oktobar 2018 godina 11, broj 42 -...

oktobar 2018godina 11, broj 42

Addiko Bank AD PodgoricaAtlas Banka AD PodgoricaCrnogorska komercijalna banka AD PodgoricaErste Bank AD PodgoricaHipotekarna Banka AD PodgoricaInvest Banka Montenegro AD PodgoricaKomercijalna Banka PodgoricaLovćen banka ADNLB BankaNova banka AD PodgoricaSociete Generale MontenegroPrva banka Crne Gore 1901.Universal Capital BankZapad Banka AD PodgoricaZiraat Bank

Udruženioko zajedničkog

cilja

Poštovani,

Broj “Bankara” koji imate u rukama, nastavlja prezentaciju trendova, standarda i inovativnih pristupa koji

su sve izrazi koji su svakodnevno prisutni u dokumentima i u fokusu su diskusija, usvajanja i prezentacija

dobre bankarske prakse, novih tehnoloških i regulatornih standarda.

Generalnog sekretara

Dear Readers,

advanced developments.

Foreword Secretary GeneralAssociation of Montenegrin Banks

maj 2018 | :Bankar

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BANKARBroj 42 / oktobar 2018.

REDAKCIJSKI ODBORglavni i odgovorni urednik

tehnièki urednik

dizajn i prelom

fotografije

prevod

štampa

Prilozi - tekstovi se dostavljaju u elektronskom obliku na e-mail adrese: [email protected],

teksta do 25.000 karaktera.

BANKAR

Broj 42 / oktobar 2018.

IMPRESUM

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Cristoph Schoen, intervju za BankarNOVE REGULATIVE POKRENUĆE POTREBNE PROMJENE U BANKARSTVUNew Regulations Will Drive Necessary Changes in the Industry

Jim Yong KimOBLIKOVANJE PROMJENE U VRIJEME RASKOLAShaping Change in a Time of Disruption

Vim MijsNOVE TEHNOLOGIJE NUDE IZGLEDE ZA RAST ALI NOSE I RIZIKENew technologies off er new prospects for growth but also carry risks

Berislav KutleHOĆE LI KRIPTO VALUTE IMATI POVJEST ILI ĆE OTIĆI U POVJEST?Will Cryptocurrencies have a history or go to history?

dr Dragan MomiroviæZNAČAJ REFORMEImportance of the Reform

Prof.dr Damjan ŠeækoviæBANKARSTVO JE USLOV RASTA I RAZVOJA SVAKE ZEMLJEBanking is a Condition for the Growth and Development of Each Country

Vladimir DeljaninZNAČAJ DVOSTRUKOG OPOREZIVANJAImportance of Double Taxation

Novica RadoviæUNAPRIJEDITI BORBU PROTIV PRANJA NOVCAImprove Fight Against Money Laundering

Evropska bankarska federacijaRAST EKONOMIJE UPRKOS POLITIČKIM I TRGOVINSKIM SUKOBIMAEconomic growth despite political uncertainty and trade confl ict

Nikola MahandžiæMOBILNA PLAĆANJA KAO SLJEDEĆI CILJ – DA LI SMO GA DOSTIGLI?Mobile Payments as Next Goal - Have We Reached It?

Kalyan RoshniSPREČAVANJE PRANJA NOVCA U CRNOJ GORI: IZAZOVI I PROPISITh e Anti-Money Laundering Landscape in Montenegro: Challenges and Regulations

Beno Kjure i Žaklin LoBITKOIN NIJE ODGOVOR NA BEZGOTOVINSKO DRUŠTVO Bitcoin not the answer to a cashless society

Banka za meðunarodno poravnanje KRIPTOVALUTE SU EKOLOŠKA KATASTROFA KOJE MOGU RAZBITI INTERNETCryptocurrencies are an environmental disaster that could break the Internet

Èuvanje repuacijePET NAJVEĆIH PREVARA SA PRIPEJD KARTICAMATop 5 prepaid card fraud scams

Miodrag KirsanovCRNOGORSKA BANKA OD 1906. DO 1949. GODINECrnogorska Banka in Period 1906 -1949

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:B Dugo ste u bankarstvu, godinama u Addiko banci u Crnoj Gori, dolazite iz zemlje sa razvijenim bankarskim

razlikujemo?Zahvaljujući dugotrajnom poslovanju i stabilnom razvoju koji se proteže kroz više decenija, nesporno je da je bankarsko i finansijsko tržište u Austriji u svakom aspektu naprednije od tržišta u Crnoj Gori, pa poređenjem ne bismo dobili pravu sliku. Nedavno započeti projekat EU, “Podrška regulaciji finansij-skih usluga u CrnojGori”, u saradnji sa Deutsche Bundesbank, De Nederlandsche Bank i hrvatskom Agencijom za nadzor finansijskih usluga, iz moje perspektive, biće od izuzetne pomoći u osnaživanju kapaciteta za sve aktere, kao i u približavanju Crne Gore standardima Evropske unije i implementiranju najsavremenijih regulatornih okvira. Bankarska i finansijska industrija, a pogotovo finansijska, mo-raju da rade na unaprjeđivanju poslovnih procesa i pronalaženju prave strategije i operativnog modela u pogledu digitalizacije, i u tome je jedna od sličnosti između austrijskog i crnogorskog tržišta.

„Postoji jaka ali i zdrava konkurencija, a mi kao predstavnici svojih institucija, zajedno sa CBCG, moramo da nastavimo sa osiguravanjem saglasnosti sa najvišim standardima u pogledu upravljanja rizicima, kao i da pratimo ispravnu cjenovnu strategiju prilagođenu rizicima i time podržimo uslove fer tržišta

Nove regulative

potrebne promjene

u bankarstvu

INTERVJU SA KRISTOFOM ŠONOM

GLAVNIM IZVRŠNIM DIREKTOROM ADDIKO BANKE

maj 2018 | :Bankar

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:B You have been in banking business for long time

similarities between these two markets and what are differences between them?It is undisputed that the banking and financial mar-ket in Austria, due to long lasting establishment und stable development over many decades, is in every respect more advanced than the one in Montenegro and any comparison on a static view would not draw a fair picture. The recently started EU twinning project “Support to regulation of financial services in Montenegro” in cooperation with the Deutsche Bundesbank, De Nederlandsche Bank and the Croatian Financial Services Supervisory Agency will be, from my perspective, extremely helpful to strengthen the capacities for all stakeholders, to bring Montenegro closer to EU standards and to implement a state of the art regulatory framework. The financial industry particularly, and that would be one of the similarities in both markets, has to continue to improve their

business processes and to find a proper strategy in terms of digitalization and their operating model.

:B How do you see the current situation in the

I see the banking sector stable but with significant vari-ances in terms of profitability, liquidity and solvency. There is a strong but still healthy competition and we

“There is a strong but still healthy competition and we as representatives of our institutions and the CBCG have to continue to ensure that we are compliant with highest standards in terms of risk management and to follow a proper risk adjusted pricing strategy to support fair market conditions

New Regulations Will Drive Necessary Changes in the Industry

may 2018 | :Bankar5

:B Kako ocjenjuje te trenutnu situaciju na bankarskom

Bankarski sektor posmatram kao stabilan, ali sa značajnijm varijacijama kada su u pitanju profita-bilnost, likvidnost i solventnost. Postoji jaka ali i zdrava konkurencija, a mi kao predstavnici svojih institucija, zajedno sa CBCG, moramo da nastavimo sa osiguravanjem saglasnosti sa najvišim standardima u pogledu upravljanja rizicima, kao i da pratimo ispravnu cjenovnu strategiju prilagođenu rizicima i time podržimo uslove fer tržišta. Nove regulative, koje će biti pažljivo usklađene sa standardima EU, donijeće više jasnoće i pokrenuće potrebne promjene u bankarskoj industriji koje su ključne za konkuren-tnost u lokalnom i regionalnom kontekstu.

:B

Ostvarili smo odličan rast u ključnim strateškim segmentima poslovanja i profit od 1,3 miliona eura

u prvoj polovini 2018. godine, te sam više nego zado-voljan razvojem banke, a nadalje možemo očekivati veoma dobar rezultat na kraju godine. Iza nas je par izuzetno uspješnih prodajnih kampanja koje su dale odlične rezultate, u isto vrijeme ukazujući na veliko povjerenje koje Banka uživa kod klijenata. U dijelu širenja mreže, u Mall of Montenegro smo otvorili novu poslovnicu sa novim konceptom koji reflek-tuje moderno bankarstvo. Sve ukupno, veoma sam zadovoljan rastom poslovanja Banke i pozitivnim reakcijama koje dobijamo od klijenata koji su oda-brali Addiko usluge. Prethodne godine uspjeli smo postići odlične rezultate s učešćem nekvalitetnih kredita (NPL) od svega 3,6% u ukupnom kreditnom portfoliju Banke, koji je daleko ispod tržišnog pro-sjeka i koji potvrđuje naš obazrivi uspješan pristup upravljanju rizicima, koji nastavljamo primjenjivati i tokom ove godine.Sa Addiko brendom posvećenim pružanju obećanja u vidu “straightforward” (direktnog) bankarstva i pružanja visokokvalitetnih usluga svojim klijentima, uvedeno je nekoliko ključnih inicijativa sa ciljem daljeg poboljšanja iskustava klijenata na svakom kontakt mjestu. Uvođenjem novih jedinstvenih usluga kao što su Addiko Chat Banking, plaćanje putem VIBER-a i paketa za fizička lica, kroz povećanje efikasnosti i primjene najpouzdanijih „Customer Relationship Management“ rješenja, Banka je unaprijedila odnos na relaciji klijent - banka, istovremeno podstičući lojalnost klijenata.

:B

Poslovno okruženje je veoma širok koncept i po-drazumijeva skup uslova koji mogu značajno dopri-nijeti ili ograničiti uspješnu realizaciju investicija. U nadolazećem periodu, očekujemo konstruktivne dijaloge sa donosiocima odluka, sa ciljem da defini-šemo posebno važne zakone; Zakon o radu, Zakon o bankama, Zakon o partnerstvu između javnog i privatnog sektora, Zakon o strancima, troškove administracije – sve oblasti u kojima su potrebne reforme. Očigledno je da Vlada Crne Gore ulaže ve-liki trud da obezbijedi makroekonomsku stabilnost,

SARADNJA I RAZMJENA INFORMACIJA

:B Je

U cijelom regionu, pa i u Crnoj Gori, nesporna je činjenica da je bankarska industrija izložena različitim aktivnostima koje se smatraju prevarom, iniciranih kako od strane individualaca, tako i od strane kriminalnih organizacija. Na primjer, u Srbiji je uspostavljena kooperacija između svih aktivnih banaka u borbi protiv prevara, i sa uspje-hom funkcioniše već godinama. Kada je bankovni sektor u pitanju, postoji više izazova u sprječavanju prevara. Jedan od tih izazova je ulaganje u adekvatni sistem za upravljanje ovakvim situacijama; drugi izazov je razmjena informacija u skladu sa najvišim standardima usklađe-nosti i regulativama. Apsolutno sam ubijeđen da će ove investicije značajno umanjiti ranjivost bankarskog sektora kada su u pitanju ovakve aktivnosti, da će umanjiti broj nekvalitetnih kredita i pozitivno doprinijeti sveukupnom poslovnom okruženju, što je krucijalno kada je u pitanju privlačenje novih stranih investicija.



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as representatives of our institutions and the CBCG have to continue to ensure that we are compliant with highest standards in terms of risk management and to follow a proper risk adjusted pricing strategy to support fair market conditions. The new regulations, which will be closely aligned with EU standards, will bring more clarity and will drive necessary changes in the industry which are crucial for the competitiveness in a local and regional context.

:B How do you assess the work and business of Addiko

We achieved excellent growth in key strategic business segments with EUR 1.3m profit in the first half of 2018, so I am more than pleased with the development of the bank and we can expect an excellent year end result onwards. We had few very successful retail campaigns that have yielded great results, which at the same time show great customer confidence in the bank. As part of the Branch expansion, we opened a new location Branch in Mall of Montenegro with new concept which reflects our modern banking approach. Overall, I am very satisfied with the increase of the Bank business and positive reactions we receive from the clients that choose Addiko services. What is also important is that last year excellent results were reached with the participation of NPL ratio of only 3.6% on total portfolio level, which is far below market average and which confirms our prudent and successful risk management approach that continues throughout this year as well. With Addiko brand dedicated to deliver its straight-forward banking brand promise and provide its customers with high quality service, several key ini-tiatives have been introduced with a goal of further improving client experience at every touch point. By introducing new unique services like Addiko Chat Banking, VIBER P2P payments and Retail packages, by raising the efficiency and by setting up Customer Relationship Management solutions, the Bank also improved the customer-bank relationship, at the same time fostering customer loyalty.

:B

is business environment for investing in our country?

"Business environment" is a very broad concept that implies a set of conditions affecting the business that can significantly contribute to or limit the successful realization of investments. In the upcoming period, we are expected to have a constructive dialogue with the decision makers with the aim of defining especially important laws - Labor Law, the Law on Banks, the Law on Public Private Partnership, the Law on Foreigners, the administrative fees; all areas in which reforms are necessary. It is obvious that the Montenegrin Government invests a lot of efforts to provide mac-roeconomic stability, while focusing particularly on fiscal stability dealing with fiscal consolidation. High unemployment rate is an issue to be concerned about, especially since the vulnerable groups make

:B

activities, what are the challenges and major threats?

It is an undisputable fact that the banking industry not only in Montenegro but also in the entire region is exposed to fraudulent activities, both initiated by individual acts and by criminal organisations. This is the reason why for example in Serbia this kind of anti fraud cooperation of all banks has been established and is working success-fully for many years. There are several challenges for the banking sector in that respect. One is that banks have to invest in adequate fraud management systems and resources; another one is to exchange information in line with highest compliance and regulatory standards. I am absolutely convinced that these investments will significantly reduce the vulnerability of the banking sector towards fraudulent activities, support further reduction of non-performing loans and positively contribute to the general business environment, which is crucial for attraction of new foreign investments.

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fokusirajući se posebno na fiskalnu konsolidaciju i ukupnu fiskalnu stabilnost. Visoka stopa nezaposlenosti predstavlja razlog za zabrinutost, posebno jer ranjive grupe čine njen značajan procenat. Sa druge strane, ovi procenti ukazuju na potrebu za stranim investi-torima i kreiranjem novih poslova, što je prepoznato od strane Vlade i daje još jedan razlog vlastima da se ozbiljno pozabave eliminisanjem poslovnih barijera. Jedan od privlačnih makro ekonomskih indikatora je niska stopa inflacije i monetarna stabilnost, imajući na umu upotrebu eura kao zvanične valute od 2002. Dodatno, slobodni tokovi kapitala i visoke strane investicije iz više od 100 zemalja, čine u prosjeku 19% GDP-a u posljednjih 10 godina i pozicionirali su Crnu Goru kao jednu od zemalja sa najvišim FDI po glavi stanovnika. Sve ukupno, ove činjenice šalju jako dobru poruku.

:B

Ne prepoznajem nijedan sistemski problem povezan sa realnim sektorom, a sa kojim bi se bankarski sektor mogao suočiti u 2019. Iz moje perspektive, izazovi u bankarskom sektoru ostaju isti kao i prethodnih

godina i veoma se razlikuju od banke do banke. Generalno govoreći, očekivao bih jaku cjenovnu konkurenciju u svim poslovnim segmentima između sistemski relevantnih banaka sa međunarodnom pozadinom, kao i dalje investicije u digitalne kanale i poboljšanja u pružanju usluga. Preostali sektori će nastaviti da traže strateške niše, specijalizujući se u određenim segmentima i proizvodima, s obzirom da za njih takmičenje sa univerzalnom bankarskom strategijom na duže staze ne bi bilo održivo. Ono što je krucijalno za cjelokupni sektor su transparentni i pouzdani podaci kako bi se izvršila adekvatna procjena i dodijelila prava cijena za svaki segment sluga, zatim predvidljivo pravno okruženje i efikasno sprovođenje zakona. Kada su u pitanju transparentni i pouzdani podaci, poboljšanje Kreditnog biroa iniciranog od strane CBCG i u skladu sa bankarskim sektorom, je važan korak u tom pravcu i povoljno će doprinijeti kreditnim aktivnostima i pomoći dalju redukciju nekvalitetnih kredita.

:B

komentar?Kamatne stope idu silaznom putanjom na obije strane, u pružanju pozajmica kao i u finansiranju. Svakako, kao što je ranije pomenuto, razlike u kamatnim sto-pama unutar sektora su značajne i reflektuju potencijal banaka uključenih u međunarodne grupe da prikupe jeftina sredstva, nudeći širok spektar proizvoda i usluga i imajući finansijsku moć i znanje koje omogućava implementaciju novih tehnologija. Iz tih razloga, ne možemo govoriti o generalnim trendovima važećim za sve banke u sektoru.Nadalje, novo zakonodavstvo je fokusirano na po-boljšanje zdravog i stabilnog finansijskog sistema. Vrlo pozitivno je kontinuirano smanjenje NPL-a (nekvalitetnih plasmana) koje doprinosi stabilnosti bankarskog sektora. Takođe, usklađivanje sa pravi-lima koje se primjenjuju u državama EU i euro zone je evidentno. Mislim da je dosta posla već urađeno, ali da nas još mnogo više očekuje u budućnosti. Vjerujem da smo već uveliko u tom procesu i da će to dovesti do jačanja stabilnosti finansijskog sistema u Crnoj Gori i njegove pune integracije u evropski finansijski sistem.

„Iz moje perspektive, izazovi u bankarskom sektoru ostaju isti kao i prethodnih godina i veoma se razlikuju od banke do banke. Generalno govoreći, očekivao bih jaku cjenovnu konkurenciju u svim poslovnim segmentima između sistemski relevantnih banaka sa međunarodnom pozadinom, kao i dalje investicije u digitalne kanale i poboljšanja u pružanju usluga



maj 2018 | :Bankar

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significant percentage of it. On the other side, this rate shows the need for foreign investors and creation of new jobs—which is recognized by the Government and which gives one more reason to authorities to seriously deal with elimination of business barriers. One of the at-tractive macroeconomic indicators is low inflation and monetary stabil-ity, having in mind the use of euro as official currency since 2002. Additionally, free capi-tal flows and high for-eign investments from more than100 coun-tries—averaging around 19% of GDP in last 10 years—have both set Montenegro as one of the countries with the high-est net FDI per capita and send a very good message.

:B How do you comment on the situation in real sector

I don’t see any systematic problems the banking sector would be facing in 2019 triggered by the real sector in particular, from my perspective the challenges in the banking sector remain the same as in the last years and they are very different from bank to bank. Generally speaking, I would expect strong pricing competition in all business segments between the systematic relevant banks with international background and further investments in digital channels and service improve-ments. The remaining sector will continue to find strategic niches and to specialize in certain segments and products since it would not be sustainable for them trying to compete with a universal banking strategy in the long run. What is crucial for the entire sector is on one hand transparent and reliable data in order

to assess and allocate cor-rect pricing to each client segment, a predictable legal environment and efficient law enforcement. Regarding transparent and reliable data, the enhancement of Credit bureau data-initiated by the CBCG and aligned with the banking sector- is an important step in this direction and will positively contribute to lending activities and will support further reduc-tion of non-performing loans.

:B Interest rates and the

These categories show a

comment on this? Interest rates are coming down on both sides, on lend-ing business and on the funding side. Nevertheless, as mentioned before, the differences in interest rates within the sector are significant and are reflecting the potential of banks embedded in international groups to raise cheap funding, offering a wide range of products and services and having the financial power and the know-how to implement new technologies. So we cannot talk about a general trend valid for all banks in the sector. Furthermore, the new legislation is focused on im-provements to “healthy” and stable financial system. Very positive is the continuous reduction in the NPL that contributes to the stability of the banking sector. At the same time, harmonization with practices that are implemented in EU states and states in euro zone is evident. A great deal of work has already been done, but much more is expected ahead of us. I believe that we are up to this process and that ultimately it will lead to the strengthening of the stability of the financial system in Montenegro and its full integration into the European financial system.

“I don’t see any systematic problems the banking sector would be facing in 2019 triggered by the real sector in particular, from my perspective the challenges in the banking sector remain the same as in the last years and they are very different from bank to bank. Generally speaking, I would expect strong pricing competition in all business segments between the systematic relevant banks with international background and further investments in digital channels and service improvements.

may 2018 | :Bankar9

Prije 1800. godine skoro svi ljudi na planeti su bili siromašni. Plemstvo i veleposjednici su

činili manjinu, a bogatstvo je bilo vezano za zemlju – većina svjetskog bogatstva je bila u rukama onih koji su posjedovali zemlju. Skoro svi ostali su živjeli u siromaštvu. Tako je društvo izgledalo bukvalno tokom cjelokupne dotadašnje prošlosti čovječanstva.

Tokom cijele te prošlosti, ogromna većina ljudi se rađala i umirala uglavnom u istim prilikama. Potom, počevši od ranih 1800tih, industrijska revolucija i izum parne mašine su omogućili mašinsku proizvodnju i promijenili prirodu rada. Tehnologija je smanjila troškove kretanja robe, potakla trgovinu i ekonomski rast, što je zauvijek izmijenilo svjetsku ekonomiju. Sveukupno, kvalitet života se značajno popravio samo za malobrojne, dok su preostali mnogobrojni izostav-ljeni iz blagodati napretka. Ti dispariteti, koji su se nastavili – a u nekim slučajevima i povećali – tokom prethodna dva stoljeća, su doprinijeli shvatanju da su organizacije poput grupacije Svjetske banke neophodne.

Sada prolazimo kroz sličan period raskola i preokreta, pa će ono što sada učinimo sa ovom tehnološkom revolucijom, oblikovati sljedeće poglavlje tekućeg

projekta ljudskog napretka i ljudske solidarnosti. Mnogi analitičari procjenjuju da će do 2025. godine 8

milijardi ljudi imati pristup širokopojasnom internetu. Tehnologijom se svi povezuju, ali ona istovremeno uzrokuje slične poremećaje do kojih je došlo i tokom industrijske revolucije.

Niko ne zna zasigurno kako će izgledati radna mjesta budućnosti. Procjenjujemo da će, inovacije i automa-tizacija tokom naredne decenije, globalno, ukinuti potrebu za 5 do 12 procenata postojećih radnih mjesta. Međutim, očekuje se da će puno više radnih mjesta, umjesto njihovog nestanka, biti redefinirano u smislu zadataka koje obavljaju, kao i da će se pojaviti veliki broj novih radih mjesta koja će zahtijevati potpuno drugačije vještine – kombinaciju tehnološkog znanja, vještina rješavanja problema i kritičnog razmišljanja, kao i istrajnost, saradnju i empatiju.

Svjedoci smo efekata inovacija širom svijeta. Mnoge tvornice konfekcije, u krajevima poput Bangladeša, koje su upošljavale stotine ljudi, postaju u potpunosti automatizirane. Proizvodnji konfekcije i tekstilnoj industriji trebaju desetine hiljada radnih mjesta, dok bi trebalo otvoriti stotine hiljada – a u nekim sluča-jevima i milione radnih mjesta – da bi se osigurao posao za rastući broj stanovnika.

Kako zemlje mogu odgovoriti na ovu vrstu preokreta i pripremiti se za ekonomiju budućnosti? Najsigurniji odgovor je da ulažu u svoje ljude. Analize pokazuju da su ulaganja u ljudska bića, naročito u njihovo zdravlje i obrazovanje, u mnogo većoj korelaciji sa ekonomskim rastom nego što se ikad mislilo.

Pogledajte samo ekonomski rast tokom prethodnih 25 godina. Ako uporedite gornjih i donjih 25 procenata zemalja po ostvarenom unaprjeđenju svog ljudskog kapitala, tj. zemlje koje su najviše i najmanje una-prijedile svoj ljudski kapital – razlika je iznosila 1,4

„Analize pokazuju da su ulaganja u ljudska bića, naročito u njihovo zdravlje i obrazovanje, u mnogo većoj korelaciji sa ekonomskim rastom nego što se ikad mislilo.

Oblikovanje promjene u vrijeme raskola

maj 2018 | :Bankar

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Before 1800, nearly everyone on the planet was poor. Royalty and large landowners were a

small minority, and wealth was tied to land – those who controlled land, controlled much of the world's wealth. Nearly everyone else lived in poverty. This was what society looked like for virtually the entire recorded history of humanity.

Throughout that history, the vast majority of people were born and died in largely the same circumstances. Then starting in the early 1800s, the industrial revo-lution and steam power enabled manufacturing and changed the nature of work. Technology drove down the cost of moving goods, fueling trade and economic growth that forever altered the world’s economy. For a few overall, quality of life improved tremendously, but many others were left out of the arc of progress. These disparities, which have continued – and in some cases worsened – in the past two centuries, contributed to the realization that organizations like the World Bank Group were necessary.

We are now going through a similar period of disruption and upheaval, and what we do with this technological revolution will shape the next chapter in the ongoing project of human progress and hu-man solidarity.

By 2025, many analysts estimate that 8 billion people will have access to broadband. Technology is getting everyone connected, but at the same time, it is causing similar convulsions to what happened during the Industrial Revolution.

No one knows for sure what jobs of the future will look like. Globally, we estimate that innovation and automation will eliminate 5 to 12 percent of existing jobs over the next decade. But rather than disappear, we expect many more jobs will be redefined in terms of the tasks they do, and large numbers of new jobs will be created that will require an entirely different

set of skills—a combination of technological know-how, problem solving, and critical-thinking skills, as well as perseverance, collaboration, and empathy.

We are seeing the effects of innovation all over the world. Many garment factories in places like Bangladesh, which used to employ hundreds of people per factory, are becoming fully automated. The garment and textile industries are creating tens of thousands of jobs where hundreds of thousands – and in some places millions of jobs – are needed to keep pace with growing populations.

How can countries respond to these kinds of up-heavals and prepare for the economy of the future? The surest answer is to invest in their people. We are finding that investments in human beings, es-pecially in their health and education, are far more powerfully correlated with economic growth than we ever thought.

Look at economic growth over the past 25 years. If you compare the top 25 percent of countries that have improved their human capital stock the most, and you compare them with the bottom 25 percent – countries that have improved their human capital

„We are finding that investments in human beings, especially in their health and education, are far more powerfully correlated with economic growth than we ever thought.

Shaping Change

may 2018 | :Bankar11

procenta BDP-a svake godine tokom četvrt stoljeća.Zemlje trebaju izvršiti ta ulaganja u ljudski kapital imajući na umu njihovu hitnost, obzirom da se suočavamo s krizom ljudskog kapitala. Ona počinje zaostajanjem u razvoju. U svijetu 155 miliona djece zaostaje u razvoju kao posljedica hronične pothra-njenosti, nedovoljne stimulacije i ostalih faktora. Kad djeca zaostaju u razvoju, ne dolazi do odgovarajućeg razvoja mozga, i mala je vjerovatnoća da će to kasnije nadoknaditi. Možda su već predodređeni na neuspjeh i pad u siromaštvo i isključenosti, mnogo prije njihovog petnaestog rođendana.

Oko 400 miliona ljudi širom svijeta nema pristup osnovnim uslugama; 100 miliona ljudi svake godine upada u siromaštvo zbog ogromnih zdravstvenih troškova; a samo jedna trećina siromašnih u svijetu je obuhvaćena socijalnom zaštitom.

Kako bogate, tako i siromašne zemlje trebaju shva-titi da je ulaganje u ljude ulaganje u ekonomski rast. Kad ulažete u ljudska bića, polažete temelje za rast

vaše ekonomije. Međutim, od vođa prečesto čujemo: „Prvo moramo ostvariti ekonomski rast, pa ćemo onda ulagati u ljude“.

Da bismo pomogli zemljama da izvrše ta ulaganja od kritičnog značaja, pokrenuli smo Projekt ljudskog kapitala, rigorozno i detaljno mjerenje ljudskog kapitala u svakoj zemlji. Sljedeće jeseni ćemo objaviti rezultate indeksa u svrhu rangiranja zemalja po tome koliko ulažu u ljudski kapital naredne generacije. Mjerenje će dati informacije koje šefovi država i ministri finansija neće moći zanemariti.

U našem radu sa partnerima na prevazilaženju međusobno povezanih globalnih izazova klimatskih promjena, sukoba, gladi i pandemija, moramo pomoći zemljama da pripreme svoje stanovništvo za slože-niju, digitalnu budućnost, koja dovodi do raskola. Najznačajnija ulaganja koje zemlje mogu izvršiti su ona na izgradnji ljudskog kapitala – da se pripreme za budućnost i da napišu sljedeće poglavlje u tekućem projektu ljudske solidarnosti.

„Sljedeće jeseni ćemo objaviti rezultate indeksa u svrhu rangiranja zemalja po tome koliko ulažu u ljudski kapital naredne generacije. Mjerenje će dati informacije koje šefovi država i ministri finansija neće moći zanemariti.

maj 2018 | :Bankar

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stock the least – the difference was 1.4 percent of GDP each year over a quarter century.

And countries need to make those investments with a sense of urgency, because we are facing a Human Capital crisis. It starts with childhood stunt-ing. Globally, 155 million children are stunted due to chronic malnutrition, lack of stimulation, and other factors. When children are stunted, their brains don’t develop properly, which means it’s very unlikely they will catch up. They may already be hardwired to fail and locked into lives of poverty and exclusion long before they reach their fifth birthday.

Around the world 400 million people lack access to essential services; 100 million people fall into pov-erty every year from catastrophic health expenses; and only one-third of the world's poor are covered by safety nets.

Rich and poor countries alike need to understand that investing in people is investing in economic growth. When you invest in human beings, you

are putting the foundations in place to grow your economy. But too often, we still hear from leaders, “First we’ll grow our economies, then we’ll invest in our people.”

To help countries make these critical investments, we launched the Human Capital Project, a rigorous and detailed measure of the human capital in each country. Next fall, we will announce the results of an index to rank countries according to how well they are investing in the human capital of the next generation. The measurement will provide information that heads of state and finance ministers will find hard to ignore.

As we work with partners to tackle the intercon-nected global challenges of climate change, conflict, famine, and pandemics, we must help countries prepare their people for a more complex, disruptive, digital future. The most important investments countries can make are ones that build human capital—to prepare for that future, and to write the next chapter in the ongoing project of human solidarity.

„Next fall, we will announce the results of an index to rank countries according to how well they are investing in the human capital of the next generation. The measurement will provide information that heads of state and finance ministers will find hard to ignore.


Forum o globalnim finansijama u Salcburgu 2018. godine raz-

matrao je kako radikalne promjene utemeljene na tehnologiji mogu uticati na društva, ekonomije i fi-nansijska tržišta širom svijeta, šta to kratkoročno i dugoročno znači za politiku, regulativu i praktičare i kako možemo kanalisati moćne snage tehnologije na pozitivan način.

Glavni izvršni direktor EBF-a, Vim Mijs, učestvovao je kao moderator na sesiji o vještačkoj inteligenciji, velikim podacima, sajber krimi-nalu i finansijskim tehnologijama.

Govornici su na ovoj sesiji raz-mijenili mišljenja o izazovima i mogućnostima sa kojima se finan-sijske institucije suočavaju u usponu tehnološke transformacije.

„Četvrta industrijska revolucija“ otvara neistražene granice. Napredak u oblasti velikih podataka, vještač-koj inteligenciji, robotici dovodi do promjena u svim industrijama, nudeći nove izglede za rast, ali isto-vremeno noseći kako poznate tako i nepoznate rizike.

Tehnološko okruženje brzo se mi-jenja sa inovacijama koje se prelivaju

na nova područja i industrije. Još uvijek ne znamo kako će se ova nova revolucija odvijati i kakav će uticaj na sistem imati vještačka inteligencija i ostale tehnologije kao što su distribuirane glavne knjige, veliki podaci, cloud computing, itd. Iako takvo okruženje može stvo-riti značajne prednosti za društva, prilagođavanja mogu uzrokovati velike podjele. Postoji potreba za sveobuhvatnim odgovorima javne politike kako bi se pomoglo da se kreira budućnost u kojoj tehnolo-gije unapređuju svijet za sve - uz praćenje i kontrolisanje neizbježnih pratećih rizika.

Sektor finansijskih usluga je bio jedan od sektora koji su rano za-hvatili tehnološkim poremećaji. Kompanije koje se bave finansijskom tehnologijom (FinTech) osnivaju se u različitim dijelovima lanca vrijednosti sektora transformišući način na koji se finansijske usluge kreiraju, dostavljaju i način na koji one predstavljaju izazov osnova-nim akterima, dok se regulatorna tehnologija (RegTech) pojavila kako bi riješili teret regulatorne usklađenosti.

Nove tehnologije nude izglede za rast ali nose i rizike

“Tekuće tehnološke inovacije vezane uz plaćanja, kreditiranje, upravljanje imovinom i osiguranje kao imogućnost za "otvoreno bankarstvo", ako se usvoje na širem nivou, nude moćne alate za širenje pristupa i korištenja finansijskih usluga

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The 2018 Salzburg Global Finance Forum considered how radi-

cal technology-driven changes may impact societies, economies and financial markets around the world, what this means for policy, regulation and practitioners in the short and longer term and how we can channel the powerful forces of technology in a positive way. EBF CEO Wim Mijs moderated the Session on Artificial Intelligence, Big Data, Cybercrime and FinTech. In this session, speakers addressed the challenges and opportunities that financial institutions are fac-ing in the rise of technological transformation.

The “Fourth Industrial Revolution” opens up uncharted frontiers. Advances in big data, artificial in-telligence, robotics, etc. drive change across all industries, offering new prospects for growth but also carry-ing both known and unknown risks.

The technological landscape is changing fast with innovations spilling over into new areas and industries. We do not yet know how this new revolution will unfold and what will be the system impact of artificial intelligence (AI) and other technologies such as distributed ledgers, big data, cloud computing, etc. While it may produce significant benefits for societies, adjustments might cause great divides. There is a need for comprehensive public policy responses to help structure a future in which technologies improve the world for all – while monitor-ing and containing the inevitable attendant risks.

The financial services industry has been one of the sectors early affected by technological disrup-tions. FinTech companies have established themselves in various parts of the industry value chain

New technologies

carry risks

“Ongoing technological innovations related to payments, lending, asset management and insurance as well as the potential for “open banking,” if widely adopted, offer powerful tools for expanding the access and usage of financial services


Povećanje "velikih podataka", zajedno sa organizacionom i analitičkom sna-gom vještačke inteligencije, otvorilo je mogućnosti za analizu u realnom vremenu i komercijalnu upotrebu informacija. Očekuje se da će snažan napredak u vještačkoj inteligenciji i robotici dodatno ubrzati promjene u svim sektorima. Tekuće tehno-loške inovacije vezane uz plaćanja, kreditiranje, upravljanje imovinom i osiguranje kao imogućnost za "otvoreno bankarstvo", ako se usvoje na širem nivou, nude moćne alate za širenje pristupa i korištenja finansij-skih usluga. Nove prijetnje dolaze sa ovim ogromnim mogućnostima koje mogu narušiti funkcionisanje finansijskih tržišta i nesmetanu is-poruku finansijskih usluga. Budući da se finansijske institucije sve više zasnivaju na podacima, pojavljuju se zabrinutosti oko rizika vezanih za sajber bezbjednost, privatnost i zaštitu podataka, krađe podataka i finansijskog kriminala.

Iznenadno povećanje i sveprisut-nost podataka, zajedno sa sve većom

upotrebom vještačke inteligencije da ih iskoristi, pomjera pitanja razmjene podataka, kao i pravila o privatnosti i bezbjednosti u središte pažnje, postavljajući osnovno pitanje o tome kako se ekosistem podataka treba razvijati. Finansijske orga-nizacije koje imaju strukture koje obuhvataju više pravnih subjekata i koje se oslanjaju na prekogranične operacije, eksternalizaciju i cloud computing, moraju se kretati sve složenijim lavirintom zakona o privatnosti i zaštiti podataka širom svijeta. Uspon otvorenog bankarstva u kojem se interfejs banke za pro-gramiranje aplikacija može dijeliti sa programerima treće strane, uz pristanak klijenta, vjerojatno će povećati zabrinutost zbog bezbjed-nosti i zaštite privatnosti podataka. Potrebno je nastaviti sa radom na održavanju prave ravnoteže između privatnosti i razmjene informacija i sveobuhvatnog rješavanja međuna-rodnih propisa na ovom području.

Sajber bezbjednost će ostati jedno od najvažnijih pitanja koja prisiljava

finansijske institucije i kreatore po-litike da bolje procjenjuju sajber pri-jetnje i podižu odbranu. Finansijska krivična djela predstavljaju još jedan značajan rizik koji dovodi do pove-ćanja usaglašenosti i bezbjednosti propisa. Tradicionalne finansijske institucije imaju značajno veće su-bjektivne i objektivne odgovornosti koje se postavljaju u smislu rješavanja mandata javne politike za zločin, u poređenju sa platformama koje po-sreduju kod tradicionalne trgovine ili obezbjeđuju društvene mreže i alatke za pretraživanje. Potrebno je raspraviti o tome kako se može postići efikasnost usaglašenosti kao odgovor na razvojna regula-torna očekivanja na način koji daje proporcionalne rezultate u smislu držanja loših učesnika van sistema i donošenja kaznenih postupaka koji su vidljivi zastrašivači.

Budući da finansijska tehnologija nastavlja da se širi i transformiše finansijske usluge u platforme za posredovanje od strane trećih lica, regulatori prepoznaju potrebu aktiv-nog sprovođenja većeg regulatornog nadzora u ovoj oblasti, neograniča-vajući previše konkurenciju novih učesnika. Regulatori i supervizori treba da idu u korak sa najsavreme-nijim tehnologijama i imaju jasno razumijevanje o tome kako bi one mogle da preoblikuju određene sektore i cjelokupnu ekonomiju. Oni moraju da budu oprezni u pogledu novih rizika, ali i da otvore finansijski sektor za nove učesnike i prošire upotrebu tehnologije za poboljšanje nadzora usaglašenosti i funkcionisanja finansijskog sistema.

