Bosnia and Herzegovina Obtained 1060 Shares of Former SFRY

The Extraordinary General Meeting of the Bank for International Settlement (hereinafter BIS) in Basle, was held on June 11, 2001. The resolution was adopted by the anonymous voting to cancel the 8000 shares that had been issued to former Yugoslavia (SFRY) and to simultaneously issue 8000 shares to the central banks of the five successors state - Bosnia and Herzegovina, Croatia, Macedonia, Slovenia and FR Yugoslavia.
Central Bank of Bosnia and Herzegovina, which prior to the meeting had held 10 (ten) shares in the BIS, received 1060 shares as a result of this decision. The value of the shares, received by Bosnia and Herzegovina, is 13 million American dollars.
The distribution of the shares was done in the accord with the agreement reached at the negotiations on the succession of former SFRY property, held in Brussels, from April 9 to 11, 2001, by the delegations of Bosnia and Herzegovina, Slovenia, Croatia, SR Yugoslavia and Macedonia. This meeting was prior to the Annual General Meeting of the Bank for International Settlements in Basle, attended by the representatives of 112 central banks. Central Bank of BH was represented by the Governor Peter Nicholl and the member of the Governing Board Manojlo Coric. In the organisation of BIS, there was held the Seminar on the responsibility for banking supervision. There were discussions whether it is better that the general supervision was done by central banks or specialised supervisory agencies. The consensus was achieved that both variants are acceptable especially for highly developed countries, and that the decision in each country would depend mainly on institutional and historical factors. But most contributors considered that it was probably best to locate banking supervision in the central bank in smaller developing countries. The first reason was that central banks in such countries usually had greater operational and financial independence and second that there was a need to use experienced staff resources as efficiently as possible, this is the position of the most of the central banks on this issue.