Meeting Held in Sarajevo on Succession of Former SFRY

The Committee for Distribution of Financial Assets and Liabilities of the Former SFRY, referred to, in Annex C of the Agreement on Succession Issues held the meeting today, on July 8, 2009 in Sarajevo. The meeting was chaired by the authorized representative of BH in this Committee, the Vice Governor of the Central Bank of Bosnia and Herzegovina (CBBH) Ljubiša Vladušić, Ph.D.

The Committee considered the amounts in the clearing accounts at which claims of former National Bank of Yugoslavia were determined from Albanian banks, Indian banks, Bank for Foreign Trade of Bulgaria and Bank for Foreign Trade of Guinea, Central Bank of Algeria, Central Bank of Egypt and State Bank of Mongolia.

At the meeting, the Committee proposed write-off of claims from Albanian banks, Central Bank of Algeria, Bank for Foreign Trade of Bulgaria, Bank for Foreign Trade of Guinea, and Indian banks, while other claims will be split amongst the successor countries. In order to conduct a write-off, it is necessary to obtain a consent of relevant authorities from each successor country.

It was agreed that a letter should be addressed to Albania and Egypt, to initiate multilateral negotiations with the aim of determining parities of clearing currencies and possible interests, if there will be any. Following this, each of the successor country will hold bilateral negotiations.

The next meeting will be held in September in Montenegro.

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