“Regulatori i supervizori treba da idu u korak sa najsavremenijim tehnologijama i imaju jasno razumijevanje o tome kako bi one mogle da preoblikuju određene sektore i cjelokupnu ekonomiju

FORUM O GLOBALNIM FINANSIJAMA maj 2018 | :Bankar

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complicated maze of data privacy and protection laws throughout the world. The rise of open bank-ing in which a bank’s Application Programming Interfaces (APIs) can be shared with third party develop-ers, subject to customer consent, is likely to increase concerns about security and data privacy issues. There is a need to continue working on maintaining the right balance between privacy and sharing in-formation and to comprehensively address international regulations in this area.

Cyber-security will remain one of the top concerns forcing financial institutions and policy-makers to make better assessments of cyber threats and ramp up the defenses. Financial crimes are another sub-stantial risk resulting in growing compliance and security regulations. Traditional financial institutions have significantly greater responsibilities and accountabilities placed on them in terms of addressing public policy mandates on crime, in compari-son to platforms that intermediate

traditional commerce or provide social networks and search facili-ties. There is a need to discuss how compliance effectiveness can be achieved in response to evolving regulatory expectations in a way that delivers commensurate results in terms of keeping malign actors out the system and delivering pros-ecutions that are visible deterrents.

As FinTech continues to expand and transform financial services into platforms for intermediation by third parties, regulators are recognizing the need to actively pursue greater regulatory oversight in this area, without overly stifling competition by new entrants. Regulators and supervisors need to keep pace with cutting-edge technologies and have a clear understanding of how these could reshape specific sectors and whole economies. They need to be vigilant about emerging risks but also open up the financial sector to new entrants and expand the use of technology to improve compliance oversight and the functioning of the financial system.

“Regulators and supervisors need to keep pace with cutting-edge technologies and have a clear understanding of how these could reshape specific sectors and whole economies


Toliko dobrog dolazi s time kad postanemo otvoreni novim stvarima i oslobodimo se od načina na koji

smo do sada radili. Za mnoge od nas nije uvijek lako nositi se s promjenama. Sve što je novo, lako može postati izvor nervoze a to je ono što svi izbjegavamo.

Ali ne mora biti tako. Kao i sve drugo, manje se bojimo onoga što nam je poznato. Počnimo sa razla-ganjem zvučnih riječi - kao npr. :Blockchain, roboti, umjetna inteligencija (AI), virtualna realnost (VR), analiza podataka. Pretvorimo ih iz nepristupačnih čarobnih nepoznanica u nešto realno.

Što one zapravo meni predstavljaju kad razmišljam o svom životu i poslu.? Kako ih mogu upotrijebiti u svakodnevnim situacijama (prije nego promjene način na koji radim sada)?

Ne moramo biti kompjuterski znastvenici kako bi vladali ovom novom budućnošću. Napravimo prototip svog života.

Prototip je jedna od pet faza „Dizajna razmišljanja“, ali nije to samo još jedna atraktivna konzultantska riječ. To je jedan od najlakših i najkorisnijih koncepata za razumjeti. Dizajn razmišljanja je proces od pet faza: empatija-definiranje-ideja-prototip-test.

Kad već govorimo o budućnosti Blockchain je (za sigurno) već budućnost a na crypto valute se možemo samo kladiti. To je stvar slobodne volje i mogućnosti.

Razvoj novca i transakcija tijekom ljudskog postojanja povijesno se kretao prema optimizaciji. Sustav razmjene je vremenom prerastao u sustav gdje su se kao valuta

koristile školjke kako bi standardizirale vrijednost i olakšale razmjenu. Školjke su zatim zamijenjene sa kovanicama koje su se pravile od dragocjenih metala kako bi kontrolirale opskrbu i pružile bolje jamstvo vrijednosti.

Dok su ove valute bile različite sve su imale tri zajedničke karakteristike:1. Moraju biti opipljive (fizički). Ideje ne mogu biti

novac. Naravno, mogu zaraditi novac, ali ne mogu biti novac.

2. Moraju biti elastične. Opipljivo nije dovoljno. Bilo koja civilizacija koja kao valutu koristi npr. Lišće kao valutu može propasti zbog jakog vjetra koji to lišće može raznijeti. Još bolje, pokušajte staviti 50 komada lišća u džep – nije praktično.

u povjest?

maj 2018 | :Bankar

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So much good comes when we become open to new things and get rid of the way we have worked so

far. It is not always easy for many of us to cope with the changes. Everything that is new, can easily become a source of nervousness, and this is what we all avoid.

But it does not have to be like that. Like everything else, we are less afraid of what we know. Let's start by breaking the sound words - such as: Blockchain, Robots, Artificial Intelligence (AI), Virtual Reality (VR), data analysis. Let’s turn them from inaccessible magical unknown into something realistic.

What do they actually represent when I think about my life and work? How can I use them in everyday situations (before I change the way I work now)?

We do not have to be computer scientists to rule

this new future. Let's make a prototype of our life.The prototype is one of the five stages of "Design

Thinking", but it is not just another attractive consult-ant’s word. This is one of the easiest and most useful concepts to understand. Design Thinking is a five-stage process: empathize-define-ideate-prototype-test.

When we talk about the future, blockchain is (for sure) the future, and we can only bet on cryptocur-rencies. This is a matter of free will and ability.

The development of money and transactions during human existence has historically moved towards optimization. The exchange system has grown over time in the system where seashells were used as a currency to standardize values and facilitate the exchange. The shells were then replaced with coins made of precious metals to control the supply and provide a better guarantee of value.

While these currencies were different, they all had three common characteristics:1. They must be tangible (physically). Ideas cannot be

money. Of course, I can make money, but I cannot be money.

2. They must be elastic. If something is tangible it is not enough. Any civilization that uses for example, leaves as a currency may fail because of the strong winds that can blow the leaves. Better yet, try putting 50 pieces of leaves in your pocket –it is not practical.

3. The Community must approve / accept the currency. After all, without a consensus, the stability of the

Will Cryptocurrencies have a history or go to history?

Flat

icom

.com

THE FUTURE OF MONEYmay 2018 | :Bankar19

3. Zajednica mora odobriti/prihvatiti valutu. Uostalom, bez konsenzusa, stabilnost valute je potkopana jer pojedinci nisu sigurni hoće li ljudi, s kojima žele obavljati razmjenu, prihvatiti taj novac.

Kad su kovanice postale teret zbog težine i zbog toga što su napravljene od dragocjenih materijala, počeo se koristiti papirnati novac.

Evropske banke počele su izdavati novčanice, koje su mogle biti pokrivene u zlatu vodeći se hipotezom da svi pojedinci koji imaju te novčanice neće baš u istom danu kucati na vrata banke i tražiti zlato. Francuski predsjednik Charles de Gaulle ja prvi osjetio da dolari nemaju pokrice u zlatu (ZLATNI STANDARD) te je zatražio zlato za dolare i time završava zlatni standard. Ovo je postala prva praksa širenja novčane mase u onome što bismo smatrali modernim novcem.

Danas, novčanice se sve manje i manje koriste kako valuta postaje digitalna.

Ukupni iznos novca u svijetu iznosi oko 60 trilijuna dolara, ali suma u novčanicama iznosi ispod 6 trilijuna dolara. Više od 90 posto novca - više od 50 trilijuna dolara koje se pojavljuju na našim računima - postoji samo na kompjuterskim serverima.

Drugim riječima, 90% (možda čak i više obzirom da je ova statistika objavljena 2011.) cijele zemaljske kugle zapravo je digitalna valuta.

Satoshi Nakamoto je pseudonim za osobu ili grupu koja je izumila Bitcoi, Ko prvu digitalna valutu na svijetu.

U opticaju su dva scenarija razvoja bitcoina kao prve crypto valute. Prvi scenario tvrdi kako je razvi-jen od strane bankarskih kartela kako bi se postigli određeni financiski ciljevi, dok je drugi scenario potpuno suprotan. Po njemu bitcoin je nastao kao otpor dominaciji bankarskih kartela. Nama je ostalo pratiti i čekati, ali je indikativno da je nastao 2009.g. odmah nakon velike krize.

Ideja je bila ponuditi decentralizirani, bez potrebe za povjerenjem, peer-to-peer sustav valute pod na-zivom Bitcoin:1. Decentralizirano: nema centralnog upravljanja;

to su sudionici u ekonomiji koji čuvaju postojanje ekonomije.

2. Bez potrebe povjerenja: pristup garantiranju toč-nosti i integriteta bez potrebe za povjerenjem. U tradicionalnim centraliziranim sustavima zajednica se oslanja na povjerenje; npr. vjerujem da moja banka neće izgubiti novac..

3. Peer-to-peer: transakcijski pristup koji isključuje posrednika pa se razmjena može provesti izravno između stranaka

4. Sve transakcije istodobno na ekranu.

Kao što je već spomenuto, 90 posto postojećeg sadaš-njeg svjetskog novca već je digitalno i postoji samo kao digitalni novac. Baš kao što su Sjedinjene Države jednom poduprle 1 USD sa samo 0,40 dolara zlata (i time prekinuli zlatni standard), danas postoji slična situacija tako da postoji samo jedan fizički dolar za svakih devet digitalnih dolara.

Koncept digitalne valute već je u upotrebi danas preko debitne ili kreditne kartice.

Bitcoin u osnovi distribuira kopiju svakog dijela historije transakcije svima koji to žele. Ti ljudi tada mogu sudjelovati u provjeri prošlih i budućih tran-sakcija. Na taj način više nije jedinstveno tijelo koje je odlučujući čimbenik za valjanost opskrbe i historije transakcija, već cijela zajednica. Štaviše, sudjelovanje u Bitcoinu čini ga više otpornim za eksploataciju - što je veća zajednica, to je sigurniji Bitcoin blockchain od zlonamjernih namjera poput hakiranja. Zbog zaštite od hakiranja je i uvedeno tkz. Rudarenje kako bi pojedinci legalno zarađivali novac usavršavajući

“Ukupni iznos novca u svijetu iznosi oko 60 trilijuna dolara, ali suma u novčanicama iznosi ispod 6 trilijuna dolara. Više od 90 posto novca - više od 50 trilijuna dolara koje se pojavljuju na našim računima - postoji samo na kompjuterskim serverima

maj 2018 | :Bankar

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platformu-povećavali sigurnost umijesto da to ilegalno rade (hakiraju).

Kao prva kriptovaluta, Bitcoin ima ugled i vrijednost u ranoj fazi. Također je postavio platformu za to kako decentralizirana valuta treba da izgleda i pokazao da koncept zapravo može funkcionirati. Unutar desetljeća postao je globalni eksperiment.

Mada, Bitcoin možda i nije pravi odgovor. Dok je originalna vizija Bitcoina Satoshi Nakamota bila da je Bitcoin za obične građane da sudjeluju u procesu ažuriranja transakcija i budu nagrađeni Bitcoinsima koristeći malo računar i internet konekciju, neki

korisnici shvatili su da snažniji procesori imaju pred-nost bržeg ažuriranja transakcija što bi rezultiralo većim zaradama. Danas, samo vrlo skupa specijalizi-rana računala zvana Application-specific Integrated Circuits (ASICs) imaju priliku zaraditi Bitcoine. Već to samo po sebi potvrđuje ćinjenicu kako su u igri samo najveći predatori, a za mase je to samo izazov.

Bitcoin rudarenje je proces ažuriranja Bitcoinove glavne knjige. Najbrži računari koji točno osiguraju slijedeći dio glavne knjige najbolje i zarade bitcoine.

Međutim, nedostatak ove prednosti nije da obični građani ne mogu sudjelovati već činjenica da ova aktivnot troši puno energije. Prema Digiconomistu, održavanje Bitcoinovog blockchaina troši iste količine energije, godišnje, kao država Alžir. Procijenjeni troškovi trenutačno iznose nešto manje od tri milijarde dolara. I zagađenje od jedne Bitcoin transakcije jednako je zagađenju koje nastane od oko 510.000 transakcija s VISA karticom.

Stvarnost je da Bitcoin blockchain ne mora trošiti toliku energiju. Dizajniran je tako da će utrka za ažuriranje transakcija uvijek rezultirati pobjednikom otprilike svakih 10 minuta, bilo da je to jedno računalo ili milijun računala. Potrošnja energije uglavnom potiče konkurencija za profit, tj. pohlepa. Ako Bitcoin blockchain može riješiti ovaj problem, može biti jači kandidat za globalno usvajanje.

Zasebni zajednički, ali manjkavi argument koji kritičari upućuju na pitanje legitimiteta Bitcoina je da je novac korišten za nedopuštene aktivnosti. Ali ilegalne aktivnosti postojale su davno prije Bitcoina, i nastavit će postojati bez obzira na Bitcoinovu sudbinu. Isti alati mogu biti instrument napretka ili razaranja u različitim rukama.

“Kao prva kriptovaluta, Bitcoin ima ugled i vrijednost u ranoj fazi. Također je postavio platformu za to kako decentralizirana valuta treba da izgleda i pokazao da koncept zapravo može funkcionirati. Unutar desetljeća postao je globalni eksperiment

Prema Digiconomistu, održavanje Bitcoinovog blockchaina troši iste količine energije, godišnje, kao država Alžir. Procijenjeni troškovi trenutačno iznose nešto manje od tri milijarde dolara. I zagađenje od jedne Bitcoin transakcije jednako je zagađenju koje nastane od oko 510.000 transakcija s VISA karticom

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currency has been undermined because individu-als are not sure whether the people they want to exchange will accept that money.When the coins became burden because of their

weight and because they were made of precious ma-terials, paper money began to be used.

The European banks began issuing banknotes that could be covered in gold by assuming a hypothesis that all individuals who have these banknotes will not just knock at the door of the bank on the same day and look for gold. The French President, Charles de Gaulle, first felt that the dollars did not have coverage in gold (GOLD STANDARD) and requested gold for the dollars, and thus ended the gold standard. This has become the first practice of spreading money supply into what we would consider to be modern money.

Nowadays, banknotes are less and less used as the currency is becoming digital.

The total amount of money in the world is about $ 60 trillion, but the sum in the notes is under $ 6 trillion. More than 90 percent of the money - over $ 50 trillion that appears in our accounts - exists only on computer servers.

In other words, 90% (perhaps even more since this statistic was published in 2011) of the entire Earth is actually a digital currency.

Satoshi Nakamoto is the nickname for a person or group that invented Bitcoin, as the first digital cur-rency in the world.

There are two scenarios of bitcoin development as the first cryptocurrency. The first scenario claims that it is developed by bank cartels to achieve certain financial goals, while the other scenario is completely opposed. According to this scenario, bitcoin emerged as a resistance to the dominance of banking cartels. We have been following and waiting for it, but it is indicative that it was created in 2009 immediately after a major crisis.

The idea was to offer decentralized, without the need for trust, peer-to-peer currency system called Bitcoin:

1. Decentralized: no central management; they are participants in economics that preserve the economy.

2. without the need for trust: access to guaranteeing of accuracy and integrity without the need for trust. In traditional centralized systems, the community

relies on trust; for example, I believe that my bank will not lose money.

3. Peer-to-peer: a transaction approach that ex-cludes an agent, so exchange can be done directly between parties.

4. All transactions are displayed simultaneously on the screen.

As already mentioned, 90 percent of the existing

current global money is already digital and only ex-ists as digital money. Just as the United States once supported $ 1 with only $ 0.40 gold (and thus termi-nated the gold standard), there is a similar situation nowadays: there is only one physical dollar for every nine digital dollars.

The concept of digital currency has been already in use today via debit or credit cards.

Bitcoin basically distributes a copy of each part of the transaction history to anyone who wants it. These people can then take part in checking past and future transactions. This is no longer a singleauthority that is the deciding factor for the validity of supply and transaction history, but the entire community. Moreover, participating in Bitcoin makes it more re-sistant to exploitation - the larger the community, the more protected Bitcoin blockchain from the malicious intentions like hacking. Due to the protection against hacking, so-called mining has been introduced to help individuals would earn money legally by improving the platform-increase security in spite of doing it illegally (hacking).

As the first cryptocurrency, Bitcoin has a reputation and value at an early stage. It also set up a platform for the appearance of the decentralized currency and

“The total amount of money in the world is about $ 60 trillion, but the sum in the notes is under $ 6 trillion. More than 90 percent of the money - over $ 50 trillion that appears in our accounts - exists only on computer servers.


Detaljnije na addiko.me

Nekad se novac slao poštanskim kočijama.

Danas pošaljite novacViber chatom jednostavnimodabirom kontakta iz imenika.

showed that the concept could actually work. Within decades it has become a global experiment.

However, bitcoin may not be the right answer. While the original vision of bitcoin by Satoshi Nakamoto was that bitcoin is for ordinary citizens to partici-pate in the process of updating transactions and be rewarded with bitcoins using a small computer and Internet connection, some users realized that more powerful processors benefit from faster transaction upgrades, resulting in higher profits. Thus, only very special computers called Application-Specific Integrated Circuits (ASICs) have the opportunity to earn bitcoin. It only in itself confirms the fact that the largest predators are only in the game, and it is just a challenge for ordinary people.

Bitcoin mining is the process of updating bitcoin's general ledger. The fastest computers that accurately ensure the next part of the general ledger and earn bitcoins.

However, the shortcoming of this advantage is not that ordinary citizens cannot participate but the fact that these activities spend a lot of energy. According to the Digiconomist, maintenance of bitcoin block-chain consumes the same amount of energy per year as Algeria. The estimated costs currently amount to slightly less than $ 3 billion. The pollution from one bitcoin transaction equals the pollution of approxi-mately 510,000 transactions with a VISA card.

The reality is that bitcoin blockchain does not have to spend so much energy. It is designed in a way that the race for updating the transaction will always re-sult in a winner in approximately every 10 minutes, whether it is one computer or a million computers. Energy consumption is mainly driven by competition

for profit, i.e. greed. If bitcoin blockchain can solve this problem, it can be stronger candidate for global adoption.

A separate, but inadequate, argument that critics point to the issue of bitcoin's legitimacy is that money is used for unauthorised activities. But illegal activities existed long before the appearance of bitcoin, and will continue to exist irrespective of bitcoin's destiny. The same tools can be a tool of progress or destruction in different hands.

A few months ago, Eduard Snouden, published findings and documents on his website, Vilkiliks, which confirmed that the NSA was tracking all bitcoin users. Cryptocurrencies were recognised as a danger

“As the first cryptocurrency, Bitcoin has a reputation and value at an early stage. It also set up a platform for the appearance of the decentralized currency and showed that the concept could actually work. Within decades it has become a global experiment

“According to the Digiconomist, maintenance of bitcoin blockchain consumes the same amount of energy per year as Algeria. The estimated costs currently amount to slightly less than $ 3 billion. The pollution from one bitcoin transaction equals the pollution of approximately 510,000 transactions with a VISA card


Prije par mjeseci je Eduard Snouden, na svom sajtu Vilkiliks objavio saznanja i dokumente koji potvrđuju kako NSA prati sve bitcoin korisnike. Cryptovalute je kao opasnost prepoznala Department of Homeland Security (DHS) još 2013.g. kad je poslato pismo upozorenja Kongresu SAD-a da se pojavom crypto valuta mogu jednostavno vršiti financijske transakcije u okviru i između kriminalnih organizacija. Zauzet je stav da se prema ovoj pojavi zauzme ofanzivni stav i korisnici prate i kontroliraju.

Prema dokumentima nedavno objavljenim praćenje korisnika bitcoina je postavljeno kao prioritet broj jedan. NSA je preuzela komandu i razvila familiju softerskih alata kojima prate, kako transakcije tako i korisnike. Alati su usmjereni, prije svega, na otkrivanje IP (internet protocol) adrese uređaja koji nam jasno otkriva lo-kaciju učesnika u internet komunikaciji. Pored toga utvrđuje se i MAC (me-dia access control) adresa koja apsolutno sigurno definira uređaj sa koga se vrši komunikacija bilo da se radi o računaru, ta-bletu, mobilnom telefonu ili nekom drugom uređaju. Svaki elektronski uređaj na mreži dobija MAC adresu još prilikom proizvodnje

u tvornici. Njegov put od tvornice, preko prodavnice pa sve do korisnika je moguće pratiti sa apsolutnom preciznošću.

Kao što kaže izreka, kad postoji volja, postoji način.Stvarnost je da je neophodna potreba za even-

tualnom zamjenom sadašnjih sustava novca. Ta izjava nije obećanje onima koji vjeruju u Bitcoin, ili prijetnja postojećim institucijama. To je samo promatranje sveukupne dosadašnje evolucije novca.

Pojava vrijednostiUnatoč tome što više nema pokriće u zlatu, američki

dolar još uvijek vrijedi 1 dolar, jer je postojanje američke vlade poduprlo američki dolar. Isti je argu-ment za postojanje skoro svake valute danas - oni su potpomognuti državom i ovise o snazi te države.

Međutim, argument po-stojanja vrijednosti zbog vladinog konsenzusa i obećanja, argument je kolektivne mašte i pri-hvaćanja - može se reći da je jednako važno kao potpora države i potpora naroda (u mnogim sluča-jevima danas globalna) dogovor da valuta vrijedi nešto i stoga se i koristi.

Dok ovaj drugi postoji u svijetu crypto valute,

“Zasebni zajednički, ali manjkavi argument koji kritičari upućuju na pitanje legitimiteta Bitcoina je da je novac korišten za nedopuštene aktivnosti. Ali ilegalne aktivnosti postojale su davno prije Bitcoina, i nastavit će postojati bez obzira na Bitcoinovu sudbinu. Isti alati mogu biti instrument napretka ili razaranja u različitim rukamaunije na sajber napade

Prema istraživanjima evropske agencije za porav-nanja i nagodbe Euroclear, potrošnja na informa-tičke tehnologije u svjetskom bankarskom sektoru iznosi 100-150 milijardi dolara godišnje. Tome treba dodati troškove sadašnjeg načina obrade finansijskih transakcija (oko 100 milijardi dolara) i troškove koji prizilaze iz neučinkovitosti sustava (a koji se procjenjuju na dodatnih 100 milijardi dolara, globalno) – i jasno je da blockchain ako se primijeni adekvatno može dovesti do velikih ušteda. Izravne uštede primjene tehnologije blockchain u postojećem svjetskom financijskom sustavu doći će do odbacivanja dvostrukih sustava provedbe transakcija i smanjenja operativnih troškova. Kad se zbroje svi koji se već sad bave tehnologijama blockchain dolazi se do iznosa većeg od jedne milijarde američkih dolara koje su već uložene u razvoj raznih rješenja tvrdi se u nedavnom izvještaju analitičke kuće Greenwich Associates.

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by the Department of Homeland Security (DHS) in 2013, when he sent a letter of warning to the US Congress that cryptocurrencies could simply carry out financial transactions within and between crimi-nal organisations. The position has been taken to act defensively and track and control the users.

According to recently published documents, bitcoin user tracking is ranked as the number one priority. The NSA has taken over the com-mand and developed a set of software tools to track both the transactions and the users. The tools are focused primarily on detecting the IP (Internet Protocol) address of the device that clearly reveals the location of the par-ticipants in the Internet communication. In addi-tion, a MAC (media access control) address is defined, which absolutely defines the device with which communication is made, whether it is a computer, tablet, mobile phone, or other device. Each networked electronic device receives a MAC address while still in production at the factory. Its path from the factory, through the store to the user can be followed with absolute precision.

As the saying goes, if there is a will, there is a way.The reality is that there is a need for a possible

replacement of the current money systems. This statement is not a promise to those who believe in bitcoin, or a threat to the existing institutions. It is just a reflection of the overall evolution of money.

The Appearance of Values

Despite the fact that there is no cover in gold, the US dollar is still worth $ 1, because the US dollar has been supported by the US Government. It is the same

argument for the existence of almost every currency today - they are supported by the state and depend on the strength of that state.

However, the argument for the existence of value due to government con-sensus and promise is the argument of collective imagination and accept-ance - it can be said that it is equally important that state support and the sup-port of people (in many cases global today) agree that currency is worth something and therefore it is used.

While the latter exists in the world of cryptocur-rency, there is no manage-

ment body of values that can guarantee the value of the cryptocurrency, so cryptocurrencyis struggling historically to find acceptable identity as a currency value outside speculation.

However, this has begun to change at the end of 2015, with the rapid emergence of clever contracts for the supply of Initial Coin Offers (ICOs) to Ethereum.

ICO is a fundraising event where early owners of this new money can get what they consider to be a special purchase price at an early stage of the project using existing cryptocurrencies like Ethereum.

Today, when you browse CoinLib.io, you will see

“A separate, but inadequate, argument that critics point to the issue of bitcoin's legitimacy is that money is used for unauthorised activities. But illegal activities existed long before the appearance of bitcoin, and will continue to exist irrespective of bitcoin's destiny. The same tools can be a tool of progress or destruction in different hands

According to research from the European settle-ment agency, Euroclear, information technology spending in the global banking sector amounts to 100-150 billion dollars a year. If costs of the cur-rent way of handling financial transactions (about $ 100 billion) and the costs that come from the inefficiency of the system (which are estimated at an additional $ 100 billion, globally) are added - it is clear that blockchain if applied appropriately can lead to big savings. Direct savings in the use of blockchain technology in the existing global financial system will result in the rejection of dual systems of transaction implementation and reduction of operating costs. According to the recent Greenwich Associates report, if all who are already dealing with blockchain technologies are summed up, more than one billion US dollars have been already invested in the development of various solution.


ne postoji upravljačko tijelo vrijednosti koje može jamčiti vrijednost crypto valute, pa se crypto valuta historijski bori za pronalaženje prihvatljivog identiteta kao valute vrijednosti izvan špekulacije.

No, krajem 2015. godine, ovo se počelo mijenjati brzom pojavom pametnih ugovora za ponudu po-četnih gotovinskih novčanica (ICO) na Ethereumu.

ICO je događaj za prikupljanje sredstava gdje rani imaoci ovog novog novca mogu dobiti ono što sma-traju posebnom cijenom kupnje u ranoj fazi projekta korištenjem postojeće crypto valute poput Ethereuma.

Danas, kada pregledavate CoinLib.io, vidjet ćete više od 3.300 različitih crypto valuta. Većina njih postoji kao Ethereum token, nastala kao ICO. Dok su mnoge od njih u biti "shitcoin" (novac bez stvarne vrijednosti koja je stvorena za čisti financijski dobitak svojih kreatora), novi i zanimljivi projekti nastaju u dimenziji crypto valuta. Od tržišta sličnih eBayu pa do platforme za vožnju kakva je tvrtka Uber, kon-struira se nova ekonomija koja se može koristiti samo transakcijom crypto valutama.

U početku mnoge ideje vjerojatno neće uspjeti, a većina svih ideja nije posve originalna; Umjesto toga, oni su prijenos postojećih ideja iz postojećeg područja tehnologije, prebačeni na cryptovalutnu ekonomiju.

S tehnologijom, inovacija je najiskreniji oblik transformacije. Koji su sljedeæi koraci?

Crypto valuta je vrlo malo regulirani prostor koji postoji na kolektivnom korisničkom konsenzusu vrijednosti. Bilo da će budućnost biti Bitcoin, neka druga postojeća crypto valuta ili neka koja tek treba da nastane, stvarnost je da je burni putcryipto tržišta na dobrom putu za potencijalno veliku transformaciju za inovacije na globalnoj razini.

Ekonomski gledano, novac se razvio tijekom tisuća godina od trgovanja školjkama do plastike, svaka za potrebe svog vremena i stanovništva. Današnje vrijeme ne uključuju jednu naciju, već globalno; kao rezultat, eventualna zamjena trenutnog novčanog sustava je pod pritiskom.

Novi sustav novca pomoæi æe globalnom rastu

Kao što se danas osjećamo međusobno povezanim zahvaljujući uslugama poput Interneta, stvarnost je da je velik dio svijeta još uvijek izoliran. 39% svjetskog stanovništva, što je gotovo 3 milijarde ljudi, nema pristup bankama. To je gotovo svaka druga osoba koja postoji. Samo smo blagoslovljeni da budemo dio povlaštene polovice.

Međusobna povezanost svijeta i globalizacija ljudske interakcije primjenjuje pritisak na potrebu pouzdane valute na globalnoj razini. Pokušajte premjestiti velike količine novca preko granica, a možete osjetiti otpor ovisno o zemlji u kojoj se nalazite i shvatit ćete kako je to skupo i sporo. Unatoč činjenici da je 90% valute digitalno, proces prijenosa je još uvijek neučinkovit i stvara nezgodne zapreke koje sprječavaju rast glo-balnog sustava.

Dok granice i dalje postoje na političkoj razini, počinju se raspadati na društvenoj razini. Ljudski napor za povezivanje se proteže izvan političkih ili korporativnih odnosa; ta borba će pokrenuti postojeći monetarni sustav, koji cirkulira između korporativnih i političkih institucija, do tačke gdje korisnici moraju odlučiti da li nastaviti vjerovati ili ga napustiti. To kasnije zahtijeva alternativno rješenje za tranziciju u sljedeći sustav novca.

“Danas, kada pregledavate CoinLib.io, vidjet ćete više od 3.300 različitih crypto valuta. Većina njih postoji kao Ethereum token, nastala kao ICO. Dok su mnoge od njih u biti "shitcoin" (novac bez stvarne vrijednosti koja je stvorena za čisti financijski dobitak svojih kreatora), novi i zanimljivi projekti nastaju u dimenziji crypto valuta

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more than 3,300 different cryptocurrencies. Most of them exist as an Ethereum token, created as an ICO. While many of them are essentially "shitcoin" (money without real value created for the pure financial gain of their creators), new and interesting projects emerge in the cryptocurrency dimension. From markets similar to eBay to the driving platform, such as the Uber, a new economy is being constructed that can only be used by transactions with cryptocurrencies.

In the beginning, many ideas will probably fail, and most of the ideas are not entirely original. Instead, they represent a transfer of the existing ideas from the existing technology area to the cryptocurrency economy.

With technology, innovation is the simplest form of transformation. What are the next steps?

Cryptocurrency is a very small regulated space that exists on a collective user consensus value. Whether the future will be bitcoin, some other existing cryp-tocurrency or something that is still to emerge, the reality is that the burdensome putcryipto market is on the right path to a potentially huge transformation for global innovation.

Economically, money has evolved over thousands of years from trading shells to plastic, each for the needs of its time and population. Nowadays, it does not include one nation, but globally; as a result, any replacement of the current cash system is under pressure.

A new money system will help global growth

As today we feel interconnected thanks to services like the Internet, the reality is that much of the world is still isolated. Some 39% of the global population, which is almost 3 billion people, has no access to banks. It's almost every other person there is. We are only blessed to be a part of the privileged half.

Who says the connectivity is imminent?

The interconnectedness of the world and the globalisa-tion of human interaction apply pressure to the need for reliable currencies on a global scale. Try to move large amounts of money across borders, and you can

feel resistance depending on the country you are in, and you will realise how expensive it is and how slow it is. Despite the fact that 90% of the currency is digital, the transfer process is still inefficient and creates unpleasant obstacles that prevent the growth of the global system.

While borders still exist at the political level, they are beginning to break down at the social level. Human effort to connect extends beyond political or corporate relationships; this struggle will trigger the existing monetary system, circulating between corporate and political institutions, to the point where users have to decide whether to continue to believe in it or abandon it. This later requires an alternative solution for the transition to the next money system.

What is in fact blockchain?

It is a publicly available list of multiple-verified, multiple-registered electronic transactions that can-not be deleted or changed. Everyone who has access to the Internet can access it. The transaction records are collected in separate sequences, blocks. Each block of records consists of four records: references to the previous block of records, the summary of the transactions in that block, the timestamps of the creation of that block of records, and evidence

“Today, when you browse CoinLib.io, you will see more than 3,300 differentcryptocurrencies. Most of them exist as an Ethereum token, created as an ICO. While many of them are essentially "shitcoin" (money without real value created for the pure financial gain of their creators), new and interesting projects emerge in the cryptocurrency dimension.


Šta je u stvari Blockchain?

To je javno dostupan popis višestuko ovjerenih na više mjesta zapisanih elektroničkih transakcija koji se ne može izbrisati niti izmijeniti. Svako s pristupom internetu može mu pristupiti. Zapisi o transakcijama skupljaju se u zasebne nizove, blokove. Svaki blok zapisa sastoji se od četiri podatka: reference o pret-hodnom bloku zapisa, sažetka o transkacijama koje se nalaze u tom bloku, vremenske oznake stvaranja tog bloka zapisa i dokaza o stvaranju dotičnog bloka zaštićenih zapisa. Ti blokovi se zatim povezuju u niz – lanac (otud ime: blockchain) zapisa koji ne dopušta nikakve nedosljednosti. Niko ne upravlja tim sustavom, sustav se sam regulira neprestanim provjeravanjem dosljednosti tih blokova transakcija i sigurnosno je zaštićen. Svaki blok zapisa trebao bi imati veći broj međusobno neovisnih potvrda. Novi zapisi u blockchain ulaze stalno svakih nekoliko minuta no postaju valjani tek kad ih sva računala u mreži ovjere a to čine čim dobiju zadovoljavajući dokaz da je nova informacija u sustavu točna.

Gotovo svakog dana pojavi se neko sa novom idejom kako primijeniti tehnologiju blockchain na neki novi način. Za sada najočitija dalja primjena je u financijskoj industriji.

Najveće svjetske banke udružile su se u konzorcij koji se bavi razvojem tehnologija blockchain i to ne samo kao podloge za sigurno ovjeravanje finansijskih

transakcija i razvoj novih virtualnih valuta već i kao alata kojim se moće postići veća učinkovitost u raznim područjima poslovanja.

Nedavni izvještaj Credit Suisse smatra da će tehno-logija najviše ugroziti sustav plaćanja SWIFT koji je star desetljećima spor i skup a u posljednje vrijeme bio je i sigurnosno ugrožen. Blockchain za sada ne prijeti tradicionalnim bankama i kartičnim mrežama (Visa, MC i dr) niti sustavima plaćanja kao što je WU. Više je tu riječ o tome da će ti sustavi tehnologije blockchain koristiti kao platformu za pomoć koje će osvajati nova tržišta i nove vrste korisnika.

Eksperimenti s nacionalnim digitalnim valutama

Centralne banke mnogih naprednih država već ek-sperimentiraju s nacionalnim digitalnim valutama, dok su i neke globalne investicijske i komercijalne banke krenule u stvaranje vlastite digitalne valute utemeljene u tehnologiji blockchain. Riječ je o Utility Settlement Coin (USC) digitalna gotovina utemeljena na nekoj imovini deponovanoj u banci. Plan je da ta digitalna valuta postane prihvaćena za godinu dana. Stručnjaci za crypto valutu vjeruju kako je moćna obitelj Rothschild, lider u bankarskom svjetskom sustavu, „umiješala prste“ na tržištu digitalnog novca i pokrenula projekt valute IMMO, u koju namjerava ulagati. O valuti IMMO veoma malo se zna, ali s razlogom se vjeruje da će taj digitalni novac biti podržan prirodnim resursima.

Ako ti sustavi postanu javni i ako se tvrtkama i pojedincima dopusti elektronsko plaćanje neovisno o centraliziranom automatskom sustavu ovjere tran-sakcija, neće više biti potrebe za sadašnjim tekućim računima.

Prema tom scenariju najugroženije bi bile komerci-jalne banke kojima je to jedan od glavnih proizvoda. Uz to ubrzo bi dobile konkurenciju u poslovanju sa depozitima i kreditima. No tvrde analitičari ne na domaćim lokalnim tržištima već u međunarodnim plaćanjima i prenosima novca. Lokalna domaća plaćanja pružaju korisnicima sasvim zadovoljavajuće iskustvo brzine i cijene te sigurnosti i blockchain bi vrlo malo donio poboljšanja u tom smislu.

Erozija prihoda banaka bi se mogla dogoditi širom primjenom tehnologija blockchain na međunarodnim finansijskim tržištima:

“Najveće svjetske banke udružile su se u konzorcij koji se bavi razvojem tehnologija blockchain i to ne samo kao podloge za sigurno ovjeravanje finansijskih transakcija i razvoj novih virtualnih valuta već i kao alata kojim se moće postići veća učinkovitost u raznim područjima poslovanja

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Globalna plaćanja danas su proces koji traje ponekad i danima najčešće zbog regulatornih razloga;

Prekogranične doznake u manje razvijenim zemljama koje nemaju visokorazvijen bankarski sustav;

Pametni ugovori (unaprijed programirane transak-cije) npr. naručite kontejner robe iz Kine i prihvatite ga u luci Rijeka. Otvorite ga i provjerite je li sve onako kako je dogovoreno i date naredbu za plaćanje.

Jedna od nefinansijskih primjena tehnologije blockchain je decentralizirano slanje poruka. Na sličan način kako se nekome može poslati novac po-moću Bitcoina možete poslati i poruku da ne koristite neki od alata (gmail, whatsup, Viber) za slanje pošte ili društvenih mreža. Ono što pošaljete vidjeće samo oni kojima ste poslali.

Većina primjene tehnologije blockchain je u fazi internih eksperimenata no ima nekoliko usluga koje su zaživjele u stvarnom svijetu. Tvrtka Ripple već sarađuje sa sedam velikih banaka (među kojima je USB, UniCredit, Santader) koje pomoću njihove tehnologije blockchain prebacuju novac diljem svijeta u jednom danu( u roku od 5-10 sekundi) što je iznimno brzo za ino plaćanja. S tehnologijama blockchain od prošle godine intenzivnje se počinju baviti i velike svjet-ske informatičke kompanije Apple, Google, IBM, SAP itd. Analitičari tvrde da će tehno-logija blockchain šire biti pri-hvaćena za 3-5 godina koliko će velikim igračima trebati da riješe problem interopera-bilnosti vlastitih blockchain sustava, a regulatorima da smisle propise kojima će sve te nove primjene urediti.

