, a ekskluzivno partnerstvo za Crnu Goru sa kompanijom American Express, poznatim svjetskim brendom finansija i kartičarstva dodatno je unaprijedilo ponudu banke. Cijelim setom kobrend kartica - Europetrol, Cosmetics-Market, Mex, Novito, Jugopetrol, posebno kreiranom revolving P-Card za penzionere, najrazvijenijom mrežom od preko 3.000 POS terminala, gotovo 90 bankomata, Crnogorska komercijalna banka u poslovanju sa karticama dostiže tržišno učešće i do 60%.

Nosilac tehnološke bankarske revolucijeKao nosilac tehnološkog prosperiteta bankarastva Crne Gore, CKB shvatajući potrebu savremenih klijenata koji žele brže i jednostavnije obavljanje transakcija sa bilo kog mjesta u svijetu, godinama razvija i unapređuje modernu i efikasanu informacionu infrastrukturu. Napredan sistem elektronskog bankarstva CKB NetBank integriše transakcioni CKB Call Centar 19894, CKB Message Centar, CKB Mobile Top-Up, CKB Telefonsko bankarstvo, CKB Trajni nalog, a u narednom periodu i diferenciranje putem elektronske trgovine i CKB eCommerce servisa.

CKB proizvodi – Uvijek nove mogućnosti

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Štednja koja vrijedi višeIzgradnjom povjerenja i sigurnosti, kao ključnih faktora koji opredjeljuju klijente da štede i imaju, u Crnogorskoj komercijalnoj banci danas je polovina crnogorske štednje. Uz vrlo interesantne kamatne stope CKB je unaprijedila i razvila čitav set štednih proizvoda (CKB Štednja po viđenju, CKB Klasična štednja, CKB Rentna štednja, CKB Stepenasta štednja, CKB Dječija štednja, CKB Kamata plus, CKB Štednja na dan) prilagođavajući se tako svim ciljnim grupama - penzionerima, poslovnim i mladim ljudima, studentima i djeci.

CKB kreditna podrškaProfilisana da uvijek podržava svoje klijente, građane i kompanije, Crnogorska komercijalna banka obezbjeđuje sigurnu finansijsku osnovu za realizaciju njihovih brojnih projekata. CKB krediti za penzionere, gotovinski i namjenski potrošački krediti, krediti za kupovinu automobila, stambeni krediti, i u 2008. godini bili su važni segmenti inovativne kreditne ponude banke. Prepoznatljiv koncept projektnog finansiranja Crnogorske komercijalne banke i OTP-a obezbjeđuje podršku malim i srednjim preduzećima, crnogorskim i međunarodnim kompanijama, i realizaciji projekata velikih privrednih sistema.

Investicioni servisi – Kastodi i privatno bankarstvoU 2008. godini Crnogorska komercijalna banka postala je specijalizovana i za obavljanje kastodi poslova koje podrazumjevaju upravljanje portfolijom klijenata, bankarsku uslugu koja je odavno prisutna u razvijenim zemljama svijeta, a od prije nekoliko godina i u okruženju. Kastodi usluge CKB-a obezbjeđuju mogućnost kupovine i prodaje hartija od vrijednosti na domaćim i inostranim berzama i kreiranje portfolija klijenata, a njihov razvoj zasnovan je na čvrsto postavljenim procedurama poslovanja, kao i saradnji na stručnom i tehničkom nivou sa matičnom OTP bankom u Budimpešti.

Zaokružena ponuda savremenog CKB Privatnog bankarstva klijentima nudi personalizovane usluge i potrebne savjete o ulaganjima kapitala i obavljanje svih finansijskih poslova na jednom mjestu u komunikaciji sa ličnim bankarom. Partnerstvom sa mađarskom OTP bankom, koju je prestižni britanski časopis Euromoney proglasio za najboljeg provajdera u oblasti privatnog bankarstva, CKB će bazirati i svoj dalji razvoj u ovom segmentu, nudeći posebno struktuirane pakete proizvoda klijentima privatnog bankarstva.

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CKB TeamModern development of banking imposes a need for continuous researches and new knowledge, by winning of new markets, continuous changes and enhancement of supply, introducing and launching new products. The best Montenegrin banking team of different profiles of knowledge and capacities, designs and manages product quality and services of Crnogorska Komercijalna Banka. CKB team is a promoter of new ideas in product development, a guarantee for accomplishment of objectives and the bank’s strategy. With about 500 employees Crnogorska Komercijalna Banka provides for competitive advantage in the future and strengthens its leadership position.

Recognized as the bank always oriented to its clients and having appreciation for their needs, Crnogorska Komercijalna Banka during 2008 confirmed, with its new partnerships and services, that its market position is unique.

Card BusinessCurrently, CKB is a partner of all leading card brands, principal for Master and Visa card and exclusive partnership for Montenegro with the company American Express, globally known brand of finances and card business additionally improved the bank’s product palette. With a whole set of co-brand cards – Europetrol, Cosmetics - Market, Mex, Novito, Jugopetrol, specially created revolving P-Card for pensioners, the most developed network of over 3,000 POS terminals, almost 90 ATMs, Crnogorska Komercijalna Banka reaches market share of even �0% in card business.

A Leader of Technological Banking RevolutionAs the leader in technological innovations in Montenegrin banking, understanding the need of contemporary clients that want faster and more simple execution of transaction from any place worldwide, CKB has been developing and improving modern and efficient information infrastructure for years now. The advanced electronic banking system of CKB – NetBank, integrates transaction CKB Call Center 19894, CKB Message Center, CKB Mobile Top-Up, CKB Telephone Banking, CKB Direct Debit and CKB eCommerce as an exclusive product on the Montenegrin banking market.

CKB Products – Always New Opportunities

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Savings of greater value Having built the trust and security as key factors encouraging the clients to save and possess, Crnogorska Komercijalna Banka currently keeps half of the Montenegrin savings. Offering favorable interest rates, CKB has developed and improved a wide range of savings products (CKB Demand Savings, CKB Classic Savings, CKB Extra Interest Savings, CKB Step by Step Savings, CKB Children Savings, CKB Interest Plus, CKB Savings as of the Day) adjusting its offer to all target groups such as pensioners, business and young people, students and children. CKB Credit Support Always aimed at supporting its clients, both retail and corporate, Crnogorska Komercijalna Banka provides them with a safe financial basis to implement their numerous projects. CKB loans for pensioners, cash and consumer loans for specific purposes, car loans and housing loans represented significant segments of the Bank` s innovative offer in 2008 as well. Recognized Project Financing concept of Crnogorska Komercijalna Banka and OTP ensures the support to small and medium-sized enterprises, both Montenegrin and international, and implementation of projects designed by large economic systems.

Investments Services – Custody and Private Banking In 2008, Crnogorska Komercijalna Banka became specialized for performing custody activities that include client portfolio management, a banking service which has been present for long time in developed countries worldwide and for several years in the neighboring countries as well. CKB Custody Services provide for a possibility to trading in securities on domestic and international stock exchanges and to create client portfolio and their development is based on the solidly set operating procedures as well as professional and technical cooperation with OTP Bank, its parent company in Budapest.

Rich offer of modern CKB Private Banking provides clients with personalized services and necessary advice on investing capital and executing all financial transactions at one place in communication with a Private Banker. In partnership with the Hungarian OTP Bank, which was proclaimed as the best provider in the private banking area by prestigious British magazine, Euromoney, CKB will base its further development on this segment by offering specially tailored product packages to the private banking clients.

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CKB u svakom domu

Crnogorska komercijalna banka kao univerzalna poslovna banka, duže od decenije, mijenja crnogorsku ekonomiju, ali i sistem vrijednosti cjelokupnog crnogorskog društva približavajući ih evropskim. CKB je uvijek korak ispred jer prepoznaje i razumije zahtjeve tržišta i nudi visokokvalitetne proizvode, implementirajući nove tehnologije i nove servise, primjenjujući međunarodne standarde poslovanja, povezujući uvijek ljude i projekte, i čineći im život boljim.

CKB je godinama apsolutni lider u svim bitnim segmentima poslovanja. Specifičnost bankarskih usluga, kvalitet ponude, ali i iniciranje potreba klijenata, su osnovne pretpostavke, dodatna odgovornost i permanentan izazov za banku. Tako definisanu i jasnu CKB viziju, strategiju i koncept poslovanja prepoznali su i klijenti banke, preko 300.000 građana i kompanija u Crnoj Gori.

Podrška važnim projektima u crnogorskoj ekonomiji, novi proizvodi i usluge, partnerstva sa najvećim svjetskim brendovima na bankarskom svjetskom tržištu, ali i partnerski odnos u brojnim reprezentativnim projektima, pozicionirali su CKB kao jedan od najznačajnijih i najmoćnijih crnogorskih brendova.

Jasna diferenciranost u odnosu na konkurente, ponuda novih proizvoda i usluga banke, uvijek i na vrijeme, novi zadaci i ciljevi, elementi su koji utiču na kreiranje još veće vrijednosti brenda. CKB brend vodeći u bankarstvu i jedan od najznačajnijih u Crnoj Gori, danas je, sinonim povjerenja, sigurnosti, efikasnosti. Zato je Crnogorska komercijalna banka prisutna u svakom crnogorskom domu.

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Crnogorska Komercijalna Banka, as the universal commercial bank, for more than a decade has been changing not only the Montenegrin economy, but also the value system of the overall Montenegrin society bringing it closer to the European one. CKB is always a step ahead because it recognizes and understands the demands of the market and offers high-quality products, implementing state-of-the-art technologies and services, applying international standards of business operation, always connecting people and projects and making their lives better.

For years now, CKB has been the absolute leader in all major segments of business operation. Specific banking services, the quality of the offer and anticipating of the clients` needs are main presumptions, additional responsibility and continuous challenge for the Bank. Such defined and clear CKB vision, strategy and business concept was also recognized by bank’s clients, over 300, 000 Montenegrin citizens and companies.

Support provided to significant projects of the Montenegrin economy, brand-new products and services, partnerships with the most prominent brands of the global banking market and also a partner relations in numerous exclusive projects, positioned CKB as one of the most important and the strongest Montenegrin brands.

Clear distinction of CKB in comparison to its competitors, offer including brand new products and services always in right time, new tasks and goals are the elements which influence the creation of added brand value. CKB brand, a leading brand in the banking business, today is the synonym for trust, safety and efficiency. Exactly for this reason is Crnogorska Komercijalna Banka present in every Montenegrin home.

CKB in every home

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Crnogorska komercijalna banka od osnivanja brine o dugoročnom razvoju tržišta, odgovorno i efikasno upravlja svojim okruženjem, društveno je odgovorna, i razumije da je samo tako moguće graditi i unaprijediti ekonomski razvoj Crne Gore. CKB pokretač je i autor mnogih inicijativa u crnogorskom društvu, partner u realizaciji brojnih reprezentativnih projekata u kulturi, umjetnosti, nauci, sportu.

Svjesna važnosti preduzetničke inicijative u kulturi, CKB je podržala reprezentativne edicije izdavačke kuće CID (ekonomske, književne, pravne, antropološke, istorijske) koja je objavila važne studije iz istorije, kulture, prirode Crne Gore, ali i brojne kapitalne prevode. Godinu 2008. obilježilo je nekoliko važnih CKB angažmana u filmskoj i likovnoj umjetnosti, a ti projekti su u međunarodnoj stručnoj javnosti ocjenjeni uspješnim. Film crnogorske rediteljke Marije Perović Gledaj me prikazan je na prestižnim festivalima u regionu. Shvatajući važnost crnogorske kinematografije i likovne umjetnosti, CKB je podržala Filmski festival Hercegfest, kao i projekat crnogorskog umjetnika Nikole Markovića (izložbu fotografija i objavljivanje monografije).

Sponzorstva i suorganizacija raznih događaja (koncerti, Praznik mimoze, Svjetski dan štednje), pomoć zdravstvu, obrazovanju i nauci primjeri su stalnog angažovanja banke. Posebna pažnja posvećena je djeci i mladima, stipendiranjem najboljih, ali i kroz CKB donacije UNICEF-ovih projekata. Banka je i kreirala posebne proizvoda za najmlađe.

Već tradicionalna CKB podrška brojnim sportskim klubovima u fudbalu, košarci, rukometu, karateu, doprinjela je njihovim

sjajnim rezultatima i prepoznatljivosti Crne Gore i na svjetskoj sportskoj sceni. Saradnja sa Jadranom

CKB, crnogorskom vaterpolo reprezentacijom, šampionom u fudbalu FK Budućnost jedni su od najznačajnijih partnerstava Crnogorske komercijalna banke. CKB prvi put u Crnoj Gori obezbjeđuje finansiranje obnovljivih izvora energije čiji je cilj stalno unapređenje efikasnog i održivog ekonomskog, socijalnog i ekološkog okruženja.

Korporativna odgovornost

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Ever since its foundation, Crnogorska Komercijalna Banka, takes care about long-term market development, responsibly and efficiently manages its environment, it is socially responsible and understands that this is the only possible way to build and improve the economy of Montenegro. CKB is a promoter and author of numerous initiatives in the Montenegrin society, as well as a partner in the implementation of many important projects in the culture, art, science and sport.

Aware of the importance of entrepreneurship initiative in the culture, CKB supported exclusive editions of the editing agency CID (economic, literal, legal, anthropological, historical) which published important studies from history, culture, natural wealth of Montenegro, but also numerous important translations. The year 2008 was marked by several important CKB engagements in film and fine arts and these projects were assessed by the international professional public as quite successful. The film of the Montenegrin editor, Marija Perović – Watch me – was presented at the prestigious festivals in the region. Understanding the importance of Montenegrin cinematography and fine arts, CKB supported the film festival Hercegfest, as well as the project of a Montenegrin artist, Nikola Markovic (exhibition of photographs and publication of monography).

Sponsorships and co-organizing of different events (concerts, Mimoza Festival, the World’s Savings Day), support to health, education and science represent the examples of continuous involvement of the bank. Special attention was paid to children and youth, providing scholarships to the best, but also through CKB donations for UNICEF projects. The bank also designed special products for the youngest.

Already traditional CKB support to numerous sport clubs in football, basketball, handball, karate, contributed to their exceptional results and recognition of Montenegro on the world sport scene. Cooperation with Jadran CKB, Montenegrin water-polo national team, football champion FK Budućnost, represent just examples of the most significant partnerships of Crnogorska Komercijalna Banka. For the first time in Montenegro, CKB provides for financing of renewable energy sources aimed at continuous enhancement of the efficient and sustainable economic, social and ecological environment.

Corporate responsibility

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IzvoriCentralna banka Crne GoreVlada Crne Gore

Ministarstvo finansijaMinistarstvo turizma i zaštite životne sredineSekretarijat za razvoj

MonstatZavod za zapošljavanjeIzvještaj nezavisnog revizoraCKB publikacije i press clipping

SourcesCentral Bank of MontenegroGovernment of Montenegro

Ministry of FinanceMinistry of Tourism and Environmental ProtectionSecretariat for Development

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

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

Dizajn| Design | Ana MatićFotografija | Photo | Duško MiljanićGrafička priprema i štampa | Prepress & print | DPC Podgorica

Podgorica | Mart | March | 2009 |

Godišnji izvještaj | Annual report 8

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Godišnji izvještaj | Annual report



Finansijski izvještaj na dan i za godinu završenu 31. decembra 2008.

Izvještaj nezavisnog revizora

Financial statementsas of and for the year ended December 31, 2008

Independent Auditors’ report

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CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA Finansijski izvještaji Za godinu koja se završava 31. decembra 2008. godine i Izvještaj nezavisnog revizora

CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA SADRŢAJ

Strana Odgovornost za finansijske izvještaje 1 Izvještaj nezavisnog revizora 2 Finansijski izvještaji:

Bilans uspjeha 3

Bilans stanja 4

Izvještaj o promјenama na kapitalu 5

Izvještaj o tokovima gotovine 6

Napomene uz finansijske izvještaje 7 - 54

CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA

4

BILANS STANJA Na dan 31. decembra 2008. godine (U hiljadama EUR)

Napomene 2008. 2007. AKTIVA Novčana sredstva i sredstva kod Centralne banke 12 97,636 168,164 Krediti i avansi bankama 13 85,900 115,694 Krediti i avansi klijentima, umanjeni za ispravku vrijednosti 14 952,263 719,419 Hartije od vrijednosti raspoložive za prodaju 15 206 154 Finansijska sredstva po pravičnoj vrijednosti kroz bilans uspjeha

16 184 210

Hartije od vrijednosti koje se drže do dospijeća 17 500 517 Nematerijalna ulaganja 18 4,369 4,090 Nekretnine, postrojenja i oprema 19 15,608 12,829 Ostala sredstva, umanjena za ispravku vrijednosti 20 5,633 4,256 Ukupna aktiva 1,162,299 1,025,333 OBAVEZE Depoziti 21 6,121 3,573 Obaveze prema klijentima 22 787,412 842,682 Obaveze po kreditima 23 294,592 133,303 Ostale obaveze 24 3,487 2,695 Rezervisanja 25 918 450 Obaveze za tekući porez 208 303 Odložene poreske obaveze 11 388 316 Beneficije zaposlenih 26 538 373 Ukupne obaveze 1,093,664 983,695 KAPITAL Akcijski kapital 27 46,876 31,876 Revalorizacione rezerve na hartijama od vrijednosti raspoloživim za prodaju 917 946 NerasporeĎena dobit 20,842 8,816 Ukupan kapital 68,635 41,638 Ukupno pasiva 1,162,299 1,025,333 VANBILANSNE POZICIJE 28 121,849 46,216

Napomene na narednim stranama čine sastavni dio ovih finansijskih izvještaja.


5

IZVJEŠTAJ O PROMJENAMA NA KAPITALU U periodu od 1. januara do 31. decembra 2008. godine (U hiljadama EUR)

Akcijski

kapital

Revalorizacione rezerve na

hartijama od vrijednosti

raspoloţivim za prodaju

NerasporeĊena dobit Ukupno

Stanje na dan 1. januara 2007. godine 17,966 946 4,316 23,228 Emisija novih akcija po osnovu raspodjele dobiti iz 2006. godine 3,910 - (3,910) - Nova emisija akcija 10,000 - - 10,000 Neto dobit - - 8,410 8,410 Stanje na dan 31. decembra 2007. godine 31,876 946 8,816 41,638 Stanje na dan 1. januara 2008. godine 31,876 946 8,816 41,638 Nova emisija akcija 15,000 - - 15,000 Smanjenje fer vrijednosti - (29) - (29) Neto dobit - - 12,026 12,026 Stanje na dan 31. decembra 2008. godine 46,876 917 20,842 68,635



6

IZVJEŠTAJ O TOKOVIMA GOTOVINE U periodu od 1. januara do 31. decembra 2008. godine (U hiljadama EUR) Napomene 2008. 2007. Tokovi gotovine iz poslovnih aktivnosti Prilivi po osnovu kamata i slični prihodi 77,247 49,632 Odlivi po osnovu kamata i slični prihodi (48,187) (30,110) Prilivi po osnovu naknada i provizija 21,754 16,722 Odlivi po osnovu naknada i provizija (4,130) (3,305) Ostali prihodi 724 1,245 Odlivi po osnovu zarada zaposlenih i troškova za

dobavljače (25,020) (18,969) Plaćeni porezi (757) (507) Neto prilivi gotovine iz poslovne dobiti prije promjena poslovne aktive i pasive 21,631 14,708 Promjene poslovne aktive i pasive Neto povećanje/(smanjenje) obavezne rezerve 35,095 (30,948) Neto smanjenje kredita i avansa bankama i klijentima (258,430) (453,763) Neto smanjenje ostale aktive (1,377) (664) Neto povećanje/(smanjenje) depozita drugih banaka 2,548 (1,514) Neto (smanjenje)/povećanje depozita od klijenata (55,270) 390,535 Neto povećanje ostalih obaveza 1,965 2,072 Neto odliv gotovine iz poslovnih aktivnosti (253,838) (79,574) Tokovi gotovine iz aktivnosti investiranja Neto (smanjenje)/povećanje hartija od vrijednosti (26) 21 Kupovina nekretnina i opreme (3,975) (1,762) Kupovina nematerijalnih ulaganja (1,057) (1,149) Državni zapisi - 1,461 Neto povećanje/(smanjenje) obveznica drugih banaka 17 (517) Neto odlivi gotovine iz aktivnosti investiranja (5,041) (1,946) Tokovi gotovine iz aktivnosti finansiranja Neto povećanje pozajmljenih sredstava 161,289 78,896 Emisija običnih akcija 15,000 10,000 Neto prilivi gotovine iz aktivnosti finansiranja 176,289 88,896 Efekat kursnih razlika 680 1,092 Neto (smanjenje)/povećanje gotovine i gotovinskih

ekvivalenata (81,910) 8,468 Gotovina i gotovinski ekvivalenti na poĉetku

godine 116,084 107,616 Gotovina i gotovinski ekvivalenti na kraju godine 30 34,174 116,084


CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA NAPOMENE UZ FINANSIJSKE IZVJEŠTAJE 31. decembar 2008. godine

7

1. OPŠTE INFORMACIJE

Banka je osnovana kao nezavisna banka i registrovana je kod Privrednog suda u Podgorici 15. januara 1997. godine. Banka je dobila dozvolu za rad u Republici Crnoj Gori za obavljanje platnih transakcija, kreditnih i depozitnih aktivnosti u zemlji i inostranstvu, i u skladu sa zakonom u Republici Crnoj Gori treba da posluje na principima likvidnosti, sigurnosti plasmana i profitabilnosti. Većinski i krajnji vlasnik Banke je OTP Bank Plc. Budimpešta. Sjedište Banke je u Podgorici, Ulica Moskovska bb. Na dan 31. decembra 2008. godine, Banku čine centrala u Podgorici i 18 filijala na teritoriji Crne Gore. Članovi Komiteta za nadzor Banke su:

Ime i prezime Funkcija G-din Jozsef Windheim Predsjednik G-din Andras Takacs Član G-din Karoly Dr. Szasz Član

Članovi Upravnog Odbora Banke su:

Ime i prezime Funkcija G-din Jozsef Windheim Predsjednik G-din Andras Takacs Član Dr Szabolcs Korba Član G-Ďa Ibolya Sari Član G-Ďa Milka Ljumović Član G-Ďa Bose Tatar Član G-Ďa Aleksandra Popović Član

Na dan 31. decembra 2008. godine Banka ima 471 zaposlenog radnika (31. decembra 2007. godine: 392 zaposlena).

2. OSNOVE ZA SASTAVLJANJE FINANSIJSKIH IZVJEŠTAJA

(a) Izjava o usklaĊenosti finansijskih izvještaja Priloženi finansijski izvještaji Banke sastavljeni su u skladu sa MeĎunarodnim Standardima Finansijskog Izvještavanja (MSFI) odobrenim od strane MeĎunarodnog Komiteta za Računovodstvene Standarde. Pripremanje finansijskih izvještaja u skladu sa MSFI zahtijeva upotrebu odreĎenih računovodstvenih procjena i procjena rukovodstva Banke u procesu primjene računovodstvenih politika Banke. Područja koja zahtijevaju viši stepen procjene ili složenosti ili područja u kojima su pretpostavke i procjene od velikog značaja za finansijske izvještaje, objelodanjena su u napomeni 2(d). Računovodstvene politike u skladu sa MSFI objelodanjene u narednim pasusima su dosljedno primijenjene od strane Banke za sve periode prikazane u priloženim finansijskim izvještajima.


8

2. OSNOVE ZA SASTAVLJANJE FINANSIJSKIH IZVJEŠTAJA (Nastavak)

(b) Osnove za sastavljanje

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

(c) Funkcionalna i izvještajna valuta Priloženi finansijski izvještaji Banke su iskazani u EUR, što je i funkcionalna valuta Banke. Svi finansijski podaci su iskazani u EUR i zaokruženi na najbližu hiljadu. (d) Korišćenje procjenjivanja i pretpostavki

Pripremanje finansijskih izvještaja u skladu sa MSFI zahtijeva upotrebu procjena i pretpostavki koje utiču na efekte primjenjivanja politika, prikazane iznose aktive i pasive, i na prikazane iznose prihoda i rashoda tokom izvještajnog perioda. Procjene i prosuĎivanja se donose na osnovu istorijskog iskustva i drugih činilaca, uključujući očekivanja u pogledu budućih dogaĎaja za koje se vjeruje da su u okvirima datih okolnosti razumna, gdje rezultati daju dobru osnovu za procjenu knjigovodstvene vrijednosti aktive i pasive koje se ne mogu jasno sagledati iz drugih izvora. Stvarni rezultati se mogu razlikovati od pomenutih procjena.

Procjene i prosuĎivanja su predmet stalne procjene. Promjene računovodstvenih procjena se priznaju u periodu kada je došlo do izmjene, ako se izmjena odnosi samo na taj period odnosno, ako se izmjena odnosi na tekuće i buduće periode, priznaju se i u tom periodu i u budućim periodima.

Posebna područja nesigurnosti procjenjivanja i kritičnih pretpostavki u primjeni računovodstvenih politika koje su od velikog značaja za iznose objelodanjene u finansijskim izvještajima, objelodanjena su u napomeni 5.

