"Vienna agreement important in crisis"

Banks in Serbia are announcing that they will offer greater loan for support production of exports, but are expecting help from the state.

Izvor: B92

Wednesday, 03.03.2010.

09:28

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Banks in Serbia are announcing that they will offer greater loan for support production of exports, but are expecting help from the state. Banks state that the so-called Vienna agreement has had great significance as an emergency measure in the time of the economic crisis. "Vienna agreement important in crisis" National Bank of Serbia (NBS) Governor Radovan Jelasic agrees. He stressed that in 2009, thanks to maintaining the same amount of credit placement for banks, the state has increased its debt from EUR 50mn to EUR 1bn, and the industry has gone another EUR 900mn into debt. Jelasic said that citizens were careful in taking out loans and did not increase their debts to banks last year. "Most banks, generally, did not asked why they would not sign something they support anyway, and the fact that it is related to the level of capitalization being sustained over 12 percent, that they will decrease their exposure, because they were aware what it means for macroeconomic stability in Serbia," Jelasic said. State secretary in the Finance Ministry Slobodan Ilic said that banks will be more careful in selecting clients for whom they will approve loans, because the number of debtors who are not paying back their loans in time has increased. "It seems to me that the fact that the NBS and government reacted at the right time in order to complete the first agreement with the IMF, along with the crisis getting worse and the other agreement, the current stand-by arrangement worth EUR 3bn, was the key for the results that were achieved in 2009," Ilic said. He added that it was possible that some banks would merge in 2010, and that an agreement will be signed on March 5 with the new bank from Maribor for the recapitalization of the Kragujevac-based Credy Bank. Ilic also said that it was decided that the Pancevacka Bank will merge with Postanska stedionica, and there is a feasibility study for turning the Srpska Bank into a development bank.

"Vienna agreement important in crisis"

National Bank of Serbia (NBS) Governor Radovan Jelašić agrees.

He stressed that in 2009, thanks to maintaining the same amount of credit placement for banks, the state has increased its debt from EUR 50mn to EUR 1bn, and the industry has gone another EUR 900mn into debt.

Jelašić said that citizens were careful in taking out loans and did not increase their debts to banks last year.

"Most banks, generally, did not asked why they would not sign something they support anyway, and the fact that it is related to the level of capitalization being sustained over 12 percent, that they will decrease their exposure, because they were aware what it means for macroeconomic stability in Serbia," Jelašić said.

State secretary in the Finance Ministry Slobodan Ilić said that banks will be more careful in selecting clients for whom they will approve loans, because the number of debtors who are not paying back their loans in time has increased.

"It seems to me that the fact that the NBS and government reacted at the right time in order to complete the first agreement with the IMF, along with the crisis getting worse and the other agreement, the current stand-by arrangement worth EUR 3bn, was the key for the results that were achieved in 2009," Ilić said.

He added that it was possible that some banks would merge in 2010, and that an agreement will be signed on March 5 with the new bank from Maribor for the recapitalization of the Kragujevac-based Credy Bank.

Ilić also said that it was decided that the Pančevačka Bank will merge with Poštanska

štedionica, and there is a feasibility study for turning the Srpska Bank into a development bank.

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