Informacijskim sistemima banaka uglavnom upravljaju oprezni i konzervativni ljudi koji su vrlo neskloni eksperi-mentiranju s novim (startup) igračima na tržištu. A tu su i propisi, regulatori. Da se odmah razumijemo regula-cija nije loša. Sve što može

imati negativnu posljedicu za ljude – treba nadzirati i regulirati. No s regulacijom financijskih startupa ne treba brzati, jer ono što oni rade je to da pokušavaju da nam ponude bolje načine konzumacije postjećih financijskih usluga pomoću tehnologija.

Nema boljeg učitelja od tržišta i nema boljeg testa za ideju od novca.To vrijedi za sve, pa i za blockchain.

Znate li ko su glavni igraèi sada u cryptovalutnom prostoru?

Riječ je o "KITOVIMA" zvanim ljudi sa najmanje nekoliko miliona dolara vrijednosti u kriptovalu-tama u svom posjedu, u financijskim terminima "stare škole" to su ljudi poznati kao "Visoko vrijedni pojedinci" (HNWI).

Ovi HNWI-i su kitovi, jer kad god obavljaju tran-sakcije na tržištu, stvaraju ogromne valove zbog volumena u kojem obavljaju transakciju.

Ali tko su ti kitovi?

Pa, oni se sastoje od ranih ima-oca Bitcoina i drugih crypto valuta, ulagača, hedge fondova crypto valutama, investicijskih bankara i maloprodajnih in-vestitora koji su rano počeli da ulažu milione.

Ono što je najznačajnije je da je većina još uvijek uglavnom individualni investitori tj. ljudi poput mene ili vas, ili kako oni to vole nazivati stara škola na financijskim tržištima 'Mama i tata' investitori.

Ako bismo rangirali investi-cijske grupe u smislu onoga tko trenutno posjeduje najveći udio na tržištu u cryptovalutnom prostoru, pretpostavljam da bi to izgledalo kao:1. Rani usvojitelji, imaoce, crypto entuzijaste i stručnjaci2. cryptovalutni hrabri ulagači i Hedge Fundovi3. pojedinačni Investitori tj. "Mama i tata" investitori ili

Bitcoin ATM je stroj koji kupuje ili prodaje bitcoine za gotovinu.Radi gotovo isto kao i bankomati koji su danas u upotrebi. Postoje neke razlike: Umjesto umetanja debitne kartice i dobi-vanja gotovine, ubacite gotovinu i dobijete bitcoine poslane u vaš Bitcoin novčanik (ako kupujete bitcoine).Neki Bitcoinovi bankomati također vam omogućuju prodaju bitcoina, tako da mo-žete unijeti bitcoine u mašinu, a Bitcoinovi bankomati će izbaciti gotovinu.Bitcoin bankomati su dobar način za kupnju bitcoina ako ih imate u blizini. Možete upotrijebiti mapu Coin ATM radar da nađete lokaciju ovakvog ATM-a. Isporuka bitcoina s Bitcoinovim banko-matima je trenutačna, pa brzo dobivate svoje novčiće.Kupnja bitcoina na bankomatima je također privatna, budući da na većini bankomata nije potrebna osobna informacija.Prosječna naknada iznosi oko 5-10%, iako se to može jako razlikovati ovisno o zemlji.

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of the creation of the respective block of protected records. These blocks are then linked to a sequence (hence the name: blockchain) that does not allow any inconsistencies. No one manages this system; the system is regulated by verifying continuously the consistency of these transaction blocks and is securely protected. Each block of records should have higher number of mutually independent certificates. New blockchain records enter the system every few minutes but become valid only when all computers in the network are authenticated, and they do so as soon as they get satisfactory evidence that the new information in the system is correct.

Almost every day someone comes up with a new idea of applying blockchain technology in a new way. Currently, the most obvious further application is in the financial industry.

The world's largest banks have teamed up in a con-sortium dealing with the development of blockchain technology, not only as a basis for secure certification of financial transactions and the development of new virtual currencies, but as a tool for achieving greater efficiency in various areas of business.

The recent Credit Suisse report believes that the technology will most likely endanger the SWIFT pay-ment system, which has been slow and expensive for decades and has been endangered lately. Blockchain does not currently threaten traditional banks and credit cards (Visa, MC, etc.) or payment systems like WU. It is more likely that these blockchain technology systems will be used as a platform for assistance that will conquer new markets and new types of users.

Experiments with national digital currencies

Central banks of many advanced states are already experimenting with national digital currencies, while some global investment and commercial banks have begun to create their own digital currencies based on blockchain technology. This is the Utility Settlement Coin (USC) digital cash based on some assets depos-ited in the bank. The plan is for this digital currency to become accepted in one year. Cryptocurrency experts believe that the powerful Rothschild family, the leader in the banking system, "fused their fingers" into the digital money market and launched the IMMO currency project, which they intend to invest in. Very little is known about IMMO currency, but it

is reasonably believed that this digital money will be supported by natural resources.

If these systems become public and if companies and individuals allow electronic payments regardless of the centralised automated transaction verification system, there will be no need for the existing current accounts.

According to this scenario, the most vulnerable would be commercial banks, where these accounts are one of the main products. In addition, they would soon get competition in deposits and loans business. But analysts claim that this will not happen in domes-tic local markets but in international payments and money transfers. Local domestic payments provide users with a fairly good speed and price security experience, and blockchain would make little im-provements in that regard.

The erosion of banks’ revenue could occur through the use of blockchain technology in international financial markets:

Global payments nowadays are a process that some-times takes days mostly due to regulatory reasons;

Cross-border remittances in less developed countries without a highly developed banking system;

Smart deals (pre-programmed transactions) e.g. order a container of goods from China and accept it at the port of Rijeka. Open it and make sure everything is as agreed and give a payment order.

One of the non-financial applications of blockchain technology is decentralized message sending. You can send a message in a similar way as you send money through bitcoin without using any of the tools (gmail, whatsup, viber) to send mail or social networks. Only

“The world's largest banks have teamed up in a consortium dealing with the development of blockchain technology, not only as a basis for secure certification of financial transactions and the development of new virtual currencies, but as a tool for achieving greater efficiency in various areas of business


možda prikladniji naziv u crypto prostoru bi bio "Sin i kći" investitora. (Sada ovim prostorom vladaju Milenijci s prosječnom dobi menadžera crypto valut-nih hedge fondova od 26 godina prema Blockchain kapital istraživanju)

4. Investicijske banke i Wall Street

Ono što se trenutno događa je da mnoge tradicionalne finansijske institucije stare škole, tj. PRAVI kitovi poput mirovinskih fondova, osiguravajućih društava, fondova i investicijskih fondova tradicionalnih hedge fondova, investicijskih banaka i drugih velikih inve-stitora, žele da budu u ovom prostoru, ali ne mogu ući iz nekoliko razloga:

Ovi institucionalni ulagači pravi su kitovi, jer ako pogledate na količinu novca koji obrađuju, to je šala u usporedbi s onim gdje se trenutno nalazi crypto tržište.

Mirovinski fondovi, na primjer, kontroliraju više od 6 trilijuna dolara u imovini, dok kripto valuta nije čak dosegla ni do milijardu dolara.

Sve ispod 1 trilijuna dolara bilo bi premalo za ove debele kitove da se uključe.

U momentu pisanja ukupna tržišna kapa crypto tržišta fluktuira u iznosima od oko 550 milijardi do-lara. To bi moglo izgledati kao puno, ali kada uzmete u obzir veličinu drugih financijskih tržišta to je kao usporedba Chihuahua-ei velikog psa.

Usporedba tržišnog udjela: ■ Kriptovalute = 550 milijardi dolara ■ Dot Com Bubble u najboljem usponu = 3 trili-juna dolara

■ Zlato = 7,7 trilijuna dolara ■ Globalno tržište dionicama = 73 trilijuna dolara ■ Globalno tržište nekretnina = 217 trilijuna dolara ■ Derivatna tržišta = 544 bilijuna dolara

U redu, razumjeli ste, ti kitovi imaju puno novaca za igru, ali ne mogu skočiti u ocean iako neki od njih očajnički žele.

Zašto je to tako?

1. Nedostatak zakona i propisa - ako investirate novac drugih ljudi, ne možete ga samo uzeti i "uložiti" sve na crno u kasinu.

2. Sigurnost i skrbništvo nad cryptovalutnim sred-stvima - ovi ljudi ne znaju kako blockchain radi, a kamoli kako sigurno pohraniti privatne ključeve. Čak i da su to učinili, ove metode ne bi odgovarale pravilima i propisima SEC-a u pogledu skrbništva.

3. Tržište je premalo i nema podmazan put za ove ki-tove da se ukližu u ovaj mali bazen bez da uzrokuju ogromne valove i poprskaju sve oko sebe.

Vidite, ako bi insto investitor ušao u crypto tržište sa 100 milijardi dolara za igranje, u našoj trenutnoj tržišnoj kapi od 550 milijardi dolara ovo već predstavlja gotovo 20% cjelokupnog tržišta!

Možete li zamisliti što bi se dogodilo ako je 100 milijardi $ ubrizgano u ovo tržište? Ne samo da bi sve pucalo kao ludo, ali ljudi bi poludili i željeli se priključiti aktivnosti uzrokujući da cijene još više skaču.

Utjecaj institucionalnih investitora i stvarnog novca kitova na ovaj sektor je ogroman.

Zato postoje dark pools (tamni bazeni). Tamni bazen razmjene pruža mogućnost High Net Worth pojedinaca ili kitova i insto ulagača da uđu i trguju kriptovalutama diskretno bez izazivanja velikih fluktuacija cijena.

Tamni bazeni su trgovinska razmjena gdje možete trgovati dionicama ili drugom imovinom putem skrivenih narudžbi.

Kada se trgovina ili razmjena obavlja na tamnom bazenu, nitko ne može vidjeti narudžbe kupnje ili prodaje koje čekaju da budu ispunjene.

Sve su to čisto anonimne i "isključene iz knjiga" - ili barem izvan narudžbenica.

U ovom kontekstu i treba se zaista prema njemu odnositi kao prema mračnom okeanu, jer općenito samo najveća najgora stvorenja koja plivaju u tim "bazenima" su kitovi i morski psi.

Pa, dopušta kitovima da prodaju crypto valutu bez ozbiljnog utjecaja na tržišne cijene.

Ako žele kupiti značajnu količinu Bitcoina po ci-jeni od 11.000 dolara, a ljudi vide narudžbu na burzi za 100 milijuna dolara, ova kupnja bi imala snažan pritisak na cijene.

Zato, po mom mišljenju, kad čujete za institucije koje konačno ulaze u ovaj prostor, možda biste htjeli

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those that you sent a message will be able to see it.Most of the blockchain technology applications are

in the phase of internal experiments, but there are several services that have survived in the real world. The company Ripple is already working with seven large banks (including USB, UniCredit, Santader), using their blockchain technology to transfer money around the world in one day (within 5-10 seconds), which is extremely fast for the payments. Global larg-est information technology companies like Apple, Google, IBM, SAP, have been more intensively deal-ing with blockchain technology since the end of last year. The analysts say that blockchain technology will be widely accepted for 3-5 years, a period needed for big players to solve the problem of interoperability of their own blockchain systems, and regulators to come up with regulations for the implementation of all these new applications.

Banks' information systems are largely managed by cautious and conservative people who are reluctant to experiment with new (startup) players in the market. And there are regulations, regulators. Just to be under-stood immediately, regulation is not bad. Everything that can have a negative impact on people - should be supervised and regulated. But there is no need to be fast when it comes to regulating the financial startups, because they are just trying to offer better ways of consuming the existing financial services by using the technology.

There is no better teacher than the market and there is no better test for the idea than money. This applies to everyone, even to blockchain.

Do you know who the main players are now in the cryptocurrency area?

It is about "WHALES" called people with at least sev-eral million dollars worth of cryptocurrenciesin their possession, in financial terms "old school" these people are known as "Highly-Known Individuals" (HNWI).

These HNWIs are whales, because whenever they make transactions on the market, they generate enor-mous waves due to the volume in which they transact.

But who are these whales?

Well, they consist of early holders of bitcoins and other cryptocurrencies, investors, hedge funds in crypto-currencies, investment bankers and retail investors who early started to invest millions.

Most importantly, majority of them are still indi-vidual investors, i.e. people like me or you, or how they like to call the old school in the financial markets 'Mom and Dad' investors.

If we rank the investment groups in terms of those who currently own the largest market share in the cryptocurrency area, I assume it would look like:1. Early adopters, enthusiasts, crypto enthusiasts,

and specialists2. cryptocurrency brave investors and Hedge Funds3. Individual Investors i.e. "Mom and Dad" investors

or perhaps a more appropriate name in the crypto area would be the "Son and Daughter" of the in-vestor. (Now this space is ruled by the Millennials with managers of cryptocurrency hedge funds of

Bitcoin ATM is a machine that buys or sells bit-coins for cash.It's almost the same as the ATMs that are in use today. There are some differences:Instead of inserting a debit card and withdrawing cash, cash is inserted and bitcoins are obtained that are sent to your Bitcoin wallet (if you are buying Bitcoin).Some Bitcoin ATMs also allow you to sell bitcoins so you can insert bitcoins into a machine, and Bitcoin ATMs will pay out the cash.Bitcoin ATMs are a good way to buy bitcoins if you have them nearby. You can use the Coin ATM radar map to find the location of this ATM. Bitcoin delivery from Bitcoin ATMs is instant, so you get your coins quick.Buying bitcoins on ATMs is also private, as most ATMs do not need personal information.The average fee is around 5-10%, though this may vary greatly depending on the country.


an average age of 26, according to the blockchain equity research)

4. Investment banks and Wall Street

What is happening right now is that many traditional financial institutions of old school, i.e.. THE whales like pension funds, insurance companies, funds and investment funds of traditional hedge funds, invest-ment banks and other large investors, want to be in this area but cannot enter for several reasons:

These institutional investors are the whales, because if you look at the amount of money they are dealing with, this is a joke compared to where the crypto market is currently located.

Pension funds, for example, control over $ 6 tril-lion in assets, while the cryptocurrency has not even reached a billion dollars.

All under $ 1 trillion would be too small for these thick whales to get involved.

In the moment of writing this paper, the overall market cap of the crypto market fluctuated in the amount of about $ 550 billion. This might look like a lot, but when you consider the size of other financial markets it's like comparing Chihuahua to a big dog.

The comparison of market share: ■ Cryptocurrencies = $ 550 billion ■ Dot Com Bubble at best rise = $ 3 trillion ■ Gold = $ 7.7 trillion ■ Global stock market = $ 73 trillion ■ Global real estate market = $ 217 trillion ■ Derivative markets = 544 trillion dollars

OK, you understand, these whales have a lot of money to play, but they cannot jump into the ocean, although some of them desperately want to do that.

Why is that so?

1. Lack of laws and regulations - If you invest the money of other people, you cannot just take it and "invest" everything in black at the casino.

2. Security and custody of cryptocurrencies - These people do not know how blockchain works, let alone safely store private keys. Even if they did,

these methods would not be in line with the rules and regulations of the SEC in terms of custody.

3. The market is too low and there is no lubrication path for these whales to get attached to this small pool without causing huge waves and spilling around.

You see, if you put an investor into a crypto market with $ 100 billion to play, in our current $ 550 billion market cap this already represents almost 20% of the total market!

Can you imagine what would happen if $ 100 bil-lion was injected into this market? Not only would everyone shoot like crazy, but people would be crazy and would like to join the activities, causing the prices leap even more.

The influence of institutional investors and the real money of whales in this sector is enormous.

That is why there are dark pools. The Dark Exchange Pool provides the ability of High Net Worth Individuals or Whales investors to enter and trade cryptocurrencies discreetly without causing large fluctuations in prices.

Dark pools are trading where you can trade stocks or other assets through hidden orders.

When a trade or exchange is done in a dark pool, no one can see purchase or sales orders that are wait-ing to be filled.

All of this is purely anonymous and "excluded from the books" - or at least outside the order forms.

In this context, it should really be referred to as a dark ocean, because in general only the worst creatures that swim in these "pools" are whales and sharks.

What is the purpose of using a dark pool?

Well, it allows whales to sell cryptocurrencies without any serious impact on market prices.

If they want to buy significant amount of bitcoins at a price of $ 11,000, and people see $ 100 million order at the stock exchange market, this purchase would have a strong price pressure.

So, in my opinion, when you hear about institutions finally entering this area, you might want to think about when the balloon will start, and you will be fortunate to know when those players will enter due to the impact they will have on the market.


razmisliti kada će se balončić pokrenuti, a srećom ćete znati kada će ti igrači ući zbog uticaja koji će oni imati na tržište.

Od 2016. godine mračni bazeni već su dostupni na burzama kao što su Kraken i TradeZero. Pa zašto institucije već nisu ušle u ovaj prostor?

Pa ko i koristi Kraken ili TradeZero? I kao što je ranije spomenuto, postoje pitanja oko skrbništva crypto-imovine, kao i zakona i propisa koji se moraju poštivati.

Ovdje dolazi Republikanski protokol kao spasitelj. Republikanski protokol je jedini blok-projekt koji će ponuditi decentraliziranu i sigurnu razmjenu crypto transakcija u tamnom bazenu.

Ono što će republikanski protokol u konačnici po-nuditi je mogućnost kitova da trguju crypto valutama bez izazivanja ogromnog bogatstva ili priliva poziva u suicidalne telefonske linije zbog načina na koji će njihovi obrti utjecati na tržište.

Druga glavna prednost je sigurnost pa se kitovi ne moraju bojati gubitka svoga novca putem centralizirane razmjene. A kad govorite o trgovanju s desetinama ili stotinama milijuna dolara, ovo je ozbiljna briga.

Ovo su neke stvari koje su mi privukle pažnju gle-dajući dalje u Republički protokol i zašto mislim da imaju veliku šansu da se uspostave kao premijerna decentralizirana mračna baza: ■ Republikanski protokol nije vezan za Ethereum i može se prebaciti na bilo koju drugu platformu tako da je kompatibilan s više lanaca. To znači da je gotovo bilo koji kanal trgovanja crypto raz-mjera moguć.

■ Ne postoje konkurenti izvan ili unutar graničnog prostora koji rade ono što rade ti momci. Budući da su vanjske razmjene centralizirane, a drugi projekti u blok-prostoru koji nude decentrali-ziranu razmjenu nisu potpuno besprijekorni, niti su izgrađeni oko tamnih bazena i skrivenih narudžbi.

■ Preko 90 milijardi dolara u volumenu trgovanja obavlja se između Bitcoina, Ethereuma i ERC20, a to će samo s vremenom rasti. Na tradicionalnim financijskim tržištima, tamni bazeni čine oko 20 do 30% svih transakcija u SAD-u, pa bi to moglo značiti najmanje 18 milijardi dolara koje se obav-ljaju preko tamnih bazena na crypto tržištu.

■ Postoji stvarni slučaj korištenja Republik proto-kol REN tokena, budući da trgovci trebaju platiti naknade za trgovanje, naknada se isplaćuje kao nagrada rudarima (čvorovima) koji uspješno pristaju i izvršavaju trgovinske naloge. REN token također se koristi kao preventivna mjera protiv Sybil napada ili zlonamjernih stranaka koji pokušavaju dešifrirati cijene, naloge ili likvidnost na tržištu kao dragocjenu količinu koja je po-trebna kao prednja veza za postavljanje čvorova ili ponašanje obrta. Iako je sigurnost transakcija (korištenjem blokchain tehnologije) i do tisuću puta veća od sustava passworda mogućnosti ha-kiranja se multipliciraju. Uporedo sa napretkom tehnologije i zaštite raste i mogućnost hakiranja kao jednog od „najunosnijih“ poslova. Korištenje hashinga umjesto passworda je uistinu veća sigurnost, ali je prije hakera treba svakodnevno usavršavati.

2017.g. će se pamtiti kao 12 mjeseci u kojima je vri-jednost bitcoina, vodeće crypto valute, prešla sve vrijednosti ispod 1000$ do gotovo 20.000$ - zdrav povrat za oko 3,5 miliona aktivnih bitcoin imaoca računa. To je slično Nizozemskim tulipanima. Između 1634 i 1637.g. cijena lukovica tulipana skočila je za 60 puta. Jedna lukovica je vrijedila kao 10 godišnjih plaća iskusnih radnika i s njom je osoba mogla kuptit kuću u Amsterdamu. U takvoj mjeri, slična špekulativna groznica se ogleda u rastu cijena Bitcoina. Ion kao i nizozemski tulipani trenutno funkcionira kao čisto špekulativno sredstvo. S toga je malo vjerovatno da će u srednjoročnom razdoblju prkositi ekonomskoj teži.

Kad balon pukne neće slomiti nikakvu ekonomiju- samo će nizozemska ekonomija ponovo tulipan učiniti samo biljkom. Oni koji se kasno priključe će izgubiti novac, ali kao i uvijek lekcija će biti naučena.

Ono što će i dalje biti važno jeste evolucija temeljnih tehnologija distribuirane knjige. U nekom trenutku (ne 2018) ta se tehnologija može koristiti kao osnova crypto valute koje mogu istidobno funkcionirati kao trgovina vrijednosti, medij razmjene i jedinica računa. Do tada na nama je pratiti i procjenjivati šta će kitovima biti u interesu činiti i probati plivati koristeći njihovu pozitivnu struju.

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Since 2016, dark pools have already been available on exchanges such as Kraken and TradeZero. So why the institutions have not already entered into this area yet?

Well, who even uses Kraken or TradeZero? And as mentioned earlier, there are questions about custody of cryptocurrencies as well as laws and regulations that must be respected.

The Republican Protocol comes here as a saviour. The Republican Protocol is the only block project that will offer a decentralised and secure exchange of crypto transactions in the dark pool.

What the Republican protocol ultimately will offer is the ability of whales to trade in cryptocurrencies without causing huge wealth or inflow of calls to suicidal phone lines due to the way their trades af-fect the market.

Another major advantage is security, so whales do not have to fear losing their money through central-ised exchanges. And when you talk about trading with tens or hundreds of millions of dollars, this is a serious concern.

These are some things that attracted my attention by looking further into the Republican Protocol and why I think they have a great chance of setting up as the first decentralised dark base: ■ The Republican Protocol is not connected with the Ethereum and can be switched over to any other platform so it is compatible with multiple chains. That means almost any channel of tra-ding in crypto scale is possible.

■ There are no competitors outside or within the boundary space that are doing what these guys do. Since external exchanges are centralised, and other projects in the block area that offer decen-tralised exchange are not completely flawless, nor are built around dark pools and hidden orders.

■ More than $ 90 billion in trading volume is made between Bitcoin, Ethereum and ERC20, which will only grow over time. In traditional financial markets, dark pools account for around 20 to 30% of all transactions in the USA, and this could mean that at least $ 18 billion are tran-sacted in the dark pools on the crypto market.

■ There is a real case of using Republic Protocol REN token, as traders need to pay trading fees,

the fee is paid as a prize to miners (nodes) who successfully approve and execute trade orders. The REN token is also used as a preventive measure against Sybil attacks or malicious parties trying to decipher the prices, orders, or liquidity on the market as a precious amount needed as the front link for setting nodes or behaviour of turnover. Although transaction security (using blockchain technology) is a thousand times higher than the password system, hacking capabilities are multiplied. Along with the advancement of technology and protection, the possibility of hacking is growing as one of the "most profitable" jobs. Using hashing instead of password is really more secure, but it should be daily improved before hacker attacks occur.

The year of 2017 will be remembered as 12 months in which the value of bitcoins, the leading cryptocur-rency, exceeded all values below $ 1,000 to almost $ 20,000 - a safe return by around 3.5 million of active bitcoin holders’ accounts. This is similar to the Dutch tulips. Between 1634 and 1637, the price of a tulip bulbs rocketed by 60 times. One bulb was worth ten years' salary for experienced workers, and a person could buy a house in Amsterdam. To such an extent, a similar speculative fever is reflected in the price rise of Bitcoin. Bitcoin, as well as Dutch tulips, currently operates as a purely speculative tool. It is unlikely that it will defy the economic base in the medium term.

When the bubble bursts, it will not break any economy - only the Dutch economy will make the tulip its plant again. Those who are late to join will lose money, but as always, the lesson will be learned.

The evolution of basic distributed ledger technolo-gies will continue to be important. At some point (not in 2018), this technology can be used as the basis of cryptocurrencies that can operate at the same time as value trading, exchange media and unit of account. Until then, it is up to us to track and evaluate what will be in the interest of whales and try to swim using their positive stream.


U sadašnjim uslovima poslova-nja, referentne kamatne stope

igraju ključnu ulogu u finansijskom i bankarskom sistemu i ekonomskom razvoju nacionalne privrede. Zašto je referentna kamatna stope toliko značajna? Postoje više razloga zbog čega je ova referentna vrednost zna-čajna za nesmetano funkcionisanje

finansijskih tržišta. Uglavnom, u teoriji i praksi finansijskih tržišta, prevladavaju tri ključna razloga zbog čega je ona bitna i čemu ona služi.

Kao prvi razlog, navodi se da, re-ferentna kamatna stopa služi kao re-ferentna vrednost prilikom zaključi-vanja ugovora koji sadrže promenljive kamatne stope. Sa stanovišta određi-vanja cena, primena referentne kamatne stope, kod ugovora sa promenljivim kamatnim stopama je veoma efikasna, što dalje implicira

mogućnost njihovog pojednostav-ljenja i olakšava njihovu standar-dizaciju. Drugi razlog, primene referentne kamatne stope, u suštini, je povezan sa široko prihvaćenim načinom vrednovanja bilansnih pozicija od strane svih učesnika na finansijskim tržitima. I najzad, treći razlog, korišćenja referentne kamatne stope na finansijska tržišta se ogleda u njenoj velikoj upotrebi na tržištima hartija od vrednosti (HoV), posebno na tržište derivata, opcija i terminskim ugovorima kao i kod ugovora o razmeni.

U globalnom finansijskom i ban-karskom sistemu, najznačajnije referentne kamatne stope, koje se široko primenjuju, su EURIBOR (Evropska međubankarska stopa), LIBOR, (Londonska međubankarska stopa) i TIBOR (Tokijaska među-bankarska stopa). Ove referentne kamatne stope se koriste širom sveta i služe kao merila (referentna vrednost) za vrednovanje velikog broja različitih finansijskih proi-zvoda i ugovora. Na finansijskom i međubankarskom tržištu EU koriste se dva merila ili dve referentne ka-matne stope, EURIBOR i EONIA (Euro, prekonoćni prosečni indeks). EURIBOR je dnevna prosečna ka-matna stopa po kojoj poslovne banke,

“U poslednjih nekoliko godina došlo je do nekih neželjenih događaja i promena na finansijskim tržištima, izazvane od strane pojedinih učesnika u nameri da ostvare visoke prinose na svoja sredstva. Neodgovorno, sinhronizovano ponašanje pojedinih učesnika je prouzrokovalo pojavu slučajeva tržišne manipulacije i friziranog (lažnog) izveštavanja o nivou globalnih referentnih kamatnih stopa

REFERENTNE KAMATNE STOPE maj 2018 | :Bankar

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Nowadays, reference interest rates play a key role in finan-

cial and banking system, and in the economic development of the national economy. Why is the ref-erence interest rate so important? There are several reasons why it is important for smooth functioning of the financial markets. In general, three key reasons prevail for its im-portance and its service in theory and practice of financial markets.

The first reason is stated that reference interest rate serves as a benchmark rate when entering into agreements with variable interest rates. From the aspect of pricing, the implementation of reference inter-est rate is very efficient in contracts with variable interest rates, which further implies the possibility of their simplification and facilitate their standardisation. The second reason of application of reference interest rate is basically connected with broadly accepted valuation of balance sheet positions by all play-ers in the financial markets. Finally,

the third reason for using reference interest rate in the financial markets reflects in its use in the securities market, derivatives market in par-ticular, options and forward and swap agreements.

The most important reference interest rates in global financial and banking systems that are broadly ap-plied are EURIBOR (Euro Interbank Offered Rate), LIBOR (London Interbank Offered Rate), and TIBOR (Tokyo Interbank Offered Rate). These reference interest rates are used worldwide and are benchmark rates for validating large number of different financial products and contracts. Financial and interbank market of the European Union uses two benchmarks or two refer-ence rates, EURIBOR and EONIA (Euro OverNight Indeks Average). EURIBOR is daily average interest rate used by commercial banks in the international financial market to offer money each other, whereby none of them can influence its value. EONIA represents average overnight interest rate made in the European interbank market. Common feature of both reference interest rates is that their values are determined (established) in an unsecured in-terbank market of the EU.

Both reference interest rates are important for maintaining and calibrating monetary policy of the central banks. They are used by the EU monetary authorities when deciding and adopting monetary policy and also as benchmarks for expressing derivative prices in euro, and in some countries for

Importance

“Some undesirable events and changes occurred in the financial markets in the last several years that were caused by individual participants with the intention to make high return on their funds. Irresponsible and synchronised behaviour of some participants resulted in cases of market manipulation and distorted (faked) reporting on the level of global reference interest rates


na međunarodnom finansijskom tržištu, nude novac jedna drugoj pri čemu ni jedna od njih ne može da utiče na njenu vrednost. EONIA, predstavlja prosečnu preko-noćnu kamatnu stopu ostvarenu na evrop-skom među-bankarskom tržištu. Zajednička odlika, obe referentne kamatne stope, je ta što se njihove vrednosti određuju (formiraju) na neosiguranom međubankarskom tržištu EU.

Obe referentne kamatne stope su značajne za vođenje i kalibriranje monetarne politike centrlnih banaka. Njih koriste monetarne vlasti EU prilikom donošenja i usvajanja mo-netarne politike, ali takođe služe i kao merila za izražavanje vrednosti cene derivata u evrima, a istovremeno u

nekim zemljama se pomoću njih odre-đuju kamatne stope na hipoteke. O tome, koliko su značajne za finansijski sistem EU, potvrđuje i obrazlo-ženje Evropske komi-sije, koja u obraćanju javnosti navodi, da je prema sopstvenoj proceni „međuban-karska referentna

kamatna stopa EURIBOR osnova ugovora čija nominalna vrednost prelazi preko 180 milijardi evra“. Prema istim izvorima, u strukturi tih ugovora najveće učešće imaju „kamatni ugovori o razmeni u kojima se fiksne kamatne stope zamenjuju promenljivim kamatnim stopama“, pri čemu „ovi ugovori obuhvataju hipotekarne kredite domaćinstva i kredite i obveznice sa promen-ljivim kamatnim stopama“. Pored toga, njihova važnost je gotovo nemerljiva kada je u pitanju obez-beđenje nesmetanog funkcionisanja transmisije monetarne politike, posebno u EU. Kao što je poznato, transmisija monetarne politike se odvija preko finansisjkih tržišta, i u tom segmentu, obe referentne

kamatne stope imaju jednu od bitnih uloga u praćenju i finom podešavanju prenosa ove ključne politike.

U poslednjih neko-liko godina došlo je do nekih neželjenih događaja i promena na f inansij sk im

tržištima, izazvane od strane poje-dinih učesnika u nameri da ostvare visoke prinose na svoja sredstva. Neodgovorno, sinhronizovano po- našanje pojedinih učesnika je pro-uzrokovalo pojavu slučajeva tržišne manipulacije i friziranog (lažnog) izveštavanja o nivou globalnih refe-rentnih kamatnih stopa. Očigledni skandal sa manipulacijama refe-rentnih kamatnih stopa je izazvao veliku zabrinutost regulatora i široke poslovne i druge zainteresovane javnosti u celom svetu.

Reagujući na očigledni skandal, FSB (Odbor za finansijsku stabilnost) je samo potvrdio ono što je već svima bilo poznato i jasno, da frizirane referentne kamatne stope zajedno sa potkriznim padom likvidnosti na međubankarskim finansijskim tržištima potkopavaju poverenje u pouzdanost i snagu postojećih međubankarskih kamatnih stopa. Nesigurnost merila referentnih ka-matnih stopa, na globalnom nivou, predstavlja ozbiljan potencijalni izvor ranjivosti finansijskog sistema sa opasnošću da prouzrokuje po-javu sistemskog rizika. Na moguć-nost materijalizacije potencijalnih opasnosti, reagovala je i grupa G20 koja je hitno zatražila od FSB da pristupi i uradi fundamentalnu analizu glavnih merila kamatnih stopa i predloži plan za njihovu reformu. Pri tom, ona je posebno naglasila, da reformski zahvati treba da budu dosledni i koordinirani i da predložena merila za reformu referentnih kamatnih stopa moraju da budu robusna. Uz to, buduće reformisane referentne kamatne stope treba da budu prihvatljive za sve ušesnike na finansijska tržišta i da ih svi koriste na odgovarajući način. Postupajući po zahtevu grupe G20,

“Nesigurnost merila referentnih kamatnih stopa, na globalnom nivou, predstavlja ozbiljan potencijalni izvor ranjivosti finansijskog sistema sa opasnošću da prouzrokuje pojavu sistemskog rizika

“Postupajući po zahtevu grupe G20, FSB je definisao nekoliko relevantnih kriterija, po kojima bi trebalo da se postupi, kako bi se obezbedilo da referentne kamatne stope budu važna podrška privatnom i javnom sektoru


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determining interest rates on mort-gages. The European Commission explained their importance for the EU financial system stating in its public release that according to the estimate “interbank reference interest rate EURIBOR is basis of contracts with nominal value exceeding 180 billion euros”. Based on the same sources, the largest share in these agreements have ”interest rate swaps in which fixed interest rates are swapped by floating rates”, whereby “these contracts cover mortgage household loans and loans and bonds with variable interest rates”. In addition, their importance is almost immeasurable when it comes to the ensuring smooth functioning of monetary policy transmission, in the EU in particular. As familiar as it is, the monetary policy trans-mission is run through financial markets and in that segment, both reference interest rates have one of important roles in monitoring and fine tuning of the transmission of this key policy.

Some undesirable events and changes occurred in the financial markets in the last several years that were caused by individual participants with the

intention to make high return on their funds. Irresponsible and synchronised behaviour of some participants resulted in cases of market manipulation and distorted (faked) reporting on the level of global ref-erence interest rates.

Obvious scandal with manipulation of reference interest rates brought large concern of regulators and broad business and other stakeholders worldwide.

As a response to the obvious scan-dal, the Financial Stability Board (FSB) only confirmed what has been already known and clear to everyone that the distorted reference interest rates together with the post-crisis liquidity decline in interbank finan-cial markets undermined confidence in the reliability and strength of the existing interbank interest rates. The global uncertainty of benchmark rates is a serious potential source of financial system vulnerability with the possibility of causing systemic

risk. The Group of Twenty (G20) reacted on the possibility of ma-terialization of potential dangers

urgently requesting the FSB to step up and undertake a fundamental analysis of the major interest rate benchmarks and propose a plan for their reform. It stressed in par-ticular that reform efforts should be consistent and coordinated, and that the proposed benchmarks to the reference interest rates reform must be robust. In addition, future reformed benchmark rates should be acceptable for all players in the financial markets and all players should use them appropriately. Acting upon the G20 request, the FSB has defined several relevant criteria that should be dealt with in order to ensure that reference interest rates are an important support to the private and public sector.

Under those criteria: ■ The benchmark rates should mini-mise the opportunities for market manipulation,

■ The benchmark rates should be anchored in observable transac-tions wherever feasible.

■ The benchmark rates should be robust in the case of market dis-location and joint confidence is needed that they remain resilient

in times of stress To that end, the FSB proposed certain recommendations to all participants

“Acting upon the G20 request, the FSB has defined several relevant criteria that should be dealt with in order to ensure that reference interest rates are an important support to the private and public sector

“The global uncertainty of benchmark rates is a serious potential source of financial system vulnerability with the possibility of causing systemic risk


FSB je definisao nekoliko relevantnih kriterija, po kojima bi trebalo da se postupi, kako bi se obezbedilo da referentne kamatne stope budu važna podrška privatnom i javnom sektoru.

Po tim kriterijumima: ■ Referentne kamatne stope bi trebale da smanje mogućnosti manipulacije tržištem,

■ Merila referentnih stopa trebala bi da budu usidrena u transakcijama koje se mogu posmatrati gde god je to izvodljivo, i

■ Merila referentnih stopa treba da budu robusna u slučaju disloka-cije na tržištu i treba zajedničko poverenje da one ostaju otporne u vremenu stresa

U tom smislu, FSB je predložio odre-đene preporuke, svim učesnicima

na globalnom finan-sijskom tržištu. Te preporuke se odnose na jačanje merila po-stojećih referentnih kamatnih stopa, uk-ljučujući, pri tom, i buduće potencijalne referentne kamatne stope, utemljene na međubankarska trži-

šta. Paralelno, a u skladu sa svojim preporukama, FSB je posebno ista-kao da se svi učesnici usredsrede na iznalaženje i razvoj bezrizičnih alternativnih referentnih kamatnih stopa.

Postupajući po preporukama FSB, EU je usvojila Uredbu o standardima EU, u kojoj je postavljen krajnji vremenski rok za završetak reforme referentnih stopa do 1.1.2020 godine. To podrazumeva da se do tog roka, definišu i usklade kriterijumi sa odredbama Uredbe o standardima EU. Ove odredbe, su takođe, važne za ugovore bazirane na EONIA stan-dardu. Korisnici takvih ugovora su obavezni da obezbede alternativna

rešenja, što je veoma teško, s obzirom da trenutno ne postoji alternativna referentna stopa koja odgovara novim i neizmirenim ugovorima.

Preporuke i skandal sa referen-tnim kamatnim stopama u EU, je nateralo EMMI (Evropski institut za tržište novca) da preduzme od-govarajuće mere u pravcu reforme oba merila. Preduzete reforme, od strane navedene institucije, imale su za cilj da obe referentne kamatne stope usklade sa novom Uredbom o standardima EU o referentnim kamatnim stopama koja je usvojena 2016 godine i čija implementacija je trebala da otpočne od janura 2018 godine.