Banka je u sastavljanju ovih finansijskih izvještaja pripremljenih u skladu sa MSFI primjenjivala računovodstvene politike objelodanjene u napomeni 3.

(e) Standardi i tumaĉenja koji su u primjeni

U trenutku odobrenja priloženih finansijskih izvještaja, objavljeni su sljedeći standardi i tumačenja koje je Banka primjenljivala u tekućem periodu: MRS 39 “Finansijski instrumenti: priznavanje i odmjeravanje” i MSFI 7 “Finansijski

instrumenti: Objelodanjivanja” (dopune oktobar i novembar 2008); IFRIC 11, “MSFI 2 – Grupne transakcije i transakcije državnim hartijama od vrijednosti”; IFRIC 12, “Ugovori o koncesiji za pružanje usluga”; IFRIC 13 “Programi lojalnosti klijenata”; IFRIC 14 “MRS 19 - Ograničenje definisanih primanja, minimalni zahtjevi za finansiranjem i

njihova interakcija”; IFRIC 16, “Zaštita od rizika neto investicija u stranom poslovanju”. Usvajanje ovih standarda i tumačenja nije dovelo do izmjena u računovodstvenim politikama Banke.


9

2. OSNOVE ZA SASTAVLJANJE FINANSIJSKIH IZVJEŠTAJA (Nastavak)

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

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

MRS 1 (Izmijenjen) “Prezentacija finansijskih izvještaja” (primjenljiv od 1. januara 2009.

godine); MRS 23 (Izmijenjen) “Troškovi pozajmljivanja” (primjenljiv od 1. januara 2009. godine); MSFI 8 “Segmenti poslovanja” (primjenljiv od 1. januara 2009. godine); MSFI 3 (Izmijenjen) “Poslovne kombinacije” i MRS 27 (Izmijenjen) “Konsolidovani i

pojedinačni finansijski izvještaji” (primjenljiv od 1. jula 2009. godine); Dopuna MSFI 2 “Plaćanje akcijama – uslovi sticanja prava i poništenja” (primjenljiv od 1.

januara 2009. godine); Dopuna MRS 32 “Finansijski instrumenti: prezentacija” i MRS 1 “Prezentacija finansijskih

izvještaja” (primjenljiv od 1. januara 2009. godine); IFRIC 15, “Ugovori o izgradnji stambenih i poslovnih objekata” (primjenljiv od 1. januara

2009. godine); Poboljšani MSFI (primjenjivi od 1. januara 2009. godine, osim dopuna MSFI 5 koje su

primjenjive od 1. jula 2009. godine); MSFI 1 “Prva primjena MeĎunarodnih standarda finansijskog izvještavanja” i MRS 27

“Konsolidovani i pojedinačni finansijski izvještaji” (Dopuna) (primjenljiv od 1 jula 2009. godine);

MRS 39 “Finansijski instrumenti: priznavanje i mjerenje” (primjenjivo od 1. jula 2009. godine) i

IFRIC 17, “Raspodjela nemonetarnih sredstava vlasnicima” (primjenjivo od 1. jula 2009. godine).

Rukovodstvo Banke predviĎa da će svi gore pomenuti standardi i tumačenja biti primijenjeni u sastavljanju finansijskih izvještaja za period koji počinje 1. januara 2009. godine. Rukovodstvo Banke procjenjuje da usvajanje ovih standarda i tumačenja neće imati materijalno značajne efekte na finansijske izvještaje Banke u periodu njihove početne primjene.

(g) Osnove konsolidacije

Priloženi finansijski izvještaji uključuju samo pojedinačne finansijske izvještaje Banke. Ulaganje u preduzeće “Moneta”, nad kojim Banka ima efektivnu kontrolu, nije konsolidovano jer rukovodstvo Banke smatra da nije materijalno značajno. U ovim nekonsolidovanim finansijskim izvještajima, ulaganje u povezano preduzeće se računovodstveno evidentira u skladu sa MRS 39, kao ulaganje po pravičnoj vrijednosti kroz bilans uspjeha.


10

3. PREGLED ZNAĈAJNIH RAĈUNOVODSTVENIH POLITIKA 3.1. Prihodi i rashodi od kamata i naknada

Prihodi i rashodi po osnovu kamata se priznaju u bilansu uspjeha za sve instrumente, prema cijeni amortizacije uz primjenu metode efektivne kamatne stope. Metod efektivne kamatne stope je metod izračunavanja cijene amortizacije finansijskih sredstava ili finansijskih obaveza i alokacije prihoda po osnovu kamate ili rashoda po osnovu kamate na odgovarajuće vremenske periode. Efektivna kamatna stopa je stopa koja diskontuje procijenjena buduća gotovinska plaćanja ili prilive tokom očekivanog vijeka trajanja finansijskog instrumenta ili, tamo gdje je to izvodljivo, kraćeg perioda na sadašnju vrijednost finansijskih sredstava ili finansijskih obaveza. Pri izračunavanju efektivne kamatne stope, Banka procjenjuje gotovinske tokove razmatrajući sve ugovorene uslove finansijskih instrumenata (npr. opcije avansnih plaćanja) ali ne razmatra buduće gubitke po osnovu kreditnog rizika. Kalkulacije uključuju sve naknade i provizije plaćene ili primljene izmeĎu ugovorenih strana koje su integralni dio efektivne kamatne stope, troškova transakcije i svih drugih premija ili popusta. Kada se vrijednost nekog finansijskog sredstva ili grupe sličnih finansijskih sredstava obezvrijedi kao posljedica gubitka usljed umanjenja vrijednosti, prihod po osnovu kamate se priznaje u bilansu uspjeha uz korišćenje kamatne stope korišćene za diskontovanje budućih tokova gotovine za svrhu izračunavanja gubitka po osnovu umanjenja vrijednosti. Prihodi od naknada i provizija se uglavnom evidentiraju prema načelu nastanka poslovne promjene u periodu kada su usluge izvršene. Naknade za neiskorišćene kreditne linije se razgraničavaju (zajedno sa povezanim direktnim troškovima) i priznaju kao korekcija efektivne kamatne stope za kredit.

3.2. Preraĉunavanje deviznih iznosa

Poslovne promjene nastale u stranoj valuti su preračunate u EUR po srednjem kursu utvrĎenom na meĎubankarskom tržištu deviza, koji je važio na dan poslovne promjene. Sredstva i obaveze iskazane u stranoj valuti na dan bilansa stanja, preračunati su u EUR po srednjem kursu utvrĎenom na meĎubankarskom tržištu deviza koji je važio na taj dan. Neto pozitivne ili negativne kursne razlike nastale prilikom poslovnih transakcija u stranoj valuti i prilikom preračuna pozicija bilansa stanja iskazanih u stranoj valuti knjižene su u korist ili na teret bilansa uspjeha, kao dobici ili gubici po osnovu kursnih razlika. Preuzete i potencijalne obaveze u stranoj valuti preračunate su u EUR po srednjem kursu utvrĎenom na meĎubankarskom tržištu deviza koji je važio na taj dan.

3.3. Lizing Lizing Banke je klasifikovan kao operativni lizing. Plaćanja po osnovu ugovora o operativnom lizingu priznaju se ravnomjerno kao trošak tokom perioda trajanja lizinga.


11

3. PREGLED ZNAĈAJNIH RAĈUNOVODSTVENIH POLITIKA (Nastavak)

3.4. Porezi i doprinosi

Porez na dobit Tekući porez na dobit Porez na dobit se obračunava i plaća u skladu sa Zakonom o porezu na dobit pravnih lica Član 28 (“Sl. list CG”, br. 40/08). Stopa poreza na dobit je proporcionalna i iznosi 9% od poreske osnovice. Oporeziva dobit se utvrĎuje na osnovu dobiti Banke iskazane u bilansu uspjeha uz usklaĎivanje prihoda i rashoda u skladu sa odredbama Zakona o porezu na dobit pravnih lica (članovi 8 i 9 za usklaĎivanje prihoda i članovi 10 do 20 za usklaĎivanje rashoda). Poreski propisi Crne Gore ne predviĎaju da se poreski gubici iz tekućeg perioda mogu koristiti kao osnova za povraćaj poreza plaćenog u prethodnim periodima. MeĎutim, gubici iz tekućeg perioda iskazani u poreskom bilansu mogu se koristiti za umanjenje poreske osnovice budućih obračunskih perioda, ali ne duže od pet godina. Odloţeni porez na dobit Odloženi porez na dobit se obračunava korišćenjem metode utvrĎivanja obaveza prema bilansu stanja, za privremene razlike proizašle iz razlike izmeĎu poreske osnove potraživanja i obaveza i njihove knjigovodstvene vrijednosti. Važeće poreske stope na datum bilansa stanja se koriste za utvrĎivanje razgraničenog iznosa poreza na dobit. Odložene poreske obaveze se priznaju za sve oporezive privremene razlike. Odložena poreska sredstva se priznaju za sve odbitne privremene razlike i poreske gubitke i kredite, koji se mogu prenositi u naredne fiskalne periode, do stepena do kojeg će vjerovatno postojati oporeziva dobit od koje se odložena poreska sredstva mogu iskoristiti.

3.5. Gotovina i gotovinski ekvivalenti

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

3.6. Finansijska sredstva

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


12

3. PREGLED ZNAĈAJNIH RAĈUNOVODSTVENIH POLITIKA (Nastavak) 3.6. Finansijska sredstva (Nastavak)

(a) Zajmovi i potraživanja

Zajmovi i potraživanja predstavljaju nederivatna finansijska sredstva sa fiksnim i odredivim isplatama, koja nisu kotirana na aktivnom tržištu. Oni nastaju kada banka obezbijedi novčana sredstva, robu ili usluge dužniku direktno bez namjere da trguje potraživanjem. (b) Hartije od vrijednosti koje se drže do roka dospijeća Ulaganja koja se drže do dospijeća predstavljaju nederivatna finansijska sredstva sa fiksnim i odredivim isplatama i fiksnim dospijećem, i za koja rukovodstvo Banke ima pozitivnu namjeru i sposobnosti da ih drži do roka dospijeća. Ukoliko Banka prodaje više od beznačajnog iznosa investicije koja se drži do dospijjeća, čitava kategorija ulaganja se obilježava i reklasifikuje kao raspoloživa za prodaju.

(c) Ulaganja raspoloživa za prodaju

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

(d) Ulaganja po pravičnoj vrijednosti kroz bilans uspjeha Dobici i gubici nastali promjenom fer vrijednosti finansijskih sredstava klasifikovanih po fer vrijednosti kroz dobit ili gubitak se priznaju u bilansu uspjeha u periodu u kom su nastali.

(i) Inicijalno priznavanje i naknadno vrijednovanje finansijskih sredstava Kupovina i prodaja finansijskih sredstava koja se drže do dospijeća i finansijskih ulaganja raspoloživih za prodaju, priznaje se na dan transakcije – a to je dan kada se Banka obavezala da će kupiti ili prodati sredstvo. Krediti se priznaju u trenutku kada se gotovinska sredstva plasiraju korisnicima kredita. Finansijska sredstva su inicijalno priznata po fer vrijednosti, uvećana za troškove transakcija za sva finansijska sredstva koja se ne evidentiraju po fer vrijednosti kroz dobitak ili gubitak. Finansijska sredstva raspoloživa za prodaju se naknadno vrjednuju po fer vrijednosti. Zajmovi i potraživanja, kao i ulaganja koja se drže do dospijeća, evidentiraju se po amortizovanoj vrijednosti korišćenjem metode efektivne kamatne stope. Dobici i gubici koji proizilaze iz promjena fer vrijednosti finansijskih sredstava raspoloživih za prodaju priznaju se direktno u okviru kapitala, sve dok se finansijsko sredstvo ne proda ili ne obezvrijedi kada se kumulativna dobit/gubitak prethodno priznata u okviru kapitala priznaje u bilansu uspjeha. MeĎutim, kamata koja se obračunava korišćenjem metode amortizacione cijene priznaje se u bilansu uspjeha. Dividende po osnovu hartija od vrijednosti raspoloživih za prodaju priznaju se u bilansu uspjeha onda kada subjekat stekne pravo na uplatu.

Fer vrijednosti hartija od vrijednosti kotiranih na aktivnim tržištima zasnivaju se na cijenama ponude. Ukoliko tržište nekog finansijskog sredstva (i za hartije od vrijednosti koje se ne kotiraju na berzi) nije aktivno, Banka utvrĎuje fer vrijednost primjenom tehnika procjenjivanja. Tehnike procjene obuhvataju korišćenje posljednjih nezavisnih tržišnih transakcija izmeĎu upoznatih voljnih strana, analizu diskontovanih novčanih tokova i druge tehnike procjenjivanja koje koriste obično učesnici na tržištu.


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(e) Umanjenje vrijednosti finansijskih sredstava

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

1. Značajne finansijske teškoće dužnika,

2. Kršenje ugovora, kao što je nemogućnost plaćanja kamate ili glavnice,

3. Garancije izdate od strane zajmodavca zajmoprimcu usljed ekonomskih ili pravnih razloga

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

4. Visoka vjerovatnoća bankrotstva ili druge finansijske reorganizacije zajmodavca,

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

6. Objektivni podaci koji pokazuju da postoji mjerljivo smanjenje budućih tokova gotovine od

grupe finansijskih sredstava nakon početnog priznavanja tih sredstava, mada smanjenje ne može još uvijek da se utvrdi kod pojedinih finansijskih sredstava u grupi, uključujući:

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

Banka prvo procjenjuje da li postoje objektivni dokazi o umanjenju vrijednosti: pojedinačno za finansijska sredstva koja su pojedinačno značajna, i pojedinačno ili zajednički za finansijska sredstva koja nisu pojedinačno značajna. Ako Banka odredi da ne postoji objektivni dokaz umanjenja vrijednosti za finansijsko sredstvo koje se pojedinačno procjenjuje, bilo da je značajno ili ne, ona obuhvata sredstvo u grupi finansijskih sredstava sa sličnim karakteristikama kreditnog rizika i zajednički ih procjenjuje zbog umanjenja vrijednosti. Sredstva koja se pojedinačno procjenjuju zbog umanjenja vrijednosti i za koja je gubitak od umanjenja vrijednosti priznat ili nastavlja da se priznaje, ne uključuju se u zajedničku procjenu o umanjenju vrijednosti.

Ukoliko postoji objektivni dokaz da je gubitak po osnovu umanjenja vrijednosti zajmova i potraživanja nastao, iznos gubitka se odmjerava razlikom izmeĎu knjigovodstvene vrijednosti i sadašnje vrijednosti procijenjenih budućih tokova gotovine (isključujući buduće kreditne gubitke koji nisu nastali) diskontovane po ugovorenoj efektivnoj kamatnoj stopi. Knjigovodstvena vrijednost sredstava se umanjuje korišćenjem računa ispravke vrijednosti i iznos gubitka se prikazuje u bilansu uspjeha. Ako je u pitanju zajam sa promjenljivom kamatnom stopom, diskontna stopa za odmjeravanje svakog gubitka po osnovu umanjenja vrijednosti biće aktuelna kamatna stopa koja je odreĎena ugovorom.


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(e) Umanjenje vrijednosti finansijskih sredstava (Nastavak) (i) Sredstva koja se vrijednuju po amortizacionoj cijeni (Nastavak) Izračunavanje sadašnje vrijednosti procijenjenih budućih tokova gotovine obezbijeĎenog finansijskog sredstva odražava novčane tokove koji mogu biti rezultat preuzimanja kolaterala umanjene za troškove pribavljanja i prodaje kolaterala, bez obzira na to da li je preuzimanje kolaterala vjerovatno ili ne. U svrhe zajedničke procjene umanjenja vrijednosti, finansijska sredstva se grupišu na osnovu sličnih karakteristika kreditnog rizika. Te karakteristike su relevantne za procjenjivanje budućih tokova gotovine za grupe takvih sredstava time što ukazuju na sposobnost dužnika da isplati sve iznose i dugovanja koji su dospjeli u skladu sa uslovima ugovora za sredstva koja se procjenjuju.

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

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

Kada je zajam nenaplativ, on se otpisuje na bazi odgovarajućih rezervi za umanjenje vrijednosti potraživanja po osnovu zajmova. Takvi zajmovi se otpisuju nakon svih neophodnih procedura po utvrĎivanju iznosa gubitka. Naknadna naplata prethodno ispravljenih potraživanja smanjuje iznos rezervisanja za umanjenje vrijednosti i priznaje se u bilansu uspjeha. Ako se, u narednom periodu, iznos gubitka po osnovu umanjenja vrijednosti smanji i ako se to smanjenje može objektivno dovesti u vezu sa dogaĎajem koji je nastao poslije priznavanja umanjenja vrijednosti, prethodno priznati gubitak po osnovu umanjenja vrijednosti umanjuje račun ispravke vrijednosti. (ii) Finansijska sredstva vrednovana po fer vrijednosti Na kraju svakog obračunskog perioda, na dan izvještavanja, Banka procjenjuje da li postoje objektivni dokazi da je došlo do umanjenja vrijednosti finansijskog sredstva ili grupe finansijskih sredstava. U slučaju da postoje objektivni dokazi da je došlo do umanjenja vrijednosti finansijskih instrumenata raspoloživih za prodaju, značajan ili produženi pad vrijednosti finansijskih instrumenata ispod nabavne vrijednosti, uzima se u obzir pri utvrĎivanju mogućeg umanjenja vrijednosti sredstava. Ako postoji takav dokaz za finansijske instrumente raspoložive za prodaju, tada se akumulirani gubitak – kao razlika izmeĎu cijene akvizicije i tekuće fer vrijednosti, umanjen za bilo koja umanjenja vrijednosti finansijskog sredstva prethodno priznata kao dobitak ili gubitak, uklanja iz kapitala i priznaje u bilansu uspjeha. Ako se u narednom periodu fer vrijednost dužničkog instrumenta klasifikovanog kao ono koje je raspoloživo za prodaju poveća, i ako se to povećanje može objektivno dovesti u vezu sa dogaĎajem koji se odigrao poslije gubitka zbog umanjenja vrijednosti i koji je priznat u neto dobitku ili gubitku, gubitak zbog umanjenja vrijednosti se ukida, sa iznosom ukidanja priznatim kao neto dobitak ili gubitak u bilansu uspjeha.


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3. PREGLED ZNAĈAJNIH RAĈUNOVODSTVENIH POLITIKA (Nastavak) 3.7. Finansijske obaveze

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

3.8. Nematerijalna ulaganja Nematerijalna ulaganja su iskazana po nabavnoj vrijednosti, umanjenoj za ispravku vrijednosti. Troškovi održavanja softvera priznaju se u periodu nastanka. Troškovi koji se direktno odnose na jedinstvene softverske programe koji su pod kontrolom Banke i koji će vjerovatno proizvesti ekonomske koristi koje su veće nego što su troškovi, a u periodu dužem od godinu dana, priznaju se kao nematerijalna ulaganja. Troškovi obuhvataju troškove eksterne kompanije angažovane na razvoju softvera. Troškovi amortizacije nematerijalnih ulaganja se otpisuju u toku njihovog procijenjenog korisnog vijeka trajanja, na način kao što slijedi:

Nematerijalna ulaganja Korisni vijek trajanja (godina)

Licenca

8 Softver 8

3.9. Nekretnine, postrojenja i oprema

Nekretnine, postrojenja i oprema iskazuju se po nabavnoj vrijednosti, umanjenoj za ispravku vrijednosti. Nabavna vrijednost obuhvata trošak koji se direktno pripisuje kupovini sredstava. Amortizacija nekretnina, postrojenja i opreme se obračunava primjenom proporcionalne metode kako bi se njihov trošak rasporedio na njihovu rezidualnu vrijednost tokom predviĎenog korisnog vijeka trajanja sredstva kao što slijedi:

Glavne kategorije nekretnina, postrojenja i opreme Korisni vijek trajanja

(godina)

GraĎevinski objekti

50 Renoviranje iznajmljenih prostora 7 Računari i prateća oprema 8 Namještaj i oprema 4 - 10 Motorna vozila 8 Radovi u toku su evidentirani po nabavnoj vrijednosti. Amortizacija ove imovine i ostalih nekretnina počinje od trenutka njihove funkcionalne upotrebe.

3.10. Ispravka vrijednosti materijalne i nematerijalne imovine

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


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3. PREGLED ZNAĈAJNIH RAĈUNOVODSTVENIH POLITIKA (Nastavak)

3.10. Ispravka vrijednosti materijalne i nematerijalne imovine (Nastavak)

Gubitak po osnovu obezvrjeĎenja vrijednosti imovine priznaje se kao rashod tekućeg perioda i iskazuje se u okviru ostalih poslovnih rashoda. Ako naknadno doĎe do situacije da gubitak zbog obezvrjeĎenja priznat u ranijim godinama ne postoji ili se smanjio, vrijednost sredstva se povećava do revidirane procjene o njegovoj naknadivoj vrijednosti, ali tako da povećana vrijednost po kojoj se sredstvo vodi ne bude veća od vrijednosti po kojoj bi se sredstvo vodilo da nije bio u prethodnim godinama priznat utvrĎeni gubitak zbog obezvrjeĎivanja sredstava.

3.11. Rezervisanja

Rezervisanja se priznaju kada Banka ima važeću zakonsku ili izvedenu obavezu koja je rezultat prošlih dogaĎaja, kada postoji velika vjerovatnoća da će za podmirenje obaveze biti potreban odliv sredstava i kada je iznos obaveza pouzdano procijenjen.

3.12. Naknade zaposlenima

Doprinosi kojima se obezbjeĊuje socijalna sigurnost zaposlenih

U skladu sa propisima koji se primjenjuju u Crnoj Gori, Banka je u obavezi da plaća doprinose državnim fondovima kojima se obezbjeĎuje socijalna sigurnost zaposlenih. Ove obaveze uključuju doprinose za zaposlene na teret poslodavca u iznosima obračunatim po stopama propisanim relevantnim zakonskim propisima. Banka je, takoĎe, obavezna da od bruto plata zaposlenih obustavi doprinose i da ih, u ime zaposlenih, uplati tim fondovima. Doprinosi na teret poslodavca i doprinosi na teret zaposlenog se evidentiraju na teret rashoda perioda na koji se odnose. Obaveze po osnovu otpremnina ili drugih dugoroĉnih naknada zaposlenima U skladu sa Kolektivnim ugovorom, Banka je u obavezi da prilikom odlaska u penziju zaposlenom isplati otpremninu u visini 12 prosječnih neto zarada zaposlenih u Banci koja važi u mjesecu u kojem se vrši isplata. Istovremeno, zaposlenom se povodom 10, 20 i 30 godina rada u Banci isplaćuje jubilarna nagrada. U finansijskim izvještajima Banke na dan 31. decembra 2008. godine, izvršeno je rezervisanje, obračunato od strane nezavisnog ovlašćenog aktuara, po osnovu procijenjene sadašnje vrijednosti sredstava za otpremnine za odlazak u penziju i jubilarne nagrade zaposlenima nakon ispunjenih uslova.

4. FINANSIJSKI INSTRUMENTI

4.1. Upravljanje rizicima Banka je u svome poslovanju izložena različitim rizicima od kojih su najznačajniji:

kreditni rizik tržišni rizik rizik likvidnosti operativni rizik.

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


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4. FINANSIJSKI INSTRUMENTI (Nastavak)

4.1. Upravljanje rizicima (Nastavak)

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

4.2. Kreditni rizik

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

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

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

Izloženost riziku po pojedinačnim zajmoprimaocima, uključujući druge banke i brokerska preduzeća, dalje se ograničava tako što se utvrĎuje podlimit u odnosu na bilansnu i vanbilansnu izloženost. Stvarna izloženost u odnosu na utvrĎene limite se redovno prati.

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

Preuzete i potencijalne obaveze po osnovu kredita Primarna svrha ovih instrumenta je da se obezbijedi da sredstva budu dostupna klijentu u skladu sa zahtjevima. Garancije i aktivirani akreditivi predstavljaju neopozive garancije Banke da će izvršiti plaćanje u slučaju da klijent ne može da ispuni svoje obaveze prema trećim stranama, i stoga nose isti kreditni rizik kao i krediti. Dokumentarni i komercijalni akreditivi – koji predstavljaju pismenu izjavu o obavezi Banke preuzetoj u ime klijenta, a kojom se trećem licu daje ovlašćenje da kod Banke vuče mjenice do iznosa dogovorenog posebnim uslovima – su obezbijeĎeni osnovnom isporukom robe na koju se odnose, te stoga, nose manji rizik nego direktna pozajmica.


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4. FINANSIJSKI INSTRUMENTI (Nastavak) 4.2. Kreditni rizik (Nastavak)

4.2.2. Rezervisanja za gubitke po osnovu umanjenja vrijednosti u skladu sa MRS 39

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

značajne finansijske teškoće zajmoprimca kršenje ugovora, kao što je nemogućnost plaćanja kamate ili glavnice garancije izdate od strane zajmodavca zajmoprimcu usljed ekonomskih ili pravnih razloga

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

visoka vjerovatnoća bankrotstva ili druge finansijske reorganizacije zajmoprimca nestanak aktivnog tržišta za to finansijsko sredstvo zbog finansijskih teškoća objektivni podaci koji pokazuju da postoji mjerljivo smanjenje budućih tokova gotovine

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

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

grupi.

