Today, January 8, 2004, the National Bank of the Republic of Macedonia Council held a session at which it discussed and adopted the Report on the situation in Export Import Banka a.d. Skopje prepared by the receivership team.

Skopje, 8 January 2004

Press release of the NBRM

Today, January 8, 2004, the National Bank of the Republic of Macedonia Council held a session at which it discussed and adopted the Report on the situation in Export Import Banka a.d. Skopje prepared by the receivership team.

The National Bank Council ascertained that the receivership team in Export Import Banka a.d. Skopje has successfully fulfilled its obligations in its one-year operation, particularly in the area of additionally established pledges in the favor of the bank. As a result of the overall activities of the receivership team, the net value of Export Import Banka a.d. Skopje increased by Denar 1.6 billion relative to the amount at the moment of introduction of the receivership, thus ensuring higher degree of collection of the bank’s claims. The National Bank Council considered that by effective collection of the secured claims, the further procedures could secure funds for maximum settlement of the liabilities of Export Import Banka a.d. Skopje to the creditors.

Simultaneously, in order to adhere to the legally set deadlines, which, unfortunately, proved to be short for implementation of the rehabilitation measures, the National Bank Council, at its today’s session, adopted a Decision on cessation of the effectiveness of the decisions on appointing receiver in Export Import Banka a.d. Skopje. In the absence of offers with sustainable (well-grounded) rehabilitation programs, the termination of the receivership leads to termination of all activities for providing conditions and opportunities for rehabilitation of the bank. Since Export Import Banka a.d. Skopje does not hold the minimum capital requirement stipulated by the Banking Law, the National Bank Council considered that Export Import Banka a.d. Skopje completely fulfills the requirements for revocation of its founding and operating license in accordance with Article 85 of the Banking Law. The National Bank Council ascertained that the legally set operating period of the receivership team of 12 months is short and provides no opportunity for full implementation of the bank rehabilitation measures, due to which it is necessary to rise an initiative to the Parliament of the Republic of Macedonia for amending the Banking Law in direction of extending the time framework of the bank receivership.

At the same time, the National Bank informs the public that the funds from the third, and last tranche of the FESAL 2 Arrangement, in the amount of US Dollar 21 million (US Dollar 12 million from the International Bank for Reconstruction and Development - IBRD and US Dollar 9 million from the International Development Association - IDA) was transferred on the account of the National Bank of the Republic of Macedonia on January 6, 2004.

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