U nastojanju da otkloni moguć-nost manipulacije sa referentnom kamatnom stopom EURIBORA, EMMI je preduzeo mere „sa ci-ljem koji se temelji u razvijanju i određivanju trenutnih kalkulacija koje su bazirane na kvotama ka metodologiji koja će se u potpunosti bazirati na transakcijama kako bi se obezbedio indeks koji će biti mnogo reprezentativniji, transparentniji, jasniji i snažniji“.

Postupajući u skladu, sa prokla-movanim ciljem, EMMI, je počeo da razvija plan reforme postojećih referentnih kamatnih stopa. U su-štini plan reforme se zasnivao na postepenom prelasku sa kotizacija na transakcije. Međutim, sprovedeno testiranja i verifikacija praktične implementacije plana reforme, od-nosno programa nije bila održiva i primenljiva. Odnosno, usvojena metodologija bazirana na transak-cijama, nije u datim tržišnim uslo-vima i okolnostima bila praktično izvodljiva. To je uticalo da EMMI maja meseca 2017 godine zaključi, „da u trenutnim tržišnim uslovima

“Postupajući po preporukama FSB, EU je usvojila Uredbu o standardima EU, u kojoj je postavljen krajnji vremenski rok za završetak reforme referentnih stopa do 1.1.2020 godine

“U nastojanju da otkloni mogućnost manipulacije sa referentnom kamatnom stopom EURIBORA, EMMI je preduzeo mere „sa ciljem koji se temelji u razvijanju i određivanju trenutnih kalkulacija koje su bazirane na kvotama ka metodologiji koja će se u potpunosti bazirati na transakcijama kako bi se obezbedio indeks koji će biti mnogo reprezentativniji, transparentniji, jasniji i snažniji“


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nije moguće bez prekida preći sa sadašnje metodologije utvrđiva-nje EURIBOR-a na metodologiju koja bi se u potpunosti bazirala na transakcijama.“ Neuspeh programa reforme, proizašao je iz usvojenog kriterijuma utvrđivanja indeksa, koji je određivan na bazi broja dospelih kotizacija koje su bile ograničene ne samo po broju izvršenih transak-cija već i po broju učesnika. Broj transakcija nisu bile dovoljno refe-rentne, uz to još su bile neprecizne i nepouzdane da u pravom smislu odslikavaju tržišnu realnost za koje je referentna vrednost merodavna za merenje. Prema mišljenju mnogih, uočeni nedostaci, su se mogli ubla-žiti korišćenjem ulaznih podataka koji ne pripadaju transakcionim podacima kao i procenjene cene, kotacije i druge vrednosti.

Svesna nedostatka primenjene metodologije, EMMI, je pokrenula novi pristup usvajanjem hibridnog modela. Hibridni model se zasniva na novoj metodologiji koja se teme-lji, na transakcijama, kada god je to moguće a prema potrebi mogu da se koriste i drugi podaci vezani za tržišne cene. U cilju realizacije predočenih reformi formirana je nova radna grupa, za identifikaciju i usvajanje evro alternativnih stopa za zaštitu od rizika.

Kada je u pitanju EONIA, prema izjavi EMMI, prva faza njene pri-mene i verifikacije je završena, u kojoj se proveravao okvir upravljanja na osnovu novih regulatornih zahteva. Trenutno, EMMI, sprovodi drugu fazu u kojoj preispituje prekonoćnu kamatnu stopu odnosno obavlja analizu tržišta na kome egzistira EONIA kako bi referentna vrednost bila podešena stvarnim potrebama

realnog sektora i održivo odražavala realno stanje.

I pored očiglednog napora da se referentne vrednosti prilagode ekonomskoj realnosti, ipak ne sme se izgubiti iz vida, da se obe ka-matne stope zasnivaju na dobroj volji dve grupe privatnih banaka, čiji broj se poslednjih godina pri-metno smanjio. Ovaj nedostatak, je značajan, čega je svesna EU. Zbog toga, su regulatori, da bi otklonili ovu potencijalnu opasnost, pred-videli zaštitni mehanizam kojim žele da obezbede stabilnost grupe banaka koje čine izvor za EURIBOR i EONIA. Zaštitni mehanizam po-drazumeva mogućnost uvođenja obaveze dostavljanja podataka za utvrđivanje visine obe referentne stope pod određenim uslovima od strane obe grupe banaka FSMA-u.

Međutim, početkom februara 2018 godine Evropski institut za tržište novca (EMMI) kao administrator EONIA je objavio da više neće voditi temeljan pregled podataka o EONIA. Budućnost EONIA će uglavnom zavisiti od spremnosti poslovnih banaka i EMMI i njihovu želju da podrže kontinuitet merila kao i održivosti postojećih alternativa. U tom kontekstu, misija EMMI je da podrži aktivnosti u okviru tržišta novca EU kroz odgovarajuća merila koja podržavaju integraciju i transparentnost finansijskih tržišta. EMMI prihvata projekat ECB za razvoj i uspostavljanje neobezbeđene prekonoćne kamatne stope sa name-rom da poboljša i dopuni postojeće stope. Svesna značaja postojećih referentnih stopa za evropsko tržište na malo i veliko, (analogno FMSA, ESMA, ECB i Evropske komisije), ona ostaje posvećena podsticaju

transparentnosti i jačanju postoje-ćih merila. Svakako, u nedostatku rešenje za validne transakcije, one koje su zasnovane na EONIA pre 1.1. 2018 godine sa rokom dospeća posle 1.1. 2020 god svi akteri na tržištu su izloženi pravnim i operativnim rizicima. Da bi se izbegle ove moguće anomalije na finansijskim tržištima neophodno je u međuvremenu hitno rešiti pitanja pravne tranzicije.

Coure Benito, član Izvršnog odbora ECB je na sastanku Working Group on Euro Risk-Free Rates 26.2.2018 godine ukazao na važnost zadataka radne grupe koja prema njegovim rečima ima mandat da identifikuje i razvije plan usvajanja bezviznog kursa preko noći koji može poslužiti kao osnova za alternativu referen-tnim vrednostima koje se trenutno koriste u evrozoni. Istovremeno, on je naveo da radna grupa treba da istraži načine kako bi se osigurao neometan prelazak na željenu novu stopu.

Poseban interes za reformu re-ferentne kamatne stope je iskazao finansijski i javni sektor. Dosadašnji način funkcionisanja finansijskog sektora je bio nezamisliv bez refe-rentnih kamatnih vrednosti koje su ključne i opšteprihvaćene kao reper kod široke lepeze finansijskih proizvoda i ugovora. Za javni sek-tor reforma referentnih vrednosti kamatnih stopa bi nedvosmisleno uticala na održivo i efikasnije funk-cionisanje tržišta novca evrozone i ojačalo poverenje u srodne fi-nansijske proizvode. Uz to, treba posebno naglasiti vitalan značaj


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in the global financial markets. Those recommendations refer to strength-ening of the existing benchmark rates including future potential reference rates based on interbank markets. In parallel, and in accord-ance with those recommendations, the FSB particularly highlighted that all participants should focus on finding and developing riskless alternative reference rates.

Complying with the FSB recom-mendations, the EU adopted a Benchmarks Regulation which prescribed the final timeframe for the completion of the benchmark rates’ reform by 1 January 2020. This implies the definition and har-monisation of the criteria with the provisions of the EU Benchmarks Regulation by this period. These provisions are also important for the EONIA-based contracts. Beneficiaries of these contracts are obliged to provide alternative solu-tions, which is very hard, considering the fact that currently there is no alternative reference rate suitable for new and outstanding contracts.

Recommendations and scandals with benchmark rates in the EU have led European Monetary Markets Institute (EMMI) to take the ap-propriate measures for the reform of both benchmarks. The reforms undertaken by the aforementioned institution aimed at aligning both benchmark rates with the new EU Benchmarks Regulation adopted in 2016, which implementation was supposed to start from January 2018.

In an effort to eliminate the pos-sibility of manipulation with the reference interest rate of EURIBOR,

EMMI has taken measures “aimed at evolving the current quote-based determi-nation calculation to a fully transaction-based methodology, in order to provide the market with a more transparent, robust, and representative index”.

Acting in accordance with the stated aim, EMMI has begun to develop a reform plan of the exist-ing benchmark rates. In essence, the reform plan was based on a gradual transition from quote to transaction. However, the testing and verification of the practical implementation of the reform plan or programme was not sustain-able and practicable. Namely, the transaction-based methodology was not practically feasible under relevant market conditions and circumstances. Consequently, in May 2017 EMMI concluded that “in the current market conditions it is not feasible to have a ‘seamless’ change from the current quote-based EURIBOR methodology to

a transaction-based framework“. Failure of the reform programme resulted from the adopted criterion of index determination, which was determined on the basis of the num-ber of outstanding quotes that were limited not only by the number of transactions executed but also by the number of participants. The number of transactions was not sufficiently benchmarked, besides being imprecise and unreliable and could not depict market reality for which the reference value is relevant to the measurement. In the opinion of many, the observed shortcomings could be mitigated by the use of input data that does not belong to the transaction data as well as the estimated of prices, quotes and other values.

“Complying with the FSB recommendations, the EU adopted the Benchmarks Regulation which prescribed the final timeframe for the completion of the benchmark rates’ reform by 1 January 2020

“In an effort to eliminate the possibility of manipulation with the reference interest rate of EURIBOR, EMMI has taken measures “aimed at evolving the current quote-based determination calculation to a fully transaction-based methodology, in order to provide the market with a more transparent, robust, and representative index”


reforme referentnih vrednosti za Evropsku centralnu banku, u spro-vođenju monetarne politike, čije se transmisioni mehanizam inicijalno prenosi preko finansijskih tržišta.

Coure, obraćajući se članovima radne grupe, na istom sastanku, ukazao, da sigurnija i snažnija refe-rentna kamatna stopa može povećati finansijsku stabilnost iz tri glavna razloga, (pozivajući se na Izveštaj Ekonomskog konsultativnog komi-teta BIS-a (ECC), pod naslovom, „Za bolju praksu referentnih stopa: perspektive centralne banke“) :

Prvi, bez robusnih aranžmana, gubitak poverenja u referentne stope može dovesti do prekida rada tržišta,

Drugo, loše dizajnirane referentne stope, s obzirom na njihovu osnovnu ulogu u mnogim finansijskim ugovo-rima, mogu prenositi rizike i greške u cenama na finansijskim tržištima ili stvarati veći nepotreban rizik. Na kraju, to može uticati i na uslove finansiranja domaćinstva i firmi.

I treće, nepouzdane referentne stope - na primer, referentne stope koje postaju veoma nestabilne zbog idiosinkratskih faktora - mogu ote-žati centralnoj banci da proceni opšte uslove tržišta novca i spreči ga da odgovori na potencijalne izvore napetosti na međubankar-skom tržištu.

Imajući u vidu, napred izloženo, a u cilju očuvanje efikasnog funk-cionisanja finansijskih tržišta EU i osiguranja od udara eksternih šokova ili pojave sistemskog rizika, planiranje alternativnih rešenja od budućih nepredvidivih i neizvesnih situacija je od krucijalnog, odnosno suštinskog značaja. Ovakvo viđenje ima uporište u opšte preporuke FSB koje imaju za cilj da vode reformu

referentne stope i tranziciju na al-ternativna merila.

Trenutno, referentne kamatne stope doživljavaju temeljne reforme. ECB se pridružila ovim značajnim pro-cesima, preuzimanjem određenih aktivnosti vezane za merenje refe-rentnih stopa koje imaju ključnu ulogu za ugovore na finansijskim tržištima. U tom smislu, ECB je pokrenula dve inicijative: ■ Razvoj svakodnevne prekonoćne kamatne stope,

■ Uspostavila zajedno sa drugim relevantnim institucijama radnu grupu sa zadacima da identifikuju alternativne stope bez rizika široko prihvatljiva.

Nedavno usvojenim reformskim aktivnostima, ECB, je odlučna da razvije i uspostavi prekonoćnu ka-matnu stopu. Ovakva akcija će ned-vosmisleno doprineti poboljšanju i nadopuniti postojeće referente stope koje kreira privatni sektor sa rokom završetka do 2020 godine.

U cilju obezbeđenja transparentnosti i komunikacije sa ostalim relevantnim telima, uključenih u reformi referen-tnih stopa ECB se obavezala da se konsultuje sa javnošću u različitim fazama. Analogno datom obećanju, ECB je pokrenula prvu javnu debatu ili konsultaciju novembra 2017 godine kako bi prikupila povratne infor-macije od svih učesnika na tržištu. Analiza povratnih informacija je završena 12 janura 2018 godine pri čemu je objavljen kraći rezime, koji dostavljen široj javnosti elaborira odgovore ispitanika u devet tačaka. Uglavnom većina se složila, da stopa

u javnosti bude prihvaćena kao re-ferentna stopa da odražava dnevne troškove zaduživanja banaka i da bi ona bila značajna referenca za finansijske ugovore kao i za procenu vrednosti i vrednosti finansijskih derivata. Uz to mnogi su prihvatili da troškovi pozajmljivanja banka u njihovim transakcijama sa finansij-skim institucijama i bankama pružaju realnu osnovu za utvrđivanje važne kamatne stope za merenje troškova finansiranja. Uz to svi su bili istog mišljenja da transakcije sa vladom i privatnim kompanijama nisu bile pogodan elemenat za novu stopu i da te transakcije ne odražavaju pravo stanje kretanje tržišta i regulatorni tretmani. Takođe, oni su ukazali na nejasnoću potencijalnih koristi od praga veličine transakcije. Nova re-ferentna stopa treba da se zasniva na depozitima novčanih tržišta, pri čemu su neki naveli sertifikate o depozitima i komercijalne papire s prekonoćnim rokom dospeća kao moguće dodatne instrumente tržišta novca čime bi se po njima, povećala robusnost stope. Mnogi su pozdravili promenu vremena izveštavanja. Uglavnom svi ispitanici su ponovili važnost planiranja prenosa procesa razvoja i implementacije do prihvatljive i pouzdane referen-tne kamatne stope ECB i u velikom broju očekuju da će nova referentna stopa ECB zameniti EONIA i po-stati ključna mera referentne stope.

Radi daljeg razvoja referentne stope i transparentne komunikacije sa svim učesnicima na tržištu, ECB je nastavila konsultacije sa javnošću prikupljanjem podataka, objavljiva-njem druge faze konsultacije koja sadrži definisanu metodologiju nove stope kao i važne operativne i tehničke varijabile.


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Being aware of the shortcom-ings of the methodology applied, EMMI has begun a new approach by adopting a hybrid model. The hybrid model is based on the new methodology that is created on the transactions and other data related to market prices, which may be used where appropriate. In order to imple-ment the reforms presented, a new working group has been set up to identify and adopt the euro=based alternative hedging rates.

When it comes to EONIA, ac-cording to EMMI, the first phase of its application and verification is completed, which examined the management framework based on new regulatory requirements. At present, EMMI is conducting a second phase in which it reviews the overnight interest rate i.e. it analyses EONIA market to calibrate reference value to the requirements of the real sector and sustainably reflect the actual situation.

Despite the apparent effort to align the benchmarks to economic reality, however, the fact that both interest rates are based on the good will of two groups of private banks cannot be neglected, whose number declined in the last few years. The EU is aware of this shortcoming, which is significant. Therefore, in order to remove the potential dan-ger, the regulators have foreseen a safeguard mechanism to secure the stability of a group of banks that make the source for EURIBOR and EONIA. The safeguard mechanism implies the possibility of introduc-ing the obligation to submit data to determine the level of both reference rates under certain conditions by both groups of banks in the FSMA.

However, at the beginning of February 2018, the European Money Markets Institute (EMMI), as EONIA administrator, announced that it would no longer keep a deep review of EONIA data. The future of EONIA will largely depend on the readiness of commercial banks and EMMI and their desire to support the continuity of benchmarks as well as the sustain-ability of the current alternatives. In this context, the EMMI mission is to support the activities within the EU money market through ap-propriate benchmarks that support the integration and transparency of financial markets. EMMI accepts the ECB project for the development and establishment of an unsecured overnight interest rate with the inten-tion of improving the existing rate. Being aware of the importance of the existing reference rates for the European retail and wholesale market (analogous to FMSA, ESMA, ECB and the European Commission), it remains committed to promoting transparency and strengthening the existing benchmarks. Certainly, in the absence of a solution for valid transactions, all market players are exposed to legal and operational risks for the transactions that were based on EONIA before 1 January 2018 with maturity date after 1January 2020. In the meantime, in order to avoid these possible anomalies in financial markets, it is necessary to urgently address the issues of legal transition.

Benoit Coeuré, a member of the Executive Board of the ECB pointed

to the importance of the task of the Working Group on Euro Risk-Free Rates at its meeting held on 26 February 2018. He said that the working group has the mandate to identify and develop a scheme for the adoption of a risk free over-night, rate which can serve as a basis for alternative to reference values currently used in Euro area. At the same time, he noted that the working group should explore ways to ensure smooth transition to the desired new rate.

Special interest in reform of the reference interest rate was provided by the financial and public sectors. The current way of functioning of the financial sector was unthinkable without reference interest rates that are key and generally accepted as a benchmark in the broad range of financial products and contracts. For the public sector, the benchmark rate reform would undoubtedly have an impact on a more efficient and effective functioning of the Euro area money market and strengthen the confidence in the related financial products. In addition, the benchmark rate reform has vital importance for the European Central Bank in the conduct of monetary policy, whose transmission mechanism is originally transmitted through financial markets.

Addressing the members of the Working Group, at the same meeting, Benoit Coeuré pointed out that a safer and stronger reference interest rate could increase financial stability for three main reasons (referring to the BIS Economic Consultative Committee (ECC) Report titled Towards better reference rate prac-tices: a central bank perspective):


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First, without robust fallback ar-rangements, a loss of confidence in reference rates could lead to market functioning disruption,

Second, poorly conceived reference rates, given their fundamental role in many financial contracts, could transfer risks and transfer pricing errors across financial markets or create greater and unnecessary basis risk. Finally, it could affect fund-ing conditions for households and companies

Third, unreliable reference rates - for example, reference rates that are highly unstable due to idiosyncratic factors - may impair the central bank's ability to assess the general terms and conditions of the money market and prevent it from respond-ing to potential sources of tensions in the interbank market.

Bearing in mind the aforesaid and aimed at preservice efficient func-tioning of the financial markets of the EU and ensuring it from external shocks or the occurrence of systemic risk, the planning of alternative solutions from future unpredict-able and uncertain situations is of crucial or utmost importance. This view has the backbone of the FSB's general recommendations aimed at leading the reference rate reform and the transition to alternative benchmarks.

Currently, reference interest rates experience fundamental reforms. The ECB has joined these significant processes by taking over certain benchmark activities that play a key role in financial market contracts. In

this respect, the ECB has launched two initiatives: ■ Development of daily overnight interest rates,

■ Establishment of the working group, together with other relevant institutions, aimed at identifying alternative widely acceptable risk-free rates.

In the light of recently adopted reform activities, the ECB is determined to develop and set up the overnight inter-est rate. Such action will undoubtedly contribute to improving and comple-menting the existing reference rates created by the private sector with a deadline to complete the task by 2020.

In order to ensure the transparency and communication with other rel-evant bodies involved in the reform of the reference rates, the ECB has undertaken to consult the public at various stages. In line with this prom-ise, the ECB launched the first public debate or consultation in November 2017 to gather feedback from all market participants. The feedback analysis was completed on 12 January 2018, with a short summary being published. This paper was submitted to the public and it elaborates the respondents' answers to nine points. The majority of the respondents agreed that the public rate would be accepted as a reference rate reflecting the daily borrowing costs of banks and that it would be a significant reference for financial contracts as well as for estimating the value of financial derivatives. In addition, many respondents accepted that lending costs in their transac-tions with financial institutions and banks provide a realistic basis for determining an important interest rate for measuring the cost of financ-ing. In addition, all respondent were

of the same view that transactions with the government and private companies were not suitable for the new rate and that these transactions did not reflect the true state of market movement and regulatory treatment. Also, they pointed to the ambigu-ity of potential benefits from the transaction size threshold. The new reference rate should be based on the money market deposits, whereby some of the respondents indicated certificate of deposit and commercial paper with an overnight maturity as possible additional money market instruments, which would in turn increase the robustness of the rate. Many have welcomed the change in reporting time. Many of the respond-ents welcomed the importance of planning the transfer of development and implementation process to an acceptable and reliable reference rate for the ECB and expect a new ECB reference rate would replace EONIA and become a key benchmark rate.

Due to the further development of the reference rate and transpar-ent communication with all market participants, the ECB continued to consult with the public by collecting data, publishing the second phase of consultation containing the defined methodology of new rate as well as important operational and technical variables.

The ECB is determined in its en-deavour to continuously establish and publish the overnight reference interest rate. The reason for this firm decision is based on the importance of this reference value in the proper


ECB je odlučna u svom nastojanju da kontinuirano utvrđuje i objavljuje prekonoćnu referentnu kamatnu stopu. Razlog ove čvrste odluke se zasniva na značaju koji ima ova referentna vred-nost u pravilnoj transmisiji monetarne politike i njenoj posvećenosti održive finansijske stabilnosti. ECB je svesna svih posledica koje mogu nastati u slučaju negativnog uticaja referen-tne kamatne stope na transmisioni mehanizam i njegov refleks na realni sektor. Po prirodi stvari, ECB nije u stanju da pruži dugoročnije referentne kamatne stope od prekonoćne. Prema analizi i proveri EMMI, dostavljeni statistički podaci sa tržišta novca, prema uredbi ECB, nisu dovoljno re-levantni zbog malog broja transakcija da bi mogli ozbiljnije da se koriste za određivanje dugoročnije referentne kamatne stope. Uz to treba dodati, da ECB ne može podjednako imati uvid nad svim tržišnim uslovima i troškovima finansiranja poslovnih banaka kao i da stručna ekspertiza do-stavljenih statističkih podataka može

biti izvedena sa stanovišta željene monetarne poli-tike. Obe činjenice predstavljaju ogra-ničavajuće faktore određivanju dugo-ročnije referentne kamatne stope od strane ECB, dok druga može da dovde do sukoba interesa.

Između preko-noćne kamatne stope koje utvr-đuje ECB i preko-

noćne kamatne stope koji izračunava EONIA, postoje sličnosti i razlike. Obe prekonoćne stope imaju zajedničku karakteristiku ili sličnost što se njihovo utvrđivanja bazira na prekonoćnim neosiguranim transakcijama. To im je jedina sličnost. Razlike su mnogo veće. Tako, administrator EONIA je privatni sektor, odnosno EMMI za razliku od ESB čijom prekonoćnom kamatno stopom upravljati Eurostat. Izračunavanje EONIA, se bazira na principu dobrovoljnosti dostav-ljanja podataka grupe 28 banaka. ECB referentna kamatna stopa će se utvrđivati na dnevnim podacima dostavljeni od poslovnih banaka u skladu sa uredbom o statistici tržišta novca. EONIA, referentna vrednost će se izračunavati po metodologiji ponderisane prosečne stope na bazi dostavljenih podataka grupe od 28 banaka (svaka banka pojedinačno). Metodologija utvrđivanja ECB refe-rentne prekonoćne kamatne stope još nije donešena mada bi trebala da se zasniva na pojedinačnim transakci-jama a ne na podacima dostavljenih od pojedinačnih banaka. Bez obzira na uočene razlike između ove dve

referentne vrednosti i načina utvr-đivanja, ubuduće ECB će i dalje biti uključena u računjanju EONIA sve dok ona bude važna za stabilnost finansijskih tržišta i sve dok njeno učestvovanje bude važno za održa-vanje te stope.

Reforma referentne kamatne stope je veoma složen i kompleksan postupak što uostalom pokazuje dosadašnji razvoj i preispitivanje primene usvo-jenih metodologija utvrđivanja ovih stopa. U suštini, nova referentna stopa mora da bude u skladu sa privrednom stvarnošću, odnosno podešena potrebama realnog sektora i da služi prevashodno toj svrsi. Da bi se to ostvarilo, neophodne su jasne i precizne komunikacije i konsultacije sa javnošću i zaintereso-vanim stranama kako bi se pravilno identifikovale potrebe korisnika. Metodologija utvrđivanja nivoa referentne kamatne stope, treba da se zasniva na sveobuhvatnim anali-zama i po dubini i po širini, kako bi se ona što realnije i približnije odr-žavala ekonomsku realnost. Takođe, neophodno je obezbediti tehničku logistiku, odnosno infrastrukturu kako bi se osigurali relevantni podaci i izbegla pristrasnost ali i stvorili uslovi za eventualnu korekciju i dnevnu dostupnost referentnih vrednosti. Uz to, potrebno je da protekne određeni vremenski period preispitivanja i provere pouzdanost utvrđene referentne kamatne stope. Pored toga, nosioci aktivnosti u vezi implementacije, utvrđivanje i prezentiranja referente vrednosti moraju da imaju jasne izdiferencirane uloge, obaveze i podele odgovornosti radi osiguranja transparentnosti.

“U suštini, nova referentna stopa mora da bude u skladu sa privrednom stvarnošću, odnosno podešena potrebama realnog sektora i da služi prevashodno toj svrsi. Da bi se to ostvarilo, neophodne su jasne i precizne komunikacije i konsultacije sa javnošću i zainteresovanim stranama kako bi se pravilno identifikovale potrebe korisnika


52

transmission of monetary policy and its commitment to sustain-able financial stability. The ECB is aware of all the consequences that may arise in the event of a negative impact of the reference interest rate on the transmission mechanism and its effect on the real sector. By the nature of things, the ECB is unable to provide longer-term reference interest rates than the overnight. According to the EMMI analysis and verification, the ECB's statistical data provided by the money market are not relevant enough due to the small number of transactions that could be more seriously used to determine the longer-term reference interest rate. Additionally, the ECB cannot equally have access to all the market conditions and costs of financing of the commercial banks as well as that professional expertise

of the submitted statistical data can be derived from the point of view of the desired monetary policy. Both facts are a limiting factor for determining a longer-term reference

interest rate by the ECB, while the latter could lead to a conflict of interest.

There are similarities and differ-ences between the overnight interest rate established by the ECB and overnight interest rates calculated by EONIA. Both overnight rates have a common feature or similarity as their determinations are based on over-night unsecured transactions. That is the only similarity between them. The differences are much greater. Thus, administrator of EONIA is a private sector, i.e. EMMI, unlike the ECB whose overnight interest rate is managed by Eurostat. The calculation of EONIA is based on the volatility of the data supply of 28 banks. The ECB reference interest rate will be determined on the daily data supplied by commercial banks in accordance with the ECB Regulation

on Money Market Statistics. In case of EONIA, the reference value will be calcu-lated using the methodology of weighted aver-age rate based on the data provided by a group of 28 banks (each bank individually). The methodology for determining the ECB reference overnight inter-est rate has not been adopted yet

although it should be based on in-dividual transactions rather than on data supplied by individual banks. Regardless of the differences be-tween these two benchmarks and

the way of determining, the ECB will continue to be included in the EONIA calculation as long as it is important for the stability of the financial markets and as long as its participation is important to maintain this rate.

The reform of the reference interest rate is a very complex process, which is shown by the current develop-ment and review of the application of the adopted methodologies to determine these rates. In essence, the new reference rate must be in line with the economic reality, i.e. adjusted to the needs of the real sector and to serve primarily this purpose. In order to achieve this, clear and precise communication and consultation with the pub-lic and stakeholders are necessary in order to properly identify the needs of users. The methodology for determining the level of the reference interest rate should be based on comprehensive analysis, both in depth and in width, in order to keep the economic reality more realistically and more closely. It is also necessary to provide technical logistics or infrastructure to ensure relevant data and avoid bias but also create conditions for possible correction and daily availability of reference values. Moreover, it is a certain period of time is needed for re-verification and testing of the reliability of the established refer-ence interest rate. In addition, the players involved in implementing, identifying, and presenting reference rates must have clear differentiated roles, responsibilities and duties to ensure transparency.

“In essence, the new reference rate must be in line with the economic reality, i.e. adjusted to the needs of the real sector and to serve primarily this purpose. In order to achieve this, clear and precise communication and consultation with the public and stakeholders are necessary in order to properly identify the needs of users


Bankarstvo je specifična privredna djelatnost određena vrstom i sadržinom bankarskih institucija i poslova

što čini cjelinu odgovarajućeg bankarskog sektora. Bankarstvo čini snažan upliv na ukupne ekonomske odnose i sistem. Bankarstvo je uslov rasta i razvoja svake zemlje. Ako zemlja nema razvijeno bankarstvo ona je ispod civilizacijskog nivoa u datom vremenu.

I kao svaka čovjekova djelatnost i bankarstvo je pod-ložno inoviranju, usavršavanju, nadograđivanju. To se ogleda u banci kao specijalizovanoj instituciji koja je stožerna osnova bankarstva a čija je osnovna funkcija posredovanje u sferi novca, sa zadatkom da snabdijeva reprodukciju potrebnom količinom novca i kredita. Banka je institucija koja se bavi raznovrsnim bankarskim poslovima, zato se može definisati na različite načine, ali sa izvjesnim nijansama.To nije dovoljno. Banka obavlja različite poslove koji se grupišu kao: pasivni, aktivni , neutralni i specifični poslovi banke. To znači banka je subjekt koji uzima kredit, prikuplja sredstva od građana i privrednih subjekata, ali je banka i depozitno kreditna institucija koja plasira sredstva i vrši različite usluge u prometu. Zato je savremena definicija banke

nešto drugačija. Ta definicija glasi: Banka je novčano preduzeće koje prodaje svoje bankarske proizvode i usluge iz svog tržišnog poslovnog kapitala, sa ciljnom funkcijom da ostvari profit.

Bankarski proizvod je novac (profit). Ostvaruje ga bankarskom multiplikacijom koja znači umnožavanje- uvećavanje. To vrši prikupljanjem sredstava na koja plaća kamatu, koja potom plasira na koja naplaćuje kamatu. Na razlici između više kamatne stope kada plasira srestva i niže kamatne stope kada prikuplja sredstva, banka umnožava količinu novca - ostvaruje profit. Njen proizvod je novac. Banka to čini i na drugi način na primjer vrši ročnu transformaciju - kratkoročna sredstva (kredite) pretvara u dugoročne, a to čini i sa bankarskim multiplikatorom.

Ciljna funkcija bankarskog poslovanja je ekonomski interes, ali prije svega ono što je suština ekonomskog poslovanja, a to je: cijenovna stabilnost, zaposlenost, inflacija, rast i razvoj i realizacija zvanične ekonomske politike zemlje.

Postoje RAZLIČITE VRSTE BANAKA. Razlike između njih su: ■ U svojini nad kapitalom kojim banka raspolaže; ■ U grupama poslova koje banke obavljaju; ■ U ciljevima koje sebi postavljaju.Kriteriji koji banku čine bankom su:

■ Uzimanje i odobravanje kredita; ■ Korišćenje primarne emisije i kreiranje putem se-kundarne emisije;

■ Prikupljanje sredstava i uvećavanje svoga kapitala; ■ Ročna transformacija sredstava; ■ Korelacija sa bazičnim ciljevima ekonomske politike; ■ Obavljanje platnog prometa.

uslov rasta i razvoja svake

zemlje

“Ciljna funkcija bankarskog poslovanja je ekonomski interes, ali prije svega ono što je suština ekonomskog poslovanja, a to je: cijenovna stabilnost, zaposlenost, inflacija, rast i razvoj i realizacija zvanične ekonomske politike zemlje.

maj 2018 | :Bankar

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Ove predhodne napomene date su radi lakšeg ra-zumijevanja osnovne teme ovog rada, a to je razlika između stare klasične konzervativne i savremene moderne banke.

Savremena moderna banka se u mnogome razlikuje od tradicionalne stare ili konzervativne banke.Te razlike znače ozbiljan iskorak u novu praksu i snažan napredak u razvoju bankarske djelatnosti. To se ogleda prije svega u širini asortimana poslova, u efikasnosti i racionalnosti. Pokazaćemo to ističući pojedina obilježja starih i novih savremenih banaka.

Tradicionalna ili stara konzervativna banka karakteriše se sledećim obelježjima:

Tradicionalna ili konzervativna banka je osnovni nosi-lac (davalac i primalac) bankarskih poslova (usluga). U okviru kojih mobiliše, prikuplja i plasira sredstva (aktivni i pasivni poslovi). Uz pružane usluge u prometu u tome se iscrpljivala njena aktivnost.

Banka je imuna na pritisak konkurencije, jer je tražnja bila uvijek veća od ponude. U takvoj situaciji moguće su česte fluktuacije sa elementima novčane krize.

Tradicionalna banka bavi se finansijskim posredovanjem bez mnogo sluha za poslovne želje svojih konkurenata.

Banka je tržišno privilegovana. Ima monopol i tako bez konkurencije može da oboli od „poslovnog kon-formizma“. Zadovoljava se sa sa onom što ostvaruje i ne pravi prodore u novu praksu i novo širenje.

Banka ima veoma siromašan asortiman ponude i tražnje.To su isključivo manipulacije sa novcem i nje-govim derivatima.

Ona se prepoznaje po jeftinoj i burnoj propagandi koja nije primamnjiva za komitente.

Ređe mjenja svoj stil prema okruženju i komitentima i svoj ugled i prestiž gradi brojem filijala, ekspozitura i šaltera.

Savremena i moderna banka se po mnogim svojim as-pektima razlikuje od stare tradicionalne, konzervativne banke. Te razlike se ogledaju u sledećem:

Od primarne važnosti vlasništva.Savremena banka je banka vlasnika – osnivača, akcionara.Suština svojine je bitna a ne toliko njen ugled, bonitet, ocjene rezultata rada, mjesto i uloga koje ima u društvu.

Savremena banka pripada njenim vlasnicima, akci-onarima, pa bila ona državna, mješovita ili privatna.

Osnovna djelatnost savremene banke je: kreacija, emisija i plasman bankarskih proizvoda koji imaju svoju prihodnost na finansijskom tržištu, a ne isključivo obavljanjem aktivnih, pasivnih i neutralnih poslova, ili samo kreditnih, depozitnih i komisionih u zemlji ili s inostranstvom.

Plasman svojih proizvoda savremena banka ne ostvaruje na klasičan i konzervativan način ponudom i tražnjom, već isključivo na savremen način ponudom i tražnjom svojih bankarskih proizvoda u formi paketa poslovnih aražmana formiranih po principu „ključ u ruke“.

Savremena banka je fleksibilna, prilagodiva tržišnim zahtjevima i oscilacijama. Ona prati trendove kretanja i savremene potrebe klijenata i tome se prilagođava.

Savremena banka je savremeno organizovana. Raspolaže elektronskom opremom i svim savremenim tehničkim uređajima. Posjeduje profesionalan i stručan kadar koji, sa savremenim znanjima, u mogućnosti je da odgovori svim izazovima koje ovo vrijeme i savremena dostignuća postavljaju u ovoj djelatnosti.

Savremena organizacija banke inkotabilna je sa: tradi-cionalnim načinom upravljanja; tradicionalnom tehno-logijom i tradicionalnom poslovnom politikom banke.

Savremene banke svoju snagu i konkretnu sposobnost gradi i izgrađuje isključivo na principu podjele vlasti

“Savremena banka je fleksibilna, prilagodiva tržišnim zahtjevima i oscilacijama. Ona prati trendove kretanja i savremene potrebe klijenata i tome se prilagođava.

“Da bi savremena moderna banka mogla da u praksi realizuje sva svoja savremena, moderna obilježja potrebno je da u ekonomskoj politici države budu jasno određeni i definisani instrumenti i mjere realizacije rasta i razvoja

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Banking is a specific economic activity determined by the type and content of banking institutions and operations,

which makes entirety of relevant banking sector. Banking makes a strong impact on overall economic relations and the system. Banking is a condition for the growth and de-velopment of each country. If the country does not have a developed banking system, it is below the civilization level at a given time.

As every human activity, banking is also susceptible to innovation, improvement, and upgrading. This is reflected in the bank as a specialised institution, and which represents the basis of the banking system, and whose main function is mediation in the field of money, with the task of supplying the reproduction with the necessary amount of money and loans. The bank is an institution that deals with a variety of banking business, so it can be defined in different ways and with certain nuances. This is not enough. The bank performs various tasks that are grouped together as: passive, active, ne-utral and specific bank operations. This means that the bank is a borrower, it collects funds from citizens and businesses, and it is also a depository credit institution that disburses funds and performs various services in transactions. That is why modern definition of bank is somewhat different. The bank is defines as a monetary institution that sells its banking products and services from its marketable business capital, with a targeted function to generate profit.

The banking product is money (profit). It is generated by a banking multiplication, which means multiplication-enlar-gement. It does this by collecting the funds on which it pays interest, which it then lends and on which charges interest. The bank multiplies the amount of money - it generates profit on the difference between higher interest rate when placing funds and lower interest rates when collecting funds. Its product is money. The bank does this also in other ways, for example, by performing maturity transformation – it

converts short-term funds (loans) into long-term loans, and this is done also with a banking multiplier.

The objective of banking operations is an economic interest, but above all its target is something that makes the essence of economic activity: price stability, employment, inflation, growth and development, and implementation of the official economic policy of the country.

There are DIFFERENT TYPES OF BANKS. The differences between themreflect in the following: ■ ownership the bank’s capital; ■ groups of transactions performed by banks; ■ their objectives.

An institution is a bank if it meets the following criteria: ■ Taking and granting loans; ■ Use of primary issue of money and development through

secondary issue of money; ■ raising of funds and increasing its capital; ■ Maturity transformation of assets; ■ Correlation with the basic goals of economic policy; ■ payment system transactions.