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

Izračunavanje sadašnje vrijednosti procijenjenih budućih tokova gotovine obezbijeĎenog finansijskog sredstva odražava novčane tokove koji mogu biti rezultat isključivanja umanjena za troškove pribavljanja i prodaje kolaterala, bez obzira na to da li je isključenje vjerovatno ili ne. U svrhe zajedničke procjene umanjenja vrijednosti, finansijska sredstva koja nisu pojedinačno značajna se grupišu na osnovu sličnih karakteristika kreditnog rizika. U procesu klasifikacije sredstava izloženih kreditnom riziku, Banka primjenjuje sljedeće klasifikacione kategorije:

Kreditna kategorija Kriterijum

Dobra aktiva

Ova kategorija uključuje svu imovinu procijenjenu kao naplativu u potpunosti po osnovu ugovorenih uslova.

Aktiva sa posebnom napomenom

Ova kategorija uključuje onu imovinu koja je najvjerovatnije naplativa, ali zahtijeva posebnu pažnju, budući da potencijalni rizik, ukoliko nije dovoljno ispraćen, može umanjiti naplativost ovih potraživanja.

Substandardna aktiva

Ova kategorija uključuje onu imovinu usljed koje vrlo lako može nastati gubitak, imajući u vidu jasno definisane nedostatke koji će tu naplatu dovesti u rizik.


19


4.2. Kreditni rizik (Nastavak)

4.2.3. Maksimalna izloţenost kreditnom riziku po bilansnim i vanbilansnim stavkama

U hiljadama EUR

31. decembar

2008. 31. decembar

2007. Bilansne stavke Krediti i avansi bankama 85,900 115,694 Krediti i avansi klijentima 952,263 719,419 Hartije od vrijednosti raspoložive za prodaju 206 154 Finansijska sredstva po pravičnoj vrijednosti kroz bilans uspjeha 184 210 Hartije od vrijednosti koje se drže do dospijeća 500 517 Ostala sredstva 5,633 4,256 1,044,686 840,250 Vanbilansne stavke Finansijske garancije 76,511 31,833 Nepokriveni akreditivi 4,346 3,383 Nepovučene kreditne linije 37,290 8,420 118,147 43,636

Ukupna izloţenost kreditnom riziku 1,162,833 883,886 Izloženost kreditnom riziku se djelimično kontroliše pribavljanjem instrumenata obezbjeĎenja i garancija pravnih i fizičkih lica. Pored toga, sva fizička lica su u obavezi da svoju mjesečnu zaradu primaju preko tekućeg računa kod Banke, u cilju smanjenja kreditnog rizika.

Tipovi instrumenata obezbijeĎenja su:

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

Ograniĉenja propisana od strane Centralne Banke Crne Gore U skladu Zakonom o bankama („Sl. list Crne Gore“, br. 17/2008 od 11. marta 2008. godine) Banka je u obavezi da obezbedi da izloženost riziku prema pojedinačnom dužniku ili grupi povezanih dužnika ne prelazi 25% sopstvenih sredstava. U skladu sa navedenom zakonskom regulativom, na dan 31. decembra 2008. godine, izloženost rizika Banke prema pojedinačnom dužniku ili grupi povezanih lica prelazi 25% sopstvenih sredstava. Rukovodstvo Banke je preduzelo adekvatne mjere u cilju usaglašavanja sa zakonskom regulativom po navedenom osnovu, na način što je jedini vlasnik kapitala Banke OTP Bank Plc. Budapest odobrio Banci sredstva u iznosu EUR 15,000 hiljada po osnovu subordinisanog duga na period od 7 godina. Pored toga, 20. marta 2009. godine OTP Bank Plc. Budapest se obavezao da će započeti aktivnosti na dokapitalizaciji u iznosu EUR 25,000 hiljada, a završiti ih u skladu sa zakonskom regulativnom Crne Gore koja reguliše pitanja dokapitalizacije.


20

4. FINANSIJSKI INSTRUMENTI (Nastavak) 4.2. Kreditni rizik (Nastavak) 4.2.4. Krediti i avansi

Krediti i avansi su prikazani u narednim tabelama:

U hiljadama EUR

NeobezvrijeĊeni

nedospjeli

Neobezvr

ijeĊeni dospjeli

Individu-alno

obezvri-jeĊeni

krediti

Ukupno, bruto

Pojedinaĉna ispravka

vrijednosti za

Opšta ispravka

vrijednosti

Ukupna

ispravka vrijedno-

sti

Ukupno, neto

31. decembar 2008. godine

Stambeni krediti 151,102 412 - 151,514 - 2,522 2,522 148,992 Prekoračenja po tekućim

računima 8,854

782

-

9,636

-

310

310

9,326 Potrošački krediti 81,392 827 - 82,219 - 1,599 1,599 80,620 Kreditne kartice 7,854 752 - 8,606 - 129 129 8,477 Namjenski krediti 13,233 296 - 13,529 - 285 285 13,244 Ostali krediti fizičkim

licima, pokriveni hipotekom 20,207

249

-

20,456

-

320

320

20,136 Ostali krediti 261 49 - 310 - 7 7 303 Krediti malim preduzećima 285,399 11,458 6,243 303,100 27 5,439 5,466 297,634 Krediti srednjim i velikim

preduzećima 306,196

13,778

28,800

348,774

1,702

5,075

6,777

341,997 Krediti Vladi i opštinama 29,895 146 - 30,041 - 450 450 29,591 Krediti finansijskim institucijama 1,955

6

-

1,961

-

18

18

1,943

906,348 28,755 35,043 970,146 1,729 16,154 17,883 952,263 Krediti i avansi bankama 85,900 - - 85,900 - - - 85,900 992,248 28,755 35,043 1,056,046 1,729 16,154 17,883 1,038,163

U hiljadama EUR

Neobezvri-

jeĊeni nedospjeli

Neobezvr-ijeĊeni dospjeli

Individu-alno

obezvri-jeĊeni

krediti

Ukupno, bruto

Pojedinaĉna ispravka vrijednosti

za

Opšta ispravka

vrijednosti

Ukupna

ispravka vrijedno-

sti

Ukupno, neto

31. decembar 2007. godine

Stambeni krediti 115,828 8,021 - 123,849 - 1,310 1,310 122,539 Prekoračenja po tekućim računima 5,325

217

-

5,542

-

253

253

5,289

Potrošački krediti 56,782 5,781 - 62,563 - 630 630 61,933 Kreditne kartice 5,220 115 - 5,335 - 520 520 4,815 Namjenski krediti 9,400 2,469 - 11,869 - 56 56 11,813 Ostali krediti fizičkim

licima, pokriveni hipotekom 15,656

950

-

16,606

-

168

168

16,438 Ostali krediti 1,070 240 - 1,310 - 29 29 1,281 Krediti mikro i malim


15,469

5,084

224,406

100

2,825

2,925

221,481 Krediti srednjim i velikim preduzećima 236,386

11,263

4,000

251,649

36

2,228

2,264

249,385

Krediti Vladi i opštinama 22,629 1,448 - 24,077 - 120 120 23,957 Krediti finansijskim

institucijama 496

-

-

496

-

8

8

488 672,645 45,973 9,084 727,702 136 8,147 8,283 719,419 Krediti i avansi bankama 115,694 - - 115,694 - - - 115,694 788,339 45,973 9,084 843,396 136 8,147 8,283 835,113


21

4. FINANSIJSKI INSTRUMENTI (Nastavak) 4.2. Kreditni rizik (Nastavak) 4.2.4. Krediti i avansi (Nastavak)

a) Nedospjeli i neobezvrjeĊeni krediti i avansi

U hiljadama EUR

Dobra aktiva

Aktiva sa posebnom

napomenom

Substanda-rdna

aktiva

Ukupno 31. decembar 2008. godine Stambeni krediti 151,102 - - 151,102 Prekoračenja po tekućim računima 8,854 - - 8,854 Potrošački krediti 81,392 - - 81,392 Kreditne kartice 7,854 - - 7,854 Namjenski krediti 13,233 - - 13,233 Ostali krediti fizičkim licima,

pokriveni hipotekom

20,207

-

-

20,207 Ostali krediti 261 - - 261 Krediti mikro i malim preduzećima 285,399 - - 285,399 Krediti srednjim i velikim


- - 306,196

Krediti Vladi i opštinama 29,895 - - 29,895 Krediti finansijskim institucijama 1,955 - - 1,955 906,348 - - 906,348 Krediti i avansi bankama 85,900 - - 85,900 992,248 - - 992,248

U hiljadama EUR

Dobra aktiva

Aktiva sa posebnom

napomenom

Substanda-rdna

aktiva

Ukupno 31. decembar 2007. godine Stambeni krediti 115,828 - - 115,828 Prekoračenja po tekućim računima 5,325 - - 5,325 Potrošački krediti 56,782 - - 56,782 Kreditne kartice 5,220 - - 5,220 Namjenski krediti 9,400 - - 9,400 Ostali krediti fizičkim licima,

pokriveni hipotekom

15,656

-

-

15,656 Ostali krediti 1,070 - - 1,070 Krediti malim preduzećima 203,853 - - 203,853 Krediti srednjim i velikim


- - 236,386

Krediti Vladi i opštinama

22,629 -

-

22,629 Krediti finansijskim institucijama 496 - - 496 672,645 - - 672,645 Krediti i avansi bankama 115,694 - - 115,694 788,339 - - 788,339


22


b) Dospjeli ali pojedinaĉno neobezvrjeĊeni krediti i avansi

U hiljadama EUR

Do 30 dana

kašnjenje

Od 31 do 60

dana kašnjenje

Od 61 do

90 dana kašnjenje

Od 91 do 180 dana kašnjenje

Od 180 do

365 dana kašnjenje

Od 1 do 5

godine kašnjenje

Preko 5 godine

kašnjenje

Ukupno 31. decembar 2008. godine Stambeni krediti 138 108 21 145 - - - 412 Prekoračenja po tekućim

računima 782

-

- -

-

- -

782 Potrošački krediti 301 124 65 337 - - - 827 Kreditne kartice 646 22 22 62 - - - 752 Namjenski krediti 37 39 33 187 - - - 296 Ostali krediti fizičkim

licima, pokriveni hipotekom 35

17

171 26

-

- -

249 Ostali krediti 3 6 4 36 - - - 49 Krediti mikro i malim preduzećima 7,727

1,851

136 1,744

-

- -

11,458

Krediti srednjim i velikim preduzećima 13,098

567

3 110

-

- -

13,778

Krediti Vladi i opštinama 127 11 - 8 - - - 146 Krediti finansijskim

institucijama 6

-

- -

-

- -

6 22,900 2,745 455 2,655 - - - 28,755

In thousands of EUR

Do 30 dana

kašnjenje

Od 31 do 60

dana kašnjenje

Od 61 do

90 dana kašnjenje

Od 91 do 180 dana kašnjenje

Od 180 do

365 dana kašnjenje

Od 1 do 5

godine kašnjenje

Preko 5 godine

kašnjenje

Ukupno 31. decembar 2007. godine Stambeni krediti 7,369 366 115 171 - - - 8,021 Prekoračenja po tekućim

računima 140

11

5

61

-

-

-

217 Potrošački krediti 4,910 429 215 227 - - - 5,781 Kreditne kartice 57 38 14 6 - - - 115 Namjenski krediti 1,809 313 89 258 - - - 2,469 Ostali krediti fizičkim

licima, pokriveni hipotekom 916

23

11

-

-

-

-

950 Ostali krediti 139 75 2 24 - - - 240 Krediti mikro i malim

preduzećima 11,955

1,097

1,523

894

-

-

-

15,469 Krediti srednjim i velikim preduzećima 10,787

-

42

434

-

-

-

11,263

Krediti Vladi i opštinama 1,439 - - 9 - - - 1,448 39,521 2,352 2,016 2,084 - - - 45,973


23


c) Fer vrijednost sredstava obezbjeĊenja U hiljadama EUR

2008 2007 Depoziti 182,642 168,219 Garancije 76,507 31,833 Zaloga 76,465 54,882 Hipoteke 2,094,984 1,369,800 Ukupno 2,430,598 1,624,734

Banka kao predmet hipoteke uzima nepokretnosti čija vrijednost, po procjeni ovlašćenih procjenitelja, mora biti veća minimum 30% od iznosa plasmana. Nekretnine koje se uzimaju kao kolateral su stambeni prostori, porodične stambene zgrade, poslovni objekti, poslovni prostori i zemljište zavisno od lokacije i njegove buduće namjene.

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

d) Restruktuirani krediti i avansi

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

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

Prilikom restruktuiranja kredita Banka vrši finansijsku analizu zajmoprimca i procjenjuje

mogućnosti zajmoprimca, nakon restruktuiranja kredita, da ostvari novčane tokove koji će biti dovoljni za otplatu glavnice i kamate kredita. Banka je restruktuirala u toku 2008. godine kredite u iznosu od 15,559 hiljada EUR (2007. godine: 6,903 hiljade EUR). e) Steĉena sredstva obezbjeĊenja

Na dan 31. decembra 2008. godine, Banka je u okviru ostalih sredstava iskazala stečena sredstva

obezbijeĎenja u neto iznosu od 42 hiljade EUR (31.decembra 2007. godine: neto 40 hiljada EUR). Stečena sredstva obezbijeĎenja se odnose na nekretnine i automobile koji su iskazani u vrijednosti ukupnih nenaplaćenih potraživanja.

Banka ima namjeru da stečena sredstva obezbijeĎenja proda u narednom periodu.


24


f) Geografska koncentracija

Geografska koncentracija izloženosti Banke kreditnom riziku, bez umanjenja za ispravku

vrijednosti, je prikazana u sljedećoj tabeli:

U hiljadama EUR

Crna Gora Evropska

Unija USA i

Kanada

Ostalo

Ukupno

Krediti i avansi bankama 334 81,567 944 3,055 85,900 Krediti i avansi klijentima 960,891 4,177 1,030 4,048 970,146 Hartije od vrijednosti raspoložive za prodaju 206

-

-

- 206

Finansijska sredstva po pravičnoj vrijednosti kroz bilans uspjeha 184

-

-

- 184

Hartije od vrijednosti koje se drže do dospijeća 500

-

-

- 500

Ostala sredstva 5,640 - - - 5,640 31. decembar 2008. godine 967,755 85,744 1,974 7,103 1,062,576 31. decembar 2007. godine 721,201 126,979 353 - 848,533

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26

4. FINANSIJSKI INSTRUMENTI (Nastavak) 4.2. Kreditni rizik (Nastavak) 4.2.5. Vanbilansna evidencija Ročnost vanbilansnih stavki po kojima je Banka izložena kreditnom riziku je sljedeća:

U hiljadama EUR

Nepovuĉene kreditne

linije Garancije Nepokriveni

akreditivi Ukupno 31. decembar 2008. godine Do 1 godine 37,290 29,160 3,583 70,033 Od 1 do 5 godina - 47,351 763 48,114 37,290 76,511 4,346 118,147

U hiljadama EUR

Nepovuĉene kreditne

linije Garancije Nepokriveni

akreditivi Ukupno 31. decembar 2007. godine Do 1 godine 8,420 28,782 3,383 40,585 Od 1 do 5 godina - 3,051 - 3,051 8,420 31,833 3,383 43,636

4.3. Trţišni rizik

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

4.3.1. Devizni rizik

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


27

4. FINANSIJSKI INSTRUMENTI (Nastavak) 4.3. Trţišni rizik (Nastavak) 4.3.1. Devizni rizik (Nastavak)

Izloženost riziku od promjena kursa valuta na dan 31. decembra 2008. godine prikazana je u sljedećoj tabeli:

U hiljadama EUR Ukupno Lokalna Ostale strane valuta USD valute valute (EUR) Ukupno

AKTIVA Gotovina i depoziti kod

879 308 1,187 96,449

97,636 Centralne banke Krediti i avansi bankama 13,195 2,720 15,915 69,985 85,900 Krediti i avansi klijentima - - - 952,263 952,263 Hartije od vrijednosti raspoložive za

prodaju - - - 206 206 Finansijska sredstva po pravičnoj

- - - 184

184 vrijednosti kroz bilans uspjeha Hartije od vrijednosti koje se drže do

dospijeća - - - 500 500 Ostala sredstva 68 5 73 5,560 5,633 Ukupna aktiva 14,142 3,033 17,175 1,125,147 1,142,322 PASIVA Obaveze prema bankama 6 - 6 6,115 6,121 Obaveze prema klijentima 16,527 3,050 19,577 767,835 787,412 Obaveze po kreditima - - - 294,592 294,592 Ostale obaveze 161 9 170 3,317 3,487 Rezervisanja - - - 918 918 Obaveze za tekući porez - - - 208 208 Odložene poreske obaveze - - - 388 388 Beneficije zaposlenih - - - 538 538 Ukupno obaveze 16,694 3,059 19,753 1,073,911 1,093,664 Neto devizna izloţenost: - 31. decembra 2008. godine (2,552) (26) (2,578) 51,236 48,658 - 31. decembra 2007. godine 348 208 556 24,163 24,719

4.3.2. Rizik od promjene kamatnih stopa

Rizik od promjene kamatnih stopa novčanih tokova predstavlja rizik da će budući novčani tokovi finansijskog instrumenta biti podložni oscilacijama usljed promjenljivih kamatnih stopa na tržištu. Kamatni rizik fer vrijednosti predstavlja rizik da će vrijednost finansijskog instrumenta biti podložna oscilacijama usljed promjenljivih kamatnih stopa na tržištu. Banka je izložena efektima promjene važećih kamatnih stopa na tržištu i to po osnovu rizika od promjene kamatnih stopa na novčane tokove. Kao posljedica takvih promjena može doći do povećanja kamatnih marži, meĎutim, one mogu umanjiti dobit ili dovesti do gubitka u slučaju neočekivanih kretanja. Kamatne stope se zasnivaju na tržišnim stopama tako da Banka redovno vrši ponovno odreĎivanje cijena.


28

4. FINANSIJSKI INSTRUMENTI (Nastavak) 4.3. Trţišni rizik (Nastavak) 4.3.2. Rizik od promjene kamatnih stopa (Nastavak)

Naredna tabela prikazuje kamatonosna i nekamatonosna sredstva i obaveze Banke na dan 31. decembra 2008. godine: U hiljadama EUR Kamato-

nosno Nekamato- nosno Ukupno

AKTIVA Gotovina i depoziti kod Centralne banke 38,144 59,492 97,636 Krediti i avansi bankama 75,020 10,880 85,900 Krediti i avansi klijentima 952,263 - 952,263 Hartije od vrijednosti raspoložive za prodaju - 206 206 Finansijska sredstva po pravičnoj vrijednosti kroz dobit ili gubitak - 184 184 Hartije od vrijednosti koje se drže do dospijeća 500 - 500 Ostala sredstva - 5,633 5,633 Ukupna aktiva 1,065,927 76,395 1,142,322 PASIVA Obaveze prema bankama 4,464 1,657 6,121 Obaveze prema komitentima 705,580 81,832 787,412 Ostale obaveze po kreditima 294,592 - 294,592 Ostale obaveze - 3,487 3,487 Ukupno obaveze 1,004,636 86,976 1,091,612 Izloţenost riziku od promjene kamatnih stopa: - 31. decembra 2008. godine 61,291 (10,581) 50,710 - 31. decembra 2007. godine (17,458) 43,619 26,161


29

4. FINANSIJSKI INSTRUMENTI (Nastavak) 4.3. Trţišni rizik (Nastavak) 4.3.2 Rizik od promjene kamatnih stopa (Nastavak)

Sljedeća tabela prikazuje godišnje kamatne stope (ukoliko nije drugačije navedeno) za značajnije valute monetarnih finansijskih instrumenata:

- u procentima- EUR USD Finansijska sredstva Obavezna rezerva – kamatonosni dio 1% - Hartije od vrijednosti koje se drže do dospijeća 6.50% - Krediti i avansi bankama 3.3%-3.7% 1%-3.17% Kratkoročni krediti klijentima: - pravna lica 4%-16% - - fizička lica 8%-16% - Dugoročni krediti klijentima: - pravna lica 6%-16% - - fizička lica 3%-16% - Finansijske obaveze Depoziti banaka 1.15%-8% - Depoziti klijenata: - pravna lica 0%-8% 0%-6% - fizička lica 0%-8% 1.5%-8.42% Obaveze po kreditima: - Direkcija za razvoj malih i srednjih preduzeća 0%-7% - - Fond za razvoj Crne Gore 1.5%-6.5% - - KfW 6M EURIBOR + 1.305% - 2.4% - - Commerzbank AG 3M EURIBOR + 0.1% - 0.15% - - DEG&FMO 6M EURIBOR+3.5% - - EFSE 6M EURIBOR + 2% - 3.5% - - LHB Internationale AG 3M EURIBOR + 0.1% - - OTP Bank Plc., Budapest - komercijalni krediti EURIBOR + 1.5% - 1.95% - - krediti za likvidnost 3.75% - 5.15% - - subordinirani kredit 6M EURIBOR + 2.25% - - OTP Financing Netherlands B.V. 3M EURIBOR + 1.9% - 3.05% -

4.4. Rizik likvidnosti Rizik likvidnosti predstavlja rizik da Banka neće moći obezbijediti dovoljno novčanih sredstava za izmirenje obaveza u trenutku njihove dospjelosti, ili rizik da će Banka za izmirivanje dospjelih obaveza morati obezbjeĎivati novčana sredstva po razumnoj cijeni i blagovremeno.

4.4.1. Upravljanje rizikom likvidnosti UsklaĎenost i kontrolisana neusklaĎenost dospijeća i kamatnih stopa po osnovu sredstava i obaveza su od velikog značaja za rukovodstvo Banke. Nije uobičajeno da banka ima kompletno usklaĎenu poziciju, budući da poslovne transakcije često imaju neodreĎen rok dospijeća i da su različitih vrsta. NeusklaĎena pozicija potencijalno povećava profitabilnost, ali i povećava rizik od gubitka.


30


4.4. Rizik likvidnosti (Nastavak) 4.4.1. Upravljanje rizikom likvidnosti (Nastavak)

Dospijeća sredstava i obaveza i sposobnost Banke da po prihvatljivim troškovima obezbijedi izvore sredstava po dospijeću obaveza, važan su činilac u procjeni likvidnosti Banke i njene izloženosti promjenama kamatnih stopa i kurseva. Potrebe za likvidnošću za pokrivanje garancija odnosno aktiviranih akreditiva su znatno manje od iznosa preuzetih obaveza, budući da Banka ne očekuje da treća strana povuče ugovorena sredstva. Ukupni neizmireni iznos ugovorne obaveze kojom se odobrava kredit sa produženim rokom dospijeća ne mora nužno dovesti do budućih zahtjeva za likvidnim sredstvima, s obzirom da će mnoge od ovih obaveza isteći ili biti okončane bez finansiranja. Sektor sredstava i likvidnosti dnevno prati izloženost Banke riziku likvidnosti. Za utvrĎivanje usklaĎenosti novčanih priliva i odliva, Banka koristi skale dospijeća (GAP analiza). U tabeli koja slijedi prikazana su sredstva i obaveze Banke za preostali period do ugovorenog datuma dospijeća, a u odnosu na datum bilansa stanja:

U hiljadama EUR

Do 30 dana

Od 1 do 3

mjeseca

Od 3 do 12 mjeseci

Od 1 do 5

godina

Preko

5 godina

Ukupno AKTIVA Gotovina i depoziti kod Centralne banke 97,636 - - - -

97,636

Krediti i avansi bankama 12,978 12,122 60,290 - 510 85,900 Krediti i avansi klijentima 70,996 69,590 246,233 363,050 202,394 952,263 Hartije od vrijednosti raspoložive za prodaju 206 - - -

- 206

Finansijska sredstva po pravičnoj vrijednosti kroz dobit ili gubitak 184 - - -

- 184

Hartije od vrijednosti koje se drže do dospijeća - - - 500

- 500

Nekretnine, postrojenja i oprema - - - - 4,369 4,369 Nematerijalna ulaganja - - - - 15,608 15,608 Ostala sredstva 3,965 250 1,418 - - 5,633 Ukupna aktiva 185,965 81,962 307,941 363,550 222,881 1,162,299 OBAVEZE I KAPITAL Obaveze prema bankama 6,121 - - - - 6,121 Obaveze prema klijentima 255,520 71,238 153,238 303,357 4,059 787,412 Obaveze po kreditima 58,043 14,591 59,292 98,472 64,194 294,592 Ostale obaveze 1,467 413 1,607 - - 3,487 Rezervisanja - - - - 918 918 Obaveze za porez tekuće godine - 208 - - - 208 Odložene poreske obaveze - - - - 388 388 Beneficije zaposlenih - - - - 538 538 Kapital - - - - 68,635 68,635 Ukupno obaveze i kapital 321,151 86,450 214,137 401,829 138,732 1,162,299 Roĉna neusklaĊenost: - 31. decembra 2008. godine (135,186) (4,488) 93,804 (38,279) 84,149 - - 31. decembra 2007. godine (156,025) (50,635) 42,517 80,249 83,894 -


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4.4. Rizik likvidnosti (Nastavak) 4.4.1. Upravljanje rizikom likvidnosti (Nastavak)

Struktura sredstava i obaveza na dan 31. decembra 2008. godine ukazuje na postojanje ročne neusaglašenosti preostalog perioda dospijeća sredstava i obaveza do 1 godine. Primarni razlog navedene neusklaĎenosti je u činjenici da su kratkoročni izvori sredstava sa preostalim rokom dospijeća do 1 godine, a prevashodno depoziti po viĎenju plasirani na duži vremenski period. MeĎutim, na osnovu istorijskih podataka i iskustva u proteklih pet godina, 30% do 40% depozita po viĎenju se može smatrati dugoročnim izvorom finansiranja.

