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The Government of the Republic of Serbia

In the service of citizens

New Serbian passports will cost RSD 1,600

Belgrade, 29 January 2008

Serbian Minister of Finance Mirko Cvetkovic said that the cost of the new Serbian passport will be RSD 1,600.

Mirko Cvetkovic at today's press conference

Cvetkovic said at a press conference held at the Serbian government that the state will recapitalise the Komercijalna Banka, postal savings bank Postanska Stedionica, the National Corporation for Housing Loans Insurance and the Agency for Deposit Insurance, with a total of RSD 8 billion from the state budget in order to improve their operations.

He specified that the state will set aside RSD 2.08 billion for Postanska Stedionica, i.e., €26 million in order to increase the adequacy of its capital.

Cvetkovic recalled that late last year the Republic of Serbia took over the active debts of Postanska Stedionica from the National Bank of Serbia, which amounted to RSD 1.3 billion and converted it into equity capital.

The Finance Minister said that the Serbian government will look for a professional investor for Postanska Stedionica, such as the European Bank for Reconstruction and Development (EBRD) and the International Finance Cooperation (IFC).

According to Cvetkovic, Komercijalna Banka will be recapitalised from the budget with nearly RSD 3.25 billion, or €40 million, in February. The state’s stake in the bank will then stand at nearly 40%.

Cvetkovic said that the EBRD will also recapitalise this bank with €10 million, and its stake in the bank will be 25%.

He said that the National Corporation for Housing Loan Insurance will be recapitalised by the state with nearly RSD 2 billion, to increase its capital. The corporation will later be recapitalised once more with nearly RSD 2.5 billion, for trading capital.

Cvetkovic said that the Serbian agency for credit insurance will be recapitalised with RSD 700 million, and this will be carried out by the middle of February.