These notes are given for the purpose of easier understan-ding of the main topic of this paper - the difference between

“The objective of banking operations is an economic interest, but above all its target is something that makes the essence of economic activity: price stability, employment, inflation, growth and development, and implementation of the official economic policy of the country.


i ovlašćenja, odnosno decentralizaciji funkcionalnog odlučivanja, a strogoj centralizaciji informacija, strategiji poslovne politike i menadžmenta.

Prodorni prostor u savremenoj banci je šalter na kome radi „lični bankar“ kao savremeni profesionalac a ne kao ranije: kreditno odeljenje, depozitno odeljenje, odeljenje za štednju i sl.

Ovo je jedan izuzetno značajan iskorak u pravcu efika-snosti i brzom obavljanju poslova za sve korisnike ban-karskih usluga i rezultat je primjene savremene tehnike u obavljanju ovih poslova.“Lični bankar“ znači da na jednom mjestu završavaš sve poslove za koje je korisnik trenutno zainteresovan da budu riješeni bez zastoja na jednom mjestu a ne odlazak od jednog do drugog šal-tera. Iskoraci su još veći. Savremena banka daje klijentu cjelovite usluge. Većinu usluga moguće je ostvariti i bez kontakta sa čovjekom. Preko bankomata se može 24 sata prenositi sa računa na račun, podizati i uplaćivati novac, mjenjati valute, plaćati račune. Potvrde o transakcijama mogu da se oštampaju a mogu da se pošalju sebi na e-mail adresu. Zahvaljujući novim tehnologijama banke su počele da odobravaju kredite elektronski. Tako da klijent može da dobije gotovinski kredit za petnaestak minuta.

Banke najavljuju da će se krediti moći odobravati svakim danom u toku 24 časa.Usluge se ostvaruju i uz digitalni potpis.Korišćenjem digitalnog potpisa može se realizovati kredit, pozajmica po tekućem računu,otvoriti račun štednje ili oročiti sredstva preko elektronski ban-kovne aplikacije bez odlaska u banku. Novitet bankarske ponude je i plaćanje mobilnim telefonom. Jednostavno platnu karticu preselimo u mobilni telefon. Ne mora biti jedna platna kartica već sve koje neko ima. Dakle, zahvaljujući novim tehnologijama, preko interneta, ne izlazeći iz kuće, klijent može da obavi sve ono što mu je neophodno. Ili stranka može da dođe na šalter, pokaže ličnu kartu, saglasi se da službenik - „lični bankar“, u njeno ime pristupi bazi podataka, i službenik mu po službenoj dužnosti pribavi sve što traži.

Savremena banka nudi novac za realizaciju projekta, pri čemu mora stalno imati na umu poznato bankarsko pravilo o sigurnosti plasmana i bezbjednosti poslovanja, a za što je nužno znanje i stalno istraživanje tržišta kako se ne bi upadalo u zamke tržišnog poslovanja. Zato je neophodno iskustvo i saradnja u realizaciji vladine ekonomske politike. U takvoj politici rijetke su situacije da države bojeći se svoga bankrota spašavaju banke. Naprotiv, banke su zasnovane na instituciji povjerenja i saradnje kao i na uvjerenju da zadovoljan pojedinac pozitivno utiče na opšti rast i razvoj društva.

Postoji značajan prostor posebno u segmentu finansi-ranja odnosno investiranja u proizvodne kapacitete. Da bi savremena moderna banka mogla da u praksi realizuje sva svoja savremena, moderna obilježja potrebno je da u ekonomskoj politici države budu jasno određeni i definisani instrumenti i mjere realizacije rasta i razvoja.

Za crnogorske prilike navodimo neke najvažnije strateške pravce razvoja;

To su u oblasti poljoprivrede grane: stočarstvo, zemljo-radnja koje mogu da povuku i druge grane iz ove oblasti;

Turizam - sve njegove vrste: pomorski, planinski, ljetnji, zimski , seoski, sportski, kulturni, zdravstveni, nautički i dr;

Energetika i infrastruktura bez kojih je nezamisliv iskorak u novu praksu i odnose;

Subvencioniranje: usmjeriti u one grane proizvodne koje su izvozno orijentisane i konkurentne na međuna-rodnom tržištu;

Javni sektor, razvijati u svim oblastima gdje postoje opravdane mogućnosti i uslovi razvoja ovog sektora: elektroprivreda, PTT, avio, željeznički, drumski ,pomorski saobraćaj, komunalne djelatnosti i dr;

Privatno-javno partnerstvo: razvijati po ugledu na privrede nekih Evropskih zemalja;

Strane investitore u potpunosti izjednačiti sa domaćim;Zabraniti prodaju zemljišta u predjelima razvoja turizma

i ostalih neobnovljivih prirodnih resursa;Ne dozvoliti monopole u privredi podrazumjevajući i

proizvodnju i potrošnju, odnosno razvoj i usluge;U bankarskom sistemu treba imati u strukturi i orga-

nizaciji razvojno- izvoznu banku;Školovati stručnjake: specijaliste, doktorante koji žele

da ostanu i rade za državu;Probleme viška radne snage i zapošljavanja rešavati

davanjem finansijske podrške za otvaranje malog i sred-njeg biznisa,

Kod poslodavca 50% neto zarade treba da idu na lična primanja zaposlenih.To je istorijski zahtjev još uvijek nerealizovanih radničkih prava čak i u razvijenom svijetu.

Bez dobro organizovanog, efikasnog i konkurentnog bankarskog sistema nijedna zemlja ne može praviti isko-rake na viši civilizaciski nivo. Ovo su mogućnosti koje ka tom pravcu vode.Teškoća na tom putu ima brojnih. Prave teškoće nikada ne leže u razvoju novih ideja, već u načinu na koji napuštamo stare (Kejnz).

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conservative and modern bank.Modern bank largely differs from conservative banks. These

differences mean a serious step forward in new practice and strong progress in the development of banking activities. This is primarily reflected in the variety of operations, efficiency and rationality. We will show this by emphasising certain features of conservative and modern banks.

A traditional or conservative bank is characterised by the following:

traditional or conservative bank is the main holder (provider and receiver) of banking activities (services). It mobilises, collects and invests funds (active and passive operations) performing those activities. However, its activity was depleted by providing such services.

The bank is immune to the pressure of the competition, because the demand has been always higher than the supply. In such a situation, frequent fluctuations containing elements of the financial crisis are possible.

Traditional bank deals with financial mediation without paying special attention to the business preferences of its competitors.

The bank is market-privileged. It has a monopoly, and wit-hout competition it can suffer from "business conformism". It is satisfied with the accomplished results and does not make any innovations regarding new practices and expansions.

The bank has a very poor range of supply and demand. These are exclusively manipulations with money and its derivatives.

It is recognised by a cheap and vigorous propaganda which is not attractive to customers.

It rarely changes its style to the environment and customers, and it builds its reputation and prestige with the number of branches, sub-branches and tellers.

A contemporary or modern bank differs in many aspects from the traditional, conservative bank. These differences are reflected in the following:

Ownership is of utmost importance for the bank. The mo-dern bank is a bank of the owners - founders, shareholders. The nature of the property is important and not so much its reputation, creditworthiness, performance evaluation, place and role that it has in the society.

The modern bank belongs to its owners, shareholders, regardless of being state, mixed or private bank.

The main activity of a modern bank is the development, issuance and placement of banking products that make revenue in the financial market, and not exclusively by performing active, passive and neutral transactions, or only credit, deposit and agency services in the country or abroad.

The modern bank does not place its products through cla-ssical and conservative supply and demand, but exclusively in a modern way by through supply and demand of its banking products in the form of a package of business arrangements on a turnkey basis.

The modern bank is flexible, adapted to market demands and oscillations. It monitors trends and modern requirements of customers, and adjusts its operations to them.

The modern bank has modern organisation. It has electronic equipment and all modern technical devices. It has professional staff who is able to, by applying modern knowledge, answer all challenges set nowadays in this business and modern achievements.

The modern organisation of the bank is incompatible with traditional management, traditional technology and traditional business policy of the bank.

The modern banks builds its strength and specific capa-bility exclusively on the principle of the division of power and authority, i.e. on decentralisation of functional decision making process, but strict centralisation of information, business policy strategy and management.

The main area of operations with customers in a modern bank is a teller’s window where a personal banker works and

“The modern bank is flexible, adapted to market demands and oscillations. It monitors trends and modern requirements of customers, and adjusts its operations to them.

“The economic policy of the government should clearly define the instruments and measures for growth and development so that a modern bank could apply in practice its modern services


deals with customers, contrary to the previous organisation where the operations were done in a credit department, a deposit department, a savings department, and the like.

This is a very important step forward in efficiency and fast performance for all users of banking services and is the result of using modern techniques in performing these tasks. Personal banker means that a customer can finish everything in one place without going from one tellers to another. In addition, the improvements are even bigger. The modern bank provides the customer with complete services. Most of the services can be realized without contacting a person. Money can be transferred from one account to another 24/7, and it can be withdrawn and paid via ATMs as well as exchanged for other currencies and even pay bills. Receipts on transactions can be printed or sent to a customer’s e-mail. Thanks to new technolo-gies, banks began to approve loans electronically. Thus, a customer can obtain cash loan within fifteen minutes.

Banks announce that the loans will be approved within 24 hours every day. Services are also provided with digi-tal signature. By using a digital signature, a loan can be withdrawn, as well as current account loan, and a savings account can be opened or money deposited through an electronic banking application without going to the bank. The novelty of the banking offer is also mobile payment. The payment card is simply transferred to a mobile phone. This does not refer only to one payment card, but all payment cards someone has. Therefore, thanks to new technologies, the client can do everything using the Internet without leaving home, or a customer can come to the bank’s teller showing an identification document, and agree that a personal banker can access database on his behalf, whereby the personal banker ex officio obtains everything for the customer.

The modern bank offers money for the project imple-mentation, and it must constantly keep in mind well-known banking rule on the safety of placements and security of business. Therefore, knowledge and constant market research is needed in order to avoid the traps of market operations. In addition, experience and cooperation for implementing the government's economic policy is needed. In such a policy, there are rare situations in which states bails out the banks out of fear of their bankruptcy. Banks are based on the institution of trust and cooperation, as well as on the belief that a satisfied customer positively influences the general growth and development of society.

There is a significant area especially in the segment of financing or investment in production capacities.

Some of the most important strategic directions of development for Montenegro are listed below;

In agriculture: livestock farming, agriculture that sup-port other sectors in this area;

Tourism - all its types: maritime, mountain, summer, winter, rural, sports, cultural, health, nautical and other types of tourism;

Energy and infrastructure without which a step forward into new practice and relationships is unimaginable;

Subsidy: focus on those production sectors that are export-oriented and competitive in the international market;

The public sector should be developed in all areas where there are justified opportunities and conditions for its development: electricity, postal services, air transport, railroad transport, road transport, maritime, utilities, etc .;

Private-public partnership: make developments based on the economies of some of the European countries;

Foreign investors fully equalise with domestic investors;Prohibit the sale of land in the areas of tourism de-

velopment and other non-renewable natural resources;Do not allow monopoly in the economy, including pro-

duction and consumption, i.e. development and services;Development and export bank should be included in

the structure and organisation of the banking system;Train experts: specialists, doctoral students who want

to stay and work for the state;The issues regarding surplus of labour force and em-

ployment should be resolved by giving financial support for the opening of small and medium-sized businesses,

In the case of an employer, 50% of net earnings should go to personal earnings of employees. This is a historical requirement of still unresolved labour rights even in the developed world.

Without a well-organized, efficient and competitive banking system, no country can make a step forward to a higher level of civilisation. These are the possibilities that lead to that direction. There are many difficulties on this path. The difficulty lies not so much in developing new ideas as in escaping from old ones. (Keynes).

The economic policy of the government should clearly define the instruments and measures for growth and development so that a modern bank could apply in practice its modern services.


Suvereno pravo svake države je da ubira poreze na svojoj

teritoriji. Porezi se ubiraju na osnovu nacionalnih i lokalnih za-kona. Predviđena rješenja poreskih zakona predviđaju oporezivanje kako domaćih pravnih i fizičkih lica tako i stranih lica koja se u Crnoj Gori nisu formalno registrovala. Ova jednakost u pristupu opore-zivanja je bitna kako zbog zaštite domaće privrede tako i zbog želje da se obuhvate svi prihodi.

Zbog želje da prikupe što više prihoda kroz poreze u praksi se dešavalo da jedna međunarodna transakcija bude oporezovana u zemlji izvora prihoda, odakle je isplata naknade izvršena i ponovo kroz nacionalno zakonodavstvo zemlje u kojoj se nalazi sjedište primaoca prihoda. Ova pojava se naziva međunarodno dvostruko oporezivanje.

Kako bi rasteretili privredu dvo-strukog plaćanja poreza i pove-ćanje razmjene među državama, pristupilo se zaključivanju bilate-ralnim ugovorima o izbjegavanju dvostrukog oporezivanja. Cilj ugovora o izbjegavanju dvostrukog oporezivanja je da zaštiti učesnike u međunarodnim transakcijama da na ostvaren prihod od jedne

transakcije plate dva puta porez u različitim državama.

Sa druge strane, postojanje ugo-vora o izbjegavanju dvostrukog oporezivanja predstavlja svojevrsan instrument zaštite prava učesnika u transakciji u drugoj državi. Naime, svaki ovakav ugovor ima klauzulu o zajedničkom dogovaranju koja predviđa da nadležni organi država potpisnica moraju da razriješe sve eventualne nesporazume oko primjene odredbi ugovora kako one ne bi bile na štetu poreskih obveznika. Tako je moguće da uko-liko jedna država ugovornica želi da oporezuje prihod nerezidenta, za koji na to shodno odredbama ugovora nema pravo, poreski obveznik može od nadležnog organa u svojoj zemlji (najčešće Ministrarstvo finansija) zatražiti zaštitu svojih prava u drugoj zemlji ugovornici. Tek nakon što nadležni organi postignu sporazum moguće je utvrditi poresku obavezu po osnovu sprovedene transakcije.

Ugovori o izbjegavanju dvostru-kog oporezivanja se primjenjuju samo na direktne poreze koje tangiraju pravna i fizička lica. Tako u nadležnosti najvećeg broja ugo-vora se nalazi porez na kapitalnu dobit, dobit od poslovanja (kroz

prihode od autorskih naknada i kamata) ali i porez na prihod od nepokretnosti i angažovanja lica u drugoj državi po pitanju upućenja ili rada direktora.

Moguće su situacije da se zbog različitih uređenja država ugo-vornica definišu različite vrste poreza koje su relevantne u razli-čitim državama. Takav je primjer Ugovora koji su zaključeni u peri-odu dok je Crna Gora bila sastavni deo Socijalističke Federativne Republike Jugoslavije, a koje sada Crna Gora primjenjuje kao jedna od država nasljednica. Tako u Ugovoru sa SR Njemačkom ne postoji predviđeno da Crna Gora oporezuje isplatu dividende ma-tičnom preduzeću iz Njemačke jer u doba potpisivanja Ugovora i postojanja OUR-a nije postojala kategorija dividende koja je mogla biti isplaćivana. Ove situacije se najčešće prevazilaze zajedničkim dogovaranjem i dodatnim tuma-čenjima odredbi Ugovora.

Ugovor o izbjegavanju dvostrukog oporezivanja kao međunarodni dokument predstavlja pravni akt koji je iznad nacionalnih propisa.

oporezivanja

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The sovereign right of each state is to collect taxes on its

territory. Taxes are collected on the basis of national and local laws. The envisaged tax laws prescribe the taxation of domestic legal and natural persons as well as foreign persons that are not formally re-gistered in Montenegro. This equ-ality in the taxation approach is important both for the protection of the domestic economy and for the desire to include all revenues within tax policies.

Due to the desire to collect as much revenues through taxes, the practice showed that an interna-tional transaction was taxed in the jurisdiction of source revenues, whereby the payment of remunera-tion was made also through the national legislation of the jurisdic-tion where the revenue recipient is based. This phenomenon is called international double taxation.

In order to unburden the economy of double taxation and increase the exchange between countries, the bilateral double taxation avoidance agreements were signed. The objective of the double taxation avoidance agree-ment is to protect the participants in international transactions from

paying double taxes on the revenue from one transaction in different countries.

On the other hand, the existence of a double taxation avoidance agreement constitutes a kind of instrument protecting the rights of participants in a transaction in another country. Namely, any of these agreements have a clause on joint agreement, which stipulates that the competent authorities of the signatory states must resolve all possible misunderstandings regarding the implementation of the terms of the agreement so that they would not be at the expense of taxpayers. It is thus possible that, if a Contracting State wishes to impose taxes on the income of a non-resident for which there is no right under the terms of the agreement, the taxpayer may re-quest the protection of his rights in the other Contracting State from the competent authority in his country (most often the Ministry of Finance). Only after the competent authorities reach an agreement it is possible to determine the tax liability on the basis of the transaction.

Double taxation avoidance agree-ments apply only to direct taxes

Importance imposed against legal and natural persons. Thus, capital gains tax, tax on operating profit (through revenue from copyright remu-neration and interest), as well as the income tax on immovable property and the engagement of persons in the other state on the referral or directors' operations is under the jurisdiction of the largest number of agreements.

It is possible that different ar-rangements of the contracting states define different types of taxes that are relevant in different countries. Such is an example of the agreement concluded in the period while Montenegro was an integral part of the Socialist Federal Republic of Yugoslavia, which is being applied now in Montenegro as one of the suc-cessor states. Thus, in the agree-ment with the Federal Republic of Germany there is no provision for Montenegro to pay dividends to the parent company from Germany because at the time of signing the contract and the existence of the organisation of associated labour there was no category of dividend that could be paid. These situa-tions are commonly resolved by mutual agreement and additional interpretations to the provisions of the agreement.

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Drugim riječima u slučaju ispunjenosti uslova za primjenu odredbi Ugovora, on ima prednost u odnosu na nacio-nalne zakone. Treba napomenuti da pri-mjena ugovora nije obavezna, već da je ona ostavljena kao izbor Poreskom ob-vezniku ukoliko je to povoljnije za njega.

Osnovni uslov za primjenu Ugovora je to da učesnik u transakciji mora da bude rezi-dent jedne od članica potpisnica

ugovora. Uslov za sticanja statusa rezidenta je različito definisana od ugovora do ugovora ali svi oni imaju i zajedničke elemente od kojih su najčešći za fizička lica sljedeći: (i) boravak u jednoj državi duže od 183 dana u periodu jedne kalendarske godine; (ii) da ima centar životnih interesa, (iii) čije dražvljanostvo ima. Ukoliko iz prethodnih kriterijuma nije moguće utvrditi čiji je rezident fizičko lice, u tom slučaju se pri-stupa međusobnom dogovaranju nadležnih organa država članica.

Kada su u pitanju pravna lica, preovlađujući uslov za sticanje rezidentnosti nije samo formalna

“Ugovor o izbjegavanju dvostrukog oporezivanja kao međunarodni dokument predstavlja pravni akt koji je iznad nacionalnih propisa. Drugim riječima u slučaju ispunjenosti uslova za primjenu odredbi Ugovora, on ima prednost u odnosu na nacionalne zakone

Zakonska regulativa nije u mogućnosti da prati razvoj poslovnih modela naročito na međunarodnom planu. Imajući u vidu da su neki od Ugovora koje Crna Gora primenjuje potpisani prije više decenija nije ni čudo što postoje razne pravne praznine koje se koriste kako bi se postiglo „dvostruko neoporezivanje“ umjesto izbjegavanja dvostrukog oporezivanja što je i bila prvobitna uloga ovih ugovora. Zloupotreba ugovora se najčešće sastoji u korišćenju benefita koje Ugovori sa određenim zemljama imaju kako bi se izbjeglo plaćanje poreza po odbitku.

Uzmimo primjer jednog Ugovora sa zemljom X koji Crna Gora ima zaključen i koji za isplatu kamate po osnovu zajma nerezidentu propisuje da poresku stopu nula. U tom slučaju bi grupa povezanih lica mogla da osnuje posebnu kompaniju čija bi svrha bila jedino da odobri zajam kompaniji iz Crne Gore (tzv. „cashbox company“). Naravno u ovom slučaju bi bilo neophodno da kompanija iz zemlje X pribavi potvrdu o rezidentosti kako bi dokazala status rezidenta te zemlje. Po pravilu, prihod od kamata u zemljama gdje bi bile osnovane ovakve kompanije se oporezuje po niskoj stopi ili je čak izuzet od oporezivanja. S druge strane, primaoci zajma bi trošak kamate prikazivali kao poreski priznat u svojoj zemlji.

Drugo pitanje koje se postavlja je da li je kompanija iz

zemlje X krajnji korisnik prihoda po osnovu kamate. Ovim i sličnim pitanjima vezanih sa suštinu postojanja ovakvih kompanija se bavi BEPS projekat (Base Erosion and Profit Shifting) koji je pokrenuo OECD. Cilj ovog projekta je da stane na put ovakvim i sličnim pokušajima da se zloupotri-jebe odredbe ugovora kako bi se izbjeglo plaćanje poreza.

Da bi se sprečilo izbjegavanje plaćanja poreza na ovaj način, nova pravila predviđaju i pojam rizika kao relevantnog faktora za definisanje prinosa na plasirani kapital. Ukoliko se pokaže da zajmodavac ne snosi nika-kav realan rizik u vezi sa plasiranim kapitalom, davalac zajma će imati pravo na prinos u skladu sa preuzetim rizikom, odnosno minimalni prinos.

U kontekstu prethodnog problema, a kao dopunu predloženog rješenja, tačka 6 BEPS projekta predlaže i primjenu dva nova pravila (limitation-on-benefits i principal purpose test), u smislu kontrolnog mehanizma, koja će se primjenjivati u svrhu odobravanja korišćenja pogodnosti iz međunarodnih ugovora o dvostrukom oporezivanju. Ove odredbe će biti implementirane u bila-teralne ugovore o izbjegavanju dvostrukog oporezivanja. Kako ta procedura traje dugo i prilično je komplikovana, kreiran je jedan multilateralan instrument, koji će pot-pisnice potvrditi u svojim nacionalnim parlamentima.

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Double taxation avoidance agree-ment as an international document representing supranational legal document. In other words, in the case of the fulfilment of the condi-tions for the implementation of the provisions of the Agreement, it has an advantage over the national laws. It should be noted that the implementation of the agreement is not mandatory, but that it is left to the taxpayer's choice if it is more favourable to him.

The basic condition for applying the Agreement is that a participant in a transaction must be a resident of one of the contracting states. The condition for obtaining the status of

a resident is different from agree-ment to agreement, but all of them have common elements, of which the most frequent elements for natural persons are that it has: (i) residence in one country for more than 183 days in a calendar year; (ii) a centre of life interests, (iii) citizenship. However, if it is not possible to establish using the previous cri-teria, whose resi-dent is a natural

person, the Member States agree mutually on such a case.

When it comes to legal per-sons, the prevailing condition for acquiring residency is not only

“Double taxation avoidance agreement as an international document representing supranational legal document. In other words, in the case of the fulfilment of the conditions for the implementation of the provisions of the Agreement, it has an advantage over the national laws

The legal regulation is not able to monitor the development of business models especially at the international level. Bearing in mind that some of the Agreements that Montenegro applies were signed several decades ago, it is no wonder that there are various legal gaps used to achieve "double non-taxation" instead of avoiding double taxation, which was the original role of these agreements. Misuse of the agreements consists often in using benefits that the Agreements have with certain countries in order to avoid the payment of withholding tax.

Let us take an example of an Agreement with the country X that Montenegro has concluded, which prescribes zero tax rate for interest payment based on loan granted to a non-resident. In that case, a group of connected persons could set up a special company with a purpose of granting only a loan to a company from Montenegro (the “cashbox company”). In this case, it would be necessary for a company from a country X to obtain a statement on residency in order to prove the status of the resident of that country. As a rule, interest income in countries where such companies are established is taxed at a low rate or even exempt from taxation. On the other hand, the borrowers would present interest expense as tax recognised in their country.

The second question that is raised is whether the company from the country X is the final beneficiary of interest income. This and similar issues related to the essence of such companies are being dealt with by the BEPS project (Base Erosion and Profit Shifting) launched by the OECD. This project is aimed at preventing such and similar attempts from misusing provisions of the agreement to avoid paying taxes.

In order to prevent tax evasion in this way, new rules also foresee the concept of risk as the relevant factor for defining the return on the capital invested. If the lender shows no actual risk with respect to the capital invested, the lender will be entitled to the return in ac-cordance with the risk taken, i.e. the minimum return.

In the context of the previous problem, and in addition to the proposed solution, item 6 of the BEPS project proposes the application of two new rules (limitation-on-benefits and principal purpose test), in the sense of a control mechanism, to be applied for the purpose of granting benefits from international double taxation agreements. These provisions will be implemented in bilateral double taxation avoidance agreements. As this procedure lasts long and is rather complicated, a multilateral instrument has been created, which will be signed by the signatories in their national parliaments.


registracija sjedišta u državi ugo-vornici već da je stvarno mjesto uprave kompanije u toj državi. Određivanje stvarnog mjesta uprave je složen proces u slučaju kada neka država želi da ospori rezidenost kompanije. Potrebno je dokazati da kapaciteti kompa-nije nisu dovoljni da samostalno donosi poslovne odluke i upravlja poslovnim procesima već da se te odluke donose negdje u inostran-stvu. Ovo pitanje je od izuzetne važnosti kod holdnig kompanija kao i kod „cash box“ kompanija koje služe za finansiranje ostalih članica gurpe.

Bitna odlika Ugovora je da on ne može nametnuti poresku obavezu koja lokalnim zakonodavstvom nije propisana. Tako npr. ukoliko Ugovor predviđa oporezivanje po odbitku tehničkih usluga, a koje pri tome nisu predviđene lokalnim zakonodavstvom, to ni Ugovor ne može nametnutni dodatnu obavezu tim putem.

Sa druge strane, primjena odredbi Ugovora samo zato što su učesnice u transakciji rezidenti država potpisnica nije obave-zna. Tako je moguće da poreski

obveznik odluči da ne primjeni odredbe Ugovora ukoliko su one nepovoljnije za njega nego loklani propisi. Najbolji primjer za ovo je plaćanje poreza po odbitku na prihode koje ostvari nere-zidnet po osnovu autorskih prava. Većina Ugovora pro-pisuje stopu poreza

po odbitku u iznosu od 10% od bruto prihoda naknade. Kako je trenutna stopa poreza po odbitku defnisana u Zakonu o porezu na dobit pravnih lica 9%, to nije logično da će poreski obveznici primjeniti odredbe Ugovora koje će za cilj imati plaćanje većeg iznosa poreza.

Promet autorskih naknada zauzima posebno mjesto po svom značaju u međunarodnom oporezivanju. Reklo bi se da konkretno u ovaj oblik ima najviše slučajeva gde je neophodno dobro poznavanje odredbi Ugovora ali i domaćeg zakonodavstva.

Izraz autorske naknade kako je definisano u Ugovoru, označava plaćanja bilo koje vrste koja su pri-mljena kao naknada za korišćenje ili za pravo korišćenja autorskog prava na književno, umetničko ili naučno djelo, uključujući bioskopske filmove i filmove ili trake za televiziju ili ra-dio, kao i za korišćenje ili za pravo ko-rišćenja

patenta, zaštitnog znaka, nacrta ili modela, plana, tajne formule ili postupka, ili za korišćenje ili pravo korišćenja industrijske, komercijalne ili naučne opreme, ili za obavještenja koja se odnose na industrijska, komercijalna ili naučna iskustva.

Kako Ugovor po pravilu ne daje bliže definicije šta se smatra pod ovim pojmovima, to je neophodno okrenuti se do-maćim propisima kako bi se utvrdilo šta se smatra autorskom naknadom. Zakon o autorskim i srodnim pravima ("Sl. list CG", br. 37/2011 i 53/2016) definiše autorsku naknadu kao individualnu duhovnu tvore-vinu iz oblasti književno-sti, nauke i umjetno-sti, koja je izra-žena na odre-đeni

“Crna Gora do sada nije pristupila potpisivanju Multilateralne konvencije. Međutim, same odredbe konvencije previđaju mjere prema svim državama čak i onima koje nisu potpisinice

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a formal registration of a head office in a Contracting State, but it is the actual place of manage-ment of a company in that State. Determining the actual place of management is a complex process if some country wants to chal-lenge the company's residency. It

is necessary to prove that the company's capacities are not

sufficient to make business decisions independently and manage business processes, but those decisions are made somewhere abroad. This issue is of ut-most importance to the holding companies as well as to the

cash box com-panies used for financ-ing other members of t he group.

The

important feature of the Agreement is that it cannot impose tax obliga-tion that is not prescribed by local legislation. Thus, for example, if the Agreement prescribes with-holding tax on technical services, which is not prescribed by local legislation, the Agreement cannot impose an additional obligation.

On the other hand, the appli-cation of the provisions of the Agreement only because the par-ticipants in the transaction are residents of the signatories is not mandatory. Therefore, it is possible that a taxpayer decides not to apply the provisions of the Agreement if they are more unfavourable to him than the local laws. The best example for this is the payment of withholding tax generated by non-resident based on copyrights. Most of the Agreement prescribes tax withholding rate of 10% of gross fee income. As the current with-holding tax rate of 9% is defined in the Law on Corporate Income Tax, it is not logical that taxpay-ers will apply the provisions of the Agreement aimed at paying a higher amount of tax.

Turnover of copyrights’ fees takes a special place for its significance in international taxation. It would be said that majority of cases belong to this form, whereby it is necessary to know well the provisions of the Agreement

and the domestic legislation.The term copyright as defined in the Agreement

means pay-ments of

any type received as a remunera-tion for the use or right to use a copyright in a literary, artistic or scientific work, including cinema movies and movies or tapes for television or radio, as well as for the use or right to use the patent, trademark, design or model, plan, secret formula or procedure, or for the use or right to use the in-dustrial, commercial or scientific equipment or for information relating to industrial, commercial or scientific experience.

Since the Agreement does not, as a rule, give more detailed defini-tions of what is considered under these terms, it is necessary to turn to domestic legislation in order to determine what is considered as a copyright remuneration. The Law on Copyright and Related Rights (OGM 37/2011, 53/2016) defines author's remuneration as an in-dividual spiritual creation in the field of literature, science and art, expressed in a certain way, unless otherwise prescribed by the law. To that end, if copyrights meet the abovementioned condition, they are considered to be especially spoken works (lectures, speeches,

“Montenegro has not signed the Multilateral Convention yet. However, the provisions of the Convention prescribe measures against all countries even those that are not signatories


način, ako ovim zakonom nije drukčije određeno. S tim u vezi au-torskim djelima se, ako ispunjavaju prethodno navedeni uslov, smatraju naročito govorna djela (predavanja, govori, besjede i sl.), pisana djela (romani, poezija, članci, priručnici, studije, monografije, računarski programi i sl.); muzička djela, sa riječima ili bez riječi, dramska, dramsko-muzička, koreografska, lutkarska i pantomimska djela; fotografska djela i djela stvorena u procesu sličnom fotografiji, audiovizuelna djela, djela likovne umjetnosti (crteži, grafike, slike, skulpture i sl, djela arhitekture, prezentacije naučne, nastavne ili tehničke prirode (tehnički crteži, planovi, standardi, ekspertska

vještačenja, trodimenzionalne prezentacije i sl.).

Naročito značajno je reći da se u skladu sa Zakonom o autorskim i srodnim pravima ali i sa sta-vom Ministarstva finansija Crne gore korišćenje softvera koji nije u vlasništvu domaćeg isplatioca već povezanog lica iz inostranstva takođe smatra autorskim djelom. Značajnost ovoga stava je u tome što se u nekim zemljama kao što je Njemačka, ovaj vid korišćenja softvera ne smatra autorskim dje-lom. Posljedica različitog tumačenja ostvarene naknade je da je društvo isplatilac iz Crne Gore u obavezi da obračuna i obustavi iznos poreza po odbitku, u skladu sa Zakonom o porezu na dobit pravnih lica.

Međutim, kako zakonodavstvo Njemačke ne prepoznaje ovaj vid plaćanja kao autorsku naknadu, društvo iz Njemačke neće moći da koristi potvrdu o plaćenom porezu iz Crne Gore kako bi umanjilo svoju obavezu jer ovaj prihod nema isti tretman u Njemačkoj kao što je to u Crnoj Gori. Nažalost, ovakvi slučajevi nisu rijetkost u praksi.

Još jedna karakteristika tuma-čenja autorskih naknada u okviru odredbi Ugovora je to što se iznaj-mljivanje tehničke opreme (mašina, vozila, računara) od nerezidenata smatra autorskim djelom. S tim u vezi, potrebno je obratiti pažnju i na ovaj iznos troška kako bi se utvrdila konačna cijena koštanja iznajmljivanja opreme.

Kako bi osigurali primjenu rješenja iz konvencije, članice OECD obavezale su se na primjenu minimuma standarda koji će podržati predložene reforme. Na ovaj način će biti onemogućeno da kompanije kroz restrukturiranje svog poslovanja nastave da koriste pravne praznine u poreskim zakonima neke od zemalja članica ali i drugih zemalja koje nisu potpisnice konvencije.

Tačka 13 BEPS projekta predviđa da, počev od fiskalne 2016. godine, multinacionalne kompanije koje ispunjavaju određene uslove, moraju u zemlji u kojoj se nalazi centrala grupe podnijeti dodatnu dokumentaciju u vezi sa povezanim licima. Naime, osim master fajle i lokalne studije o transfernim cijenama, uvedena je i obaveza podnošenja dokumenta koji će sadržati podatke od značaja (prihodi, broj zaposlenih, rezultat pre opo-rezivanja, podaci o imovini,…) o svim entitetima u svijetu koji se nalaze u grupaciji. Ovo je direktno u vezi sa principom ostvarivanja prava na prinos i kreiranja vrijednosti u lancu kompanija. Ovako prikupljeni podaci biće na raspolaganju poreskim upravama koje mogu imati interes za uvid u njih.

Crna Gora do sada nije pristupila potpisivanju Multilateralne konvencije. Međutim, same odredbe konvencije previđaju mjere prema svim državama čak i onima koje nisu potpisinice. Tako neće biti iznenađenje ukoliko neke multinacionalne grupe budu pristupile restruktuiranju na globalnom nivou kako bi ispunile zahteve koje Multilateralna konvencija stavlja pred njih.

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letters, etc.), written works (novels, poetry, articles, manuals, studies, monographs, computer programs, etc.); musical works with or with-out words, drama, drama and musical works, choreography, puppetry and pantomime works; photographic works and works created in a process similar to photography, audio-visual works, works of art (drawings, graph-ics, paintings, sculptures), works of architecture, presentation of scientific, educational or techni-cal nature (technical drawings, plans, standards, expert testimony, three-dimensional presentations, and the like).

In particular, it is important to note that, in accordance with the Law on Copyright and Related Rights, but also with the view of the Montenegrin Ministry of Finance, the use of software not owned by the domestic payer of a connected foreign person is also

considered a copyright. The impor-tance of this view is that in some countries, such as Germany, this use of software is not considered a copyright. The consequence of a different interpretation of the remuneration is that the payer company from Montenegro is obliged to calculate and suspend the amount of the withholding tax, in accordance with the Law on Corporate Income Tax. However, as legislation in Germany does not recognize this form of payment as a remuneration, a German company will not be able to use the Montenegrin tax receipt in order to diminish its obligation because this revenue does not have the same treatment in Germany as in Montenegro. Unfortunately,

such cases are not rare in practice.Another characteristic of the

interpretation of copyright remu-nerations under the provisions of the Agreement is that the rent of technical equipment (machinery, vehicles, computers) from non-residents is considered a copyright. To that end, it is necessary to pay attention to this amount of cost in order to determine the final cost of renting the equipment.

To ensure the application of the Convention's solution, OECD member states are committed to apply minimum standards that will support the proposed reforms. In this way, it will be impossible for companies in the process of restructuring their business to continue to use legal gaps in the tax laws of some of the member states and also other non-signatory states.

Item 13 of the BEPS project prescribes that, from the fiscal year 2016, multinational companies that meet certain conditions must submit additional documentation on connected parties in the country where the head office of the group is located. In addition to master file and the local study on transfer prices, the obligation is introduced on submitting the documents containing important data (income, number of employees, pre-tax financial result, property data) on all entities in the world that are in the group. This is directly related to the principle of accomplishing the right to return and value creation in the chain of companies. This information will be available to tax authorities that may have an interest in make an insight into them.

Montenegro has not signed the Multilateral Convention yet. However, the provisions of the Convention prescribe measures against all countries even those that are not signatories. It will not be a surprise if some multinational groups begin a restructuring process at the global level to meet the requirements of the Multilateral Convention.


Potreba unapređenja uspostavljenog sistema za borbu protiv pranja novca i finansiranja terorizma

proističe iz stalnog usavršavanja metoda kojima se ova krivična djela vrše. Prva stepenica na tom planu je dogradnja pravnog okvira, koja se obavlja u konti-nuitetu, od strane nadležnih institucija i organizacija. U tom smislu je FATF, kao najvažnija međunarodna organizacija za uspostavljanje standarda u ovoj oblasti, objedinio i precizno definisao svojih 40 preporuka.

Evropska Unija (EU) je u najnovijoj direktivi implementirala te preporuke i obavezala članice i kandidate da ih ugrade u nacionalna zakonodavstva, a naša država je najnovijim izmjenama i dopunama postigla potpunu usaglašenost Zakona sa propisanim

standardima. U toku je donošenje podzakonskih akata, a očekuju se i nove smjernice nadležnih nadzornih organa, pri čemu su za banke bitne smjernice koje donosi Centralna banka Crne Gore.