4.4.2. Roĉnost finansijskih obaveza prema preostalom roku dospijeća (nediskontovani tokovi gotovine)

U hiljadama EUR

Po viĊenju

Do 1

mjeseca

Od 1 do 3

mjeseca

Od 3 do

12 mjeseci

Od 1 do 5

godina

Preko 5 godina

Ukupno 31. decembar 2008. godine OBAVEZE Obaveze prema bankama 1,836 4,326 - - - - 6,162 Obaveze prema klijentima 81,830 158,384 75,555 167,474 313,260 4,789 801,292 Obaveze po kreditima 3,063 54,859 14,372 60,650 108,070 114,458 355,472 Ostale obaveze - 1,467 413 1,607 - - 3,487 Obaveze za odloženi porez - - - - - 388 388 Obaveze za tekući porez - - 208 - - - 208 86,729

219,036

90,548

229,731

421,330

119,635

1,167,009

U hiljadama EUR

Po viĊenju

Do 1

mjeseca

Od 1 do 3

mjeseca

Od 3 do

12 mjeseci

Od 1 do 5

godina

Preko 5 godina

Ukupno 31. decembar 2007. godine OBAVEZE Obaveze prema bankama 2,870 731 - - - - 3,601 Obaveze prema klijentima 322,560 48,959 98,955 220,723 196,107 3,319 890,623 Obaveze po kreditima 2,226 - 3,282 14,060 122,092 20,175 161,835 Ostale obaveze - 1,235 1,347 808 - - 3,390 Obaveze za odloženi porez - - - - - 316 316 Obaveze za tekući porez - - 303 - - - 303 327,656

50,925

103,887

235,591

318,199

23,810

1,060,068


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4. FINANSIJSKI INSTRUMENTI (Nastavak) 4.5 Fer vrijednost finansijskih sredstava i obaveza

U hiljadama EUR Knjigovodstvena vrijednost Fer vrijednost 2008. 2007. 2008. 2007. Finansijska sredstva Krediti i avansi bankama 85,900 115,694 85,900 115,694 Krediti i avansi klijentima 952,263 719,419 952,263 719,419 Hartije od vrijednosti raspoložive za prodaju 206 154 206 154 Finansijska sredstva po pravičnoj vrijednosti kroz bilans uspjeha 184 210 184 210 Hartije od vrijednosti koje se drže do dospijeća 500 517 500 517 Finansijske obaveze Obaveze prema bankama 6,121 3,573 6,121 3,573 Obaveze prema klijentima 787,412 842,682 787,412 842,682 Ostale obaveze po kreditima 294,592 133,303 294,592 133,303

Pravična vrijednost finansijskih instrumenata je iznos za koji sredstva mogu biti prodata, ili obaveze izmirene, izmeĎu obaviještenih voljnih učesnika u toku trajanja nezavisne transakcije. Obzirom da ne postoji dovoljno tržišnog iskustva za odreĎene pozicije finansijskih instrumenata Banke, neophodna je procjena pravične vrijednosti, na osnovu postojećih ekonomskih uslova i specifičnog rizika koji se može vezati za odreĎeni instrument. Usljed nerazvijenog tržišta kamatnih stopa, tržišne kamatne stope za finansijske instrumente koji imaju iste rokove i karakteristike se ne mogu realno utvrditi. U takvim uslovima ne može se pouzdano utvrditi pravična vrijednost za odreĎene finansijske instrumente.

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

a) Krediti i avansi bankama

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

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

b) Krediti i avansi klijentima

U cilju utvrĎivanja pravične vrijednosti kredita klijentima sa fiksnom kamatnom stopom iskazanih po amortizovanoj vrijednosti, izvršeno je poreĎenje kamatnih stopa po kojima su krediti odobravani klijentima sa raspoloživim informacijama o preovlaĎujućim tržišnim kamatnim stopama u bankarskom sektoru Crne Gore, odnosno prosječnim ponderisanim kamatnim stopama po djelatnostima, kao što je prikazano u narednoj tabeli:


33


4.5. Fer vrijednost finansijskih sredstava i obaveza (Nastavak)

b) Krediti i avansi klijentima (Nastavak)

Godišnja prosjeĉna ponderisana kamatna stopa

Djelatnost

Godišnja prosjeĉna ponderisana

kamatna stopa

Bankarski sektor u

Crnoj Gori

Finansije 7.54% 7.90% Transport, saobraćaj i telekomunikacije 7.92% 8.33% Usluge, turizam i ugostiteljstvo 7.98% 8.10% Trgovina 7.46% 7.86% GraĎevinarstvo 8.23% 8.15% Energetika 7.08% 7.11% Proizvodnja 8.07% 8.03% Rudarstvo 7.39% 7.57% Administracija i druge javne usluge 8.24% 8.37% Trgovina nekretninama 8.45% 8.16% Fizička lica 9.29% 9.99% Poljoprivreda, lov i ribolov 7.27% 7.34% Ostalo 7.84% 7.38% Prema mišljenju rukovodstva Banke, pravična vrijednost kredita klijentima obračunata kao sadašnja vrijednost budućih novčanih tokova diskontovanih primjenom važećih tržišnih stopa, odnosno prosječnih ponderisanih kamatnih stopa za bankarski sektor, ne odstupa značajno od iskazanih knjigovodstvenih vrijednosti kredita na dan bilansa stanja. Po mišljenju rukovodstva, iznosi u finansijskim izvještajima odražavaju realnu vrijednost koja je u datim okolnostima najvjerodostojnija i najkorisnija za potrebe finansijskog izvještavanja. c) Hartije od vrijednosti raspoložive za prodaju

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

d) Depoziti i obaveze po kreditima

Za depozite po viĎenju, kao i depozite sa preostalim rokom dospijeća kraćim od godinu dana, pretpostavka je da procijenjena pravična vrijednost ne odstupa značajno od knjigovodstvenih vrijednosti iskazanih na dan bilansa stanja. Procijenjena fer vrijednost kamatonosnih depozita sa fiksnom kamatnom stopom i preostalim rokom dospijeća preko godinu dana, bez navedene tržišne cijene bazira se na diskontovanom toku gotovine primjenom važeće kamatne stope na nove obaveze sa sličnim preostalim dospijećem. Prema mišljenju rukovodstva kamatne stope Banke su usklaĎene sa važećim tržišnim kamatnim stopama, i shodno tome iznosi u finansijskim izvještajima odražavaju realnu vrijednost koja u datim okolnostima najvjerodostojnije odražava pravičnu vrijednost navedenih finansijskih instrumenta. Za pravičnu vrijednost obaveza po kreditima sa varijabilnom kamatnom stopom iskazanih po amortizovanoj nabavnoj vrijednosti pretpostavka je da aproksimira knjigovodstvenoj vrijednosti ovih obaveza na dan izvještavanja.


34

4. FINANSIJSKI INSTRUMENTI (Nastavak) 4.6. Upravljanje kapitalom

Upravljanje kapitalom ima za cilj:

usaglašenost sa propisima regulatora zaštitu sposobnosti Banke da održi stalnost poslovanja kako bi bila u mogućnosti da

obezbijedi isplate akcionarima i naknade ostalim vlasnicima obezbjeĎenje kapitala za podršku daljeg razvoja Banke.

Rukovodstvo Banke vrši kontrolu adekvatnosti kapitala korišćenjem metodologije i limita propisanih od strane Centralne banke Crne Gore. U skladu sa propisima, Banka kvartalno dostavlja izvještaje o stanju i strukturi kapitala Centralnoj banci Crne Gore. Kapital Banke je klasifikovan na sljedeći način:

kapital prve klase (uplaćeni akcijski kapital, nerasporeĎena dobit iz prethodnih godina, zakonom propisane rezerve)

kapital druge klase (rezerve za gubitke po stavkama aktive do 1.25% rizične aktive Banke, obračunata dobit u tekućoj godini, subordinisani kredit).

Rizični kapital Banke čini zbir kapitala prve i druge klase, umanjen za:

nematerijalna ulaganja i ulaganja Banke u kapital drugih pravnih lica.

Rizična aktiva se sastoji od stavki aktive i kreditnih ekvivalenata vanbilansnih stavki aktive Banke koje su izložene riziku. Kreditni ekvivalenti vanbilansnih stavki aktive predstavljaju iznos koji je rezultat množenja knjigovodstvene vrijednosti vanbilansnih stavki aktive sa propisanim faktorima konverzije. Ukupnu rizikom ponderisanu aktivu, čini zbir stavki aktive bilansa i kreditnih ekvivalenata vanbilansnih stavki aktive izloženih riziku (rizična aktiva Banke), klasifikovanih u četiri kategorije i pomnoženih sa odgovarajućim propisanim ponderima rizika. U skladu sa propisima Centralne banke Crne Gore, Banka je obavezna da održava minimalan stepen adekvatnosti kapitala od 10%. Banka je dužna da obim svog poslovanja uskladi sa propisanim pokazateljima, odnosno da obim i strukturu svojih rizičnih plasmana uskladi sa Zakonom o bankama i propisima Centralne banke Crne Gore. Na dan 31. decembra 2008. godine, koeficijent solventnosti Banke iznosi 13.03%. U skladu sa zaključenim Sporazumom o otklanjanju nepravilnosti sa Centralnom bankom Crne Gore dana 7. aprila 2008. godine, konstatovanih u Izvještaju o kontroli Centralne banke Crne Gore br. 03/58/2 od 11. februara 2008. godine, sa finansijskim podacima na dan 30. novembra 2007. godine, Banka se obavezala da će otkloniti identifikovane nezakonitosti i nepravilnosti u radu najduže u roku od 60 dana od dana stupanja na snagu Sporazuma, sem sljedećih za koje odmah treba da realizuje aktivnosti:

- izdvoji dodatne rezervacije za potencijalne kreditne gubitke, - uskladi pokazatelje velike i ukupne izloženosti sa propisanim zakonskim okvirima, - otkloni uslovljavanje klijenta i - vrši analizu finansijskog stanja dužnika u postupku restruktuiranja kredita.


35


4.6. Upravljanje kapitalom (Nastavak)

Pored toga, Banka se obavezala da će Centralnoj banci Crne Gore dostaviti Akcioni plan Upravnog odbora Banke za unaprjeĎenje upravljanja poslovanjem i nadzora nad menadžmentom Banke u roku od 30 dana od dana stupanja na snagu Sporazuma, inovirati kreditnu strategiju Banke - pravila, politiku i procedure u roku od 60 dana od dana stupanja na snagu Sporazuma, da neće obnavljati kredit ili produžavati rok otplate kredita dužniku, čiji je kredit klasifikovan u kategorije C i D u Izvještaju o kontroli, a koji nije otplaćen bez prethodnog odobrenja Upravnog odbora Banke, da će počev od 5. maja 2008. godine, a najkasnije u roku od 5 dana po isteku svakog kalendarskog mjeseca, Centralnoj banci dostavljati izvještaje o preduzetim i realizovanim aktivnostima sa pisanim stavovima i zaključcima Upravnog odbora Banke i da će nakon izdvajanja rezervi za opšte kreditne gubitke na teret ostvarene dobiti iz 2007. godine, preostali dio dobiti držati kao nerasporeĎenu dobit.

4.7. Analize osjetljivosti

4.7.1. Analize osjetljivosti (devizni rizik) Upravljanje izloženošću deviznom riziku, pored analize potraživanja i obaveza Banke iskazanih u stranoj valuti, uključuje i analizu osjetljivosti na promjene deviznog kursa. U sljedećoj tabeli je prikazan scenario promjene deviznog kursa u rasponu od +10% do -10% u odnosu na EUR.

U hiljadama EUR Promjena u kursu 2008. 10% -10% AKTIVA Novčana sredstva i sredstva kod CBCG 97,636 108 (108) Krediti i avansi bankama 85,900 1,449 (1,449) Ostala sredstva 5,633 6 (6) Ukupna aktiva 189,169 1,563 (1,563) OBAVEZE Obaveze prema bankama 6,121 1 (1) Obaveze prema klijentima 787,412 1,782 (1,782) Ostale obaveze 3,487 15 (15) Ukupno obaveze 797,020 1,798 (1,798) Neto izloţenost deviznom riziku: - 31. decembar 2008. godine (235) 235 - 31. decembar 2007. godine 55 (55)

Na dan 31. decembra 2008. godine, pod pretpostavkom da su svi ostali parametri nepromijenjeni promjenom deviznog kursa EUR u odnosu na ostale valute za +10% odnosno -10%, dobit Banke bi se smanjila odnosno povećala za iznos od 235 hiljada EUR (31. decembar 2007. godine: dobit bi se povećala odnosno smanjila za iznos od 55 hiljada EUR). Uzrok male izloženosti Banke promjeni deviznog kursa je činjenica da je najveći dio potraživanja i obaveza Banke izražen u EUR.


36


4.7. Analize osjetljivosti (Nastavak) 4.7.2. Analize osjetljivosti (rizik od promjene kamatnih stopa)

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

U hiljadama EUR Neto efekat kao rezultat promjene kamatnih stopa

2008.

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

FX KS

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

FX KS

AKTIVA Novčana sredstva i sredstva kod CBCG 97,636 - - Krediti i avansi bankama 85,900 219 (219) Krediti i avansi klijentima 952,263 - - Hartije od vrijednosti raspoložive za prodaju 206 - - Finansijska sredstva po pravičnoj vrijednosti kroz bilans uspjeha 184 - - Hartije od vrijednosti koje se drže do dospijeća 500 - - Ostala sredstva 5,633 - - 1,142,322 219 (219) OBAVEZE Obaveze prema bankama 6,121 - - Obaveze prema klijentima 787,412 - - Obaveze po kreditima 294,592 854 (854) Ostale obaveze 3,487 - - 1,091,612 854 (854) Neto izloţenost riziku od promjene kamatnih stopa: - 31. decembar 2008. godine (635) 635 - 31. decembar 2007. godine (296) 296

Pod pretpostavkom da su svi ostali parametri nepromijenjeni, povećanjem varijabilne kamatne stope za potraživanja i obaveze u EUR za 0.4 p.p. odnosno za potraživanja i obaveze u stranoj valuti za 0.3 p.p., dobit Banke bi se smanjila za iznos od 635 hiljada EUR (31. decembar 2007. godine: 296 hiljada EUR). Pod pretpostavkom da su svi ostali parametri nepromijenjeni, smanjenje varijabilne kamatne stope za potraživanja i obaveze u EUR za 0.4 p.p. odnosno za potraživanja i obaveze u stranoj valuti za 0.3 p.p., dobit Banke bi se povećala za iznos od 635 hiljada EUR (31. decembar 2007. godine: 296 hiljada EUR). Uzrok male izloženosti Banke promjeni varijabilnih kamatnih stopa je činjenica, da je najveći dio potraživanja i obaveza Banke ugovoren sa fiksnom kamatnom stopom.


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5. KRITIĈKE RAĈUNOVODSTVENE PROCJENE I PROSUĐIVANJA U PRIMJENI

RAĈUNOVODSTVENIH POLITIKA Banka donosi procjene i pretpostavke koje mogu uticati na prikaz iznosa sredstava i obaveza u finansijskim izvještajima za narednu finansijsku godinu. Procjene i prosuĎivanja biće predmet stalne procjene i donosiće se na osnovu istorijskog iskustva i drugih činilaca, uključujući očekivanja u pogledu budućih dogaĎaja za koje se vjeruje da su u okvirima datih okolnosti razumna. a) Gubitak usljed obezvrjeđenja kredita i avansa Banka vrši pregled svog kreditnog portfolija najmanje jednom u tri mjeseca kako bi procijenila gubitak koji je nastao usljed umanjenja vrijednosti kredita. Prilikom utvrĎivanja da li gubitak usljed obezvrjeĎenja treba evidentirati u bilans uspjeha, Banka prosuĎuje da li postoje bilo kakvi posmatrani podaci koji ukazuju na to da je u procijenjenim budućim novčanim tokovima kreditnog portfolija došlo do mjerljivog smanjenja, a prije nego što se takvo smanjenje može identifikovati za svaki pojedinačni kredit u okviru kreditnog portfolija. Takav dokaz može uključiti posmatrane podatke koji ukazuju na to da je došlo do promjena koje mogu imati štetnog uticaja, i to promjena u statusu dužnika u pogledu otplate kredita Banci, odnosno u privrednim uslovima u državi koji su u direktnoj vezi sa uticajem koji neizmirene ugovorne obaveze plaćanja mogu imati na sredstva Banke. Rukovodstvo se oslanja na procjene koje se zasnivaju na istorijskim iskustvima u vezi gubitaka za sredstva sa karakteristikama kreditnog rizika, kao i na objektivnim dokazima o postojanju umanjenja vrijednosti, slične pomenutim u kreditnom portfoliju prilikom procjene budućih tokova gotovine. Metodologija i pretpostavke koji se koriste pri procjeni iznosa budućih tokova gotovine i njihovog vremenskog usklaĎivanja predmet su stalne kontrole, a u cilju svoĎenja razlike izmeĎu procijenjenog i stvarnog gubitka na najmanju moguću mjeru. b) Umanjenje vrijednosti hartija od vrijednosti raspoloživih za prodaju i ulaganja u pridružena preduzeća Banka utvrĎuje da je došlo do umanjenja vrijednosti u hartijama od vrijednosti raspoloživim za prodaju onda kada doĎe do značajnog ili produženog smanjenja njihove fer vrijednosti i to ispod njihove nabavne vrijednosti. OdreĎivanje šta je značajno ili produženo zahtijeva rasuĎivanje. Umanjenje vrijednosti može biti opravdano onda kada postoji dokaz da je došlo do pogoršanja u finansijskoj poziciji preduzeća u koje se ulaže, privrednoj grani ili sektoru, kao i u novčanim tokovima iz poslovanja i finansiranja. c)Otpremnine i ostale dugoročne naknade zaposlenima

Sadašnja vrijednost sredstava za otpremnine za odlazak u penziju i ostale dugoročne beneficije zavisi od niza faktora utvrĎenih je od strane nezavisnog ovlašćenog aktuara upotrebom odreĎenih pretpostavki. Bilo kakve promjene u ovim pretpostavkama uticale bi na sadašnja vrijednost ovih sredstava. Ključne pretpostavke za otpremnine i ostale dugoročne naknade zaposlenima prikazane su u Napomeni 26. d) Poreski Rizici Poreski zakoni Crne Gore se često različito tumače i predmet su čestih izmjena. Tumačenje poreskih zakona od strane poreskih vlasti u odnosu na transakcije i aktivnosti Banke mogu se razlikovati od tumačenja rukovodstva Banke. Kao rezultat iznijetog, transakcije mogu biti osporene od strane poreskih vlasti i Banci može biti odreĎen dodatni iznos poreza, kazni i kamata. Period zastarjelosti poreske obaveze je pet godina. To praktično znači da poreske vlasti imaju prava da odrede plaćanje neizmirenih obaveza u roku od pet godina od kada je obaveza nastala.


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

a) Prihodi po osnovu kamata i sliĉni prihodi U hiljadama EUR Godina koja se završava

31. decembra 2008. 2007. Krediti i avansi dati komitentima 72,957 44,897 Plasmani bankama 3,717 4,336 Blagajnički zapisi - 7 Obavezna rezerva 573 392 77,247 49,632

Banka je obračunala kamatu u iznosu od 764 hiljade EUR na finansijska sredstva za koja je procijenila da postoji umanjenje vrijednosti (2007. godine: 344 hiljade EUR). b) Rashodi po osnovu kamata i sliĉni rashodi

U hiljadama EUR Godina koja se završava

31. decembra 2008. 2007. Depoziti od komitenata 36,355 24,577 Depoziti od banaka 624 566 Obaveze po kreditima 10,339 4,529 Obaveza po subordiniranom kreditu 869 438 48,187 30,110

7. PRIHODI I RASHODI PO OSNOVU NAKNADA I PROVIZIJA a) Prihodi po osnovu naknada i provizija


31. decembra 2008. 2007. Naknade za bankarske usluge platnog prometa u zemlji i inostranstvu 15,197 12,761 Prihodi od naknada po poslovima sa kreditnim karticama 3,253 2,090 Prihodi od naknada za izdate garancije i druge potencijalne obaveze 1,332 1,038 Ostalo 1,972 833 21,754 16,722

b) Rashodi po osnovu naknada i provizija U hiljadama EUR Godina koja se završava

31. decembra 2008. 2007. Rashodi naknada i provizija za usluge platnog prometa u zemlji 1,480 1,359 Rashodi naknada i provizija za usluge meĎunarodnog platnog prometa 934 1,060 Rashodi od naknada za izdate garancije i druge potencijalne obaveze 257 - Rashodi od naknada po poslovima sa karticama 1,459 886 4,130 3,305


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8. PRIHODI IZ TRGOVANJA, Neto


31. decembra 2008. 2007. Kursne razlike: - neto gubici po osnovu nerealizovanih kursnih razlika (40) (61) - neto dobici po osnovu realizovanih kursnih razlika 720 1,153 680 1,092

9. OSTALI POSLOVNI RASHODI


31. decembra 2008. 2007. Troškovi zaposlenih 11,573 9,280 Administrativni troškovi 2,804 2,370 Amortizacija nekretnine, postrojenja i oprema (napomena 19) 1,196 900 Amortizacija nematerijalnih ulaganja (napomena 18) 778 685 Zakup 1,522 832 Ulaganja u kompjuterski softver i hardver 621 955 Troškovi održavanja vozila 258 169 Profesionalne usluge 679 451 Premija za zaštitu depozita 2,159 1,430 Reprezentacija i marketing, pretplate i donacije 2,969 2,873 Ostalo 461 609 25,020 20,554

10. RASHODI OBEZVRJEĐENJA PLASMANA I REZERVISANJA


31. decembra 2008. 2007. Rezervisanje za kredite klijentima (napomena 14) 9,747 5,460 Rezervisanja/(ukidanje rezervisanja) za potencijalne

obaveze, neto (napomena 25) 468 (97) Ukidanje rezervisanja za obračunatu kamatu i ostalu aktivu, neto - (90) Troškovi rezervisanja za otpremine i ostale dugoročne naknade zaposlenima (napomena 26) 165 373 10,380 5,646

11. POREZ NA DOBIT

a) Komponente poreza na dobit U hiljadama EUR Godina koja se završava

31. decembra 2008. 2007. Tekući porez (590) (586) Odloženi porez (72) (80) (662) (666)


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11. POREZ NA DOBIT (Nastavak)

b) Usaglašavanje iznosa poreza na dobit u bilansu uspjeha i proizvoda rezultata prije

oporezivanja i propisane poreske stope U hiljadama EUR Godina koja se završava

31. decembra 2008. 2007. Dobit prije oporezivanja 12,688 9,076

Porez na dobit (9%) 1,142 817 Efekti usaglašavanja sa osnovicom za obračun poreza na dobit u skladu sa propisima Centralne banke Crne Gore (488) (200) Troškovi koji se ne priznaju u poreskom bilansu - 49 Ostalo 8 -

Porez prikazan u bilansu uspjeha 662 666

Efektivna poreska stopa 5.22% 7.34% c) Odloţene poreske obaveze

Na dan 31. decembra 2008. godine, odložene poreske obaveze u iznosu od 388 hiljade EUR (31. Decembra 2007. godine: 316 hiljada EUR), odnose se na privremene razlike u poreskoj osnovi i knjigovodstvenim vrijednostima nekretnina, postrojenja i opreme.

Kretanja na odloženim poreskim obavezama su prikazana u pregledu koji slijedi:


31. decembra 2008. 2007.

Početno stanje 316 236 Iznos obaveza u bilansu uspjeha 72 80 Stanje na kraju godine 388 316

d) Porezi, doprinosi i druge daţbine koje ne zavise od rezultata poslovanja

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


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12. NOVĈANA SREDSTVA I SREDSTVA KOD CENTRALNE BANKE

U hiljadama EUR 31. decembar

2008. 31. decembar

2007. Gotovina u blagajni 11,951 25,262 Gotovina u procesu naplate 862 688 Čekovi u procesu naplate 223 413 Žiro račun 8,279 30,385 Novčana sredstva i ekvivalenti (napomena 30) 21,315 56,748 Obavezna rezerva kod Centralne banke Crne Gore 76,321 111,416 97,636 168,164 Obavezna rezerva Banke sa stanjem na dan 31. decembra 2008. godine minimum izdvojenih depozita u skladu sa regulativom Centralne banke Crne Gore nakoju se odnosi „Odluka o obaveznoj rezervi banaka kod Centralne banke Crne Gore (“Sl. list CG”, br. 09/07 od 30. novembra 2007. godine i br. 5/2008 od 23. januara 2008. godine). U skladu sa navedenim banke izdvajaju obaveznu rezervu primjenom sljedećih diferenciranih stopa: − 19% na depozite javnog sektora bez obzira na ročnost, depozite po viĎenju ostalih sektora, i

oročene depozite ostalih sektora čiji je rok do dospijeća, na dane obračunavanja obavezne rezerve, kraći od 180 dana;

− 2% na oročene depozite ostalih sektora, čiji je rok do dospijeća, na dane obračunavanja obavezne rezerve, duži od 180 dana, a kraći od dvije godine.

