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A:
Transfer of assets, liabilities of Nova Agrobanka to Postanska Stedionica
Belgrade,
27 October 2012
In order to preserve the stability of the financial system in the country, the Serbian government adopted at its session today a Conclusion which creates conditions for the Deposit Insurance Agency, as representative of Nova Agrobanka, and Postanska Stedionica postal savings bank to make a contract on the transfer of assets and liabilities.
Under this contract, all customers of Nova Agrobanka will as of Monday become customers of Postanska Stedionica and will be free to use their money. This means that Postanska Stedionica will take over from Nova Agrobanka all insured and uninsured deposits, cash, reserve requirements, securities and loans that are duly returned and well secured.
Postanska Stedionica will take over €392.3 million of total liabilities from Nova Agrobanka, of which €238.5 million of insured deposits will be covered in cash from the Deposit Insurance Agency so that all savers and depositors of the former Nova Agrobanka could freely avail of their deposits.
The remaining uninsured deposits and other liabilities will also be transferred and completely covered with highly liquid securities that the previous government had already issued and with the highest quality payable loans. Postanska Stedionica will also take over approximately 60 branches and around 300 employees of Nova Agrobanka, and for the rest the social welfare benefits will be paid, in accordance with the law.
The Serbian government has decided to take this step - the transfer of assets and liabilities followed by bankruptcy - because this necessary and justified measure is the cheapest for citizens of Serbia, and also ensures a complete stability of the financial market. In this way, by drawing healthy assets from the bank prior to the bankruptcy, funds from the budget are saved and the citizens of Serbia will have no additional costs.
Postanska Stedionica will take over €392.3 million of total liabilities from Nova Agrobanka, of which €238.5 million of insured deposits will be covered in cash from the Deposit Insurance Agency so that all savers and depositors of the former Nova Agrobanka could freely avail of their deposits.
The remaining uninsured deposits and other liabilities will also be transferred and completely covered with highly liquid securities that the previous government had already issued and with the highest quality payable loans. Postanska Stedionica will also take over approximately 60 branches and around 300 employees of Nova Agrobanka, and for the rest the social welfare benefits will be paid, in accordance with the law.
The Serbian government has decided to take this step - the transfer of assets and liabilities followed by bankruptcy - because this necessary and justified measure is the cheapest for citizens of Serbia, and also ensures a complete stability of the financial market. In this way, by drawing healthy assets from the bank prior to the bankruptcy, funds from the budget are saved and the citizens of Serbia will have no additional costs.
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