Nezaobilaznu ulogu u funkcionisanju tog sistema imaju zakonski obveznici, od kojih su najvažnije banke, zbog činjenice da skoro svi putevi novca imaju svoju dionicu u ovim finansijskim institucijama. Zbog stalnog povećanja broja klijenata, širenja lepeze bankarskih proizvoda i usluga, kao i pomenutog usa-vršavanja metoda izvršavanja krivičnih djela pranja novca i finansiranja terorizma, banke su prinuđene da stalno rade na podizanju nivoa obavljanja ovog posla u dijelu njihove nadležnosti. Interna akta, precizne procedure, sveobuhvatni KYC obrasci, softverska podrška i adekvatna kadrovska popunjenost, su elementi sistema kojem je potreban sve veći stepen automatizacije. Naime, kod identifikacije klijenata i praćenja njihovih transakcija neophodna je primjena velikog broja lista sa podacima, koji se moraju uzeti u obzir u obaveznoj analizi rizika.

Radi bolje preglednosti i sagledavanja njihove uloge, podijelili smo najvažnije liste na tri grupe, u zavisnosti od faze u kojoj se primjenjuju. To su:1. Liste koje se primjenjuju kod identifikacije klijenta;2. Liste koje se primjenjuju kod prihvatanja klijenta;3. Liste koje se primjenjuju kod praćenja poslovne

aktivnosti klijenta. U prvu grupu spadaju:

Kad su u pitanju domaća pravna lica, najnovijim zakonskim izmjenama je predviđeno da tu listu pravi i obveznicima stavlja na raspolaganje državni

Unaprijediti borbu protiv pranja novca

“Bitno ograničenje je otkrivanje lica koje nema procenat vlasništva koji se obavezno evidentira, već samo dominantni uticaj na poslovanje, što je takođe činjenica koja ga deklariše kao stvarnog vlasnika. Iz svih pomenutih razloga ograničenja koja imaju liste se u bankama prevazilaze uzimanjem izjava i kombinovanjem priloženih dokumenata

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The requirement to upgrade already established system for prevention of money laundering and

terrorist financing arises from an ongoing improve-ment of methods used for these crimes. The first step in this plan is to upgrade the legal framework, which is done on a continuous basis by competent authorities and organisations. To that end, FATF, as the most important organisation for standards setting in this area, combined and defined in more detail its 40 recommendations.

The European Union (EU) implemented in the latest directive those recommendations and bound member states and candidate countries to incorporate them into their national legislations. Our country reached full harmonisation of the Law with the prescribed standards through the latest amendments to the Law. The passing of the secondary legislation is pending and new guidelines of the competent authorities are expected, whereby guidelines passed by the Central Bank of Montenegro are important for banks.

Legal reporting entities have unavoidable role in the functioning of the system. The most important among them are banks, due to the fact that almost all roads of money lead to these financial institutions. Due to the constant increase in the number of customers, the expansion of vast array banking products and services, as well as the mentioned improvement of the methods of executing criminal offenses of money laundering and terrorist financing, banks have been forced to work constantly on raising the level of performance of this business within their competence. Internal files, detailed procedures, comprehensive KYC forms, software support, and adequate staffing are elements of the system that requires an increasing level of au-tomation. Namely, when identifying customers and

tracking their transactions, it is necessary to apply a large number of data lists that must be considered in compulsory risk analysis.

In order to have better overview of their role, the lists are divided into three groups, depending on the stage in which they are applied. The lists are as follows:1. Lists applied for customers identification;2. Lists applied in customers’ acceptance;3. Lists applied in monitoring business activity of a

customer. The first group includes:

When it comes to domestic legal persons, the latest amendments to the Law envisaged that the list is prepared and submitted to the reporting entities by the authority responsible for taxes. The situation is

Improve Fight Against

“Another important limit is detecting a person that does not have the percentage of ownership that is obliged to be recorded, but only main influence on operations, which is also the fact that declares such person as beneficial owner. The banks resolve the limits of those lists by taking statements and combining supporting documents


organ nadležan za poreze. Kod stranih pravnih lica situacija je složenija, a banke problem prevazilaze tako što u sklopu dokumentacije koja se prilaže kod uspostavljanja poslovnog odnosa, mora biti i izjava o stvarnom vlasniku. U praksi se često dešava situacija da je stvarni vlasnik skriven na način što vlasnička prava prenosi na drugo lice, a on najčešće zadržava pravo raspolaganja sredstvima na računu tog prav-nog lica. Upoređivanjem tih ovlašćenja može se doći do podatka o vlasniku. Drugo bitno ograničenje je otkrivanje lica koje nema procenat vlasništva koji se obavezno evidentira, već samo dominantni uticaj na poslovanje, što je takođe činjenica koja ga deklariše kao stvarnog vlasnika. Iz svih pomenutih razloga ograničenja koja imaju liste se u bankama prevazi-laze uzimanjem izjava i kombinovanjem priloženih dokumenata.

Značaj utvrđivanja pripadnosti ovoj kategoriji lica, zbog visokog rizika u ostvarivanju poslovnog odnosa banaka sa njima, nameće takođe kombinovani pristup u njihovom korišćenju. Naime, liste domaćih PEP, koje pravi nadležni državni organ, su nekompletne zbog toga što ne uključuju članove porodica funcionera sa liste, kao ni lica koja su sa tim funkcionerima u po-slovnom odnosu. Još su veće poteškoće kod korišćenja skupih komercijalnih baza podataka, koje bi trebale da sadrže imena i domaćih i stranih PEP. Naime, na tim listama se daje ime lica bez bližih podataka, tako da je informacija dobijena tim putem nekompletna i nepouzdana. I ovdje banke moraju koristiti propisane

obrasce kojima se daje izjava u vezi sa ovim statusom, i to prilikom uspostavljanja poslovnog odnosa ili promjene statusa tokom odvijanja poslovnog odnosa.

Druga grupa lista, koje se primjenjuju kod prihvatanja klijenta, je posebno značajna, jer sa licem koje se nađe na tim listama banke ne uspostavljaju poslovni odnos. Uspostavljanje poslovnog odnosa se odbija kad je u pitanju fizičko lice, ali i kad je u pitanju pravno lice koje ima bilo kakvu vezu sa licem sa liste ( vlasnik, direktor,zastupnik...).

Značaj pomenutih lista i automatizacije u njihovoj primjeni nije umanjen određenim ograničenjima, od kojih smo neka već pomenuli. Generalno ograničenje se odnosi na nepotpunu obuhvatnost i pouzdanost lista. Naime, kod određenih lista je nemoguće, pored svih napora i raspoložive do-kumentacije , uključiti sve tražene podatke (npr. lica koja imaju porodični ili poslovni odnos sa licem koje je PEP po funkciji, lica koja su stvarni vlasnici po dominantnom uticaju na poslovanje bez dominantnog učešća u kapitalu i sl.). Kod drugih lista se ne može sa potpunom sigurno-šću utvrditi stvarni identitet (više lica sa istim imenom u komercijalnim bazama podataka). Drugi problem kod automatizacije se odnosi na skupe softvere putem kojih se omogućavaju po-jednostavljene pretrage, pri čemu je ovaj problem posebno izražen kod malih banaka.

Korišćenjem kombinovane metode u pretra-gama, koja uključuje automatsku i ručnu obradu, otklanjaju se, ili bar umanjuju, iskazani problemi. Za ovo je posebno značajno prikupljanje što više dokumenata prilikom uspostavljanja poslovnog odnosa i stvaranje slike o klijentu kombinovanjem i upoređivanjem podataka iz dokumentacije sa podacima iz baze koja sadrži eksterne liste. Sve to treba dopuniti podacima iz javnih izvora (mediji i dr.). Da bi se sve ovo moglo adekvatno implemen-tirati i uspostaviti siguran sistem zaštite bankarskih kanala od kriminalaca koji peru novac ili se bave finansiranjem terorizma, posebno je važno imati stručne i obučene ljude na svim mjestima koja su bitna za funkcionisanje ovog sistema.

“Liste domaćihpolitički eksponiranih lica, koje pravi nadležni državni organ, su nekompletne zbog toga što ne uključuju članove porodica funcionera sa liste, kao ni lica koja su sa tim funkcionerima u poslovnom odnosu


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more complex in case of legal persons, and the banks overcome the problem by incorporating statement on beneficial owner within the documentation provided when establishing legal operations. The practice often shows that the beneficial owner is hidden by transferring its ownership rights to another person, while keeping the right to have at its disposal funds at the account of such legal person. Data on the owner can be obtained by comparing these authorisations. Another impor-tant limit is detecting a person that does not have the percentage of ownership that is obliged to be recorded, but only main influence on operations, which is also the fact that declares such person as beneficial owner. The banks resolve the limits of those lists by taking statements and combining supporting documents.

The importance of determining the affiliation to this category of persons, due to the high risk in their business relationship with the banks, also imposes a combined approach in their use. Namely, the lists of domestic PEPs prepared by the competent authority are incomplete because they do not include family members of the officials from the list, nor those who have business relationship with those officials. It is even more difficult to use expensive commercial databases, which should contain names of domestic and foreign PEPs. Namely, those lists give the name of a person without any detailed information, so the information obtained is incomplete and unreliable. The banks must use the prescribed forms that con-tain the statement on this status when establishing a

business relationship or changing a status during a business relationship.

The second set of lists used when accepting a customer is of particular importance because banks do not establish a business relationship with a listed person. A business relationship is refused when it comes to a natural person, but also when it comes to a legal person who has any connection with the listed person (owner, director, representative ...).

The importance of these lists and automation in their application is not diminished by certain limitations, some of which have already been mentioned. The general limitation refers to in-complete coverage and list reliability. Specifically, it is impossible to include all required information in certain lists despite all efforts and available documentation (e.g. persons who have a family or business relationship with PEP per mandate, who are the beneficial owners with the prevailing influence on the business without the main share in capital etc.). With regard to other lists, it is not possible to determine with absolute certainty the actual identity (multiple persons with the same name in commercial databases). Another prob-lem with automation is expensive software that simplify searches, whereby this problem is more evident with small banks.

The use of combined method in searches, which includes automated and manual processing, eliminates or at least reduces the abovementioned problems. Therefore, it is especially important to collect as many documents as possible when establishing a business relationship and creating a customer image by combining and comparing data from the database documentation with the database containing the external lists. All this needs to be supplemented by data from public sources (media, etc.). With a view to adequate implementation of the aforesaid and establish-ment of the secure system for protecting banking channels from money laundering or terrorist financing criminals, it is especially important to have skilled and trained people in all areas that are essential for the functioning of this system..

“The lists of domestic PEPs prepared by the competent authority are incomplete because they do not include family members of the officials from the list, nor those who have business relationship with those officials


U tu grupu lista spadaju:

Ova lista se pravi i ažurira na državnom nivou, a obveznici, uključujući i banke, je preuzimaju i na adekvatan način ugrađuju u svoj softver, kako bi se izbjegao rizik opasnog propusta i uspostavljanja poslovnog odnosa sa teroristom ili terorističkom organizacijom.

Ovo je čitava skupina lista koje donose različiti or-gani i organizacije ( EU, OFAC, UN, FATF..). Liste se redovno ažuriraju od strane pomenutih organa i javno objavljuju na njihovim sajtovima, tako da su dostupne obveznicima. Kod banaka se ovdje javlja problem što se, zbog obima posla (veliki broj klijenata) i njegove dinamike ( veliki broj transakcija i učesnika u njima), mora postići visoki stepen automatizacije, pošto ručne pretrage usporavaju redovne poslove, dovode do mogućnosti greške, a promjene statusa klijenta u odnosu na startni je praktično nemoguće pratiti. S druge strane, softveri kojima se postiže automatizacija zahtijevaju velika ulaganja, kako za njihovo uspostavljanje, tako i za održavanje. To je, posebno za male banke, veliki trošak, koji se ipak ne može izbjeći, bez znatnog povećanja rizika. Racionalno, sa stanovišta primjene, a i sa stanovišta troškova, bi bilo objedinjavanje svih lista u jedan program, koji bi se primjenjivao kod praćenja klijenata i transakcija.

U treću grupu, odnosno liste koje se primjenjuju kod praćenja poslovnih aktivnosti klijenata, svrstali smo sljedeće liste:

Ovo je lista koja se primjenjuje od samog početka uspostavljanja sistema za sprječavanje pranja novca, u koji je kasnije uključen sistem za sprječavanje finansiranja terorizma. Lista koja sadrži indikatore sumnje u pranje novca se sastoji iz obaveznog dijela, koji donosi nadležni državni organ, i dopune, koju, u zavisnosti od svojih specifičnosti, dodaje svaki obveznik, u našem slučaju svaka banka. Za razliku od ove liste, lista indikatora koji upućuju na sumnju u finansiranje terorizma je tajna, iz razumljivih ra-zloga. U primjeni i jedne i druge liste automatizacija se može postići samo kada su u pitanju određeni

indikatori, koji se odnose na klijenta, destinaciju, obim i vrstu transakcije, kao i druge elemente koji se mogu brojčano i opisno definisati. S druge strane, određen broj indikatora se može primijeniti samo u direktnoj komunikaciji zaposlenog sa klijentom, ili na osnovu iskustva zaposlenog, pa se njihova primjena ne može automatizovati.

Nadležni državni organ za sprječavanje pranja novca i finansiranja terorizma vrši prikupljanje i obradu podataka o velikom broju lica, dobijajući inpute iz više izvora, od kojih je najobimniji, a vjerovatno i najznačajniji izvor, izvještavanje obveznika, a posebno banaka.Tom obradom klijenti i transakcije dobijaju različiti status u obradi, pri čemu bi ta vrsta informa-cija bila vrlo korisna za banke i njihovo postupanje u odnosu na te klijente. Naime, podaci o velikom broju lica svakodnevno cirkulišu na relaciji obveznik-nad-ležni državni organ. Sudbina informacije o klijentu i transakciji, posebno ako su kvalifikovani kao sumnjivi, predstavljala bi značajan input za obveznika (banku). Ako u trenutku traženja informacije od strane nadlež-nog organa, neko lice nije klijent banke, bilo bi veoma značajno da se precizira da li treba pratiti i prijaviti neko njegovo buduće pojavljivanje, ili je obrada u institucijama dovela do adaktiranja tog predmeta. Smatramo da bi bilo neracionalno da svaka banka pravi listu lica za koje je dobijala upite, pogotovu što bi takva lista sadržala i ona lica koja više nijesu interesantna , odnosno nijesu predmet dalje obrade nadležnih organa i institucija.

Za banke bi predstavljalo veliku pomoć uspo-stavljanje i ažuriranje takve liste od strane organa nadležnog za sprječavanje pranja novca i finansiranja terorizma. Banke bi u tom slučaju implementirale i primjenjivale tu listu, a u zavisnosti od statusa kli-jenta na njoj posebno pratile njegove transakcije, ili čak odbijale uspostavljanje poslovnog odnosa, a već uspostavljeni poslovni odnos prekidale. To bi svakako bilo praćeno dostavljanjem korisnih informacija nadležnom organu. Potreba za širim elaboriranjem ove ideje proističe iz činjenice da ona nije razrađena u Zakonu i podzakonskim aktima, već se pominje samo kao mogućnost davanja povratne informacije obvezniku, uz zakonska ograničenja, a vezuje se za prijavljene sumnjive transakcije.


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This group of lists include:

This list is prepared and updated at the state level, and reporting entities, including banks, obtain and incorporate it appropriately into their software to avoid the risk of a dangerous omission and the risk of establishing a busi-ness relationship with a terrorist or terrorist organisation.

This is a whole set of lists adopted by various bodies and organisations (EU, OFAC, UN, FATF). The lists are regularly updated by the aforementioned bodies and published publicly on their websites, so they are available to reporting entities. There is a problem with banks since due to the volume of work (a large number of customers) and its dynamics (a large number of transactions and participants in them), a high degree of automation has to be achieved since manual searches slow down the regular business, and lead to the possibility of making an error, while changes in the status of the customer compared to the initial status is almost impossible to follow. On the other hand, software for automation of the process requires large investments, both for their establishment and maintenance. This is especially costly for small banks, which cannot be avoided without a significant increase in risk. From the standpoint of application and costs, it would be reasonable to aggregate all lists into one pro-gramme that would be applied to monitor the customer and transactions.

Third group of lists that are applied in monitoring busi-ness activities of customers includes the following lists:

This is a list that has been in effect from the very beginning of establishing a system for preventing money laundering, which later included a system for combating terrorist fi-nancing. The list that contains the indicators of suspicion of money laundering consists of a mandatory part adopted by the competent authority, and its supplements, which, depending on its specificity, is added by every reporting entity, in this case every bank. Unlike this list, a list of indicators referring to the suspicion of terrorist financing is a secret, for obvious reasons. In the application of both lists, automation can only be achieved when it comes to

specific indicators related to the customer, destination, scope and type of transaction, as well as other elements that can be numerically and descriptively defined. On the other hand, a certain number of indicators can only be applied in direct communication between a customer and the employee, or on the basis of employee experience, so their application cannot be automated.

The authority competent for the prevention of money laun-dering and terrorist financing is collecting and processing data on a large number of persons, obtaining inputs from multiple sources, whereby the most accessible and prob-ably the most significant source is reporting of reporting entities, especially banks. Customers and transactions receive different status in processing, whereby this type of information would be very useful to banks and their treatment of those customers. Namely, data on a large number of persons circulate daily between the report-ing entity and the competent authority. The fate of the information on customer and transaction, especially if qualified as suspicious, would represent significant input for the reporting entity (bank). If, at the time of requesting information from a competent authority, a person is not a customer of the bank, it would be very important to specify whether its future occurrence should be monitored and reported, or the processing of the institution led to placing this case ad acta. We believe that it would be irrational for each bank to make the list of the persons it was asked for, especially if such a list would contain those persons that are no longer interesting or are not subject to further processing by the competent authorities and institutions.

It would be very helpful for banks to set up and update such a list by the authorities responsible for preventing money laundering and terrorist financing. In that case, the banks would implement and apply that list, and de-pending on the status of the customer, its transactions would be specifically monitored or even establishing a business relationship would be refused, while the existing business relationship would be interrupted. This would certainly be followed by delivering useful information to the competent authority. The need for widespread explanation of this idea stems from the fact that it is not elaborated in the Law and secondary legislation, but it is mentioned only as an opportunity to provide feedback to the reporting entity, with legal limitations, and is related to reported suspicious transactions.


Eurozona je zabilježila rast od 2,4% u 2017. godini koji je bio podržan

prilagodljivom monetarnom poli-tikom ECB-a, snažnom globalnom ekonomskom i domaćom tražnjom, uprkos političkoj nesigurnosti i geopolitičkim napetostima koje su okruživale svjetsku ekonomiju.

Ova stopa je bila veća od stope međunarodnih partnera kao što su Japan (1,7%) i Ujedinjeno kraljev-stvo (1,8%), a mogla se uprediti sa stopom u SAD-u (2,3%), ali je bila niža od stope zabilježene u Kanadi (3%) i Kini (6,9%).

Blokod 19 zemalja i dalje će imati koristi od finansijskih uslova podrške u 2018, održive globalne i domaće tražnje i robusnog rasta globalne ekonomije. Iako je politička neiz-vjesnost u Evropi manja prijetnja u odnosu na prethodne godine, geopolitičke napetosti i moguća eskalacija trgovinskih sukoba i da-lje predstavljaju negativne rizike. Očekuje se rast u eurozoni iznad potencijala, za 2,4% u 2018. godini. Očekuje se da će se rast usporiti u 2019, kada se predviđa povećanje BDP-a od 2,1%. Međutim, eurozona ima nižu očekivanu stopu rasta za 2018. i 2019. nego u EU 28 i SAD-u.Domaća tražnja i dalje će biti glavni

pokretač povećanja ekonomije eu-rozone, kao što je to bilo posljednjih nekoliko godina, odvijajući se kao i do sada na dvije mašine, privatnu potrošnju i ulaganja, istovremeno podstaknuta stvaranjem novih rad-nih mjesta, sporim povraćajem infla-cije i poboljšanom profitabilnošću.

Privatna potrošnja će održati siguran rast 2018. godine, zahva-ljujući poboljšanom tržištu rada i povoljnim uslovima finansiranja. Fiksna poslovna ulaganja nasta-viće sa oporavkom, zahvaljujući i povoljnim uslovima finansiranja, nakon perioda značajnog smanje-nja, uglavnom zbog velikog broja neizvjesnosti i manjih kreditnih pozajmica banaka u više zemalja.

Svjetska trgovina nastavila je sa rastom u 2017. godini zbog održivog globalnog oporavka, podstaknuvši

evropski izvoz za 5,1%. Globalna ekonomija će nastaviti da raste u 2018. godini podržavajući spoljnu tražnju i jačajući evropski izvoz uprkos aprecijaciji eura. Očekuje se da će izvoz porasti za 4,9%, pre-mašujući 4,5% rasta uvoza.

Od vrhunca finansijske krize, države članice eurozone postigle su značajan napredak u smanjenju deficita javnog sektora. Očekuje se da će stav o fiskalnoj politici ostati u velikoj mjeri neutralan tokom prognoziranog perioda. S padom koeficijenta deficita, uglavnom zbog okruženja niske kamatne stope i ekonomskog rasta, fiskalni defi-cit eurozone u 2018. godini iznosi 0,9% BDP-a. To će, u kombinaciji sa ekonomskim oporavkom, smanjiti koeficijent duga u odnosu na BDP tokom prognoziranog perioda.

Rast ekonomije

trgovinskim sukobima

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Važno je koja je Vaša banka.

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Silazni trend u broju kreditnih in-stitucija u zemljama EU-28, koji je započet 2009. godine, nastavljen je 2017, pa je pao na 6.263. To pred-stavlja smanjenje od 5% u odnosu na prethodnu godinu i ukupno smanjenje od 2.262 od početka kontrakcije. Većina konsolidacije dogodila se u kreditnim instituci-jama koje su zakonski uključene u državu koja dostavlja izvještaje, pri čemu su akcije zabilježile pad od 31% od 2008. godine. Ovaj trend uključuje faktore kao što su spaja-nja u bankarskom sektoru s ciljem povećanja profitabilnosti.

Prema izvještaju ECB-a, Njemačka (-70 jedinica), Italija (-65), Mađarska (-49) i Austrija (-43) su doživjele najveću kontrakciju u apsolutnom iznosu 2017. godine. Švedska (+5 jedinica) i Ujedinjeno kraljevstvo (+15) su bile jedine zemlje u kojima je povećan broj kreditnih institucija. Broj kreditnih institucija u zemljama EFTA-e smanjio se sa 414 na 406 u 2017. godini.

Djelatnost bankarskog sektora i povezanih finansijskih usluga čine značajno učešće u ekonomiji Evropske unije.

Uprkos padu zaposlenosti u ban-kama posljednjih godina, oko jedan u svakih 100 radnih mjesta u EU bio je bankarski posao u 2016. godini.

U protekloj dekadi, između 3 i 4% vrijednosti naknada za zaposlene i

bruto dodate vrijednosti u ekonomiji Evropske unije dolazi iz finansijskih usluga (isključujući osiguranja i penzione aktivnosti).

Osnovne bankarske aktivnosti priku-pljanja depozita i odobravanja kredita klijentima ključne su za evropske banke. Uprkos smanjenju stepena zaduženosti evropskih klijenata i poslovnih subjekata, zabilježen je rast depozita i kredita banaka u 2017. godini.

Obaveze po osnovu domaćih depozita ili depozita eurozone u Evropskoj uniji porasle su 3,1% na 23,6 biliona eura. To je bio najveći za-bilježeni nivo, pri čemu je prethodni najveći nivo zabilježen 2012. godine u iznosu od 23,1 biliona eura.

Depoziti drugih monetarnih finansijskih institucija porasli su po prvi put od 2011. na 7,1 biliona eura.

Ukupni depoziti od nefinansijskih institucija, isključujući centralne vlade, porasli su za 2,5% u 2017. godini na 16,3 milijardi eura u EU krajem 2017. godine, sa 12,1 milijardu eura depozita u eurozoni.

Rast je podstaknut porastom de-pozita stanovništva (uključujući neprofitne institucije koje pružaju usluge stanovništvu), koji su porasli

za 2,9% na godišnjem nivou na 9,1 biliona eura, i rastom depozita kompanija iz nefinansijskog sektora za 6,7% na 3,2 biliona eura.

Ukupna vrijednost neotplaćenih kredita iz monetarnih finansijskih institucija EU-a u 2017. godini porasla je za 3,9% na više od 24,5 biliona eura, nadma-šivši prethodnu najveću vrijednost iz 2011. godine. Povećanje je rezultat rasta kredita odobrenih drugim mo-netarnim finansijskim institucijama koji su porasli za 9,8% u odnosu na prethodnu godinu na 7,9 biliona eura.

Krediti stanovništvu u Evropskoj uniji porasli su za 2,5% u 2017. go-

dini na 7.8 biliona eura, pri čemu je to povećanje bilo brže u eurozoni.

Krediti odobreni sektoru stanovništva u eurozoni porasli su treću godinu zare-dom, povećavajući iznos ne-otplaćenih kredita za gotovo 500 milijardi eura od 2014.

Krediti odobreni kompanijama iz nefinansijskog sektora(NFC) su porasli za 0,7% u 2017. godini na 5,2 biliona eura, dostižući najviši nivo od 2013.

Poslovi nekretninama, stručne, naučne i tehničke djelatnosti i ad-ministrativne i pomoćne djelatno-sti činile su više od jedne trećine (35,3%) neotplaćenih kredita na kraju 2017. godine. Proizvodnja i trgovina na veliko i malo činili su 14,3%, odnosno 13,2%.

223,1 b o a eu a. u j poraaa

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Supported by the ECBs’ accom-modative monetary policy stance,

a strong global economy and robust domestic demand, and despite po-litical uncertainty and geopolitical tensions surrounding the world economy, the euro area grew by 2.4% in 2017.

This was a higher rate than interna-tional partners such as Japan (1.7%) and the UK (1.8%) and comparable to the US (2.3%), but lower than Canada (3%) and China (6.9%).

In 2018, the 19-country bloc will continue to benefit from supportive financial conditions, sustained global and domestic demand, and robust growth of global economy. While political uncertainty in Europe is less of a threat than in previous years, geopolitical tensions and the possible escalation of trade conflict remain downside risks. The euro area is expected to expand, above potential, by 2.4% in 2018. The growth is expected to slacken slightly in 2019, when GDP expan-sion of 2.1% is forecast. The Euro area however has a lower expected growth rate for 2018 and 2019 than the EU 28 and the US.

Domestic demand will remain the key driver for the expansion of the euro area economy, as it has been over the last few years, running as it does on the two engines of pri-vate consumption and investment, and sustained by job creation, slow return of inflation and improved profitability.

Private consumption will maintain a healthy growth in 2018 benefitting from an improved labour market and favourable financing condi-tions. Fixed business investment will continue its recovery benefit-ting also from favourable financ-ing conditions, after a period of significant decrease mainly due to a wide range of uncertainties and lower bank lending in a number of countries.

On the back of a sustained global recovery, world trade continued growing in 2017 boosting European exports by 5.1%. The global economy will continue, in 2018, to expand supporting external demand and boosting European exports despite the euro appreciation. Exports are expected to grow by 4.9% outpacing a 4.5% growth in imports.

Since the peak of the financial crisis, euro area member states have achieved significant progress in reducing public sector deficits. The fiscal policy stance is expected to remain broadly neutral over the forecast horizon. With the decrease of the deficit ratio, mainly due to the low interest environment and the economic upswing, the euro area fiscal deficit is to equal 0.9% of GDP

Economic growth despite political uncertainty and


Banke djeluju kao posrednici između onih koji imaju novac i onih kojima je potreban novac, pri čemu obe-zbjeđuju sisteme za isplatu sredstava između platioca i primaoca plaćanja.

Primarna uloga banaka je da uzimaju novac od onih koji imaju gotovinu i pozajmljuju novac za-jmoprimcima. Banke zatim dobi-jaju otplate kredita koje se mogu koristiti za nove pozajmice ostalim zajmoprimcima.

Tradicionalni stav u vezi ovog procesa je da banke "stvaraju" no-vac dajući nešto novca na depozit u obliku kredita zajmoprimcima koji se vraćaju bankarskom sistemu kao depoziti. Taj se novac može po-novno pozajmiti, dovodeći do efekta multiplikacije. U novije vrijeme, stvaranje novca usmjereno je na to kako kreditiranje stvara bankarske depozite, tj. kad god banka daje kredit klijentu, kreira se depozit.

Banke ne mogu slobodno pozaj-miti novac bez limita. One moraju

biti u mogućno-sti da pozajme prof itabi lno na konkuren-tnom tržištu, a istovremeno da upravljaju rizi-kom likvidnosti (tj. da imaju do-voljno likvidnih sredstava za ot-platu depone-nata ili investi-tora po potrebi) i kreditnim ri-zicima (da neki zajmoprimci ne mogu vratiti

kredite). Ove kreditne aktivnosti regulisane su i zaštićene globalnim / međunarodnim standardima i propisima EU.

Baš kao što se može stvoriti novac, može se i uništiti. Na primjer, u slučaju hipoteke koja se koristi za kupovinu upotrebljene imovine, kupac bi mogao iskoristiti prihode od prodaje da otplati postojeću hi-poteku, vraćajući na efikasan način novčani kreirani iznos na nulu.

Banke su takođe ključni akteri u nacionalnim i međunarodnim plat-nim sistemima. Oko 122 milijarde bezgotovinskog plaćanja izvršile su nemonetarne finansijske institucije 2016. godine. Više od polovine tih plaćanja (60 milijardi) odnosilo se na plaćanje karticama, dok je oko četvrtina činila kreditne transfere (31 milijardu eura) ili direktnih zaduženja (25 milijardi eura).

Cilje Jedinstvenog evropskog plat-nog prostora (SEPA) je da uskladi i integriše tržišta platnog prometa u cijeloj Evropi, uz jedan set instru-menata plaćanja u eurima: kreditnih transfera, direktnih zaduženja i platnih kartica, zajedničkih stan-darda i praksi i usklađenu pravnu osnovu. SEPA obuhvata više od 520 miliona ljudi u 28 država članica EU i šest zemalja koje nisu članice EU (Island, Lihtenštajn, Monako, Norveška, San Marino i Švajcarska).

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in 2018. This, in combination with the economic recovery, will translate into a reduction of the debt to GDP ratio over the forecast horizon.

The downward trend in the number of EU-28 credit institutions, which started in 2009, continued in 2017, falling to 6,263. This was a decline of 5% compared to the previous year and a reduction of 2,262 in total since contraction started. Most of the consolidation has occurred within credit institutions legally incorporated into the reporting country, where the stock has fallen by 31% since 2008. This trend in-cludes factors such as mergers in the banking sector with a view to enhancing profitability.

The countries that experienced the largest contraction in absolute terms in 2017 were Germany (-70 units), Italy (-65), Hungary (-49) and Austria (-43), according to the ECB. Sweden (+5 units) and the UK (+15) were the only countries where the number of credit institutions increased. The number of credit institutions in the EFTA countries fell from 414 to 406 in 2017.

Banking and related financial ser-vices activities make a significant contribution to the EU’s economy.

Despite the drop in bank

employment in recent years, about one in every 100 jobs in the EU was a banking job in 2016.

In the past decade, between 3% and 4% of the value of compensa-tion of employees and gross value added in the EU economy has come from financial services (excluding insurance and pension activities).

The core banking activities of raising deposits from and providing credit to customers are crucial to Europe’s banks. Despite deleveraging by European consumers and businesses, bank deposits and loans grew in 2017.

Domestic or euro area deposit liabilities in the EU rose by 3.1% to €23.6 trillion. This was the highest level recorded, with the previous peak at €23.1 trillion in 2012.

Deposits from other MFIs rose for the first time since 2011 to €7.1 trillion.

Total deposits from non-MFIs, excluding central governments, grew by 2.5% in 2017 to €16.3 billion in the EU at the end of 2017, with €12.1 billion in deposits in the euro area.

The growth has been driven by an increase in deposits from households (including non-profit institutions

serving households), which rose by 2.9% year-on-year to €9.1 trillion and non-financial corporations (NFCs), up by 6.7% to €3.2 trillion.

The total value of loans outstanding from EU MFIs increased by 3.9% in 2017 to more than €24.5 trillion, surpassing the previous peak in 2011. The increase derived from growth in loans to other MFIs which rose by 9.8% year-on-year to €7.9 trillion.

Loans to EU households rose by 2.5 % in 2017 to €7.8 trillion, rising slightly faster in the euro area.

Loans to households in the euro area grew for the third successive year, adding almost €500 billion on loans outstanding since 2014.

NFC loans outstanding rose by 0.7% in 2017 to €5.2 tril-lion, the highest level since 2013.

Real estate activities, professional, scientific and technical activities and administrative and support service activi-ties accounted for more than one third (35.3%) of

loans outstanding at the end of 2017. Manufacturing and the wholesale and retail trades accounted for 14.3% and 13.2% respectively.


Fokus ove publikacije je na bankama; međutim, čisti podaci o bankama nijesu dostupni od ECB-a. Zbog toga EBF koristi oba pojma, kre-ditne institucije (KI) i monetarne finansijske institucije (MFI), u zavi-snosti od vrste dostupnih podataka. Budući da banke predstavljaju oko 75-80% cjelokupnog finansijskog sistema u EU, EBF smatra da je moguće zasnovati analizu bankar-skog sektora na podacima ECB-a za kreditne institucije i monetarne finansijske institucije. Definicije

ECB-a o kreditnim institucijama i monetarnim finansijskim instituci-jama su predstavljene dalje u tekstu:

Kreditna institucija (KI) = Svaka institucija koja je ili (i) kompanija čija je djelatnost primanje depozita ili drugih povratnih sredstava od javnosti i odobravanje kredita za sopstveni račun, ili (ii) kompanija ili bilo koje druge pravno lice, osim onih pod (i), koji izdaju sredstva plaćanja u obliku elektronskog novca.

Monetarna finansijska institu-cija (MFI) = Finansijske institucije

koje zajedno čine sektor izdavanja novca eurozone. One uključuju: Eurosistem, rezidentne kreditne institucije (kako je to definisano u pravu EU) i sve druge rezidentne finansijske institucije čija je djelat-nost primanje depozita i / ili bliskih zamjena za depozite od drugih subjekata osim MFI i za sopstveni račun (barem u ekonomskim uslo-vima), odobravanje kredita i / ili ulaganje u hartije od vrijednosti. Poslednja grupa se sastoji pretežno od sredstava sa tržišta novca.

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Banks act as facilitators between those who have money and those who need money, while also pro-viding the systems for funds to flow between payers and payees.

The primary role of banks is to take in money from those with cash in hand and to lend money to borrowers. Banks then receive loan repayments which can be used in new lending to other borrowers.

The traditional view of this pro-cess has been that banks “create” money by providing some of the money on deposit in the form of loans to borrowers, which returns to the banking system as deposits. This money can then be lent again and again, resulting in a multiplier effect. More recently, money crea-tion has focussed on how lending creates bank deposits i.e. whenever a bank provides a loan to a customer, a deposit is created.

Banks can-not lend freely without limits. They have to be able to lend profitably in a competitive market, while also managing liquidity risks (i.e. that they have sufficient liquid assets to repay deposi-tors or investors when required) and credit risks (that some bor-

rowers may not repay their loans).

These lending activities are regu-lated and safeguarded by global/international standards and EU regulations.

Just as money can be created, it can also be destroyed. For example, in the case of a mortgage being used to purchase a second-hand property, the purchaser could use the proceeds from the sale to pay an existing mortgage, effectively bringing the amount of money created back to zero.

Banks are also key players in na-tional and international payment systems. Some 122 billion cashless payments were made by non-MFIs in 2016. More than half (60 billion) of those were card payments, while about a quarter were credit trans-fers (31 billion) or direct debits (25 billion).

The Single European Payments Area (SEPA) aims to harmonise and integrate payment markets across Europe, with one set of euro payment instruments: credit transfers, direct debits and payment card, common standards and practices and a harmo-nised legal basis. SEPA covers more than 520 million people in the 28 EU Member States and six non-EU countries (Iceland, Liechtenstein, Monaco, Norway, San Marino and Switzerland).


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The focus of this publication is on banks; however, the pure data on banks is not available from the ECB. This is why the EBF uses both of the notions of Credit Institutions (CI) and of Monetary Financial Institutions (MFI) depending on which type of data is available. Since banks represent around 75-80% of the entire financial system in the EU, the EBF deems it feasible to base the analysis of the banking sector on the ECB’s CI and MFI data. For your convenience, the

ECB definitions of CI and MFI are presented below:

Credit Institution (CI) = Any institution that is either (i) an un-dertaking whose business is to re-ceive deposits or other repayable funds from the public and to grant credit for its own account, or (ii) an undertaking or any other legal person, other than those under (i), which issues means of payment in the form of electronic money.

Monetary Financial Institution (MFI) = Financial institutions which

together form the money-issuing sector of the euro area. These in-clude: the Eurosystem, resident credit institutions (as defined in EU law) and all other resident fi-nancial institutions whose business is to receive deposits and/or close substitutes for deposits from enti-ties other than MFIs and, for their own account (at least in economic terms), to grant credit and/or in-vest in securities. The latter group consists predominantly of money market funds.


Trend sve veće povezanosti potro-šača je prilika za dalji razvoj platnih tehnologija, ili bolje rečeno - prilika za tržište da iskoristi maksimum koji pružaju platne tehnologije. Kako potrošači nastoje da koriste jednostavnije i brže metode plaćanja, tj. radije se odlučuju da koriste op-ciju plaćanja prislanjanjem umjesto provlačenjem ili ubacivanjem kartice u terminal, tako mobilni telefoni

postaju prirodni saveznik u procesu plaćanja. Mi stvaramo tehnologije koje omogućavaju da svaki uređaj postane uređaj za plaćanje, uz kori-šćenje istih jednostavnih i sigurno-snih elemenata na koje su korisnici navikli kroz upotrebu platnih kartica. Najbolje vrijeme za uvođenje mo-bilnih plaćanja bilo je prije nekoliko godina, a drugi najbolji trenutak je sada, jer će broj transakcija u

mobilnoj trgo-vini prerasti broj internet plaćanja do 2019. Kina će biti predvodnik i postaće prva ze-mlja čija onlajn potrošnja preko mobilnih telefona prevazilazi bilion dolara. Takođe se očekuje da će b eskont a kt na

mobilna plaćanja dostići sumu veću od bilion dolara širom svijeta, a oče-kuje se i da usluge kao što su Apple Pay i GooglePay do 2022. godine ostvare ukupnu godišnju stopu rasta (CAGR)od 30,7%. Beskontaktna plaćanja će ove godine činiti oko 1,4% globalne prodaje u fizičkom okruženju i dostići udio od 3,8% do 2022.