Obračunavanje obavezne rezerve se vrši primjenom navedenih stopa na prosječan iznos depozita u toku prethodnog nedjeljnog perioda, dva dana prije isteka perioda održavanja. Obračunatu obaveznu rezervu banka izdvaja na račun obavezne rezerve u zemlji i/ili na račune Centralne banke u inostranstvu. Na 50% ukupno izdvojenih sredstava obavezne rezerve banke, Centralna banka obračunava kamatu po stopi od 1% na godišnjem nivou, a plaća do osmog u mjesecu za prethodni mjesec. Obavezna rezerva se izdvaja u EUR.

13. KREDITI I AVANSI BANKAMA


2008. 31. decembar

2007.

Računi kod domaćih banaka 334 643 Računi kod stranih banaka 12,093 6,937 Plasmani kod inostranih banaka 432 51,756 Novčana sredstva i ekvivalenti (napomena 30) 12,859 59,336 Nostro-pokrića po kreditima i garancijama 73,041 56,358 85,900 115,694


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13. KREDITI I AVANSI BANKAMA (Nastavak)

Na dan 31. decembra 2008. godine, izdvojena nostro-pokrića po kreditima i garancijama kod inostranih banaka u iznosu od 73,041 hiljada EUR, najvećim dijelom se odnose na položena novčana pokrića kod Commerzbank, AG, Frankfurt u iznosu od 62,335 hiljada za obezbjeĎenje kredita u iznosu od EUR 60,309 odobrenih os strane Commerzbank, AG, Frankfurt na period od jednog mjeseca do dve godine uz mjesečnu kamatnu stopu od 1.35% za plasmane u USD i kvartalnog EURIBOR - 0.025% na godišnjem nivou za plasmane u EUR i na položena novčana pokrića kod LHB International Handelsbank AG, Frankfurt u iznosu od 10,013 hiljada EUR. Sredstva su položena kao pokriće po osnovu primljenog kredita od LHB International Handelsbank AG, Frankfurt u iznosu od 10,000 hiljada EUR, na period od jedne godine uz kamatnu stopu u visini kvartalnog EURIBOR-a.

14. KREDITI I AVANSI KLIJENTIMA, UMANJENI ZA ISPRAVKU VRIJEDNOSTI


2008. 31. decembar

2007.

Do jedne godine u EUR 404,702 294,309 Preko jedne godine u EUR 565,444 433,393 970,146 727,702 Minus: ispravka vrijednosti (17,883) (8,283) 952,263 719,419

Krediti sa rokom dospijeća do jedne godine su najvećim dijelom odobreni preduzećima u svrhe promovisanja i podržavanja trgovinskih aktivnosti, industrijske proizvodnje, finansiranja uvoza, kao i za likvidnost i ostale svrhe. Ovi krediti su najčešće plasirani na period od trideset dana do jedne godine, uz kamatnu stopu u rasponu od 4% do 16% na godišnjem nivou. Krediti sa rokom dospijeća preko jedne godine uključuju kredite malim i srednjim preduzećima koji su plasirani u svrhe finansiranja obrtnog kapitala i nabavke osnovnih sredstava u sektorima usluga, proizvodnje, trgovine i poljoprivrede uz kamatnu stopu od 6% do 16% na godišnjem nivou. Krediti plasirani fizičkim licima sa rokom dospijeća do jedne godine su uglavnom odobravani za kupovinu opreme, automobila i robe široke potrošnje uz kamatnu stopu u rasponu od 8% do 16% na godišnjem nivou. Krediti plasirani fizičkim licima sa rokom dospijeća preko jedne godine su uglavnom odobravani za kupovinu stanova, opreme, automobila i robe široke potrošnje, sa rokom dospijeća od jedne do dvanaest godina i uz kamatnu stopu u rasponu od 3% do 16% na godišnjem nivou. Krediti i avansi komitentima obezbijeĎeni su različitim vrstama kolaterala, kako je prikazano u Napomeni 4.2.


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14. KREDITI I AVANSI KLIJENTIMA, UMANJENI ZA ISPRAVKU VRIJEDNOSTI (Nastavak)

Kretanje na ispravci vrijednosti nenaplativih potraživanja je sljedeće:


31. decembra 2008. 2007.

Stanje na dan 1. januara 8,283 3,955 Ispravke u toku godine, neto (napomena 10) 9,747 5,460 Prenos sa rezervisanja za potencijalne obaveze - 80 Prenos sa rezervisanja za ostala sredstva - 18 Ukidanje rezervisanja za otplaćene kredite (6) - Otpis (73) (1,221) Ostalo (68) (9) Stanje na dan 31. decembra 17,883 8,283

15. HARTIJE OD VRIJEDNOSTI RASPOLOŢIVE ZA PRODAJU


2008. 31. decembar

2007. Vlasničke hartije od vrijednosti - po pravičnoj vrijednosti: - kotirane 116 119 - nekotirane 90 35 206 154

Banka ima ulaganja u hartije od vrijednosti sljedećih pravnih lica:


2008. 31. decembar

2007.

Zetatrans A.D., Podgorica 38 38 Lovćen osiguranje A.D., Podgorica 40 43 Centralna depozitarna agencija, Podgorica 38 38 Nova Berza 90 35 206 154

16. HARTIJE OD VRIJEDNOSTI PO PRAVIĈNOJ VRIJEDNOSTI KROZ BILANS

USPJEHA Na dan 31. decembra 2008. godine, hartije od vrijednosti po pravičnoj vrijednosti kroz bilans uspjeha u iznosu od 184 hiljade EUR (31. decembra 2007. godine: 210 hiljada EUR) odnose se na 34.14% vlasništva (31. decembra 2007. godine: 35.49%) nad Društvom za upravljanje investicionim fondom Moneta A.D., Podgorica koje je računovodstveno obuhvaćeno po pravičnoj vrijednosti. Banka je odredila fer vrijednost po osnovu broja akcija i paritetne vrijednost akcija, budući da tržišna vrijednost ovih akcija na berzi nije blagovremeno dostupna.


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17. HARTIJE OD VRIJEDNOSTI KOJE SE DRŢE DO DOSPIJEĆA

Na dan 31. decembra 2008. godine, hartije od vrijednosti koje se drže do dospijeća u iznosu od 500 hiljada EUR (31. decembra 2007. godine: 517 hiljada EUR) odnose se na obveznice NLB Montenegro banke A.D., Podgorica, koje su plasirane sa rokom dospijeća 21. jul 2010. godine uz kamatnu stopu od 6.5% godišnje. Kamata se isplaćuje polugodišnje, 21. januara i 21. jula u godini do dospijeća obveznica. Banka je procijenila da ne postoji umanjenje vrijednosti hartija od vrijednosti koje se drže do dospijeća na dan 31. decembar 2008. godine.

18. NEMATERIJALNA ULAGANJA

U hiljadama EUR Licence Softver Ukupno Nabavna vrijednost Stanje na dan 1. januara 2007. godine 51 5,441 5,492 Povećanja 314 761 1,075 Prenos na investicije u toku - (153) (153) Stanje na dan 1. januara 2008. godine 365 6,049 6,414 Povećanja 417 640 1,057 Stanje na dan 31. decembra 2008. godine 782 6,689 7,471 Ispravka vrijednosti Stanje na dan 1. januara 2007. godine - 1,560 1,560 Amortizacija (napomena 9) 16 669 685 Prenos sa nekretnina i opreme - 79 79 Stanje na dan 1. januara 2008. godine 16 2,308 2,324 Amortizacija (napomena 9) 68 710 778 Stanje na dan 31. decembra 2008. godine 84 3,018 3,102 Knjigovodstvena vrijednost na dan: - 31. decembra 2008. godine 698 3,671 4,369 - 31. decembra 2007. godine 349 3,741 4,090


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19. NEKRETNINE, POSTROJENJA I OPREMA U hiljadama EUR Oprema i Ulaganja u GraĊevinski ostala Investicije u tuĊa osnovna objekti sredstva toku sredstva Ukupno Nabavna vrijednost Stanje na dan 1. januara 2007. godine 8,575 5,619 - - 14,194 Povećanja 153 1,711 30 - 1,894 Prenosi: - sa opreme i ostalih sredstava - (221) 221 - - - sa nematerijalnih ulaganja - - 153 - 153 OtuĎenja i rashodovanja - (115) - - (115) Stanje na dan 1. januara 2008. godine 8,728 6,994 404 - 16,126 Povećanja 153 2,642 - 1,313 4,108 OtuĎenja i rashodovanja - (166) - - (166) Stanje na dan 31. decembra 2008. godine 8,881 9,470 404 1,313 20,068 Ispravka vrijednosti Stanje na dan 1. januara 2007. godine 620 1,913 - - 2,533 Amortizacija (napomena 9) 171 729 - - 900 OtuĎenja i rashodovanja - (57) - - (57) Prenos na nematerijalna ulaganja (13) (66) - - (79) Stanje na dan 1. januara 2008. godine 778 2,519 - - 3,297 Amortizacija (napomena 9) 172 965 - 59 1,196 OtuĎenja i rashodovanja - (33) - - (33) Stanje na dan 31. decembra 2008. godine 950 3,451 - 59 4,460 Knjigovodstvena vrijednost na dan: - 31. decembra 2008. godine 7,931 6,019 404 1,254 15,608 - 31. decembra 2007. godine 7,950 4,475 404 - 12,829 20. OSTALA SREDSTVA, UMANJENA ZA ISPRAVKU VRIJEDNOSTI


2008. 31. decembar

2007 .

Potraživanja za naknade 2,501 2,219 Potraživanja po osnovu poreza 1,607 851 Razgraničeni troškovi 618 166 Potraživanja po osnovu avansa 21 20 Ostala potraživanja po osnovu prolaznih računa 155 421 Ostalo 738 590 5,640 4,267 Minus: ispravka vrijednosti (7) (11) 5,633 4,256


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20. OSTALA SREDSTVA, UMANJENA ZA ISPRAVKU VRIJEDNOSTI (Nastavak)

Kretanje na ispravci vrijednosti ostalih sredstava je sljedeće:


31. decembra 2008. 2007. Stanje na dan 1. januara 11 119 Ukidanje rezervisanja u toku godine (4) (90) Prenos na rezervisanja za kredite i avanse

komitentima - (18) Stanje na dan 31. decembra 7 11

21. OBAVEZE PREMA BANKAMA


2008. 31. decembar

2007. Obaveze prema domaćim bankama: - depoziti po viĎenju 5,183 2,844 - kratkoročni depoziti 938 729 6,121 3,573 Na depozite po viĎenju banaka obračunava se kamata u rasponu od 1.15% do 2% na godišnjem nivou. Kratkoročno oročeni depoziti banaka deponovani su uz kamatnu stopu od 6% do 8% na godišnjem nivou.


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22. OBAVEZE PREMA KLIJENTIMA


2008. 31. decembar

2007. Depoziti po viđenju u EUR: - Preduzeća 133,852 128,635 - Vladine institucije 31,094 27,878 - Fizička lica 107,643 150,002 - Ostalo 7,627 6,205 Depoziti po viđenju u stranim valutama: - Preduzeća 2,987 2,904 - Vladine institucije 1,748 100 - Fizička lica 3,622 4,390 - Ostalo 2,383 - Kratkoročni depoziti u EUR: - Preduzeća 49,413 123,484 - Vladine institucije 17,087 11,023 - Fizička lica 100,082 212,215 - Ostalo 13,957 5,137 Kratkoročni depoziti u stranim valutama: - Preduzeća 994 705 - Fizička lica 7,507 5,613 Dugoročni depoziti u EUR: - Preduzeća 165,993 107,694 - Vladine institucije 3,164 10,000 - Fizička lica 138,259 45,153 Dugoročni depoziti u stranim valutama: - Fizička lica - 1,544 787,412 842,682 Na depozite po viĎenju pravnih lica se obračunava kamata u rasponu od 1.15% do 3% na godišnjem nivou. Kratkoročno i dugoročno oročeni depoziti pravnih lica deponovani su uz kamatnu stopu od 1% do 8% godišnje, odnosno od 5% do 8% godišnje. OdreĎeni depoziti po viĎenju i kratkoročno oročeni depoziti pravnih lica i fizičkih lica su nekamatonosni, ukoliko je to predviĎeno ugovorom. Na depozite po viĎenju fizičkih lica obračunava se kamata u rasponu od 1% do 3% na godišnjem nivou. Kratkoročno i dugoročno oročeni depoziti fizičkih lica deponovani su uz kamatnu stopu od 1% do 6% godišnje, odnosno od 4.5% do 8.42% godišnje.


48

23. OBAVEZE PO KREDITIMA

U hiljadama EUR Do jedne godine Preko jedne godine

Godina koja se završava

31. decembra Godina koja se završava

31. decembra 2008. 2007. 2008. 2007. Obaveze prema domaćim kreditorima: - Direkcija za razvoj malih i srednjih preduzeća 577 317 2,441 1,264 - Fond za razvoj Crne Gore 2,107 935 10,234 6,892 2,684 1,252 12,675 8,156 Obaveze prema inostranim kreditorima: - Kreditanstalt fur Wiederaufbau ("KfW"), Frankfurt am Main 776 2,089 30,624 2,500 - Commerzbank AG, Frankfurt am Main 60,309 308 - 50,000 - European Agency for Reconstruction (EAR) - 459 - 440 - DEG and FMO 2,267 2,293 2,222 4,445 - European Fund for Southeast Europe, Luxembourg 3,558 1,015 21,395 12,725 - LHB Internationale Handelsbank AG, Frankfurt am Main 10,000 - - - - OTP Bank, Budapest: - komercijalni krediti 6,789 6,830 23,750 28,750 - krediti za likvidnost 44,627 - - - - subordinirani kredit 28 41 12,000 12,000 - OTP Bank Financing Netherlands B.V., Netherlands: - komercijalni krediti 888 - 60,000 - 129,242 13,035 149,991 110,860 131,926 14,287 162,666 119,016 Na dan 31. decembra 2008. godine, obaveze po dugoročnim kreditima u domaćoj valuti u iznosu od 3,018 hiljada EUR predstavljaju obaveze po kreditima primljenim od Direkcije za razvoj malih i srednjih preduzeća na period od tri do osam godina uz kamatnu stopu u rasponu od 0% do 7% na godišnjem nivou. Na dan 31. decembra 2008. godine, obaveze po dugoročnim kreditima u domaćoj valuti u iznosu od 12,341 hiljada EUR predstavljaju obaveze po kreditima primljenim od Fonda za razvoj Crne Gore na period od tri do pet godina, sa grace periodom od šest mjeseci do tri godine i uz kamatne stope u rasponu od 1.5% do 6.5% na godišnjem nivou. Na dan 31. decembra 2008. godine, obaveze po dugoročnim kreditima u domaćoj valuti u iznosu od 31,400 hiljada EUR predstavljaju obaveze po kreditima primljenim od Kreditanstalt fur Wiederaufbau ("KfW"), Frankfurt am Main na period od pet godina uz kamatnu stopu u visini šestomjesečnog EURIBOR-a uvećanog u rasponu od 1.305% do 2.4% na godišnjem nivou.


49

23. OBAVEZE PO KREDITIMA (Nastavak)

Na dan 31. decembra 2008. godine, obaveze po kreditima u domaćoj valuti u iznosu od 60,309 hiljada EUR predstavljaju obaveze po kreditima primljenim od Commerzbank AG, Frankfurt am Main na period od jednog mjeseca do dvije godine uz kamatnu stopu u visini kvartalnog EURIBOR-a uvećanog u rasponu od 0.10% do 0.15% na godišnjem nivou. Krediti su obezbijeĎeni položenim novčanim pokrićem kod Commerzbank AG, Frankfurt am Main u iznosu od 62,335 hiljada EUR na dan 31. decembra 2008. godine (napomena 13). Na dan 31. decembra 2008. godine, obaveze po dugoročnim kreditima u domaćoj valuti u iznosu od 4,489 hiljada EUR predstavljaju obaveze po kreditima primljenim od Deutche Investitions und Entwicklungsgesellschaft GmB, Keln (DEG) i Nederlandse Financierings Maatschapij voor Ontwikkelingsladen N.V, Hag (FMO) na period od tri godine uz kamatnu stopu u visini šestomjesečnog EURIBOR-a uvećanog za 3.5% na godišnjem nivou. Na osnovu ugovora zaključenih sa DEG-om i FMO, Banka je u obavezi da do konačne otplate obaveza po kreditima ispunjava odreĎene pokazatelje poslovanja propisane ugovorom.

Na dan 31. decembra 2008. godine, obaveze po dugoročnim kreditima u domaćoj valuti u iznosu od 24,953 hiljade EUR predstavljaju obaveze po kreditima primljenim od European Fund for Southeast Europe, Luxembourg na period od pet do deset godina uz kamatnu stopu u visini šestomjesečnog EURIBOR-a uvećanog u rasponu od 2% do 3.5% na godišnjem nivou. Na dan 31. decembra 2008. godine, obaveza po kratkoročnom kreditu u domaćoj valuti u iznosu od 10,000 hiljada EUR predstavlja obavezu po kreditu primljenim od LHB Internationale Handelsbank AG, Frankfurt am Main na period od jedne godine uz kamatnu stopu u visini kvartalnog EURIBOR-a uvećanog za 0.10% na godišnjem nivou. Kredit je obezbijeĎen položenim novčanim pokrićem kod LHB Internationale Handelsbank AG, Frankfurt am Main u iznosu od 10,013 hiljada EUR na dan 31. decembra 2008. godine (napomena 13). Na dan 31. decembra 2008. godine, obaveze po dugoročnim kreditima u domaćoj valuti u iznosu od 30,539 hiljada EUR predstavljaju obaveze po komercijalnim kreditima primljenim od OTP Bank, Budapest na period od pet godina uz kamatnu stopu u visini EURIBOR-a uvećanog u rasponu od 1.5% do 1.95% na godišnjem nivou. Na osnovu ugovora zaključenih sa OTP Bank Plc., Budapest, Banka je u obavezi da do konačne otplate obaveza po kreditu održava minimalni koeficijent adekvatnosti kapitala koji je obračunat saglasno Bazelskoj konvenciji. Na dan 31. decembra 2008. godine, obaveze po kratkoročnim kreditima u domaćoj valuti u iznosu od 44,627 hiljada EUR predstavljaju obaveze po kreditima za likvidnost primljenim od OTP Bank Plc., Budapest na period od jednog do tri mjeseca uz kamatnu stopu u rasponu od 3.75% do 5.15% na godišnjem nivou. Na dan 31. decembra 2008. godine, obaveze po dugoročnim kreditima u domaćoj valuti u iznosu od 12,028 hiljada EUR predstavlja obavezu po subordiniranom kreditu primljenim od OTP Bank Plc., Budapest na period od sedam godina uz kamatnu stopu u visini šestomjesečnog EURIBOR-a uvećanog za 2.25% na godišnjem nivou. Na dan 31. decembra 2008. godine, obaveze po dugoročnim kreditima u domaćoj valuti u iznosu od 60,888 hiljada EUR predstavljaju obaveze po komercijalnim kreditima primljenim od OTP Financing Netherlands B.V., the Netherlands na period od pet do deset godina uz kamatnu stopu u visini kvartalnog EURIBOR-a uvećanog u rasponu od 1.9% do 3.05% na godišnjem nivou. Na osnovu ugovora zaključenih sa OTP Financing Netherlands B.V., the Netherlands, Banka je u obavezi da do konačne otplate obaveza po kreditu održava minimalni koeficijent adekvatnosti kapitala koji je obračunat saglasno Bazelskoj konvenciji.

U toku godine Banka nije kršila ugovorne odredbe po navedenim kreditima.


50

24. OSTALE OBAVEZE


2008. 31. decembar

2007. Dobavljači 597 487 Razgraničene naknade po garancijama 263 - Pasivna vremenska razgraničenja - 174 Obaveze za ukalkulisane bonuse - 239 Obaveze za indirektne poreze i doprinose 123 451 Obaveze po osnovu poreza 2,354 1,338 Obaveze prema zaposlenima 150 - Ostalo - 6 3,487 2,695

25. REZERVISANJA Kretanje na rezervisanju za potencijalne gubitke je sljedeće:


31. decembra 2008. 2007. Stanje na dan 1. januara 450 627 Rezervisanje/(ukidanje) rezervisanja u toku godine, neto (napomena 10) 468 (97) Prenosi - (80) Stanje na dan 31. decembra 918 450

26. NAKNADE ZAPOSLENIMA

U skladu sa Kolektivnim ugovorom, Banka je u obavezi da prilikom odlaska u penziju zaposlenom isplati otpremninu u visini 12 prosječnih neto zarada zaposlenih u Banci koja važi u mjesecu u kojem se vrši isplata. Istovremeno, zaposlenom se povodom 10, 20 i 30 godina rada u Banci isplaćuje jubilarna nagrada i to: - za 10 godina rada- jedna najniža cijena rada u Banci, - za 20 godina rada - dvije najniže cijene rada u Banci, - za 30 godina rada - tri najniže cijene rada u Banci. Procijenjena sadašnja vrijednost sredstava za otpremnine za odlazak u penziju i jubilarne nagrade zaposlenima nakon ispunjenih uslova, utvrĎena je od strane nezavisnog ovlašćenog aktuara sa stanjem na dan 31. decembra 2008. godine. Tehničke osnove korišćene za obračunavanje sadašnje vrijednosti sredstava za otpremnine za odlazak u penziju i jubilarne nagrade uključuju primjenu:

a) komutativnih brojeva, izraĎenih na osnovu izračunate vjerovatnoće doživljenja stanovništva

Crne Gore iz popisa 1980 – 1982. godine i b) godišnje kamatne stope od 12% za diskontovanje očekivanih budućih isplata zaposlenima.


51

26. NAKNADE ZAPOSLENIMA (Nastavak)

Kretanje na sadašnjoj vrijednosti definisanih obaveza isplate naknade u tekućem periodu prikazano je narednoj tabeli: U hiljadama EUR 31. decembar 2008. 31. decembar 2007.

Otpremnine

Ostale dugoroĉne beneficije

zaposlenima Otpremnine

Ostale dugoroĉne beneficije

zaposlenima Stanje na dan 1. januara 346 27 - - Rezervisanja u toku godine

(napomena 10) 150 15 346 27 Stanje na dan 31. decembra 496 42 346 27

27. AKCIJSKI KAPITAL

Na dan 31. decembra 2008. godine akcijski kapital Banke čini 91,682 obične akcije (31. decembra 2007: 62,344 obične akcije), pojedinačne nominalne vrijednosti od 511.29 EUR. Sve emitovane akcije su u potpunosti plaćene. Skupština akcionara je 27. marta 2008. godine, donijela Odluku o emisiji običnih akcija po osnovu prava preče kupovine postojećim akcionarima u vrijednosti od 15,000 hiljada EUR, odnosno 29,338 akcija nominalne vrijednosti 511.29 EUR. Komisija za hartije od vrijednosti je dana 11. aprila 2008. godine donijela Rješenje o utvrĎivanju uspješnosti emisije akcija u ukupnoj vrijednosti od 15,000 hiljada EUR. Na dan 31. decembra 2008. godine, jedini akcionar Banke je OTP Bank Plc., Budapest sa 100% udjela u kapitalu.

28. VANBILANSNE POZICIJE U hiljadama EUR

31. decembar 2008.

31. decembar 2007.

a) Poslovi u ime i za račun trećih lica 1,416 - 1,416 - b) Garancije, jemstva, preuzete neopozive obaveze Plative garancije 39,256 11,732 Činidbene garancije 37,255 20,101 Nepokriveni akreditivi 4,346 3,383 Nepovučene kreditne linije 37,290 8,420 118,147 43,636 c) Druge vanbilansne pozicije Otpisani krediti 1,591 1,891 Otpisana kamata 285 294 Ostali vanbilans 410 395 2,286 2,580 121,849 46,216


52

28. VANBILANSNE POZICIJE (Nastavak)

Na dan 31. decembra 2008. godine, poslovi u ime i za račun trećih lica u iznosu od 1,416 hiljada EUR predstavljaju kredite odobrene od strane drugih banaka primorskim opštinama i Opštini Cetinje za poboljšanje vosnabdijevanja, preko Banke kao posrednika. Banka po ovom osnovu naplaćuje proviziju za izvršene usluge u visini od 0.3% na godišnjem nivou.

29. OPERATIVNI LIZING Ugovori o operativnom lizingu koji se mogu otkazati, sa ugovorenim periodom zakupa, odnose se na uzimanje u zakup poslovnog prostora. Ugovorima nije definisana kupovina poslovnog prostora uzetog u zakup, po isteku perioda zakupa. U toku 2008. godine, trošak zakupa je iznosio 1,552 hiljade EUR (2007. godini: 832 hiljade EUR).

