Pursuant to Article 37 paragraph 5 of the Deposit Protection Law (OGM 44/10), at its meeting held on 12 March 2012, the Managing Board of the Deposit Protection Fund passed the following
Decision on detailed conditions, manner and procedure of the guaranteed deposit payout
Article 1
This Decision regulates in detail the conditions, manner and procedure of the guaranteed deposit payout in case of the protected event occurrence.
Article 2
The protected event and the obligation of the Deposit Protection Fund to compensate the guaranteed deposits shall occur as at the date of initiation of bankruptcy proceedings against a bank.
Article 3
The payout of the guaranteed deposits shall commence no later than within 20 business days following that of the protected event occurrence, in accordance with Article 36 paragraph 2 of the Deposit Protection Law (hereinafter: the Law).
Article4
The right to the guaranteed deposit payout shall have both natural and legal persons holding deposits in the bank subject to bankruptcy proceedings.
Article5
On the basis of data and documents submitted by the trustee in bankruptcy, the Fund shall calculate the amount of the guaranteed deposit for every individual depositor.
The guaranteed deposit shall not be calculated for depositors who are not entitled to the guaranteed deposit compensation in accordance with Article 6 paragraphs 2 and 3 of the Law.
Article6
The total amount of a depositor’s deposit shall be calculated by summing all deposits held by the depositor in the bank in bankruptcy, including any accrued interest on such deposits as at the protected event date.
All depositor’s liabilities to the bank in bankruptcy as at the protected event date shall then be deducted from the summed up deposits.
Depositors whose deposits exceed their liabilities to the bank in bankruptcy shall be compensated by the Fund up to the amount specified in Article 43 paragraph 1 point 2 of the Law.
Article7
Pursuant to Article 36 paragraph 5 of the Law, the Fund shall pass a decision on the selection of one or more banks for the payout of the guaranteed deposits (hereinafter: the agent bank) within 10 business days following the protected event date.
The agent bank shall pay out the guaranteed deposits in accordance with the Technical instructions to be followed by the agent bank in the procedure of guaranteed deposits payout.
Article8
Depositors shall be entitled to dispose of the guaranteed deposits as of the day of commencement of the guaranteed deposits payout.
Article 9
In case the deposit holder is a natural person, the depositor shall be compensated on the basis of his/her request or a request of the person the depositor appoints with a letter of proxy verified by the competent authority, granting him/her the disposal of the depositor’s guaranteed deposit.
Persons under paragraph 1 above shall prove their identity by presenting their ID cards or travelling documents.
Article 10
In case the deposit holder is a legal person, the payout of the guaranteed deposit shall be made on the basis of the request of the person authorised to dispose of the legal person’s deposit and/or a request of another person holding a special letter of proxy to dispose of the guaranteed deposits, signed by the authorized person and verified by the stamp of the legal person.
The authorised person or the proxy under paragraph 1 above shall prove his/her identity by presenting his/her ID card or travelling documents.
When filing a request for disposal of the guaranteed deposit held by a legal person, the authorised person or the proxy shall submit the confirmation of registration with the Central Registry of Commercial Court and/or registration document from another competent authority; the document on registration with the competent tax authority and verified signature of the person authorised to dispose of the funds of the legal persons.
Article 11
A holder of the guaranteed deposit – a natural person may request the agent bank to compensate him/her in cash, issue an order to transfer the funds to an his/her account in another bank or keep the funds in an account to be opened with the agent bank.
A holder of the guaranteed deposit – a legal person may request the agent bank to transfer its funds to its account in another bank or keep the funds in an account to be opened with the agent bank.
Article12
If a depositor considers that his/her guaranteed deposit has been miscalculated, the agent bank shall refer the depositor to refer to the Fund in writing.
If when considering the written request of the depositor the Fund establishes that there is a mismatch between data presented by the depositor and those in the database, the depositor shall be referred to the trustee in bankruptcy to determine the actual balance.
Article13
After establishing the correct balance, the trustee in bankruptcy shall immediately inform the Fund thereof.
Article14
The Decision on the Conditions, Manner and Procedure of the Guaranteed Deposit Payout (OGM 5/11 and 32/11) shall be repealed as of the day of entry into force of this Decision.
Article15
This Decision shall enter into force on the eighth day following that of its publishing on the Official Gazette of Montenegro,
No.114
Podgorica,12 March 2012
MANAGING BOARD OF DEPOSIT PROTECTION FUND
CHAIRMAN
Velibor Milošević, PhD
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