Ovo je prilično impresivan razvoj događaja, ali takođe i ogromna prilika za bilo koje tržište, veće ili manje, razvijeno ili u razvoju, da za sebe uzme parče kolača zvanog tržište mobilnih plaćanja. Za potrošače i trgovce, mobilni uređaji postaju prva, a moguće i jedina, dodirna tačka u komercijalnom procesu što, sa jedne strane, može da vodi ka većoj potrošnji i raznovrsnijem tržištu robe, usluga i pogodnosti, a sa druge strane, nosi realan rizik isključivanja trgovaca koji kasne sa usvajanjem mobilnih tehnologija. Banke i finansijske institucije moraće da isprate potrebe svojih klijenata i potrošača, baš kao što su to činile i sa lansiranjem e-banking i m-banking usluga, ili prilikom diversifikacije svojih kartičnih portfolija.

Mobilna plaćanja su takođe i osvježenje za industriju koja se već veoma dugo percipira kao stroga i tradicionalna. Sa relativno jeftinim

cilj – da li smo ga dostigli?

“Najbolje vrijeme za uvođenje mobilnih plaćanja bilo je prije nekoliko godina, a drugi najbolji trenutak je sada, jer će broj transakcija u mobilnoj trgovini prerasti broj internet plaćanja do 2019.

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The trend of increasing customer connectivity is an opportunity for further development of payment technologies, or rather, an op-portunity for the market to take advantage of payment technologies. Since the consumers tend to use simpler and faster payment meth-ods, i.e. they prefer to use payment option by tapping a card instead of dragging or inserting a card into

a terminal, so mobile phones be-come a natural ally in the payment process. We create technologies that enable each device to become a payment device, using the same simple and security elements that users are accustomed to by using payment cards. The best period for introducing mobile payments was a few years ago, and the second best moment is now, as the number of

mobile phone transactions wi l l exceed the number of internet pay-ments by 2019. China will be the leader and it will become the first country whose online spending over mobile phones

exceeds a trillion dollars. It is ex-pected that contactless mobile payments will reach the sum of more than a trillion dollars world-wide, as well as that services such as Apple Pay and GooglePay will achieve compound annual growth rate (CAGR) of 30.7% by 2022. Contactless payments will account for 1.4% of global sales this year in the physical environment and they will reach a share of 3.8% by 2022.

This is rather impressive devel-opment of events, but also a huge opportunity for any market, larger or smaller, developed or developing, to take a piece of cake called mobile payments market. Mobile devices become the first and perhaps the only touch point for consumers and retailers in the commercial process, which can lead to higher consumption and more diversi-fied market of goods, services and benefits on one hand, while on the other hand, it carries a real risk of exclusion of traders who are lagging behind in the adoption of mobile technologies. Banks and financial institutions will have to follow the needs of their clients and consumers, just as they did with the launch of e-banking and m-banking services, or when diversifying their payment card portfolios.

“The best period for introducing mobile payments was a few years ago, and the second best moment is now, as the number of mobile phone transactions will exceed the number of internet payments by 2019.


i široko dostupnim mobilnim tele-fonima kao sredstvima za plaćanje i sa softverskom industrijom koja cvjeta, konstante inovacije postaju standard za platnu industriju.

Ne samo da se izbor za potrošače znatno proširio, već su se i njihova oče-kivanja izrazito promijenila. Potrošači danas očekuju brza i sigurna plaćanja koje će obavljati prislanjanjem i klikom na dugme, bez rizika i besplatno. Ovo snižava troškove, povećava konkuren-ciju i smanjuje marže za prihvatioce (tipično banke), što je uglavnom dobro za maloprodaju.

Na globalnom ni-vou mobilna pla-ćanja su se razvila u nekoliko pravaca i danas postoje u mnogo različitih formata, počevši od ljudi koji kori-ste svoje mobilne

telefone da pretražuju, provjeravaju i upoređuju proizvode u pokretu, preko onih koji se pretplaćuju na magazine ili plaćaju račune u resto-ranu uz pomoć aplikacija za digitalne novčanike, do onih koji koriste svoje mobilne telefone kao uređaje za beskontaktno plaćanje u kojima je sačuvana njihova digitalna kartica.

Upravo ova posljednja opcija postaje sve značajnija u modernom platnom okruženju. Mobilna plaćanja se naslanjaju na infrastrukturu za beskontaktna plaćanja kroz NFC tehnologiju i kreiranje digitalnih kar-

tica u pametnim telefonima. Kako potrošači tako i tr-govci imaju koristi od ove opcije jer je ona: a) manje komplikovana i sve što je potrebno se već nalazi u uređaju koji go-tovo svi korisnici imaju kod sebe, i b) zato što ne po-stoji psihološka barijera za gornju granicu kupovine, pa je vrlo vjero-vatno da će vri-jednost i broj tran-sakcija porasti.

Kada pogledamo mobilna beskon-taktna plaćanja, ne postoje veće razlike u poređenju sa beskontaktnim plaćanjima karticama. Dobra vijest je da prelazak na mobilna plaćanja ne bi trebalo da predstavlja veliku promjenu u potrošačkom ponaša-nju crnogorskih korisnika kartica, imajući u vidu da je u avgustu 2018. godine četiri od pet banaka u zemlji u ponudi već imalo Mastercard beskontaktna plaćanja, a njihovo korišćenje je poraslo za 130% u odnosu na prošlu godinu.

Prije nego što mobilni uređaj može da se koristi za plaćanja, korisnik treba da kreira digitalnu karticu u samom telefonu, koja će funkcionisati kao zamjena za fizičku karticu i da je poveže sa računom za direktno poravnanje. Takva digitalna kartica ne sadrži prave lične podatke korisnika kartice i to sve zahvaljujući Mastercard Digital Enablement Service (MDES) usluzi. MDES konvertuje broj kartice u zamjenske brojeve, odnosno to-kene, što je naš način da pružimo sigurnije i unaprijeđeno iskustvo plaćanja. Znajući da je sigurnost prvi prioritet za potrošače, trgovce i banke, obezbijedili smo maksi-malnu bezbjednost i fleksibilnost procesa tokenizacije: počevši od činjenice da možemo da zaključamo token, odnosno vežemo ga za jedan konkretni uređaj ili kanal plaćanja, preko elementa koji omogućava MDES-u da blokira transakciju ukoliko ikada dođe do kompromi-tovanja tokena, a prevarant pokuša da ga iskoristi; do činjenice da ukoliko dođe do gubitka uređaja ili je plastična kartica kompromi-tovana, možemo prekinutu vezu između tokena i kartice u MDES-u

“Banke i finansijske institucije moraće da isprate potrebe svojih klijenata i potrošača, baš kao što su to činile i sa lansiranjem e-banking i m-banking usluga, ili prilikom diversifikacije svojih kartičnih portfolija

“Dobra vijest je da prelazak na mobilna plaćanja ne bi trebalo da predstavlja veliku promjenu u potrošačkom ponašanju crnogorskih korisnika kartica, imajući u vidu da je u avgustu 2018. godine četiri od pet banaka u zemlji u ponudi već imalo Mastercard beskontaktna plaćanja, a njihovo korišćenje je poraslo za 130% u odnosu na prošlu godinu


88

Mobile payments are also a re-freshment for an industry that has long been perceived as strict and traditional. With relatively inexpensive and widely available mobile phones as payment tools and the flourishing software industry, continuous innovations become a standard for the payment system industry.

Not only did the choice for con-sumers expand considerably, but their expectations changed signifi-cantly. Nowadays, the consumers expect fast and secure payments that will be carried out by pressing and clicking on the button, without risk and for free. This reduces costs, increases competition, and reduces margins for acquirers (typically banks), which is generally good for retail.

In global terms, mobile payments have developed in several direc-tions. and nowadays they exist in many different formats, from those used by people to make searches, checks and comparisons of on-the-go products, those who subscribe to a magazine or pay bills at the restaurant using digital wallet ap-plications, to those who use their mobile phones as contactless pay-ment devices where their digital card is stored.

This last option is becoming in-creasingly important in a modern payment environment. Mobile payments rely on an infrastructure for contactless payments through NFC technology and the creation of digital cards in smartphones. Both consumers and retailers benefit from this option: a) it is less complicated and everything that is needed is already in the device that almost all

users have with them, and b) because there is no psychological barrier to the upper limit of purchase, it is very likely that the value and number of transactions will increase.

When we look at mo-bile contactless payments, there are no major differences in comparison to contactless payments using pay-ment cards. The good news is that moving to mobile payments should not represent a major change in the consumer behavior of Montenegrin card users, bearing in mind that in August 2018 four out of five banks in the country have already had Mastercard contactless payments in their offer, and their use increased y-o-y by 130%.

Before start using mobile de-vice for payments, the user needs to create a digital card in the phone, which will function as a replacement for physical card and connect it to a direct settlement ac-count. Thanks to the Mastercard Digital Enablement Service (MDES), such a digi-tal card does not con-tain genuine personal data of card user. MDES converts the card number into re-placement numbers or tokens, which is our way to provide a safer and enhanced

payment experience. Since we know that security is the first priority for consumers, retailers and banks, we have provided the maximum security and flexibility of the tokenization process: start-ing with the fact that we can lock the token, that is, connect it to a single device or payment channel, through an element that allows MDES to block a transaction if token has ever been compromised, and the fraudster tries to exploit it; to the fact that if a device is lost or a plastic card is compromised,

“Banks and financial institutions will have to follow the needs of their clients and consumers, just as they did with the launch of e-banking and m-banking services, or when diversifying their payment card portfolios

“The good news is that transferring to mobile payments should not represent a major change in the consumer behavior of Montenegrin card users, bearing in mind that in August 2018 four out of five banks in the country have already had Mastercard contactless payments in their offer, and their use increased y-o-y by 130%


i ponovo izdati token ili karticu bez uznemiravanja potrošača.

MDES takođe našim partnerima izdavao-cima olakšava da otvore Mastercard profile na ure-đajima koje potrošači žele da koriste za plaćanja u pokretu. Sa druge strane, uvođenjem ovih krajnje modernih načina plaćanja, banke dobijaju na kredibilitetu. Odlična stvar u vezi sa omogućavanjem mobilnih plaćanja je to što banke treba samo da nadograde posto-jeću mrežu koja služi za prihvat beskontaktnih plaćanja, te banke brzo imaju gotovo rješenje spremno za upotrebu.

Naša vizija je da osnažimo po-trošače inovativnim platnim rješe-njima koja omogućavaju iskustvo kupovine putem svih kanala pla-ćanja, a još jedna usluga iz našeg portfolija - Mastercard Cloud-Based Payments (MCBP) - zaista doprinosi ovoj viziji pružajući sveobuhvatno iskustvo kako za beskontaktna plaćanja u radnji, tako i za mobilna onlajn plaćanja. Do sada se većina mobilnih platnih rješenja oslanjala na sigurnosni element baziran na hardveru, kao što je čip, koji služi da zaštiti korisničke podatke, dok MCBP pristupa tom pitanju iz drugog ugla. MCBP je softversko rješenje za digitalizaciju kartica i zaštitu osjetljivih podataka koje koristi Host CardEmulation (HCE) tehnologiju dostupnu za Android

operativni sistem. MCBP ne samo da omogućava beskontaktne tran-sakcije na fizičkoj lokaciji, već omogućava i obavljanje plaćanja na daljinu, a u mobilna onlajn plaća-nja unosi stepen sigurnosti koji je pandan čip tehnologiji, tako da su plaćanja zaštićena od zloupotrebe, uz istovremeno poboljšavanje stope autorizacije. Plaćanja zasnovana na MCBP tehnologiji omogućena su unutar mobilnih aplikacija ili na mobilnim pretraživačima, gdje je već prihvaćen Masterpass, naše rješenje za digitalna plaćanja.

Ne možemo više gledati na di-gitalne tehnologije kao na neki nepoznati kanal namijenjen speci-fičnom segmentu potrošača. Svaki potrošač već jeste, ili će postati di-gitalni potrošač, stoga poslovanje u platnoj industriji treba svima nama da znači: poslovanje u digitalnoj platnoj industriji.

Dostizanje tog digitalnog nivoa institucijama omogućava da vrše interakciju sa potrošačima pod njihovim uslovima, da pospješe lojalnost, a time i povećaju poslovni rast. Neophodno je imati jasnu

strategiju, ali je potrebna i objektivna in(tro)spek-cija mogućnosti unutar institucije, njenih resursa i procesa. Ono što mislite da je korisniku potrebno, možda nije baš tako u real-nosti, pa se nemojte plašiti da diverzifikujete svoju strategiju kako biste što bolje razumjeli zahtjeve

različitih demografskih segmenata potrošača – npr., prije je za oče-kivati da će digitalno orijentisana generacija Z lakše usvojiti biome-trijsku autentifikaciju kod mobil-nih plaćanja nego tradicionalno orijentisana starija grupa građana koja i dalje preferira bankomate.

U svijetu koji je povezaniji nego ikad, platforme i ponude za mobilna plaćanja nastaviće da se razvijaju i unose revoluciju u način na koji potrošači rade sa finansijskim institucijama i upravljaju svojim finansijama. Bez obzira na to šta su najnoviji trendovi u mobilnom platnom tržištu, suština svih uspješnih strategija treba da bude fokusi-rana na ostvarivanju najboljeg potrošačkog iskustva. Potrošači od pružaoca usluga očekuju da ih poznaju, razumiju i prepo-znaju način na koji mogu da im pruže iskustva koja su intuitivna, bliska njihovim stilovima života i inspirisana njihovim potrebama.

Dozvolite nam da vam pomo-gnemo da stvorite takva mobilna iskustva.

Ne treba zanemariti ni činjenicu da pored domaćih klijenata, bankarsko tržište mora biti dostupno i sve većem broju turista, a samo ove godine više od 168.000 turista posjetilo je Crnu Goru, što je povećanje od 7% u odnosu na 2017. godinu prema podacima Nacionalne turističke organizacije Crne Gore. Većina njih dolazi iz Srbije i Rusije, a raste i broj turista iz Njemačke, Velike Britanije, Francuske, Austrije, Poljske, zemalja Beneluksa i Skandinavije – to su zemlje koje se u velikoj mjeri oslanjaju na moderne platne metode, odnosno to su potrošači koji očekuju da u inostranstvu koriste iste metode plaćanja kao kod kuće.


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we can disconnect the link between the token and card into the MDES and reissue the token or card without disturbing the consumer.

MDES also facilitates our issuing partners to open Mastercard profiles on devices that consum-ers want to use for on-the-go payments. On the other hand, by introducing these extremely modern methods of payment, the banks are gaining credibility. The great thing about enabling mobile payments is that banks only need to upgrade an existing network used for accepting the contactless payments, and banks quickly have ready-to-use solution.

Our vision is to empower con-sumers with innovative payment solutions that enable the purchas-ing experience through all mobile payment channels. In addition, another service from our port-folio - Mastercard Cloud-Based Payments (MCBP) - really con-tributes to this vision by provid-ing a comprehensive experience both for contactless payments in the stores, and for online mobile payments. The majority of mobile payment solutions have relied on a hardware-based security element so far, such as a chip, which serves to protect user data, while MCBP approaches that issue from a dif-ferent angle. MCBP is a software solution for digitizing cards and

protecting sensitive data using Host CardEmulation (HCE) technology available for the Android operating system. MCBP provides not only contactless transactions in a physical location, but it also allows remote payments, and it enters a security level in online mobile payments that matches chip technology, so payments are protected against abuse, while improving the rate of authorization. Payments based on MCBP technology are enabled within mobile applications or on mobile browsers, where Masterspass - our digital payment solution is already accepted.

We can no longer view digital technologies as an unknown chan-nel intended for a specific consumer segment. Every consumer is already, or will become, a digital consumer, therefore, the operations in the payment system industry should mean to all of us: doing business in the digital payment industry.

The achievement of this digital level enables institutions to inter-act with consumers under their conditions, to promote loyalty,

and thus increase business growth. It is necessary to have a clear strategy, but an objective exami-nation (observation) of possibilities within an institution, its resources and processes is necessary. What you think a user needs is perhaps not so real, so do not be afraid to

diversify your strategy so as to better understand the demands of different demographic segments of consumers - e.g., it is expected that the digitally-orientated generation Z will more easily adopt the bio-metric authenticity of the mobile payment than the traditionally oriented elderly group of citizens who still prefer the banks.

In a world that is more connected than ever, platforms and offers for mobile payments will continue to evolve and bring a revolution in the way consumers work with financial institutions and manage their finances. Regardless of the latest trends in the mobile payment market, the essence of all success-ful strategies should be focused on achieving the best consumer experience. Consumers expect from the service provider to know, understand and recognize the way in which they can provide them with experiences that are intuitive, close to their lifestyles and inspired by their needs.

Let us help you to create such mobile experiences.

It should not be ignored that in addition to domestic clients, the banking market must be accessible to an increasing number of tourists. More than 168,000 tourists has visited Montenegro this year, which represents an increase of 7% compared to 2017 according to the data of the National Tourist Organization of Montenegro. Most of them come from Serbia and Russia, but there is also growing number of tourists from Germany, Great Britain, France, Austria, Poland, the Benelux Union and Scandinavia - these are countries that rely heavily on modern payment methods, i.e. the consumers who expect to use the same payment methods in foreign countries as they use at home.


Deset godina nakon Treće direktive o sprečavanju pranja novca Evropski parlament je u maju 2015. go-dine konačno usvojio Četvrtu direktivu o sprečavanju pranja novca (Četvrta direktiva). Četvrta direktiva je stupila na snagu 26. juna 2015. godine, a države članice EU su bile obavezne da prenesu direktivu i nacionalne zakone u roku od dvije godine. Nakon najave Četvrte direktive, to je značilo pokušaj jačanja mjera sprečavanja pranja novca u cijeloj Evropskoj uniji. Kao država kandidat za članstvo u EU, Crna Gora je zajedno sa ostalih 27 država članica EU počela sa njenim usvajanjem kroz domaće zakonodavstvo.

Direktiva utiče na različite kompanije i institucije, kao što su banke, i ostale finansijske institucije, računovođe

i revizore, advokatske firme, sektor igara na sreću i ostali. Četvrta direktiva će propisati nove dubinske provjere klijenata uz dodatne zahtjeve izvještavanja o sumnjivim transakcijama, kao i kontinuirano praćenje drugih ugovornih strana.

Ključne izmjene za razmatranje koje mogu uticati na poslovanje institucija.

Do sada smo uzimali u obzir inostrana politički eksponirana lica, više političke, vojne i pravosudne ličnosti, kao i njihove porodice kao klijente koji nose veći rizik kada se posmatraju rizici koji se odnose na pranje novca. Uz uključivanje domaćih politički eksponiranih lica, Četvrta direktiva insistira i na tome da se nad tim osobama vrši poboljšana dubinska pro-vjera analizirajući njihov izvor bogatstva i sredstava. Najveći rizici u vezi politički eksponiranih lica i dalje će biti oko njihovih odnosa, a povećanjem broja ili pojedinaca koji se sada smatraju politički eksponi-ranim licem, kontinuirane analize će biti apsolutno neophodne.

Izvještaj MOENYVAL-a iz aprila 2015 . godine po-kazao je da Crna Gora nije uspostavila dobar pristup zasnovan na riziku. Uz primjenu Četvrte direktive,

Izazovi i propisi

“Četvrta direktiva će propisati nove dubinske provjere klijenata uz dodatne zahtjeve izvještavanja o sumnjivim transakcijama, kao i kontinuirano praćenje drugih ugovornih strana

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Ten years on since the passing of the Third Money Laundering Directive, the European Parliament finally approved the 4th Anti-Money Laundering Directive (4AMLD) in May 2015. The 4AMLD came into force on 26th June 2015 and EU mem-ber states were required to transfer the directive into their national law within two years. Since the announcement of the 4th Anti-Money laundering directive it signified the attempt to strengthen the anti-money laundering provision across the EU. As an EU candidate, Montenegro along with the other 27 EU member countries started to adopt the 4AMLD through their domestic legislations.

The directive effects various businesses, such as banks, and other financial institutions, accountants

and auditors, law firms, the gambling industry and others. 4AMLD will bring into effect new customer due diligence checks, with additional requirements to report on suspicious transactions, as well as the on-going monitoring of counterparties.

The Key alterations to consider that may affect institutions’ operations.

So far we have considered foreign PEPs, senior po-litical, military and judicial figures as well as their families as higher risk customers when money- laundering risks are looked at. With the inclusion of domestic PEPs, 4AMLD also insists that enhanced due diligence is performed on these individuals by

reviewing their source of wealth and funds. The highest risks surrounding PEPs will still be around their relationships and by increasing the number or individuals now considered a PEP, on-going reviews will be absolutely necessary.

The MOENYVAL report in April 2015 found that Montenegro did not have a good risk based approach in place. With the 4AMLD, entities are no longer be able to apply simplified

Challenges and Regulations

“4AMLD will bring into effect new customer due diligence checks, with additional requirements to report on suspicious transactions, as well as the on-going monitoring of counterparties.


subjekti više neće biti u mogućnosti da primijene prostu dubinsku analizu jedino na osnovu toga da je klijent regulisan ili kotiran na berzi. Institucije će morati da uzmu u obzir razne faktore, kao što je vlasništvo i lokacija kli-jenta. Ova promjena će najvjerovatnije uticati na banke koje neće moći da stave na bijelu listu regulatore koji ne dolaze iz EU prije nego što detaljno razmotre rizike povezane sa pranjem novca.

Rane globalne inicijative već godinama pokušavaju da povećaju transparentnost u vezi sa finansijskim kriminalom i izbjegavanjem poreza, ali sada države članice EU moraju da uspostave registre stvarnih vlasnika na nacionalnoj osnovi. Crna Gora je uvela smjernice za sprovođenje snažnih procjena rizika koje mogu identifikovati te ključne oblasti rizika.

Limit u finansijskim institucijama Evropske unije za pravno lice će biti maksimalna novčana kazna od najmanje 5 miliona eura ili 10% ukupnog godišnjeg prometa. U slučaju fizičkih lica, maksimalna novčana kazna će biti najmanje 5 miliona eura. S obzirom da Crna Gora nije članica Evropske unije, novčane kazne se razlikuju od onih koje su definisane Četvrtom di-rektivom i kreću se između od 2.000 do 20.000 eura.

Od izbijanja krize 2008. godine, banke su usvojile strožiji pristup procjene država sa kojima posluju. Uklanjanje rizika je po-jam koji je dobio na ja-čini poslednjih godina i

predstavlja proces u kojem banke prekidaju veze sa visokorizičnim državama. Pa kako smo došli do toga da banke pokrivaju uklanjanje rizika od strane država? Uvođenje ozbiljnih novčanih kazni je značajno uticalo na izjednačavanje rizika/mogućnosti i rizik za banke je postao važniji nego mogućnosti pružanja usluge klijentima unutar Crne Gore. Kriterijumi za uklanjanje rizika snažno zavise od opažanja različitih „visokori-zičnih“ država. Kroz crnogorske veze sa pranjem novca koje se pojavljuju u medijima, ona je odvratila banke da imaju korespondentske bankarske odnose sa njima.

Iako banke vjeruju da uklanjanje rizika u ovim državama smanjuje rizik od pranja novca, one u stvari protivrječe ovome jer to prouzrokuje pojavu drugih problema.

Problemi koji se pojavljuju iz uklanjanja rizika su: ■ Povećanje alternativnih platnih sistema – ovi sistemi nisu dobro regulisani.

■ Sporiji procesi kao kliring valuta gdje ne postoje korespodentske banke moraju ići kroz druge države.

■ Finansiranje trgovine postaje otežano u državama koje nemaju korespodentske banke u državama sa kojima posluju.

Prema poslednjoj procjeni FATF-a, Crna Gora se nije smatrala državom koja je uspostavila strateški proces sprečavanja pranja novca. Takođe, Stejt dipartment je rekao da je Crna Gora bila visoko rizična država koja je podložna pranju novca.Aktuelni izazovi borbe protiv pranja novca sa kojima se suočava Crna Gora obuhvataju: ■ Geografsku lokaciju – Crne Gore je u srcu puteva za krijumčarenje robe.

■ Kupovinu za gotovinska plaćanja – postoji veliki iznos robe koja se kupuje za gotovinska plaćanja u Crnoj Gori, zbog čega je teško pratiti transakcije.

■ Nektretnine: Krajnje stvarno vlasništvo – kri-minalne organizacije kupuju nekretnine kao prilaz za unošenje sredstava od kriminalnih radnji u državu

■ Uklanjanje rizika: Američke banke su povukle korespondentske odnose sa Crnom Gorom jer ih smatraju za oblast „visokog rizika“.

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due diligence only on the basis that the customer is regulated or listed on a stock exchange. Institutions will have to take into consideration various factors, such as ownership and location of the customer. This change will most likely impact

banks, which will also not be able to white list non-EU regulators without considering money laundering risks in detail.

Various global initiatives over the years have at-tempted to increase transparency to tackle financial crime and tax evasion, but now EU member states have to put in place registers of beneficial owners nationally. Montenegro introduced guidelines for conducting rigorous risk assessments that can identify these key risk areas.

In the EU Financial institutions’ threshold for a legal person will be a maximum administrative pecuni-ary sanction of at least 5 million euros or 10% of the total annual turnover. In the case of a natural person, maximum administrative pecuniary sanctions will be at least 5 million euros. As Montenegro is not part of the EU there pecuniary sanctions differ from those outlined above, their penalties range between €2000 to €20,000 euros.

Since the 2008 financial crisis, banks took a stricter approach to assessing countries that they are doing business with. De-risking is a term that has gained

traction over the past years and it the process whereby banks are cutting ties with high-risk countries. So how did we get to the point where banks are blanket de-risking countries? The introduction of severe penalties has significantly influenced the risk/oppor-tunity equation and the risk for banks is outweighing the opportunities of providing a service to clients within Montenegro. The criteria for de-risking is heavily dependent on the perceptions around dif-ferent ‘high risk’ countries. Through Montenegro’s ties to money laundering emerging in the press, it has deterred banks from having correspondent banking relationships with them.

Although banks believe that de-risking in these countries is lowering the risk of money laundering, they are in fact contradicting this as it causes other issues to emerge.

The issues that emerge from de-risking are: ■ Rise of alternative payment systems – these systems may not be as well regulated

■ Slower processes as clearing currency where there are no correspondent banks must go through other countries

■ Trade finance become difficult in countries that don’t have correspondent banks in countries that you are trading with.

In order to overcome the challenges posed by de-risking banks should use internationally recognised, best practice systems to manage compliance pro-cesses. This will instil confidence within western banks, as many of them will have similar proce-dures in place. If western banks adopt a granular

approach to risk assessment and due diligence, they will discover that many local banks in ‘high risk’ countries can demonstrate that they have internationally recognised standards for AML compliance processes in place. This can encourage them toward “re-risking” enabling relation-ships to grow, trade to increase and restore or at least help to build economic stability in de-veloping countries.

“With the inclusion of domestic PEPs, 4AMLD also insists that enhanced due diligence is performed on these individuals by reviewing their source of wealth and funds.


U cilju prevazilaženja ovih izazova koje postavlja ukla-njanje rizika, banke bi trebalo da koriste međunarodno priznate najbolje prakse sa upravljanje procesima usklađenosti. Ovo će uliti povjerenje u zapadne banke, jer većina njih ima uspostavljane slične procedure. Ako zapadne banke usvoje postepeni (granularni) pristup za procjenu rizika i dubinsku analizu, oni će otkriti da mnoge lokalne banke u „visokorizičnim“ državama mogu pokazati da su uspostavile među-narodno priznate standarde za proces usaglašenosti sprečavanja pranja novca. Ovo ih može motivisati da „ponovo uspostave rizike“ omogućavajući time rast odnosa, rast i povratak trgovine, ili makar da pomognu izgradnju ekonomske stabilnosti u zemljama u razvoju.

Automatizovana detaljna analiza sprečavanja pranja novca je proces koji je postao izuzetno popularan za identifikovanje rizika u realnom vremenu. Pedeset procenata banaka u Crnoj Gori trenutno radi ručne provjere u cilju identifikovanja rizika od sprečavanja pranja novca. Međutim, regulatorna tijela su napra-vila pritisak da se implementiraju automatizovani procesi za sprečavanje pranja novca. Uz pritisak da se uspostavi kontinuiran proces praćenja, pažnja se poklanja automatizaciji detaljne analize sprečavanja pranja novca. Da li je automatizacija korak naprijed?

Ručna detaljna analiza je težak proces za koji je potrebno vrijeme i podložna je ljudskoj grešci, a može dovesti do ulaganja napora resursa. Automatska

detaljna analiza sprečavanja pranja novca daje nekoliko ključnih prednosti: ■ Povećanje operativne efikasnosti smanjivanjem vremena provedenog na ručnoj provjeri pranja novca

■ Obavještenja o automatskoj detaljnoj analizi za identifikovanje rizika kako se pojavljuju

■ Smanjeni rizik ljudske greške

Smanjeni rizik saradnje sa sankcionisanim subjektom i svjesnost saradnje sa kontinuiranom detaljnom anali-zom baze podataka klijenata o politički eksponiranim licima dozvoljava da se na dnevnoj osnovi prepozna ako neko od njih postane politički eksponirano lice ili sankcionisani subjekat.

Kompanija Accuity nudi platformu Firco Compliance Link Automated Screening Manager (ASM) pomoću koje možete kontinuirano pratiti podatke sa globalne liste praćenja (Global Watchlist®) kako bi osigurali da je često ažurirana. Ona pruža inteligentnu automatsku detaljnu analizu računa, konsolidovane informacije i potpuni revizorski trag.

Rješenja Fircosoft-a za usklađenost daju mnoge ključne prednosti koji uključuju: ■ Identifikaciju pojedinaca, kompanije i lokacija koji zahtijevaju dodatnu dubinsku analizu prije dodavanja novog korisnika u sistem upravljanja digitalnim identitetima

■ Optimizaciju i podešavanje vašeg procesa filtriranja za sklonost ka preuzimanju rizika i smanjenje lažnih pozitivnih mjera

■ Konvertovanje vaših procesa zasnovanih na ručnom unošenju sa papira u automatizovani proces sa centralizovanim revizorskim tragoma

Devet od deset najvećih finansijskih institucija u svijetu se oslanja na Fircosoft za detaljnu analizu klijenta i subjekta. Sa automatskom detaljnom analizom računa Firco Compliance Link koristićete sistem koji je glo-balno priznat za razvoj efikasnosti i obezbjeđivanje snažnog nivoa regulatorne usaglašenosti.

“Uz uključivanje domaćih politički eksponiranih lica, Četvrta direktiva insistira i na tome da se nad tim osobama vrši poboljšana dubinska provjera analizirajući njihov izvor bogatstva i sredstava

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Automated Anti-Money Laundering Screening is a process that has become increasingly popular for enabling risks to be identified in real time. 50% of banks in Montenegro are currently performing manual checks to identify AML risks but pressures have emerged from regulatory bodies to implement automated AML processes. With pressures to put on-going monitoring processes in place, attention turns to the automation of AML screening. Is auto-mation the way forward?

Manual screening is a difficult and timely process that is susceptible to human error and can put strain on resources. Automated AML screening provides several key benefits:

■ Increased operational efficiency by reducing manual time spent conducting AML checks

■ Automatic screening notifications to identify risks as they occur

■ Reduced risk of human error

Reduced risk of cooperation with sanctioned entity and aware cooperation with PEPs-ongoing screening of clients’ database allows to recognise

on a daily basis, if any of them became a PEP or sanctioned entity.

Accuity offer Firco C o mp l i a n c e L i n k Automated Screening Manager (ASM) where you c an c ont i nu -ously monitor Global Watchlist® Data to en-

sure it is frequently updated. It provides intelli-gent, automated account screening, consolidated information and a complete audit trail.

The Fircosoft compliance solutions have many key benefits that include: ■ Identifying individuals, companies, and locations requiring extra due diligence before onboarding

■ Optimising and tuning your filtering process to your risk appetite and to reduce false positives

■ Converting your manual paper-based processes to an automated process with a centralised audit trail

9/10 of the largest financial institutions in the world rely on Fircosoft for customer and en-tity screening. With Firco Compliance Link automated account screening you will be using a system that’s recognised globally for creat-ing efficiencies and ensuring a robust level of regulatory compliance.

According to the latest assessment by The Financial Action Task Force (FATF) Montenegro were not deemed a country with a strategic Anti-Money Laundering (AML) process in place. In addi-tion to this the US department of state said that Montenegro were a high-risk country that are susceptible to money laundering.

The current AML challenges faced by Montenegro are: ■ Geographic Location- Montenegro geographical location is at the heart of routes for smuggling goods.

■ Cash Purchases- there are a high number of cash purchases for goods in Montenegro, which make it difficult to monitor the transaction.

■ Real Estate: Ultimate Beneficial Ownership – criminal organisations are purchasing real estate as an avenue for bringing criminal funds into the country

■ De-risking: US banks have withdrawn corres-pondent relationships with Montenegro, as they are perceived as a ‘high risk’ region.

Grupa od 20 kreatora politike raspravljaće sljedeće sedmice

o bitkoinu i drugim digitalnim to-kenima zasnovanim na blokčejnu. Takve kriptovalute predstavljaju loše imitacije novca. Gotovo niko ne određuje cijene robe u bitkoinu, malo njih ih koristi za plaćanja kao i za čuvanje vrijednosti - one nijesu bolje od kockanja u kazinu. Kreatori politike su s pravom zabrinuti zbog zloupotrebe

potrošača i investitora, kao i zbog nezakonitog korištenja.

Ipak, iako su bitkoin i njegovi „rođaci“ nešto poput iluzije, oni bi mogli biti rani znak promjene, baš kao što su Palm Pilots utrli put za današnje pametne telefone. Novac neće biti kralj zauvijek, iako i dalje vlada u mnogim dijelovima svijeta. Nova istraživanja Banke za međunarodna poravnanja (BIS) pokazuju da su bezgotovinska

plaćanja otprilike udvostručena, kao udio BDP-a, od početka no-vog vijeka. Neke nordijske zemlje već su smanjile gotovinu. A in-ternet generacija će vjerovatno ra-dije posegnuti za aplikacijom za plaćanje nego novč ani kom . Njihovoj djeci,

novčanice i kovanice mogu izgle-dati kao muzejske izložbe.

Ovi trendovi podstakli su ra-spravu o tome da li centralne banke treba da izdaju vlastiti digi-talni novac. Novi izvještaj o digi-talnim valutama centralne banke (CBDC) koje danas objavljuju dva odbora kojim predsjedavamo u BIS-u, postavlja osnovu za ovu važnu raspravu.

Što je CBDC? Odgovor otkriva najvažniji dio problema novca i plaćanja. Danas su novčanice i kovanice jedini način na koji potrošači mogu pristupiti novcu centralne banke. Novac na vašem računu u banci zapravo pruža komercijalna banka. Vaša banka obećava da će taj novac zamijeniti za gotovinu kad odete na ban-komat. Međutim, kada plaćate račune putem interneta ili kredit-nom karticom, vi koristite novac komercijalnih banaka.

Prema postojećem sistemu, samo finansijske institucije imaju

nije odgovorna bezgotovinsko društvo

“Novac neće biti kralj zauvijek, iako i dalje vlada u mnogim dijelovima svijeta. Nova istraživanja Banke za međunarodna poravnanja (BIS) pokazuju da su bezgotovinska plaćanja otprilike udvostručena, kao udio BDP-a, od početka novog vijeka

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direktan pristup digitalnom novcu centralne banke preko računa u njihovoj nacionalnoj centralnoj banci. CBDC koji je orjentisan ka klijentima proširio bi taj pristup prema svima. Iako to možda neće izgledati kao veliki korak prema digitalno pametnim potrošačima, to bi moglo imati dalekosežne posljedice za ulogu novca, finan-sijskog sistema i ekonomije.

Na primjer, CBDC za sve bi osporio trenutni model banaka preuzimajući depozite klijenata i upotrebljavajući taj novac za finansiranje zajmova koji pomažu pokretanje ekonomije. Potrebno je pažljivo analizirati posljedice za poslovne modele banaka i fi-nansijsku stabilnost.

U osnovi, da li nam je potre-ban CBDC? Postojeći aranžmani plaćanja - koji se zasnivaju na komercijalnom novcu - već su digitalno dostupni i sve su pri-kladniji, trenutni i dostupni 24 sata dnevno. Ipak, ako je gotovina nestala, snažnije bi se razmotrio CBDC. Inače, javnost bi u pot-punosti zavisila od komercijal-nog novca, a povjerenje u valutu, ključno javno dobro, zavisilo bi

od boniteta poslovnih subjekata i specifičnih tehnologija plaćanja. Međutim, uprkos rastućoj popu-larnosti elektronskih plaćanja, bezgotovinsko društvo još nije stiglo. Tražnja za novčanicama još uvijek raste u mnogim državama.

Ako bi i došlo, CBDC bi mo-rao biti prikladan za potrošače i kompanije za upotrebu kao ko-mercijalni ekvivalent. Trebao bi biti otporan na hakere. Ako želimo da zaustavimo nezakonitu upotrebu, ne bi trebao da daje istu anonimnost novca korisnicima. No, davanje centralnim bankama dosad neviđene količine infor-macija o pojedincima jednako je kontroverzno. Ne postoji rješenje koje je isto za sve.