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


2008. 31. decembar

2007. Do 1 godine 1,324 1,278 Od 1 do 5 godina 6,155 4,358 Preko 5 godina 587 2,906 8,066 8,542

30. GOTOVINA I GOTOVINSKI EKVIVALENTI Za potrebe izvještaja o tokovima gotovine, pod gotovinom i gotovinskim ekvivalentima se priznaju sva sredstva sa rokom dospijeća kraćim od tri mjeseca, i to: gotovina i slobodna raspoloživa sredstva kod Centralne banke Crne Gore i drugih banaka.

U hiljadama EUR

31. decembar 2008.

31. decembar 2007.

Novčana sredstva i sredstva kod Centralne banke (napomena 12) 21,315 56,748 Krediti i avansi bankama (napomena 13) 12,859 59,336 34,174 116,084


53

31. TRANSAKCIJE SA POVEZANIM LICIMA

Sve transakcije sa povezanim pravnim licima iz redovnog poslovanja i njihove vrijednosti ne razlikuju se materijalno značajno od odredbi i uslova koji preovladavaju u transakcijama izvan dohvata ruke. Iznosi kredita i avansa odobrenih povezanim pravnim licima obezbijeĎeni su depozitima, zalogama i hipotekama i biće otplaćeni gotovinom. Na dan 31. decembra 2008. godine, Banka je izvršila ispravku vrijednosti rezervisanja za kredite i avanse odobrene povezanim pravnim licima u iznosu od EUR 159 hiljada (31. decembra 2007. godine: EUR 94 hiljada). Stanje bilansne izloženosti prema povezanim licima, obaveze prema njima i potraživanja od njih, na datum bilansa stanja prikazuje sljedeća tabela:


2008. 31. decembar

2007. Krediti i avansi klijentima: - Radnici Banke 10,900 8,312 - Moneta A.D., Podgorica 1,433 1,503 Ukupno potraţivanja 12,333 9,815 Obaveze prema klijentima: - Radnici Banke 8,647 8,066 - Moneta A.D., Podgorica 133 7 8,780 8,073 Obaveze po kreditima: - OTP Bank Plc., Budapest: - komercijalni krediti 30,539 35,580 - krediti za likvidnost 44,627 - - subordinirani kredit 12,028 12,041 - OTP Bank Financing Netherlands B.V., the Netherlands: - komercijalni krediti 60,888 - 148,082 47,621 Ukupno obaveze 156,862 55,694 Obaveze, neto (144,529) (45,879)


54

31. TRANSAKCIJE SA POVEZANIM LICIMA (Nastavak)

Prihodi i rashodi nastali iz transakcija sa povezanim pravnim licima u toku 2008. i 2007. godine su sljedeći:


31. decembra 2008. 2007. Prihodi po osnovu kamata: - Radnici Banke 1,200 516 - Moneta A.D., Podgorica 639 78 Ukupno prihodi 1,839 594 Rashodi po osnovu kamata: - Radnici Banke (878) (358) - Moneta A.D., Podgorica (3) (1) - OTP Bank Plc., Budapest (3,759) (2,022) - OTP Bank Financing Netherlands B.V., the Netherlands (1,425) - Ukupno rashodi (6,065) (2,381) Rashodi, neto (4,226) (1,787) Tokom 2008. godine, naknade isplaćene licima sa posebnim ovlašćenjima i odgovornostima iznose 1,287 hiljada EUR (2007. godine: 1,027 hiljada EUR).

32. DEVIZNI KURSEVI

Zvanični kursevi valuta koji su korišćeni za preračun deviznih pozicija bilansa stanja u EUR na dan 31. decembra 2008. i 2007. godine bili su:

31. decembar

2008. 31. decembar

2007.

USD 0.7093 0.6806 CHF 0.6683 0.6023 GBP 1.0265 1.3609

CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA Financial Statements and Independent Auditors’ Report For the year ended December 31, 2008

CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA CONTENTS

Page Responsibility for the financial statements 1 Independent Auditors‟ Report 2 Financial Statements:

Income Statement 3

Balance Sheet 4

Statement of Changes in Equity 5

Cash Flow Statement 6

Notes to the Financial Statements 7 - 54


4

BALANCE SHEET As of December 31, 2008 (thousands of EUR)

Notes 2008 2007 ASSETS Cash and balances with the Central Bank 12 97,636 168,164 Loans and advances to banks 13 85,900 115,694 Loans and advances to customers, net of impairment provisions 14 952,263 719,419 Available-for-sale securities 15 206 154 Financial asset at fair value through profit and loss 16 184 210 Securities held-to-maturity 17 500 517 Intangible assets 18 4,369 4,090 Property, plant and equipment 19 15,608 12,829 Other assets, net of impairment provisions 20 5,633 4,256 Total assets 1,162,299 1,025,333 LIABILITIES Deposits from banks 21 6,121 3,573 Due to customers 22 787,412 842,682 Other borrowed funds 23 294,592 133,303 Other liabilities 24 3,487 2,695 Provisions 25 918 450 Current income tax liabilities 11 208 303 Deferred income tax liabilities 11 388 316 Employee benefits 26 538 373 Total liabilities 1,093,664 983,695 EQUITY Share capital 27 46,876 31,876 Revaluation reserves on available-for-sale securities 917 946 Retained earnings 20,842 8,816 Total equity 68,635 41,638 Total liabilities and equity 1,162,299 1,025,333 OFF-BALANCE SHEET ITEMS 28 121,849 46,216

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


5

STATEMENT OF CHANGES IN EQUITY Year Ended December 31, 2008 (thousands of EUR)

Revaluation

Share

Capital

Reserves on Available-

for-Sale Securities

Retained Earnings Total

Balance at January 1, 2007 17,966 946 4,316 23,228 New issuance of shares based on distribution of FY 2006 profit 3,910 - (3,910) - New issuance of shares 10,000 - - 10,000 Profit for the year - - 8,410 8,410 Balance at December 31, 2007 31,876 946 8,816 41,638 Balance at January 1, 2008 31,876 946 8,816 41,638 New issuance of shares 15,000 - - 15,000 Decrease in fair value - (29) - (29) Profit for the year - - 12,026 12,026 Balance at December 31, 2008 46,876 917 20,842 68,635



6

CASH FLOW STATEMENT Year Ended December 31, 2008 (thousands of EUR) Notes 2008 2007 Cash flows from operating activities Interest and similar income received 77,247 49,632 Interest and similar charges paid (48,187) (30,110) Fee and commission received 21,754 16,722 Fee and commission paid (4,130) (3,305) Other income 724 1,245 Cash payments to employees and suppliers (25,020) (18,969) Taxes paid (757) (507) Net cash flows from operating activities before changes in operating assets and liabilities 21,631 14,708 Changes in operating assets and liabilities: Net decrease/(increase) in obligatory reserve 35,095 (30,948) Net increase in loans and advances to banks and

customers (258,430) (453,763) Net increase in other assets (1,377) (664) Net increase/(decrease) in deposits from banks 2,548 (1,514) Net (decrease)/increase in due to customers (55,270) 390,535 Net increase in other liabilities 1,965 2,072 Net cash used in operating activities (253,838) (79,574) Cash flows from investing activities Net (decrease)/increase in securities (26) 21 Purchase of property plant and equipment (3,975) (1,762) Purchase of intangible assets (1,057) (1,149) Treasury bills - 1,461 Net decrease/(increase) in securities held-to-maturity 17 (517) Net cash ( used in)/provided by investing activities (5,041) (1,946) Cash flows from financing activities Net increase in other borrowed funds 161,289 78,896 Issue of common shares 15,000 10,000 Net cash provided by financing activities 176,289 88,896 Effect of exchange rate changes 680 1,092 Net (decrease)/increase in cash and cash equivalents (81,910) 8,468 Cash and cash equivalents at beginning of year 116,084 107,616 Cash and cash equivalents at end of year 30 34,174 116,084


CRNOGORSKA KOMERCIJALNA BANKA A.D., PODGORICA NOTES TO THE FINANCIAL STATEMENTS December 31, 2008

7

1. GENERAL INFORMATION

The Bank was established as an independent bank and registered with the Commercial Court in Podgorica on January 15, 1997.

The Bank is licensed in the Republic of Montenegro to perform payment transfers, credit and deposit activities in the country and abroad, and in accordance with the Republic of Montenegro law, is to operate on principles of liquidity, security of placements and profitability. Whole owner of the Bank is OTP Bank Plc., Budapest who is also an ultimate owner of the Bank. The Bank is headquartered at Moskovska Street, no number. On December 31, 2008, the Bank was consisted of its Head Office in Podgorica and eighteen branches located in different parts of the country. The members of the Supervisory Board of the Bank are as follows:

First name and surname Position Mr. Jozsef Windheim President Mr. Andras Takacs Member Mr. Karoly Dr. Szasz Member

The members of the Management Board of the Bank are as follows:

First name and surname Position Mr. Jozsef Windheim President Mr. Andras Takacs Member Dr. Szabolcs Korba Member Ms. Ibolya Sari Member Ms. Milka Ljumović Member Ms. Bose Tatar Member Ms. Aleksandra Popović Member

As of December 31, 2008, the Bank had 471 employees (December 31, 2007: 392 employees).

2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS

(a) Statement on Compliance These financial statements have been prepared in accordance with IFRS adopted by the International Accounting Standards Board (IASB). The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Bank‟s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 2(d). The IFRS accounting policies set below have been consistently applied by the Bank to all periods presented in these financial statements.


8

2 BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS (Continued) (b) Basis of Preparation These financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets, financial assets and financial liabilities (included derivate financial instruments) held at fair value through profit or loss, under the going concern assumption. (c) Functional and Reporting Currency The financial statements are presented in EUR which is the Bank‟s functional currency. All financial information is presented in EUR rounded to the nearest thousand. (d) Use of Estimates and Judgments

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

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

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

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

(e) Standards and Interpretations Effective in the Current Period

The Bank adopted the following Standards and Interpretations in the current period: IAS 39 “Financial Instruments: Recognition and Measurement” and IFRS 7 “Financial

Instruments: Disclosures”; IFRIC 11, “IFRS 2 – Group and Treasury Share Transactions”; IFRIC 12, “Service Concession Arrangements”; IFRIC 13 “Customer Loyalty Programmes”; IFRIC 14 “IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements

and their Interaction”; and IFRIC 16, “Hedges of a Net Investment in a Foreign Operation”. The adoption of these Standards and Interpretations has not led to any changes in the Bank‟s accounting policies.


9

2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS (Continued) (f) Standards and Interpretations in Issue not yet Adopted

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

IAS 1 (Revised) Presentation of financial statements (effective for accounting periods beginning on or after 1 January 2009);

IAS 23 (Revised) Borrowing Costs (effective for accounting periods beginning on or after 1 January 2009);

IFRS 8 Operating Segments (effective for accounting periods beginning on or after 1 January 2009);

IFRS 3 (Revised) Business Combinations and IAS 27 (Amended) Consolidated and Separate Financial Statements (effective for accounting periods beginning on or after 1 July 2009);

Amendments to IFRS 2 Share Based Payments – Vesting Conditions and Cancellations (effective for accounting periods beginning on or after 1 January 2009);

Amendments to IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements – Puttable Financial Instruments and Obligations Arising on Liquidation (effective for accounting periods beginning on or after 1 January 2009);

IFRIC 15, “Agreements for the Construction of Real Estate” (effective for annual periods beginning on or after 1 January 2009);

Improvements to IFRSs (effective for annual periods beginning on or after 1 January 2009, except amendments to IFRS 5 that are effective for periods beginning on or after 1 July 2009);

IFRS 1 “First-time Adoption of International Financial Reporting Standards” and IAS 27 “Consolidated and Separate Financial Statements” (Amendment) (effective from 1 January 2009);

IAS 39 “Financial Instruments: Recognition and Measurement” (Amendment “Eligible Hedged Items”) (effective for annual periods beginning on or after 1 July 2009);

IFRS 1 “First-time Adoption of International Financial Reporting Standards” (effective 1 July 2009); and

IFRIC 17, “Distributions of Non-cash Assets to Owners” (effective for annual periods beginning on or after 1 July 2009).

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

(g) Basis of consolidation

The accompanying financial statements are the Bank‟s stand-alone financial statements. Due to its immateriality, management chose not to consolidate its investment in “Moneta,” over which it exercises effective control. In these stand alone financial statements associates are accounted for in accordance with IAS 39, at fair value through profit or loss.


10

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 3.1. Income and Expense Recognition

Interest income and expense are recognized in the income statement for all instruments measured at amortized cost using the effective interest rate method. The effective interest rate method is a method of calculating the amortized cost of a financial asset or a financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Bank estimates cash flows considering all contractual terms of the financial instrument (for example, prepayment options) but does not consider future credit losses. The calculation includes all fees and commissions paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. Once a financial asset or a group of similar financial assets has been written down as a result of an impairment loss, interest income is recognized using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss.

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

3.2. Foreign Exchange Translation

Transactions denominated in foreign currencies are translated into Euros at the official exchange rates prevailing on the Interbank Market, at the date of each transaction. Assets and liabilities denominated in foreign currencies are translated into Euros by applying the official exchange rates, as determined on the Interbank Market, prevailing at the balance sheet date. Foreign exchange gains or losses arising upon the translation of transactions, and the assets and liabilities denominated in foreign currencies are credited or charged to the income statement. Commitments and contingent liabilities denominated in foreign currencies are translated into Euros by applying the official exchange rates prevailing on the Interbank Market, at the balance sheet date.

3.3. Leasing The leases entered into by the Bank are operating leases. The payments made under operating leases are charged to operating expenses in the income statement on a straight-line basis over the period of the lease.


11

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.4. Taxes and Contributions

Income Taxes Current Income Taxes Income taxes are calculated and paid in conformity with the income tax regulations defined under the Republic of Montenegro Tax Law, article 28 (Official Gazette of Montenegro 40/08) as per the effective proportional tax rate of 9% on taxable income. A tax paying entity‟s taxable income is determined based upon the income stated in its statutory statements of income following certain adjustments to its income and expenses performed in accordance with the Republic of Montenegro Tax Law (Articles 8 and 9, regarding the adjustment of income and Articles 10 to 20 pertaining to the adjustment of expenses). The Republic of Montenegro tax regulations do not envisage that any tax losses of the current period be used to recover taxes paid within a specific carryback period. However, any current year losses reported in the annual corporate income tax returns may be carried forward and used to reduce or eliminate taxes to be paid in future accounting periods, but only for an ensuing period of a maximum of five years. Deferred Income Taxes

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

3.5. Cash and Cash Equivalents

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

3.6. Financial Assets

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


12

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 3.6. Financial Assets (Continued)

(a) Loans and receivables

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

(b) Held-to-maturity investments

Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities that the Bank‟s management has the positive intention and ability to hold to maturity. If the Bank is to sell other than an insignificant amount of held-to-maturity assets, the entire category would be tainted and reclassified as available-for-sale.

(c) Available-for-sale investments

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

(d) Investments at Fair Value through Profit or Loss Gains and losses arising from changes in the fair value of the „financial assets at fair value through profit or loss‟ category are included in the income statement in the period in which they arise.

(i) Initial recognition and subsequent measurement of financial assets Purchases and sales of held-to-maturity and available-for-sale financial assets are recognized on trade-date – the date on which the Bank commits to purchase or sell the asset. Loans are recognized when cash is advanced to the borrowers. Financial assets are initially recognized at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Available-for-sale financial assets are subsequently carried at fair value. Loans and receivables and held-to-maturity investments are carried at amortized cost using the effective interest method. Gains and losses arising from changes in the fair value of available-for-sale financial assets are recognized directly in equity, until the financial asset is derecognized or impaired at which time the cumulative gain or loss previously recognized in equity should be recognized in profit or loss. However, interest calculated using the effective interest method is recognized in the income statement. Dividends on available-for-sale equity instruments are recognized in the income statement when the entity‟s right to receive payment is established.

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


13


(e) Impairment of financial assets

(i) Assets carried at amortized cost

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

1. Significant financial difficulty of the issuer or obligor; 2. A breach of contract, such as a default or delinquency in interest or principal payments; 3. The Bank granting to the borrower, for economic or legal reasons relating to the borrower‟s

financial difficulty, a concession that the lender would not otherwise consider; 4. It becoming probable that the borrower will enter bankruptcy or other financial reorganization;

5. The disappearance of an active market for that financial asset because of financial difficulties; or 6. Observable data indicating that there is a measurable decrease in the estimated future cash flows

from a Bank of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the group, including:

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

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

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


14


(e) Impairment of financial assets (Continued) (i) Assets carried at amortized cost (Continued) The calculation of the present value of the estimated future cash flows of a collateralized financial asset reflects the cash flows that may result from executing the collateral less costs for obtaining and selling the collateral, whether or not the execution of collateral is probable. For the purposes of a collective evaluation of impairment, financial assets are grouped on the basis of similar credit risk characteristics. Those characteristics are relevant to the estimation of future cash flows for groups of such assets by being indicative of the debtors‟ ability to pay all amounts due according to the contractual terms of the assets being evaluated. Future cash flows in a group of financial assets that are collectively evaluated for impairment are estimated on the basis of the contractual cash flows of the assets in the Bank and historical loss experience for assets with credit risk characteristics similar to those in the Bank. Historical loss experience is adjusted on the basis of current observable data to reflect the effects of current conditions that did not affect the period on which the historical loss experience is based and to remove the effects of conditions in the historical period that do not exist currently.

Estimates of changes in future cash flows for group of assets should reflect and be directionally consistent with changes in related observable data from period to period. The methodology and assumptions used for estimating future cash flows are reviewed regularly by the Bank to reduce any differences between loss estimates and actual loss experience. When a loan is uncollectible, it is written off against the related provision for loan impairment. Such loans are written off after all the necessary procedures have been completed and the amount of the loss has been determined. Subsequent recoveries of amounts previously provided for decrease the amount of the provision for loan impairment in the income statement. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed by adjusting the allowance account. (ii) Assets carried at fair value

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


15

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 3.7. Financial liabilities

(a) Borrowings

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

3.8. Intangible Assets

Intangible assets are stated at cost less accumulated amortization. Costs associated with maintaining computer software programmes are recognized as an expense as they incur. Costs that are directly associated with identifiable and unique software products controlled by the Bank and will probably generate economic benefits exceeding costs beyond one year, are recognized as intangible assets. Costs include external software company development costs. Amortization of intangible assets is charged on a straight-line basis over their estimated useful lives, as follows:

Intangible Assets Useful Life (in Years)

License

8 Software 8

3.9. Property, Plant and Equipment

All property, plant and equipment are stated at cost less depreciation. The cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows:

Major Categories of Property, Plant and Equipment Useful Life (in Years)

Buildings

50 Leasehold improvements 7 Computers and computer equipment 8 Furniture and equipment 4 - 10 Motor vehicles 8

Assets under construction are carried at cost. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use.

3.10. Impairment of tangible and intangible assets

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


16

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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

3.11. Provisions

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

3.12. Employee Benefits

Employee Taxes and Contributions for Social Security

In accordance with the regulations prevailing in Montenegro, the Bank has an obligation to pay contributions to various State Social Security Funds. These obligations involve the payment of contributions on behalf of the employee, by the employer in an amount calculated by applying the specific, legally-prescribed rates. The Bank is also legally obligated to withhold contributions from gross salaries to employees, and on behalf of the employees, to transfer the withheld portions directly to government funds. These contributions payable on behalf of the employee and employer are charged to expenses in the period in which they arise. Retirement Benefits and Other Long Term Employee Benefits In accordance with the Collective Bargaining Agreements, the Bank has an obligation to disburse an employment retirement benefit to a retiree, in an amount equal to twelve average net salaries effective in the Bank in the month prior to the employee‟s retirement. In addition, employees are entitled to receive employment anniversary awards at their 10th 20th and 30th employment anniversaries. The Bank's financial statement as of December 31, 2008, include provisions calculated based on the estimated present value of retirement benefits and jubilee awards to employees upon vesting in respective right by independent authorized actuary.

4. FINANCIAL INSTRUMENTS

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

Credit risk Market risk Liquidity risk Operating risk.

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


17

4. FINANCIAL INSTRUMENTS (Continued)

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

4.2. Credit Risk

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

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

In accordance with the limits prescribed by the Central Bank of Montenegro, the sector concentration it is constantly monitored. The exposure to any borrower including banks and brokers is further restricted by sub-limits covering on and off-balance sheet exposures. Actual exposures against limits are monitored regularly.

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

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


18

4. FINANCIAL INSTRUMENTS (Continued) 4.2. Credit Risk (Continued)

4.2.2. Provisions for Impairment Losses in accordance with requirements of IAS 39

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

Considerable financial difficulties of the borrower; Violation of the contract, such as inability to settle interest to the principal; Guarantees issued by the lender to the borrower for economic or legal reasons, due to

financial difficulties of the borrower, possessions which the lender would not otherwise consider;

High risk of bankruptcy or other financial reorganization of the borrower; The absence of the active market for such financial asset due to financial difficulties; and Observable data which indicate that there is a decrease of future cash flows arising on the

group of financial assets upon the initial recognition of these assets which can be measured objectively, although the decrease can not be determined with certainty in some financial assets in the group, including:

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

In accordance with the adopted procedures, the Bank assesses whether there is observable evidence pertaining to impairment of an individual financial asset with individual significance. The calculation of the net book value of the estimated cash flows of a collateralized financial asset reflects the cash flows contingent on exclusion as deceased by any acquisition-related costs and sale of collateral, regardless of the degree of likelihood of the exclusion. For the purpose of a collective estimate of impairment, financial assets which do not carry individual value are grouped based on the similar characteristics of the credit risks inherent in them. In the course of classifying the assets exposed to credit risk, the Bank applies the following credit rating categories:

Credit rating Criteria

Satisfactory risk

This category includes all assets assessed based on the contractual terms, as collectible in full.

Watch list

This category includes assets which are most likely collectible, but require special attention, as the potential risk, if not adequately monitored, could decrease the collectibility of these receivables.

Substandard

This category includes assets which are very likely to cause loss, due to clearly defined weaknesses which put collection at risk.


19

4. FINANCIAL INSTRUMENTS (Continued) 4.2. Credit Risk (Continued)

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

In thousands of EUR

December 31,

2008 December 31,

2007 Balance sheet items Loans and advances to banks 85,900 115,694 Loans and advances to customers 952,263 719,419 Available-for-sale securities 206 154 Financial asset at fair value through profit and loss 184 210 Securities held-to-maturity 500 517 Other assets 5,633 4,256 1,044,686 840,250 Off-balance sheet items Financial guarantees 76,511 31,833 Uncovered letters of credit 4,346 3,383 Undrawn credit facilities 37,290 8,420 118,147 43,636

Total credit risk exposure 1,162,833 883,886 The exposure to credit risk is partially controlled by obtaining collaterals and guarantees issued by legal entities and private individuals. In addition, all private individuals must receive their salaries through the account held with the Bank, with a view to draw down the credit risk. Types of collateral are as follows:

Deposits; Pledge placed against industrial machines, securities, inventories and vehicles; Mortgages against property and fiduciary ownership transfer; Bills of exchange; Authorizations; Administrative injunctions; Guarantors; and Insurance policies.

Limits prescribed by Central Bank of Montenegro In accordance with the new banking law from March 2008, the Banks is under obligation to insure that its credit risk exposure to a single client or client group does not exceed 25% of the Bank own funds. The Bank as of December 31, 2008 has probably not satisfied this reporting requirement. The Management of Bank was aware of this situation and was resolving it with the parent company. Based on the syndicated loan and guarantees received from the parent the Bank should resolve this situation as of 31 March 2008. The Bank has received subordinated loan of EUR 15 million on March 24, 2009. The parent Company and the Bank should sign the guarantee agreements on March 31, 2008.


20


4.2. Credit Risk (Continued) 4.2.4. Loans and Advances

Loans and advance are presented in the following tables:

In thousands of EUR

Neither past due

nor impaired

Past due but not

impaired

Individua-lly

impaired Total, Gross

Individual Allowance

for Impairment

General Allowance

for Impair-

ment

Total Allowance

for Impair-

ment Total, net exposure

December 31, 2008 Housing loans 151,102 412 - 151,514 - 2,522 2,522 148,992 Current account overdrafts 8,854 782 - 9,636 - 310 310 9,326 Consumer loans 81,392 827 - 82,219 - 1,599 1,599 80,620 Credit cards 7,854 752 - 8,606 - 129 129 8,477 Special purpose loans 13,233 296 - 13,529 - 285 285 13,244 Other loans to individuals covered by mortgage 20,207

249

-

20,456

-

320

320

20,136

Other loans 261 49 - 310 - 7 7 303 Loans to micro and small Entities 285,399

11,458

6,243

303,100

27

5,439

5,466

297,634

Loans to medium and large entities 306,196

13,778

28,800

348,774

1,702

5,075

6,777

341,997

Loans to Government and Municipalities 29,895

146

-

30,041

-

450

450

29,591

Loans to financial institutions 1,955

6

-

1,961

-

18

18

1,943

906,348 28,755 35,043 970,146 1,729 16,154 17,883 952,263 Loans and advances to banks 85,900

-

-

85,900

-

-

-

85,900

992,248 28,755 35,043 1,056,046 1,729 16,154 17,883 1,038,163

In thousands of EUR

Neither past due

nor impaired

Past due but not

impaired

Individua-lly

impaired Total, Gross

Individual Allowance

for Impairment

General Allowance

for Impair-

ment

Total Allowance

for Impair-

ment Total, net exposure

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

covered by mortgage 15,656

950

-

16,606

-

168

168

16,438 Other loans 1,070 240 - 1,310 - 29 29 1,281 Loans to micro and small entities 203,853

15,469

5,084

224,406

100

2,825

2,925

221,481


11,263

4,000

251,649

36

2,228

2,264

249,385

Loans to Government and municipalities 22,629

1,448

-

24,077

-

120

120

23,957

Loans to financial institutions 496

-

-

496

-

8

8

488

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

-

-

115,694

-

-

-

115,694

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


21

4. FINANCIAL INSTRUMENTS (Continued) 4.2. Credit Risk (Continued) 4.2.4. Loans and Advances (Continued)

a) Loans and Advances Neither Past Due or Impaired

In thousands of EUR Satisfactory

risk

Watch list

Substandard

Total December 31, 2008 Housing loans 151,102 - - 151,102 Current accounts overdrafts 8,854 - - 8,854 Consumer loans 81,392 - - 81,392 Credit cards 7,854 - - 7,854 Special purpose loans 13,233 - - 13,233 Other loans to individuals covered by mortgage

20,207

-

-

20,207

Other loans 261 - - 261 Loans to micro and small entities 285,399 - - 285,399 Loans to medium and large entities 306,196 - - 306,196 Loans to Government and nicipalities 29,895 - - 29,895 Loans to financial institutions 1,955 - - 1,955 906,348 - - 906,348 Loans and advances to banks 85,900 - - 85,900 992,248 - - 992,248

In thousands of EUR Satisfactory

risk

Watch list

Substandard

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

mortgage

15,656

-

-

15,656 Other loans 1,070 - - 1,070 Loans to micro and small entities 203,853 - - 203,853 Loans to medium and large entities 236,386 - - 236,386 Loans to Government and Municipalities

22,629 -

-

22,629

Loans to financial institutions 496 - - 496 672,645 - - 672,645 Loans and advances to banks 115,694 - - 115,694 788,339 - - 788,339


22


b) Past Due but not Individually Impaired

In thousands of EUR Past due

up to 30 days

Past due 31- 60

Past due 61-90

Past due 91 -180

Past due 180-365

Past due 1 to 5

Over 5

days days days days Years years Total December 31, 2008 Housing loans 138 108 21 145 - - - 412 Current accounts overdrafts 782 - - - - - - 782 Consumer loans 301 124 65 337 - - - 827 Credit cards 646 22 22 62 - - - 752 Special purpose loans 37 39 33 187 - - - 296 Other loans to individuals covered by mortgage 35

17

171 26

-

- -

249

Other loans 3 6 4 36 - - - 49 Loans to micro and small Entities 7,727

1,851

136 1,744

-

- -

11,458


567

3 110

-

- -

13,778

Loans to Government and Municipalities 127

11

- 8 - - - 146

Loans to financial institutions 6

-

- -

-

- -

6

22,900 2,745 455 2,655 - - - 28,755

In thousands of EUR Past due

up to 30 days

Past due 31- 60

days

Past due 61-90 days

Past due 91 -180

days

Past due 180-365

days

Past due 1 to 5 Years

Over 5

years

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

covered by mortgage 916

23

11

-

-

-

-

950 Other loans 139 75 2 24 - - - 240 Loans to micro and small

entities 11,955

1,097

1,523

894

-

-

-

15,469 Loans to medium and large entities 10,787

-

42

434

-

-

-

11,263

Loans to Government and Municipalities 1,439

-

-

9

-

-

-

1,448

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


23


c) Fair Value of Collateral In thousands of EUR

2008 2007 Deposits 182,642 168,219 Guarantees 76,507 31,833 Pledge 76,465 54,882 Mortgages 2,094,984 1,369,800 Total 2,430,598 1,624,734

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

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

d) Restructured Loans and Advances

The Bank restructured a loan to the borrower due to a diminishing of the borrower‟s

creditworthiness, if it has:

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

Upon restructuring of the loan, the Bank performs financial analysis of the borrower and assesses its capacitates to realize cash flows necessary for the repayment of the loan principal, as well as the corresponding interest once the loan is restructured. During 2008, the Bank restructured loans in the amount of EUR 15,559 thousand of loans (2007: EUR 6,903 thousand). e) Foreclosed Assets

As of December 31, 2008 the Bank disclosed within the line item of other assets the net amount

of EUR 42 thousand of foreclosed assets (December 31, 2007: net EUR 40 thousand). The foreclosed assets relate to property and automobiles stated in the amount of total uncollected receivables.

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


24


f) Geographic Concentration

Geographic concentration of the Bank‟s exposure to the credit risk, exclusive of the allowance for

impairment is as follows:

In thousands of EUR

Montenegro European

Union USA and

Canada

Other

Total

Loans and advances to banks 334 81,567 944 3,055 85,900 Loans and advances to customers 960,891 4,177 1,030 4,048 970,146 Available-for-sale securities 206 - - - 206 Financial asset at fair value through profit and loss 184

-

-

- 184

Securities held-to-maturity 500 - - - 500 Other assets 5,640 - - - 5,640 December 31, 2008 967,755 85,744 1,974 7,103 1,062,576 December 31, 2007 721,201 126,979 353 - 848,533

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26

4. FINANCIAL INSTRUMENTS (Continued) 4.2. Credit Risk (Continued) 4.2.5. Off-Balance Sheet Items The maturities of off-balance sheet items exposing the Bank to credit risk are as follows:

In thousands of EUR

Undrawn Loan

Facilities Guarantees

Uncovered Letters of

Credit Total December 31, 2008 Up to one year 37,290 29,160 3,583 70,033 From 1 to 5 years - 47,351 763 48,114 37,290 76,511 4,346 118,147

In thousands of EUR

Undrawn Loan

Facilities Guarantees

Uncovered Letters of

Credit Total December 31, 2007 Up to one year 8,420 28,782 3,383 40,585 From 1 to 5 years - 3,051 - 3,051 8,420 31,833 3,383 43,636

4.3. Market Risk

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

4.3.1. Foreign Exchange Risk

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


27

4. FINANCIAL INSTRUMENTS (Continued) 4.3. Market Risk (Continued) 4.3.1. Foreign Exchange Risk (Continued)

The exposure to foreign currency risk as of December 31, 2008 is presented in the following table.

In thousands of EUR Total Local Other Foreign Currency USD Currencies Currencies (EUR) Total

ASSETS Cash and balances with the

879 308 1,187 96,449

97,636 Central Bank Loans and advances to banks 13,195 2,720 15,915 69,985 85,900 Loans and advances to customers - - - 952,263 952,263 Available-for-sale securities - - - 206 206 Financial asset at fair value through

- - - 184

184 profit and loss Securities held-to-maturity - - - 500 500 Other assets 68 5 73 5,560 5,633 Total assets 14,142 3,033 17,175 1,125,147 1,142,322 LIABILITIES Deposits from banks 6 - 6 6,115 6,121 Due to customers 16,527 3,050 19,577 767,835 787,412 Other borrowed funds - - - 294,592 294,592 Other liabilities 161 9 170 3,317 3,487 Provisions - - - 918 918 Current income tax liabilities - - - 208 208 Deferred income tax liabilities - - - 388 388 Employee benefits - - - 538 538 Total liabilities 16,694 3,059 19,753 1,073,911 1,093,664 Net Open Position: - December 31, 2008 (2,552) (26) (2,578) 51,236 48,658 - December 31, 2007 348 208 556 24,163 24,719

4.3.2. Interest Rate Risk

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


28

4. FINANCIAL INSTRUMENTS (Continued) 4.3. Market Risk (Continued) 4.3.2. Interest Rate Risk (Continued)

The following table presents the Bank‟s interest bearing and non-interest bearing assets and liabilities as of December 31, 2008. In thousands of EUR

Interest

Non-Interest

Total Bearing Bearing

Items Items ASSETS Cash and balances with the Central Bank 38,144 59,492 97,636 Loans and advances to banks 75,020 10,880 85,900 Loans and advances to customers 952,263 - 952,263 Available-for-sale securities - 206 206 Financial asset at fair value through profit and loss - 184 184 Securities held-to-maturity 500 - 500 Other assets - 5,633 5,633 Total assets 1,065,927 76,395 1,142,322 LIABILITIES Deposits from banks 4,464 1,657 6,121 Due to customers 705,580 81,832 787,412 Other borrowed funds 294,592 - 294,592 Other liabilities - 3,487 3,487 Total liabilities 1,004,636 86,976 1,091,612 Interest Sensitive Gap: - December 31, 2008 61,291 (10,581) 50,710 - December 31, 2007 (17,458) 43,619 26,161


29

4. FINANCIAL INSTRUMENTS (Continued) 4.3. Market Risk (Continued) 4.3.2 Interest Rate Risk (Continued)

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

- in percentages- EUR USD Financial assets Obligatory reserve –interest-bearing portion 1% - Securities held to maturity 6.50% - Loans and advances to banks 3.3%-3.7% 1%-3.17% Short-term loans to customers: - legal entities 4%-16% - - private individuals 8%-16% - Long-term loans to customers: - legal entities 6%-16% - - private individuals 3%-16% - Financial liabilities Deposits from banks 1.15%-8% - Due to customers: - legal entities 0%-8% 0%-6% - private individuals 0%-8% 1.5%-8.42% Other borrowed funds: - Directorate for Development of Small and Medium Sized Enterprises 0%-7% - - Development Fund of the Republic of Montenegro 1.5%-6.5% - - KfW 6M EURIBOR + 1.305% - 2.4% - - Commerzbank AG 3M EURIBOR + 0.1% - 0.15% - - DEG&FMO 6M EURIBOR+3.5% - - EFSE 6M EURIBOR + 2% - 3.5% - - LHB Internationale AG 3M EURIBOR + 0.1% - - OTP Bank Plc., Budapest - commercial loans EURIBOR + 1.5% - 1.95% - - liquidity loans 3.75% - 5.15% - - subordinated loan 6M EURIBOR + 2.25% - - OTP Financing Netherlands B.V. 3M EURIBOR + 1.9% - 3.05% -

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

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


30


4.4. Liquidity Risk (Continued) 4.4.1. Liquidity Risk Management (Continued)

The maturities of assets and liabilities and the ability of the Bank to replace, at an acceptable cost, interest–bearing liabilities as they mature, are important factors in assessing the liquidity of the Bank and its exposure to changes in interest rates and exchange rates. Liquidity requirements to support calls under guarantees and standby letters of credit are considerably less than the amount of the commitment because the Bank does not generally expect the third party to draw funds under the agreement. The total outstanding contractual amount of commitments to extend credit does not necessarily represent future cash requirements, since many of these commitments will expire or terminate without being funded. The Assets and Liquidity Department monitors the Bank's exposure to liquidity risk on daily basis. In order to determine the matching and mismatching of cash inflows and outflows, the Bank makes use of GAP analysis. The table below analyses assets and liabilities of the Bank into relevant maturities based on the remaining period at balance sheet date to the contractual maturity date.

In thousands of EUR

Up to One Month

From One to 3

Months

From 3 to 12

Months

From 1 to 5 Years

Over

5 Years

Total ASSETS Cash and balances with the Central Bank 97,636 - - - -

97,636

Loans and advances to banks 12,978 12,122 60,290 - 510 85,900 Loans and advances to customers 70,996 69,590 246,233 363,050 202,394 952,263 Available-for-sale securities 206 - - - - 206 Financial asset at fair value through profit and loss 184 - - -

- 184

Securities held-to-maturity - - - 500 - 500 Intangible assets - - - - 4,369 4,369 Property, plant and equipment - - - - 15,608 15,608 Other assets 3,965 250 1,418 - - 5,633 Total assets 185,965 81,962 307,941 363,550 222,881 1,162,299 LIABILITIES AND EQUITY Deposits from banks 6,121 - - - - 6,121 Due to customers 255,520 71,238 153,238 303,357 4,059 787,412 Other borrowed funds 58,043 14,591 59,292 98,472 64,194 294,592 Other liabilities 1,467 413 1,607 - - 3,487 Provisions - - - - 918 918 Current income tax liabilities - 208 - - - 208 Deferred income tax liabilities - - - - 388 388 Employee benefits - - - - 538 538 Equity - - - - 68,635 68,635 Total liabilities and equity 321,151 86,450 214,137 401,829 138,732 1,162,299 Net Liquidity Gap: - December 31, 2008 (135,186) (4,488) 93,804 (38,279) 84,149 - - December 31, 2007 (156,025) (50,635) 42,517 80,249 83,894 -


31


4.4. Liquidity Risk (Continued) 4.4.1. Liquidity Risk Management (Continued)

The structure of the Bank‟s financial assets and liabilities as classified into their relevant maturities as of December 31, 2008 indicates the existence of a liquidity gap in the period up-to-one-year. The primary reason for this gap lies in the fact that the short-term sources of funds with maturities of up to one month, primarily demand deposits, have been committed for longer periods of time. As per Management‟s opinion, on the basis of the historical data and the Bank‟s experience in the last five years, from 30 percent to 40 percent of the demand deposits can be treated as long-term sources of funds.

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

Flows)

In thousands of EUR

Sight

Up to 1 Month

From 1 to 3 Months

From 3 to 12

Months

From 1 to

5 Years

Over 5 Years

Total December 31, 2008 LIABILITES Deposits from banks 1,836 4,326 - - - - 6,162 Due to customers 81,830 158,384 75,555 167,474 313,260 4,789 801,292 Other borrowed funds 3,063 54,859 14,372 60,650 108,070 114,458 355,472 Other liabilities - 1,467 413 1,607 - - 3,487 Deferred tax liabilities - - - - - 388 388 Current tax liabilities - - 208 - - - 208 86,729

219,036

90,548

229,731

421,330

119,635

1,167,009

In thousands of EUR

Sight

Up to 1 Month

From 1 to 3 Months

From 3 to 12

Months

From 1 to

5 Years

Over 5 Years

Total December 31, 2007 LIABILITES Deposits from banks 2,870 731 - - - - 3,601 Due to customers 322,560 48,959 98,955 220,723 196,107 3,319 890,623 Other borrowed funds 2,226 - 3,282 14,060 122,092 20,175 161,835 Other liabilities - 1,235 1,347 808 - - 3,390 Deferred tax liabilities - - - - - 316 316 Current tax liabilities - - 303 - - - 303 327,656

50,925

103,887

235,591

318,199

23,810

1,060,068


32

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

In thousands of EUR Carrying Amount Fair Value 2008 2007 2008 2007 Financial assets Loans and advances to banks 85,900 115,694 85,900 115,694 Loans and advances to customers 952,263 719,419 952,263 719,419 Available-for-sale securities 206 154 206 154 Financial asset at fair value through profit and loss 184 210 184 210 Securities held-to-maturity 500 517 500 517 Financial liabilities Deposits from banks 6,121 3,573 6,121 3,573 Due to customers 787,412 842,682 787,412 842,682 Other borrowed funds 294,592 133,303 294,592 133,303

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

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

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

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

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


33


4.5. Fair Value of Financial Assets and Liabilities (Continued) (b) Loans and advances to customers (Continued)

Annual Average Weighted Interest Rate

Industry Sector

Bank

Banking Sector in the Republic of Montenegro

Finance 7.54% 7.90% Transportation, traffic and telecommunication 7.92% 8.33% Services, tourism and hotel management 7.98% 8.10% Trading 7.46% 7.86% Civil engineering 8.23% 8.15% Energetics 7.08% 7.11% Manufacturing 8.07% 8.03% Mining 7.39% 7.57% Administration and other public services 8.24% 8.37% Real estate 8.45% 8.16% Retail customers 9.29% 9.99% Agriculture, hunting and fishing 7.27% 7.34% Other 7.84% 7.38% According to the Bank‟s management, the fair value of loans and advances to customers calculated as present value of discounted future cash flows, using current market rates (average weighted interest rates in the banking sector), does not materially differ from the carrying amount of loans at balance sheet date. According to the Bank‟s management, carrying values as presented in the Bank‟s financial statements represent values that are believed to be the most valid under the circumstances and most useful for the purposes of financial reporting. (c) Available-for-sale securities Fair value for available-for-sale securities is based on market prices. Where this information is not available, fair value has been estimated using quoted market prices for securities with similar characteristics. (d) Deposits and borrowings The estimated fair value of the demand deposits and the deposits with remaining contractual maturities less then one year approximates their carrying amount. The estimated fair value of fixed interest bearing deposits with remaining contractual maturities over one year, without a quoted market price, is based on discounted cash flows using interest rates for new debts with similar remaining maturity. According to the Bank‟s management, Bank‟s interest rates are harmonized with the current market rates and the amounts stated in the financial statements represent the values that are believed under the circumstances, to approximate the fair value of these financial instruments The carrying amount of the borrowings with floating interest rates approximates their fair value at the balance sheet date.


34

4. FINANCIAL INSTRUMENTS (Continued) 4.6. Capital Management

The Bank‟s objectives in capital management:

To comply with the capital requirements set by the regulator; To safeguard the Bank‟s ability to continue as a going concern so that it can continue to

provide returns for shareholders and benefits for other stakeholders; and To maintain a strong capital base to support the development of its business.

The Bank‟s management controls capital adequacy by applying the methodologies and limits prescribed by the Central Bank of Montenegro. In accordance with the regulations, the Bank submits quarterly reports on the capital condition and structure to the Central Bank of Montenegro. The Bank‟s capital is divided into two tiers:

Tier 1 capital (paid-in share capital, retained earnings from prior years, legal reserves); and

Tier 2 capital (provisions for losses per separate items of assets up to 1.25 percent of the Bank‟s risk-weighted assets, profit for the year, subordinated loans).

The risk weighed capital is a sum of tier 1 and 2 capital, as decreased by:

Intangible assets; and Bank‟s investments in equity of other legal entities.

The risk-weighted assets are comprised of items of assets and loan equivalents of off-balance sheet assets exposed to risk. The loan equivalents of off-balance sheet assets are computed by multiplying the book value of off-balance sheet items with the prescribed conversion factors. The total risk-weighted assets are comprised of assets and loan equivalents of off-balance sheet items exposed to risk (the Bank's risk weighted assets) classified in four categories and multiplied by adequate prescribed risk weights. In accordance with the requirements of the Central Bank of Montenegro, the Bank is under obligation to maintain a minimal capital adequacy ratio of 10%. The Bank is required to maintain certain minimum or maximum ratios with respect to its activities and composition of risk assets in compliance with the Law on Banks of the Republic of Montenegro and with the Central Bank of Montenegro Regulations. The Bank's solvency ratio amounted to 13.03% as of December 31, 2008. In accordance with the Agreement on Eliminating the Irregularities in Operations entered by and between the Bank and the Central Bank of Montenegro on April 7, 2008, with reference to the irregularities identified in the Report on Financial Control prepared by the Central Bank of Montenegro, number 03/58/2 as of February 11, 2008 with the financial data available as of November 30, 2007, the Bank committed to address all irregularities identified in Bank‟s operations no later than 60 days from signing the Agreement, with the exception of the following ones, for which the actions need to be undertaken immediately: - Form additional provisions for potential credit losses, - Reconcile ratios of great and aggregate exposure with the prescribed legal requirements, - Refrain from conditioning clients and - Perform analysis of debtors‟ financial position upon debt restructuring.


35


4.6. Capital Management (Continued) The Bank is obligated to deliver to the Central Bank of Montenegro the Plan of Activities prepared by the Bank‟s Management Board aiming to improve the operation management and supervision over the Bank‟s management and innovating the credit strategy of the Bank – the relevant rules, policies and procedures, no later than 30 and 60 days, respectively, from the date when the Agreement comes into force. The Bank will not renew a loan or extend a repayment deadline to debtors whose debts are classified as belonging to C and D categories in the Report on controls performed by the Central Bank of Montenegro, but which was not repaid without prior approval of the Bank‟s Management Board. In addition, from May 5, 2008 and for each calendar month, no later than the 5th day of the following month, the Bank is to deliver to the Central Bank reports on the activities performed and realized, accompanied by written opinions and conclusions reached by the Bank‟s Management Board and after allocating the provisions form general credit losses charged to profit realized in 2007, the Bank is to keep the remaining portion within retained earnings.

4.7. Risk Exposure Analysis

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

In thousands of EUR Change in Exchange Rate 2008 10% -10% ASSETS Cash and balances with the Central Bank 97,636 108 (108) Loans and advances to banks 85,900 1,449 (1,449) Other assets 5,633 6 (6) Total assets 189,169 1,563 (1,563) LIABILITIES Deposits from banks 6,121 1 (1) Due to customers 787,412 1,782 (1,782) Other liabilities 3,487 15 (15) Total liabilities 797,020 1,798 (1,798) Net Open Position: -December 31, 2008 (235) 235 -December 31, 2007 55 (55)

As of December 31, 2008, under the assumption that all other parameters remain the same upon the change in the EUR exchange rate, as compared to other currencies, by +10%, i.e., -10%, the Bank's profit would decrease, i.e., increase by EUR 235 thousand (December 31, 2007: increase, i.e., decrease by EUR 55 thousand). The reason why the Bank's exposure to currency risk is small is rooted in the fact that the major portion of the Bank's assets and liabilities is denominated in EUR.


36


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

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

In thousands of EUR

Net effect of movements in interest rates

2008

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

FX KS

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

FX KS

ASSETS Cash and balances with the Central Bank 97,636 - - Loans and advances to banks 85,900 219 (219) Loans and advances to customers 952,263 - - Available-for-sale securities 206 - - Financial asset at fair value through profit and loss 184 - - Securities held to maturity 500 - - Other assets 5,633 - - 1,142,322 219 (219) LIABILITIES Deposits from banks 6,121 - - Due to customers 787,412 - - Other borrowed funds 294,592 854 (854) Other liabilities 3,487 - - 1,091,612 854 (854) Net Interest Sensitive Gap: - December 31, 2008 (635) 635 - December 31, 2007 (296) 296

Under the assumption that all other parameters remain the same, the increase in variable interest rates applied to assets and liabilities denominated in EUR by 0.4 percentage points, i.e., the increase of 0.3 percentage points applied to assets and liabilities denominated in foreign currency, the Bank's profit would decrease by EUR 635 thousand (December 31, 2007: EUR 296 thousand).

Under the assumption that all other parameters remain the same, the decrease in variable interest rates applied to assets and liabilities denominated in EUR by 0.4 percentage points, i.e., the decrease of 0.3 percentage points applied to assets and liabilities denominated in foreign currency, the Bank's profit would increase by EUR 635 thousand (December 31, 2007: EUR 296 thousand). The reason why the Bank's exposure to interest rate is small is rooted in the fact that the major portion of the Bank's assets and liabilities are linked to a fixed interest rate.


37

5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS IN APPLYING

ACCOUNTING POLICIES The Bank makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (a) Impairment losses on loans and advances The Bank reviews its loan portfolios to assess impairment at least on a quarterly basis. In determining whether an impairment loss should be recorded in the income statement, the Bank makes judgments as to whether there is any observable data indicating that there is a measurable decrease in the estimated future cash flows from a portfolio of loans before the decrease can be identified with an individual loan in that portfolio. This evidence may include observable data indicating that there has been an adverse change in the payment status of borrowers in a Bank, or national or local economic conditions that correlate with defaults on assets in the Bank. Management uses estimates based on historical loss experience for assets with credit risk characteristics and objective evidence of impairment similar to those in the portfolio when scheduling its future cash flows. The methodology and assumptions used for estimating both the amount and timing of future cash flows are reviewed regularly to reduce any differences between loss estimates and actual loss experience. (b) Impairment of available for-sale equity investments and investments in associates The Bank determines that available-for-sale equity investments are impaired when there has been a significant or prolonged decline in the fair value below its cost. This determination of what is significant or prolonged requires judgment. Impairment may be appropriate when there is evidence of deterioration in the financial health of the investee, industry and sector performance and operational and financing cash flows. (e) Retirement benefits and other long term employee benefits

The present value of the retirement benefits and other long term employee benefits obligations depends on a number of factors that are determined on an actuarial basis using a number of assumptions. Any changes in these assumptions will impact the carrying amount of employee benefits obligations. Key assumptions for retirement benefits and other long term employee benefits are disclosed in Note 26. (f) Taxation risks The Republic of Montenegro tax legislation is subject to different interpretations and changes which occur frequently. The interpretation of tax legislation by tax authorities as applied to the transactions and activity of the Bank may not be in line with that of the management. As a result, Bank‟s transactions may be challenged by tax authorities and the Bank may be assessed additional taxes, penalties and interest, which could be material. The Bank‟s tax statements may be reviewed or audited for a period of five years from the filing date of such statements.


38

6. INTEREST INCOME AND EXPENSE AND SIMILAR INCOME AND EXPENSE a) Interest and Similar Income

In thousands of EUR Year Ended December 31,

2008 2007 Loans and advances to customers 72,957 44,897 Placements to banks 3,717 4,336 Treasury bills - 7 Obligatory reserve 573 392 77,247 49,632

Interest income accrued on impaired financial assets is EUR 764 thousand (2007: 344 EUR thousand). b) Interest Expense and Similar Charges


2008 2007 Deposits from customers 36,355 24,577 Deposits from banks 624 566 Borrowed funds 10,339 4,529 Subordinated debt 869 438 48,187 30,110

7. FEE AND COMMISSION INCOME AND EXPENSE

a) Fee and Commission Income


2008 2007 Fee and commission income arising from domestic and international payment transfers 15,197 12,761 Credit card related fees and commissions 3,253 2,090 Fee income from issued guarantees and other contingent Liabilities 1,332 1,038 Other 1,972 833 21,754 16,722 b) Fee and Commission Expense


2008 2007 Fee and commission expense arising from domestic payment transfers 1,480 1,359 Fee and commission expense arising from international payment transfers 934 1,060 Commission expenses arising on guarantees and other contingent liabilities 257 - Credit card related fees and commissions 1,459 886 4,130 3,305


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

2008 2007 Foreign exchange: - translation losses, net (40) (61) - transaction gains, net 720 1,153 680 1,092

9. OPERATING EXPENSES


2008 2007 Staff costs 11,573 9,280 Administrative expenses 2,804 2,370 Depreciation of property, plant and equipment (Note 19) 1,196 900 Amortization of intangible assets (Note 18) 778 685 Rent 1,522 832 Software and hardware expenses 621 955 Vehicle maintenance costs 258 169 Professional services 679 451 Deposit insurance premium 2,159 1,430 Marketing, sponsorship, and entertainment 2,969 2,873 Other 461 609 25,020 20,554

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

2008 2007 Provision against loans to customers (Note 14) 9,747 5,460 Provision/(release) for contingent liabilities, net (Note 25) 468 (97) Provision for accrued interest and other assets, net - (90) Provisions for retirement and other long-term benefits (Note 26) 165 373 10,380 5,646

11. INCOME TAXES

a) Components of Income Taxes


2008 2007 Current tax (590) (586) Deferred tax (72) (80) (662) (666)


40

11. INCOME TAXES (Continued)

b) Numerical Reconciliation between Tax Expense and the Product of Accounting Results

Multiplied by the Applicable Tax Rate


2008 2007 Profit before tax 12,688 9,076

Income tax (9%) 1,142 817 Effects of the reconciliations with the taxable base in accordance with the requirements of the Central Bank of Montenegro (488) (200) Expenses not deductible for tax purposes - 49 Other 8 -

Tax included in the income statement 662 666

Effective tax rate 5.22% 7.34% c) Deferred tax liabilities

Deferred tax liabilities at December 31, 2008 in the amount of EUR 388 thousand (December 31, 2007: EUR 316 thousand) are associated with the temporary differences arising between the tax bases of property and equipment and the carrying value of such assets.

The movement on the deferred tax liabilities is as follows:


2008 2007

Opening balance 316 236 Income statement charge 72 80 Closing balance 388 316

d) Taxes, Contributions and Other Duties Not Related to Operating Results

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


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12. CASH AND BALANCES WITH THE CENTRAL BANK In thousands of EUR December 31,

2008 December 31,

2007 Cash on hand 11,951 25,262 Cash in the course of collection 862 688 Cheques in the course of collection 223 413 Giro account 8,279 30,385 Included in cash and cash equivalents (Note 30) 21,315 56,748 Obligatory reserve held with the Central Bank 76,321 111,416 97,636 168,164 The Bank‟s obligatory reserve at December 31, 2008 represent the minimum deposits set aside in accordance with the Central Bank of Montenegro Regulation with respect to “Decision on Bank Reserve Requirements To Be Held with The Central Bank of Montenegro,” (“Official Gazette of the Republic of Montenegro,” no. 09/07 of November 30, 2007 and no. 5/2008 of January 23, 2008). Pursuant to the aforementioned, the obligatory reserve is to be calculated by applying the following reserve percentages:

- 19% for deposits by public sector, regardless of their maturity, sight deposits and term deposits by other sectors, which maturity, on the days for the reserve requirement calculation, is less than 180 days; and

- 2% for term deposits by other sectors, which maturity, on the days for reserve requirement calculation is over 180 days but less than two year.

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

The Bank‟s obligatory reserves represent the minimum deposits set aside into domestic accounts and/or into Central Bank of Montenegro accounts abroad. The Central Bank pays interest to the banks on 50% of the obligatory reserve requirement deposited, at the annual rate of 1% up to the eighth day of the month for the preceding month. The obligatory reserve is held in euro amounts.

13. LOANS AND ADVANCES TO BANKS

In thousands of EUR December 31,

2008 December 31,

2007

Accounts with domestic banks 334 643 Accounts with foreign banks 12,093 6,937 Placements with foreign banks 432 51,756 Included in cash and cash equivalents (Note 30) 12,859 59,336 Nostro-covered letters of credit and guarantees with foreign banks 73,041 56,358 85,900 115,694


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13. LOANS AND ADVANCES TO BANKS (Continued)

Nostro-covered letters of credit and guarantees with foreign banks stated as of December 31, 2008 in the amount of EUR 73,041 thousand primarily relate to cash placed with Commerzbank, AG, Frankfurt in the amount of EUR 62,335 thousand to securitize the loans in the amount of EUR 60,309 thousand approved by Commerzbank, AG, Frankfurt, extended for a period of one month to two years, at monthly interest rate of 1.35 percent for placements in USD and quarterly EURIBOR - 0.025 percent annually for placements in EUR and cash placed with LHB International Handelsbank AG, Frankfurt in the amount of EUR 10,013 thousand to securitize the loan approved by LHB International Handelsbank AG, Frankfurt, in the amount of EUR 10,000 thousand, extended for a period of one year at an interest rate of quarterly EURIBOR.

14. LOANS AND ADVANCES TO CUSTOMERS, NET OF IMPAIRMENT PROVISIONS


2008 December 31,

2007

Up to one year in EUR 404,702 294,309 Over one year in EUR 565,444 433,393 970,146 727,702 Less: Allowance for losses on loans and advances (17,883) (8,283) 952,263 719,419

Loans up to one year are primarily granted to local enterprises for purposes of promoting and supporting trading activities, industrial production, import financing, as well as for liquidity and other purposes. These loans are usually granted for periods from one month up to one year at annual interest rates ranging from 4 to 16 percent.

The loans over one year include loans to small and medium-sized enterprises which are primarily granted for the purpose of financing working capital and fixed asset purchases in the service, production, trade and agricultural sectors and bear an annual interest rate ranging from 6 to 16 percent.

Loans up to one year to retail customers are primarily granted for the purchase of equipment, cars and consumer goods at annual interest rate ranging from 8 to 16 percent.

The loans over one year to retail customers are primarily granted for the purchase of apartments, equipment, cars and consumer goods. These loans are usually granted for period from one to twelve years, at annual interest rates ranging from 3 to 16 percent. Loans and advances to customers are secured by different types of collateral, which are disclosed in Note 4.2.


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14. LOANS AND ADVANCES TO CUSTOMERS, NET OF IMPAIRMENT PROVISIONS (Continued) Movement in allowance for losses on loans and advances is as follows:


2008 2007

Balance at January 1 8,283 3,955 Provision charged for the year, net (Note 10) 9,747 5,460 Transfer from provision for potential liabilities - 80 Transfer from provisions for other assets - 18 Release of provisions (6) - Write offs (73) (1,221) Other (68) (9) Balance at December 31 17,883 8,283

15. AVAILABLE-FOR-SALE SECURITIES


2008 December 31,

2007 Equity securities - at fair value: - listed 116 119 - unlisted 90 35 206 154

The Bank holds the following equity investments: In thousands of EUR December 31,

2008 December 31,

2007

Zetatrans A.D., Podgorica 38 38 Lovćen osiguranje A.D., Podgorica 40 43 Central Depositary Agency, Podgorica 38 38 New Securities Stock Exchange 90 35 206 154

16. FINANCIAL ASSET AT FAIR VALUE THROUGH PROFIT AND LOSS

As of December 31, 2008, financial asset at fair value through profit and loss in the amount of EUR 184 thousand (December 31, 2007: EUR 210 thousand) relate to the ownership of 34.14 percent (December 31, 2007: 35.49 percent) in Moneta A.D., Podgorica which has been accounted for at fair value. The Bank determined the fair value based on the number of shares and share par value, since the quoted market price of these shares is not readily available.


44

17. SECURITIES HELD-TO-MATURITY As of December 31, 2008, securities held-to-maturity in the amount of EUR 500 thousand (December 31, 2007: EUR 517 thousand) relate to the bonds of NLB Montenegro banka A.D., Podgorica, maturing on July 21, 2010 at an interest rate of 6.5 percent annually. The interest is charged semi-annually, on January 21 and July 21 until their maturity. The Bank assessed and determined that there is no impairment of its securities held-to-maturity.

18. INTANGIBLE ASSETS

In thousands of EUR License Software Total Cost Balance at January 1, 2007 51 5,441 5,492 Additions 314 761 1,075 Transfers to construction in progress - (153) (153) Balance at January 1, 2008 365 6,049 6,414 Additions 417 640 1,057 Balance at December 31, 2008 782 6,689 7,471 Accumulated Depreciation Balance at January 1, 2007 - 1,560 1,560 Charge for the year (Note 9) 16 669 685 Transfer from property, plant and equipment - 79 79 Balance at January 1, 2008 16 2,308 2,324 Charge for the year (Note 9) 68 710 778 Balance at December 31, 2008 84 3,018 3,102 Carrying amount: - as of December 31, 2008 698 3,671 4,369 - as of December 31, 2007 349 3,741 4,090


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19. PROPERTY, PLANT AND EQUIPMENT In thousands of EUR Equipment Constru- Leasehold and Other ction in Improve- Buildings Assets Progress ments Total Cost Balance at January 1, 2007 8,575 5,619 - - 14,194 Additions 153 1,711 30 - 1,894 Transfers: - from equipment and other assets - (221) 221 - - - from intangible assets - - 153 - 153 Disposals - (115) - - (115) Balance at January 1, 2008 8,728 6,994 404 - 16,126 Additions 153 2,642 - 1,313 4,108 Disposals - (166) - - (166) Balance at December 31, 2008 8,881 9,470 404 1,313 20,068 Accumulated Depreciation Balance at January 1, 2007 620 1,913 - - 2,533 Charge for the year (Note 9) 171 729 - - 900 Disposals - (57) - - (57) Transfer to intangible assets (13) (66) - - (79) Balance at January 1, 2008 778 2,519 - - 3,297 Charge for the year (Note 9) 172 965 - 59 1,196 Disposals - (33) - - (33) Balance at December 31, 2008 950 3,451 - 59 4,460 Carrying amount: - as of December 31, 2008 7,931 6,019 404 1,254 15,608 - as of December 31, 2007 7,950 4,475 404 - 12,829 20. OTHER ASSETS, NET OF IMPAIRMENT PROVISIONS


2008 December 31,

2007

Fees receivable 2,501 2,219 Receivables based on taxes 1,607 851 Deferred expenses 618 166 Advances paid 21 20 Other receivables based on transactional accounts 155 421 Other 738 590 5,640 4,267 Less: Allowance for impairment (7) (11) 5,633 4,256


46

20. OTHER ASSETS, NET OF IMPAIRMENT PROVISIONS (Continued) Movement in allowance for other assets is as follows:


2008 2007 Balance at January 1 11 119 Release of provision (4) (90) Transfer to provisions for loans and

advances to customers - (18) Balance at December 31 7 11

21. DEPOSITS FROM BANKS


2008 December 31,

2007 Deposits from domestic banks: - demand deposits 5,183 2,844 - short-term deposits 938 729 6,121 3,573 Demand deposits bear annual interest rates ranging between 1.15 percent and 2 percent annually. Short-term deposits bear annual interest rates ranging from 6 percent to 8 percent annually.


47

22. DUE TO CUSTOMERS In thousands of EUR December 31,

2008 December 31,

2007 Demand deposits in Euro: - Enterprises 133,852 128,635 - Governmental institutions 31,094 27,878 - Retail customers 107,643 150,002 - Other entities 7,627 6,205 Demand deposits in foreign currencies: - Enterprises 2,987 2,904 - Governmental institutions 1,748 100 - Retail customers 3,622 4,390 - Other entities 2,383 - Short-term deposits in Euro: - Enterprises 49,413 123,484 - Governmental institutions 17,087 11,023 - Retail customers 100,082 212,215 - Other entities 13,957 5,137 Short-term deposits in foreign currencies: - Enterprises 994 705 - Retail customers 7,507 5,613 Long-term deposits in Euro: - Enterprises 165,993 107,694 - Governmental institutions 3,164 10,000 - Retail customers 138,259 45,153 Long-term deposits in foreign currencies - Retail customers - 1,544 787,412 842,682 The demand deposits of enterprises bear annual interest rates ranging from 1.15 to 3 percent. Short-term and long-term deposits of enterprises are placed at annual interest rates ranging from 1 to 8 percent and 5 to 8 percent, respectively. Certain demand deposits and time short-term deposits of enterprises and private individuals are non-interest bearing ones, depending upon the terms contracted. Demand deposits of retail customers are placed at annual interest rates ranging from 1 to 3 percent. Short-term and long-term deposits of retail customers are placed at annual interest rates ranging from 1 to 6 percent and 4.5 to 8.42 percent, respectively.


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23. OTHER BORROWED FUNDS

In thousands of EUR Current Non-current Year Ended December 31, Year Ended December 31, 2008 2007 2008 2007 Domestic borrowings: - Directorate for Development of Small and Medium Sized Enterprises 577 317 2,441 1,264 - Development Fund of the Republic of Montenegro 2,107 935 10,234 6,892 2,684 1,252 12,675 8,156 Borrowings from foreign entities: - Kreditanstalt fur Wiederaufbau ("KfW"), Frankfurt am Main 776 2,089 30,624 2,500 - Commerzbank AG, Frankfurt am Main 60,309 308 - 50,000 - European Agency for Reconstruction (EAR) - 459 - 440 - DEG and FMO 2,267 2,293 2,222 4,445 - European Fund for Southeast Europe, Luxembourg 3,558 1,015 21,395 12,725 - LHB Internationale Handelsbank AG, Frankfurt am Main 10,000 - - - - OTP Bank, Budapest: - commercial loans 6,789 6,830 23,750 28,750 - liquidity loans 44,627 - - - - subordinated loans 28 41 12,000 12,000 - OTP Bank Financing Netherlands B.V., Netherlands: - commercial loans 888 - 60,000 - 129,242 13,035 149,991 110,860 131,926 14,287 162,666 119,016 As of December 31, 2008, the total amount of EUR 3,018 thousand represents the long-term borrowings in domestic currency received from Directorate for Development of Small and Medium Sized Enterprises. These borrowings were granted for periods ranging from three to eight years, at annual interest rates ranging from 0 to 7 percent. As of December 31, 2008, the total amount of EUR 12,341 thousand represents the long-term borrowings in domestic currency received from the Development Fund of the Republic of Montenegro. These borrowings were granted for periods ranging from three to five years, and have grace periods ranging from six months to three years, at annual interest rates ranging from 1.5 to 6.5 percent. As of December 31, 2008, the total amount of EUR 31,400 thousand relates to the long-term borrowings in domestic currency approved by Kreditanstalt für Wiederaufbau (“KfW”), Frankfurt am Main for a period of five years and interest rate linked to semi-annually EURIBOR as increased by 1.305 - 2.4 percent p.a.


49

23. OTHER BORROWED FUNDS (Continued)

As of December 31, 2008, the total amount of EUR 60,309 thousand relate to liabilities arising on local currency loans received from Commerzbank AG, Frankfurt am Main. These loans were granted for periods ranging from one month to two years and an interest rate of quarterly EURIBOR as increased by 0.10 - 0.15 percent annually. The borrowing is secured by cash placed with Commerzbank AG, Frankfurt am Main in the amount of EUR 62,335 thousand as of December 31, 2008 (Note 13). As of December 31, 2008, long-term local currency borrowings stated in the amount of EUR 4,489 thousand relate to loans approved by Deutche Investitions und Entwicklungsgesellschaft GmB, Keln (DEG) and Nederlandse Financierings Maatschapij voor Ontwikkelingsladen N.V, Hag (FMO) for a period of three years, at interest rate equal to semi-annually EURIBOR as increased by 3.5 percent per annum. Based on the agreements executed with DEG and FMO, up to the final settlement of liabilities the Bank is under an obligation to fulfill certain operation ratios prescribed by the agreements.

The long-term borrowings stated at December 31, 2008 of EUR 24,953 thousand relate to the liability for a long-term loans in domestic currency approved by European Fund for Southeast Europe, Luxembourg for a period of five to ten years and interest rate linked to semi-annually EURIBOR as increased by 2 - 3.5 percent annually. As of December 31, 2008, the total amount of EUR 10,000 thousand relates to the short-term local currency borrowing approved by LHB Internationale Handelsbank AG, Frankfurt am Main for a period of one year and interest rate linked to quarterly EURIBOR as increased by the margin of 0.10 percent annually. The borrowing is secured by cash placed with LHB Internationale Handelsbank AG, Frankfurt am Main in the amount of EUR 10,013 thousand as of December 31, 2008 (Note 13). The long-term borrowings stated at December 31, 2008 of EUR 30,539 thousand relate to the liability arising from a long-term commercial loans in domestic currency approved by OTP Bank Plc., Budapest for a period of five years and an interest rate equal to EURIBOR increased by the margin ranging from 1.5 and 1.95 percent annually. In accordance with the agreement executed with OTP Bank Plc., Budapest, up to the final settlement of liabilities the Bank is under an obligation to maintain a minimum capital adequacy ratio as established by the Basel Accord. As of December 31, 2008, the amount of EUR 44,627 thousand relates to the liquidity loans in domestic currency approved by OTP Bank Plc., Budapest for a period of one to three months and annually interest rate ranging from 3.75 to 5.15 percent. As of December 31, 2008, the long-term borrowings of EUR 12,028 thousand were associated a subordinated loan received from OTP Bank Plc., Budapest for the period of seven years at an interest rate of semi-annualy EURIBOR as increased by 2.25 percent annually.

The long-term borrowings stated at December 31, 2008 of EUR 60,888 thousand relate to the liability arising from a long-term commercial loans in domestic currency approved by OTP Financing Netherlands B.V., the Netherlands for periods ranging from five to ten years and an interest rate equal to quarterly EURIBOR increased by the margin ranging from 1.9 and 3.05 percent annually. In accordance with the agreement executed with OTP Financing Netherlands B.V., the Netherlands, up to the final settlement of liabilities the Bank is under an obligation to maintain a minimum capital adequacy ratio as established by the Basel Accord. During the year no breach of loan covenants has occurred.


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24. OTHER LIABILITIES In thousands of EUR December 31,

2008 December 31,

2007 Trade payables 597 487 Deferred guarantee fees 263 - Accruals - 174 Accrued bonuses - 239 Indirect taxes and contributions 123 451 Other tax liabilities 2,354 1,338 Liabilities to employees 150 - Other - 6 3,487 2,695

25. PROVISIONS Movement on provisions for potential losses is as follows:


2008 2007 Balance, January 1 450 627 Charge for the year/ (release), net (Note 10) 468 (97) Transfers - (80) Balance, December 31 918 450

26. EMPLOYEE BENEFITS

In accordance with the Collective Bargaining Agreements, the Bank has an obligation to disburse an employment retirement benefit to a retiree, in an amount equal to twelve average net salaries effective in the Bank in the month prior to the employee‟s retirement. In addition, employees are entitled to receive employment anniversary awards at their 10th 20th and 30th employment anniversaries with the Bank as follows: - For 10 years of service – one minimal salary in the Bank, - For 20 years of service – two minimal salaries in the Bank, - For 30 years of service – three minimal salaries in the Bank. The most recent actuarial valuations of the defined benefit obligation were carried out at December 31, 2008 by the independent actuary. Technical bases applied for calculating estimated present value of retirement benefits and jubilee awards include implementation of the following:

a) Cumulative figures, prepared in accordance with the calculated possible age of the

population of Montenegro inscribed in the list dating 1980 to 1982, and b) Annual interest rate of 12% for expected future retirement and jubilee awards payments

discount.


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26. EMPLOYEE BENEFITS (Continued)

Movements in the present value of the defined benefit obligation in the current period were as follows: thousands of EUR December 31, 2008 December 31, 2007

Retirement benefit

obligations

Other long-term employee

benefits

Retirement

benefit obligations

Other long-term employee

benefits Opening present value of defined benefit obligation 346 27 - - Charged during the year (Note 10) 150 15 346 27 Closing present value of defined benefit obligation 496 42 346 27

27. SHARE CAPITAL

As of December 31, 2008, the Bank‟s share capital is comprised of 91,682 common shares (December 31, 2007: 62,344 common shares), with an individual par value of EUR 511.29. All issued shares are fully paid. The Shareholding Assembly enacted a Decision on March 27, 2008 with reference to share issue allowing the preemption rights to the existing shareholders, in the amount of EUR 15,000 thousand, i.e., 29,338 shares, where the individual par value of a share amounted to EUR 511.29. The Securities Commission enacted a Decision on April 11, 2008 defining the forgoing share issue in the total amount of EUR 15,000 thousand as successful. As of December 31, 2008, the sole owner of the Bank's shares is OTP Bank Plc., Budapest with 100 percent of equity interest.

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

December 31, 2008

December 31, 2007

a) Managed Funds 1,416 - 1,416 - b) Guarantees, Other Contingent Liabilities and Commitments Payment guarantees 39,256 11,732 Performance bonds 37,255 20,101 Uncovered letters of credit 4,346 3,383 Undrawn credit facilities 37,290 8,420 118,147 43,636 c) Other off-balance-sheet items Written off loans 1,591 1,891 Written off interest 285 294 Other off-balance sheet items 410 395 2,286 2,580 121,849 46,216


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28. OFF-BALANCE-SHEET ITEMS (Continued) As of December 31, 2008, the funds managed for and behalf of the third parties in the amount of EUR 1,416 thousand represent loans approved by other banks to municipalities on the coast and municipality Cetinje for improvement of the water-supply system, through the Bank as an agent. The Bank charges an annual fee of 0.3 percent for carrying out these business operations in the name and on behalf of third parties.

29. OPERATING LEASE ARRANGEMENTS Cancellable operating leases relate to business premises with limited lease terms (definite duration of lease contracts). The Bank does not have an option to purchase the leased asset at the termination of contracts. Payments recognized as an expense during the year amounted to EUR 1,522 thousand (2007: EUR 832 thousand).

Commitments for operating leases of business premises are as follows:


2008. December 31,

2007. Up to 1 year 1,324 1,278 From 1 to 5 years 6,155 4,358 Over 5 years 587 2,906 8,066 8,542

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

In thousands of EUR

December 31, 2008

December 31, 2007

Cash and balances with the Central Bank (Note 12) 21,315 56,748 Loans and advances to banks (Note 13) 12,859 59,336 34,174 116,084


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31. RELATED PARTY TRANSACTIONS

All transactions with related parties arise in the normal course of business and their value is not materially different from the terms and conditions that would prevail in arms-length transactions. The amounts of loans and advances given to related parties are secured by deposits, pledges and mortgages and will be settled in cash. As of December 31, 2008, the Bank recognized impairment provisions for the loans and advances given to related parties in the amount of EUR 159 thousand (December 31, 2007: EUR 94 thousand). The following table summarizes receivables from and payables to related parties as of the balance sheet date:


2008 December 31,

2007 Loans and advances to customers: - Bank‟s employees 10,900 8,312 - Moneta A.D., Podgorica 1,433 1,503 Total receivables 12,333 9,815 Payables to customers: - Bank‟s employees 8,647 8,066 - Moneta A.D., Podgorica 133 7 8,780 8,073 Other borrowed funds: - OTP Bank Plc., Budapest: - commercial loans 30,539 35,580 - liquidity loans 44,627 - - subordinated loans 12,028 12,041 - OTP Bank Financing Netherlands B.V., the Netherlands: - commercial loans 60,888 - 148,082 47,621 Total liabilities 156,862 55,694 Payables, net (144,529) (45,879)


54

31. RELATED PARTY TRANSACTIONS (Continued)

Income and expenses from transactions with related parties during 2008 and 2007 were as follows:


2008 2007 Interest income: - Bank‟s employees 1,200 516 - Moneta A.D., Podgorica 639 78 Total income 1,839 594 Interest expense: - Bank‟s employees (878) (358) - Moneta A.D., Podgorica (3) (1) - OTP Bank Plc., Budapest (3,759) (2,022) - OTP Bank Financing Netherlands B.V., the Netherlands (1,425) - Total expenses (6,065) (2,381) Net expenses (4,226) (1,787) During 2008 compensations paid to the management of the Bank amounted to EUR 1,287 thousand (2007: EUR 1,027 thousand).

32. EXCHANGE RATES The official exchange rates for major currencies used in the translation of balance sheet items

denominated in foreign currencies, into euros as at December 31, 2008 and 2007 are as follows:

December 31, 2008

December 31, 2007

USD 0.7093 0.6806 CHF 0.6683 0.6023 GBP 1.0265 1.3609

8