Ukratko, pažljivo razmišljanje o budućnosti novca je pravodobno s obzirom na nove tehnologije i sve veću upotrebu elektronskih plaćanja. Ipak, još nije jasno da li su CBDC-ovi za potrošače i kompanije neophodni ili poželjni. Drugim riječima, porota još uvijek ne zasijeda, a odgovor će se jasno razlikovati od zemlje do zemlje.

Daleko od javnog oka, čak i ranije može doći do promjena.

Izvještaj BIS-a opisuje drugi, komplementarni model CBDC-a namijenjen fi-nansijskim in-stitucijama koje će se graditi na tehnologijama blockčejna koji je u osnovi bitkoina. Takvi tokenski oblici novca di-gitalnih central-nih banaka mogli

bi potencijalno olakšati da se pojednostave mnogi neugodni procesi kliringa i poravnanja koji su trenutno potrebni za završetak trgovina sa hartijama od vrijedno-sti i deviznog trgovanja. Do sada, eksperimenti centralne banke sa takvim oblicima CBDC-a nisu pokazali konačne pogodnosti za velika plaćanja i dalje, ali tehno-logija i dizajn se brzo razvijaju.

Uprkos brojnim greškama, bit-koin je stavio naglasak na stari nedostatak našeg trenutnog si-stema: prekogranična mala pla-ćanja. Takva plaćanja ne samo da dopuštaju kupcima da lako kupuju robu preko interneta iz inostranstva, već omogućuju stra-nim radnicima da šalju novac kući, prateći finansijsku inkluziju i razvoj. Međutim, ovi kanali plaćanja generalno su znatno sporiji, manje transparentni i skuplji od domaćih. Poboljšanja ovdje su najbolji način odgovora na izazov bitkoina.

Mišljenje Benoa Kjurea, člana Izvršnog odbora ECB-a i predsjed-nika Odbora za plaćanja i tržišne infrastrukture (CPMI) Banke za međunarodna poravnanja (BIS), i koautora Žaklin Lo, predsjed-sjednice Odbora za tržišta BIS, objavljeno u Financial Times-u 13. marta 2018. godine

“Izvještaj BIS-a opisuje drugi, komplementarni model CBDC-a namijenjen finansijskim institucijama koje će se graditi na tehnologijama blockčejna koji je u osnovi bitkoina

KRIPTOVALUTE maj 2018 | :Bankar

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Next week, Group of 20 poli-cymakers will discuss bitcoin

and other blockchain-based digital tokens. Such cryptocurrencies are poor imitations of money. Almost nobody prices goods in bitcoin, few use them for payments, and, as a store of value, they are no better than gambling in a casino. Policymakers are rightly worried about consumer and investor abuses, as well as il-licit use.

Yet, while bitcoin and its cousins are something of a mirage, they might be an early sign of change, just as Palm Pilots paved the way for today’s smartphones. Cash will not be king forever, even though it still rules in many parts of the world. New research from the Bank for International Settlements (BIS) shows non-cash payments have roughly doubled in size, as a share of GDP, since the turn of the century.

S o m e N o r d i c c o u n -tries are a l re a d y c u t t i n g back on cash. And the iGen-e r a t i o n is more likely to reach for a payment app than a

purse. To their children, banknotes and coins may look like museum exhibits.

These trends have sparked a dis-cussion about whether central banks should issue their own digital coin-age. A new report on central bank digital currencies (CBDC), released today by the two committees we chair at the BIS, sets the scene for this important debate.

What is a CBDC? The answer goes to the heart of money and payments. Today, banknotes and coins are the only way consumers can access central bank money. The money in your bank account is actually provided by a commercial bank. Your bank promises to exchange that money for cash when you go to the ATM. But when you pay bills online or swipe your credit card, you are using commercial bank money.

Under the current system, only financial institutions have direct access to digital central bank money via accounts at their national central

not the answerto a cashless society

“Cash will not be king forever, even though it still rules in many parts of the world. New research from the Bank for International Settlements (BIS) shows non-cash payments have roughly doubled in size, as a share of GDP, since the turn of the century


bank. A consumer-oriented CBDC would extend that access to everyone. Although this might not seem like a big step to digitally-savvy consumers, it could have far-reaching ramifi-cations for the role of money, the financial system and the economy.

For example, a CBDC for all would challenge the current model of banks taking customer deposits and us-

ing that money to fund the lending that helps drive the economy. The consequences for bank business models and financial stability would need to be carefully parsed.

More fundamentally, do we need a CBDC? Existing payment ar-rangements – based on commercial money – are already digitally pro-vided and increasingly convenient, instantaneous and available 24/7. Nevertheless, if cash disappeared, there would be a stronger case to consider a CBDC. Otherwise, the public would be wholly dependent on commercial money, and trust in the currency, a key public good, would be reliant on the creditworthiness of commercial entities and on specific payment technologies. However,

despite the growing popularity of electronic payments, the cashless society is not here yet. Demand for banknotes is still growing in many countries.

If it were to come, a CBDC would have to be as convenient for con-sumers and businesses to use as the commercial equivalent. It would have to be hacker-proof. If we want

to stop il-legal use, it should not grant the same anonym-ity of cash to users. But giv-ing cen-tral banks unprec-edented amounts of infor-m a t i o n about in-

dividuals is equally controversial. There is no one-size-fits-all solution.

In sum, thinking carefully about the future of money is timely in view of new technologies and increasing use of electronic payments. Still, it is not yet clear whether CBDCs for consumers and businesses are necessary or desirable. In other words, the jury is still out, and the answer will clearly differ country by country.

Away from the public eye, change may also be happening and perhaps sooner. The BIS report canvasses a second, complementary, model of CBDCs aimed at financial in-stitutions that would build on the blockchain technologies underlying bitcoin. Such tokenised forms of

digital central bank money could potentially help streamline many of the cumbersome clearing and settlement processes that are cur-rently needed to complete securities and foreign exchange trades. So far, however, central bank experiments with such forms of CBDCs have not shown conclusive benefits for wholesale payments and beyond, but technology and design are evolving quickly.

Despite its many faults, bitcoin has put the spotlight on an old failing of our current system: cross-border retail payments. Such payments not only permit shoppers to easily buy goods online from overseas, but also allow foreign workers to send money home, supporting financial inclusion and development. However, these payment channels are generally much slower, less transparent and way more expensive than domestic ones. Improvements here are the best way of rising to the bitcoin challenge.

Opinion piece by Benoît Cœuré, Member of the Executive Board of the ECB and Chair of the Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures (CPMI), co-authored by Jacqueline Loh, chair of the BIS Markets Committee, published in the Financial Times on 13 March 2018

“The BIS report canvasses a second, complementary, model of CBDCs aimed at financial institutions that would build on the blockchain technologies underlying bitcoin


U oštrom ukidanju kriptovaluta, Banka za među-narodna poravnanja (BIS) kaže kako bi zamjena

malih plaćanja virtualnim novcem mogla uništiti internet i dovesti do katastrofe u okruženju.

U svom Godišnjem ekonomskom izvještaju, ova Banka centralnih banaka sa sjedištem u Bazelu tvrdi da decentralizovana tehnologija koja podupire privatne digitalne tokene ne predstavlja zamjenu za isprobani i provjereni dekretni novac.

U radu je izračunato što bi bilo potrebno za sof-tverski program blokčejna koji je osnova za bitkoin, za obradu biliona transakcija malih plaćanja koje se trenutno vrte kroz nacionalne platne sisteme.

"Za obradu određenog broja digitalnih transakcija

malih plaćanja koje trenutno obrađuju odabrani nacionalni platni sistemi za mala plaćanja, čak i pod optimističnim pretpostavkama, veličina glavne knjige bi premašila kapacitet skladištenja tipičnog pametnog telefona u roku od nekoliko dana, kapacitet tipičnog ličnog računara bi bio premašen za nekoliko nedjelja, a kapacitet servera za nekoliko mjeseci."

Izvještaj upozorava da bi uz višestruke glavne knjige koje rade punim kapacitetom, „obimi komunikacije povezani sa njima mogli da dovedu do zaustavljanja interneta“.

Izvještaj je takođe ukazao na potrošnju električne energije koju koriste „rudari“ za stvaranje novih tokena, naplaćujući potragu za decentralizovanim povjerenjem kao „ekološkom katastrofom“.

BIS ukazuje da je današnje kriptovalute sve teže koristiti jer se broj korisnika povećava, za razliku od konvencionalnog novca koji funkcioniše bolje ako ga više ljudi koristi i vjeruje u njega.

„Novac ima vrijednost jer ima korisnike“, kaže Hjin Song Šin, ekonomski savjetnik i šef istraživanja. „Bez korisnika bi jednostavno bio beskoristan token. To je istina bez obzira da li je to komad papira s licem na njemu ili digitalni token.“

Viši izvršni direktor Banke za međunarodna po-ravnanja iznio je oštar napad na bitkoin, prezirući virtualnu imovinu kao Poncijevu prevaru i ekološku katastrofu, te pozivajući centralne banke da djeluju protiv „invazivnog“ širenja kriptovaluta.

Internet

BIS ukazuje da je današnje kriptovalute sve teže koristiti jer se broj korisnika povećava, za razliku od konvencionalnog novca koji funkcioniše bolje ako ga više ljudi koristi i vjeruje u njega

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In a scathing take-down of cryptocurrencies, the Bank for International Settlements says the replacement

of retail payments by virtual money would break the Internet and lead to an environmental catastrophe.

In its Annual Economic Report, the Basle-based central banker's bank argues that the decentralised technology underpinning private digital tokens is no substitute for tried and trusted fiat money.

The paper calculated what it would take for the blockchain software underpinning bitcoin to process the trillions of retail transaction currently swirling through national payment systems.

"To process the number of digital retail transac-tions currently handled by selected national retail

payment systems, even under optimistic assumptions, the size of the ledger would swell well beyond the storage capacity of a typical smartphone in a matter of days, beyond that of a typical personal computer in a matter of weeks and beyond that of servers in a matter of months."

With multiple ledgers operating at full throttle, "the associated communication volumes could bring the Internet to a halt", the report warns.

It also pointed to the electricity consumption used by miners to generate new tokens, billing the quest for decentralised trust as an "environmental disaster".

Today's cryptocurrencies become more cumbersome to use as the number of users increases, suggest the

BIS, in contrast to conventional money, which works better the more people use it and trust it.

"Money has value because it has users," says Hyun Song Shin, economic adviser and head of research. "Without users, it would simply be a useless token. That's true whether it's a piece of paper with a face on it, or a digital token."

BIS general manager calls for central banks to act against 'parasitical' virtual currencies

A senior executive at the Bank for International Settlements has delivered a scathing attack on bitcoin, deriding the virtual asset as a ponzi scheme and environmental disaster, and calling on central banks to act against the "invasive" spread of cryptcurrencies.

Cryptocurrencies are an environmental disaster that could break the Internet

Today's cryptocurrencies become more cumbersome to use as the number of users increases, suggest the BIS, in contrast to conventional money, which works better the more people use it and trust it

BANK FOR INTERNATIONAL SETTLEMENT may 2018 | :Bankar105

Na predavanju „Novac u digitalnom dobu: kakva je uloga centralnih banaka?“, Agustin Karstens, generalni direktor BIS-a, nije ništa uljepšavao, pozivajući finansijske nadležne organe da osigu-raju da kriptovalute ne postanu ukorijenjene jer predstavljaju rizik za finansijsku stabilnost.

„Meteorski rast kriptovaluta ne bi smio da nas natjera da zaboravimo važnu ulogu koju centralne banke igraju kao upravnici povjerenja javnosti“, rekao je on. „Privatni digitalni tokeni koji se maskiraju kao valute ne smiju potkopati ovo povjerenje“.

„Nove tehnologije mnogo obećavaju, na primjer, kod stvaranja platnog sistema efikasnijim. Ali nove valute nisu potrebne za ostvarenje tog obećanja. Nadležni organi imaju obavezu da obezbijede da se tehnološki napredak ne koristi za legitimisanje dobiti od nezakonitih aktivnosti, i da obrazuje i štite investitore i potrošače. Nova tehnologija nije ista kao bolja tehnologija ili bolja ekonomija. To je očigledno slučaj sa bitkoinom: iako mu je možda namjena da bude alternativni sistem plaćanja bez uključivanja vlade, postao je kombinacija mje-hurića, Poncijeve prevare i ekološke katastrofe. Velika kretanja cijena, visoki troškovi transakcija i nedostatak zaštite potrošača i investitora čine kriptovalute neprikladnim i nepodesnim za is-punjavanje uloge novca kao zajedničkog načina

plaćanja, čuvanja vrijednosti i jedinice računa, rekao je Karstens.

Pozvao je centralne banke i finansijske nadležne organe da posvete posebnu pažnju vezama koje povezuju kriptovalute sa pravim valutama i da osiguraju da ne postanu „paraziti“ na instituci-onalnoj infrastrukturi šireg finansijskog sistema.

Da bi se osiguralo ravnopravno učešće svih aktera na finansijskim tržištima, Karstens smatra da bi pristup legitimnim bankarskim i platnim uslu-gama trebao da bude ograničen na one razmjene i proizvode koji zadovoljavaju prihvaćene visoke standarde.

„To znači „isti rizik, isti propis“. I izuzeci nijesu dozvoljeni“, rekao je Karstens.

Nadležni organi imaju obavezu da obezbijede da se tehnološki napredak ne koristi za legitimisanje dobiti od nezakonitih aktivnosti, i da obrazuje i štite investitore i potrošače

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BIS general manager: Cryptocurrencies have become a combination of bubble, a Ponzi scheme and an environmental disaster

In a lecture "Money in the digital age: what role for central banks?", BIS general manager Agustin Carstens pulled no punches, calling on financial authorities to ensure that cryptocurrencies do not

become entrenched and pose a risk to financial stability.

"The meteoric rise of cryp-tocurrencies should not

make us forget the im-portant role cen-

tral banks play as stewards

of public trust,"

s a i d

Carstens. "Private digital tokens masquerading as currencies must not subvert this trust."

“New technologies hold great promise, for example in making payment systems more efficient. But new currencies are not required for that promise to be realised, he said. Authorities have a duty to make sure technological advances are not used to legitimise the profits from illegal activities, and to educate and protect investors and consumers. Novel technology is not the same as better technology or better economics. That is clearly the case with Bitcoin: while perhaps intended as an alternative payment system with no government involvement, it has become a combination of a bubble, a Ponzi scheme and an environmental disaster. Large price swings, high transaction costs and a lack of consumer and investor protection make cryptocurrencies unsafe and unsuited to fill money's role as a shared means of payment, store of value and unit of account, he said. He called on central banks and financial authorities to pay particular attention to the ties linking cryptocurrencies to real currencies, and ensure they do not become "parasites" on the in-stitutional infrastructure of the wider financial system.

To ensure a level playing field for all participants in financial markets, Carstens believes access to legitimate banking and payment services should be limited to those exchanges and products that meet accepted high standards.

"This means 'same risk, same regulation'. And no exceptions allowed," he said.

Nadležni organi imaju obavezu da obezbijede da se tehnološki napredak ne koristi za legitimisanje dobiti od nezakonitih aktivnosti, i da obrazuje i štite investitore i potrošače

BANK FOR INTERNATIONAL SETTLEMENT may 2018 | :Bankar107

Rasprostranjenost prevare u oblasti pripejd kartica je niska,

ali uporna. Postoji mnogo razloga zbog kojih se klijenti oslanjaju na pripejd kartice. Oni vjeruju u sigur-nost kartice, jer ona nije povezana sa njihovim ličnim podacima ili ban-karstvom. No, činjenica da pripejd kartice nijesu povezane sa računom u bankama zapravo znači da klijenti koji postaju žrtve prevare nemaju pravnu pomoć i imaju posebno poteškoća kod otkrivanja zločina. Rješavanje prevare u ovoj oblasti osigurava dobro iskustvo klijenta sa pripejd karticom i štiti reputaciju vaše organizacije.

Dalje u tekstu je dato pet popular-nih prevara sa pripejd karticama i neke najbolje prakse za njihovo ublažavanje:

Prevarant poziva trgovca koji pro-daje GPR proizvode (proizvodi opšte namjene koji se mogu po-novo napuniti). Prevarant kaže da poziva od mobilnog pružaoca usluga plaćanja i mora da testira terminal prodavca. Kad se prodavac su protstavi, prevarant ostaje uporan, govoreći da je to nužan protokol da će prodavac dobiti otkaz ako ga se ne pridržava. Prodavac popušta i daje prevarantu pin za GPR, koji prevarant odmah se učitava u kar-ticu na svom kraju, a zatim uzima gotovinu sa bankomata pored kojeg

stoji. Zatim govori prodavcu da je signal iz terminala trgovine slab ili iskrivljen i da će morati ponovo da testira. Taj se postupak odvija tri ili četiri puta sve dok prevarant ne sakupi 2.000 do 3.000 dolara. Tada prevarant prekida vezu i prodavac shvata da je bio prevaren.

Kako ublažiti ovu prevaru – obuka i praćenje brzine.

Prevarant ulazi u prodavnicu u kojoj se prodaju označene pripejd kartice ili GPR oznake koje stoje na policama u paketima kartica. Prevarant krade paket kartica, ko-risti britvu za otvaranje paketa i zamjenjuje pravu karticu sa lažnom karticom. Zatim vraća paket sa lažnim karticama na mjesto i čeka da se lažne kartice aktiviraju. Kada se aktiviraju, prevarant otkupljuj sredstva sa kartica.

Kako ublažiti ovu prevaru – kre-irati protivprovalni paket i obučiti prodavce da otkriju ovu aktivnost.

Prevaranti uzimaju „poklon“ karticu ili pripejd karticu sa police i skidaju („skimuju“) (kopiraju podatke sa magnetske trake) s jedne kartice na drugu karticu, a zatim sačekaju da se „skimovana“ kartica aktivira. Kada se aktivira, imaju tačnu kopiju aktivirane kartice. Veoma je teško utvrditi „skimovanje“.

Kako ublažiti ovu prevaru – ponovo kreirati pakovanja tako da se ne može pristupiti magnetskoj traci bez uništavanja pakovanja. Takođe, staviti poslednja četiri broja kar-tice na pakovanju i postarati se da prodavac uporedi te brojeve kako bi obezbijedio integritet kartice.

Ukoliko prihvatite pripejd kartice za plaćanje, šanse su da će vam dati ukradenu karticu za plaćanje.

Kako ublažiti ovu prevaru – obu-čiti prodavce kako da zaštite proces prihvatanja kartica na prodajnom mjestu tako što će: 1) tražiti po-kazivanje kartice za transakciju, 2) dobiti potpis od prodavca, i 3) dobiti elektronsko ovlašćenje. Ako prodavac ispuni ova tri koraka čak ako je kartica ukradena neće izgu-biti novac.

Kriminalci popunjavaju poreske prijave koristeći lažne identitete i ostvarujući prihod na njihovim GPR kartici.

Kako ublažiti ovu prevaru – Uporediti ime na GPR računu sa imenom na poreskoj prijavi.

Stvaranje besprekornog iskustva za potrošače vrlo je važno za ugled or-ganizacije. Konačna najbolja praksa je odmah reagovati kako bi istražili i riješili bilo kakve gubitke.

Pet najvećih prevara sa pripejd karticama

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The prevalence of fraud in the prepaid card space is low but

persistent. Consumers rely on pre-paid cards for a variety of reasons. They're confident of a card's safety because it's not tied to their personal information or banking. But the fact that prepaid cards aren't at-tached to a bank account actually means that customers who become fraud victims have no legal recourse and have particularly difficulty in uncovering the crime. Addressing fraud in this space helps ensure a good experience for the prepaid card customer and safeguards your organizational reputation.

Here are five popular prepaid card scams and some best practices for mitigating them:

A fraudster calls into a merchant who sells GPR (general purpose reloadable) products. The fraudster says that he's calling from the mobile payment provider and needs to test the clerk’s terminal. When the clerk resists, the fraudster persists, saying that this is a necessary protocol that will get the clerk fired if he doesn’t comply. The clerk relents and gives the fraudster a pin num-ber for a GPR, which the fraudster immediately loads into a card on his end and then cashes out at an ATM that he's standing beside. He tells the clerk that the signal

from the store’s terminal is weak or distorted, and that they'll need to run the test again. This process happens three or four times until the fraudster has amassed $2000 to $3000. The fraudster hangs up and the clerk realizes that he's been scammed.

How to mitigate this scam – Training and velocity monitoring.

A fraudster enters a location with branded prepaid cards or GPRs that are hanging on racks in card packs. The fraudster steals the card packs, uses a razor blade to open a card pack and replaces the real card with a fake card. He then takes the card packs with the fake cards back to the location and waits for the fake cards to be activated. When they are activated, the fraudster redeems the funds from the cards.

How to mitigate this scam – Design a tamperless package and train clerks to detect this activity.

Fraudsters take a gift card or pre-paid card from the rack and skim (copy the magnetic swipe data) from one card to another card and then wait for skimmed card to be activated. Once it is activated, they have an exact copy of the activated card. Skimming is very difficult to determine.

How to mitigate this scam – Redesign packaging so that the magnetic stripe cannot be accessed without destroying the packaging. Also, put the last four numbers of the card on the package and ensure the clerk compares those numbers to ensure the integrity of the card.

If you accept prepaid cards for pay-ment, chances are you'll get stolen cards presented for payment.

How to mitigate this scam – Train your retailers on how to protect the card acceptance process at the point of sale by: 1) having the card present for the transaction, 2) getting a signature from the sales rep, and 3) getting an electronic authoriza-tion. If the retailer completes these steps, even if the card is stolen, the retailer won't lose the money.

Criminals complete tax returns us-ing fraudulent identities and have the proceeds forwarded to their GPR card.

How to mitigate this scam – Match the name on the GPR account to the name on the IRS return.

Creating a frictionless experience for consumers is very important to organizational reputation. The final best practice is to step in very quickly to investigate and resolve any losses.

Top 5 prepaid card fraud scams

SAFEGUARDING REPUTATION may 2018 | :Bankar109

Nakon priznanja državne samostalnosti na Berlinskom kongresu 1878. godine kul-

turni i privredni život u Crnoj Gori podignut je do nivoa koji je kod ondašnjeg državnog vrha iskristalizovao ideju o potrebi osnivanja jedne snažne i moderne centralne finansijske institucije. Prema prvobitnoj zamisli, ista je trebalo da pomogne razvoj ostalih novčanih zavoda donošenjem jeftinijeg kapitala, kao i održavanjem veza sa postojećim novčanim zavodima (Nikšićka štedionica i Podgorička banka), inostranim tržištem i stranim novča-nim zavodima.

Pokretač ove inicijative bio je tadašnji mini-star finansija Lazar Mijušković, a sa skupom građana „osnivača i pokretača“, koji je održan na Cetinju 19. jula 1905. godine rukovodio je ministar spoljnih poslova Gavro Vuković. Tada

su proučeni i usvojeni „Osnovi Crnogorske banke“, napisani 1904. U njihovom tumačenju pomogao im je Stevan Karamata, tadašnji direktor filijale „Srpske banke – Zagreb“ u Budimpešti, koji je bio na proputovanju po crnogorskom primorju.

Istog dana upisano je preko 500 akcija, od kojih je najviše upisao knjaz Nikola. To je podstaklo i ostale ljude bliske dvoru da po-stupe na sličan način, tako da je prva emisija akcija otkupljena i uplaćen osnivački kapital.

Pošto je upisan dovoljan broj akcija, za-kazana je Konstitutivna skupština, koja je 20. jula 1906. godine u Zetskom domu na Cetinju usvojila Pravila Crnogorske banke i zvanično izabrala Upravni i Nazorni odbor. Za članove Upravnog odbora izabrani su: Vuko Vuletić – predsjednik, dr. Stevan Matanović, – potpredsjednik, Risto Popović, Petar Spasić, Pavle Plamenac, Niko Vitorović, Uroš Marić, Petar Plamenac, kap. Obren Niković, Zarija Gvozdenović i Marko Vrbica. Nadzorni odbor činjeli su: Uroš Marić – predsjednik, Marko Gvozdenović - potpredsjednik, Mitar N. Đurović, Filip Jergović, Mirko Mijušković.

Time je na Cetinju formirana Crnogorska banka. Od početku njenog rada korišćena su iskustva ranije formiranih novčanih zavoda (Prve Nikšićke štedionice i Podgoričke banke), čime su izbjegnuti početnički problemi sa kojima su se oni srijetali. Dobrom početku rada prvih crnogorskih finansijskih zavoda doprinijelo je i to što su prvih godina bili

“Pokretač ove inicijative bio je tadašnji ministar finansija Lazar Mijušković, a sa skupom građana „osnivača i pokretača“, koji je održan na Cetinju 19. jula 1905. godine rukovodio je ministar spoljnih poslova Gavro Vuković. Tada su proučeni i usvojeni „Osnovi Crnogorske banke“, napisani 1904.

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After the recognition of State independence at the Berlin Congress in 1878, cultural and economic

life in Montenegro was upgraded to the level that, at the then state summit, crystallized the idea of the need to establish a strong and modern central finan-cial institution. According to the original idea, it was supposed to help the development of other money institutions by bringing cheaper capital, as well as maintaining connections with existing monetary insti-tutions (Nikšićka štedionica and Podgorička banka), foreign markets and foreign monetary institutions.

The promoter of this initiative was the then Minister of Finance, Lazar Mijušković, whileForeign Minister, Gavro Vuković chaired the gathering of citizens of "founders and initiators" which was held in Cetinje on 19 July 1905. The “Foundations of Crnogorska banka”, which were written in 1904, were studied and adopted at this gathering. Stevan Karamata, the then director of the "Srpska Banka -Zagreb" branch in Budapest, who travelled along the Montenegrin coast helped them in their interpretation.

More than 500 shares were registered on the same day, whereby the Prince Nikola enlisted the majority of them. This prompted other people close to the Court to act in a similar way, so the first issue of shares was purchased and the founding capital was registered.

Upon the registration of the sufficient number of shares, the Constitutional Meeting had been sched-uled, which adopted the Rules of the Crnogorska banka on 20 July 1906 at the Zetski dom in Cetinje and officially elected the Managing and Supervisory Board. The following members of the Managing Board were elected: Vuko Vuletić - President, dr.

Stevan Matanović, vice-president, Risto Popović, Petar Spasić, Pavle Plamenac, Niko Vitorović, Uroš Marić, Petar Plamenac, captain Obren Niković, Zarija Gvozdenović and Marko Vrbica. The Supervisory Board consisted of: Uroš Marić - President, Marko Gvozdenović - Vice President, Mitar N. Đurović, Filip Jergović, Mirko Mijušković.

Crnogorska banka was founded in Cetinje by elect-ing these two boards. The experiences of previously established money institutions (Prva Nikšićka štedionica and Podgorička banka), thereby avoiding the initial problems experienced by the previous money insti-tutions. The first Montenegrin financial institutions were exempted from taxes in the first years of their operations, which resulted in good beginning of their

“The promoter of this initiative was the then Minister of Finance, Lazar Mijušković, while Foreign Minister, Gavro Vuković chaired the gathering of citizens of "founders and initiators" which was held in Cetinje on 19 July 1905. The “Foundations of Crnogorska banka”, which were written in 1904, were studied and adopted at this gathering.

PAST TIMESmay 2018 | :Bankar111

oslobođeni plaćanja poreza. Da bi pospješila orga-nizaciju rada i poslovanja, bančina uprava se preko crnogorske vlade obratila Privilegovanoj Narodnoj banci Srbije za pomoć u stručnom osoblju.

Početkom oktobra 1906. iz Beograda su došli Branko Bošković, direktor Narodne banke, i D. Janković, njen činovnik. Pomogli su organizaciju i početak poslo-vanja, a novembra iste godine u „Glasu Crnogorca“ objavljeno da je Banka otpočela rad u svim oblastima kreditnih i bankarskih aktivnosti. Branko Bošković se nakon toga vratio u Beograd, a D. Janković je Bankom rukovodio, i to besplatno, sve do aprila 1908.

Prema odredbama Pravila, Crnogorska banka je osnovana na 50 godina, a taj rok se mogao produžiti. Osnovni kapital je ustanovljen na 600.000 kruna, podijeljen na 3.000 akcija po 200 kruna. Akcije su se izdavale u tri emisije, od kojih je svaka emisija imala po 1.000 akcija. Upis se vršio tako što se 20 kruna polagalo odmah, a ostatak od 180 kruna „u 18 mjesečnih obroka po kr. 10“. Pored toga, akcionari su bili dužni da polože po akciji tri krune na ime osnivačkih troškova.

Moramo dodati da je od strane crnogorske Vlade Banka dobila pomoć od 2000 kruna. Prvih godina poslovanja, nekoliko činovnika Ministarstva finansija volontiralo je, sve do formiranja bankarskog kadra.

Tako je Crnogorska banka, zahvaljujući inicijativi grupe građana, pomoći crnogorske Vlade i ekspertskoj pomoći Narodne banke Srbije, započela poslovanje na savremenim osnovama.

Slijedeći Pravila, Crnogorska banka je obavljala sljedeće poslove: primala novac na štednju na uložne knjižice i tekuće račune, eskontovala i reeskontovala

mjenice koje su glasile na stranu valutu, izdavala za-jmove na robu, zlato, srebro, dragocjenosti i hartije od vrijednosti, vršila kupovinu i prodaju efekata i drugih predmeta za tuđi račun, radila sve bankarske i mjenjačke poslove i primala depozite na čuvanje i rukovanje. Posredovala je u osnivanju raznih privrednih i kreditnih ustanova, kao i trgovačko-industrijskih društava, kojima je davala zajmove.

Prema izvještaju za 1907. najviše akcija Crnogorske banke otkupili su: knjaz Nikola, ministar Lazar Mijušković, Vuko Vuletić, braća Matanović, braća Marić, Petar Spasić, Niko Vitorović, Milo Tomašević, Jovo Golijanin, vojvoda Lazar Sočica, kapetan Obren Niković, T. Martinović i drugi, uglavnom manji akci-onari. Banka je te godine imala 132 akcionara, među kojima je i bila crnogorska Vlada. Ministarstvo finansija je, na ime penzionog fonda činovnika građanskog reda, uplatilo 200 akcija, zbog čega je država imala pravo da delegira svog predstavnika u Upravni odbor Banke i neposredno utiče na njen rad.

U radu Skupštine održane 21. januara 1907. uče-stvovalo je 27 od ukupno 132 akcionara, a pošto su posjedovali 512 akcija imali su kvorum i pravo odlu-čivanja. Prema objavljenom izvještaju o radu, u prvoj godini poslovanja, za samo nekoliko mjeseci, Banka je prometovala 4.390.438,98 kruna, da bi u sljedećoj godini (1907.) obrt iznosio blizu 19 miliona kruna, od čega je 7.795.919,89 kruna otpadalo na poslove tekućih računa.

U 1907. godini Crnogorska banka je otvorila filijale u Podgorici i Baru, zastupništva u Kolašinu, Rijeci Crnojevića, Virpazaru i Njegušima, a nešto kasnije i zastupništvo u Danilovgradu i filijalu u Ulcinju.

Kako je prvo kolo akcija bilo potpuno uplaćeno, u cilju uvećanja osnovnog kapitala, na II redovnoj skupštini održanoj 2. februara 1908. odlučeno je, u skladu sa Pravilima, da se raspiše II kolo akcija od 200.000 kruna. Prema javno objavljenom pozivu, upis je otpočeo 1. aprila 1908., a uplata je vršena na isti način kao i za prvo kolo.

Tokom 1908., umjesto knjižica, akcionarima su izdate originalne akcije sa kuponima, na osnovu kojih je isplaćivana dividenda.

Kamatne stope kod tadašnjih novčanih zavoda bile su previsoke. Podgorička banka je bila prva koja ih je zbog konkurentnosti snizila, pa je isto izvršeno kod svih novčanih zavoda. Tako je polovinom 1908. Crnogorska banka objavila visinu svoje kamatne

“Prema izvještaju za 1907. najviše akcija Crnogorske banke otkupili su: knjaz Nikola, ministar Lazar Mijušković, Vuko Vuletić, braća Matanović, braća Marić, Petar Spasić, Niko Vitorović, Milo Tomašević, Jovo Golijanin, vojvoda Lazar Sočica, kapetan Obren Niković, T. Martinović i drugi


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work.In order to improve the organization of work and business, the Bank's management addressed through the Montenegrin Government to the Privilegovana Narodna banka Srbije (the Privileged National Bank of Serbia) for assistance to professional staff.

At the beginning of October 1906, Branko Bošković, the director Narodna banka, and D. Janković, its clerk came from Belgrade. They helped organizing the bank and beginning of its operations. In November 1906, the “Glas Crnogorca” published that the Bank started working in all areas of credit and banking activities. Branko Bošković returned to Belgrade after that, while D. Janković managed the Bank for free until April 1908.

According to the provisions of the Rules, Crnogorska banka was founded for period of 50 years, which the possibility for extending the period. The share capital is set at 600,000 krone, divided into 3,000 shares of 200 krone. The shares were issued in three series, of which each issue had 1,000 shares. The registration was done by depositing 20 krone immediately, and the rest of 180 krone "in 18 monthly instalments per 10 krone". In addition, shareholders were obliged to deposit three krone per share on behalf of the found-ing expenses.

We must add that the Montenegrin Government received a grant of 2000 krone from the Montenegrin Government. Several officials of the Ministry of Finance volunteered during the first years of the operations of the Bank, until the establishment of the Bank’s staff.

Thus, Crnogorska banka started its operations on a modern basis thanks to the initiative of a group of citizens, the Montenegrin Government and the expert assistance of the National Bank of Serbia.

Following the Rules, the Crnogorska banka performed the following tasks: receiving money for savings on investment booklets and current accounts, discounting and re-discounting foreign currency bills of exchange, granting loans on goods, gold, silver, valuables and issuing securities, purchasing and selling cash and other items for a someone else’s account, performing all banking and currency exchange operations and receiving deposits for custody and handling. It also mediated in the establishment of various economic and credit institutions, as well as commercial and industrial companies, to which it granted loans.

Based on the 1907 Report, the majority of shares of the Crnogorska Bank were purchased by: the Prince

Nikola, Lazar Mijušković, the Minister; Vuko Vuletić, the Matanovićs brothers, the Marićs brothers, Petar Spasić, Niko Vitorović, Milo Tomašević, Jovo Golijanin, Lazar Sočica the Duke; Obren Niković, the captain; T. Martinović and others, mainly smaller shareholders. The Bank had 132 shareholders in 1907, including the Montenegrin Government. The Ministry of Finance paid 200 shares on behalf of the pension fund of civil servants and the state had the right to delegate its representative to the Managing Board of the Bank and directly influence its operations.

Some 27 of 132 shareholders participatedin the work of the General Meeting, which was held on 21 January 1907. These shareholders owned 512 shares and had a quorum and the right to decide. According to the published operating report, the Bank traded 4,390,438.98 krone in just few months of the first business year. In addition, turnover amounted close to 19 million krone in the following year (1907), of which 7,795,919.89 kronereferred to the current ac-count operations.

In 1907, Crnogorska banka opened branches in Podgorica and Bar, representation offices in Kolašin, Rijeka Crnojevića, Virpazar and Njeguši, and some-what later representation offices in Danilovgrad and branch office in Ulcinj.

Since the first issue of shares was paid in full, it was decided at the second regular General Meeting that was held on 2 February 1908, in accordance with

“Based on the 1907 Report, the majority of shares of the Crnogorska bana were purchased by: the Prince Nikola, Lazar Mijušković, the Minister; Vuko Vuletić, the Matanovićs brothers, the Marićs brothers, Petar Spasić, Niko Vitorović, Milo Tomašević, Jovo Golijanin, Lazar Sočica the Duke; Obren Niković, the captain; T. Martinović and others


stope za sve vrste kredita, koja je (sa provizijom) na mjenične zajmove svedena je na 10 odsto i jednu krunu na ime troškova, a za tekuće račune određena je stopa 9 odsto (8% kamata i 1% provizija). Za žiro račune iznosila je 2 odsto provizije.

Vodeći računa o ugledu i statusu Banke na Cetinju je za njene potrebe, najprije iznajmljena, a zatim kupljena i adaptirana kuća poznatog neimara Miloša Lepetića u Njegoševoj ulici br. 110. Projaket adaptacije uradio je češki arhitekta Karel (Dragutin) Belada 1910. Nakon požara koji se desio 1923. godine Banka je projektovanje adaptacije, dogradnje i izvođenje radova povjerila Momčilu Tapavici znamenitom ar-hitekti, sportisti i humanisti. Kuća Crnogorske banke predstavlja jedan od najljepših stambeno-poslovnih objekata na Cetinju. Danas je u vlasništvu Centralne banke Crne Gore i u njoj je smješten Muzej novca.

Zbog povećanja kapitala, a u skladu sa Pravilima, banka je 1911. emitovala III kolo od 1.000 akcija, koje su odmah uplaćene. Tako je došla do osnovnog kapi-tala od 600.000 kruna, koji je bio predviđen prilikom osnivanja banke.

Zbog izuzetne potražnje akcija Crnogorske banke na tržištu kapitala, odlučeno je da se emituje još jedna serija, budući da su sve akcije III kola upisane ubrzo poslije emitovanja. Na vanrednoj Skupštini akcionara održanoj 5. juna 1911. odlučeno je da se osnovni kapital poveća sa 600.000 na 1.000.000 perpera. Nakon objave poziva za upis dva nova kola (IV i V) po 1.000 akcija, na tržištu je ostalo svega 400, jer je prije objavljivanja poziva na upis rezervisano 1.600. To je saopšteno u javnom pozivu objavljenom u Glasu Crnogorca.

Crnogorska banka je konstantno bilježila rast, a od 1908. redovno je isplaćivala dividendu koja je, na primjer, u 1910. godini bila 28 % (56 kruna po akciji). To je bio i glavni razlog interesovanja za otkup akcija. Uspješan rad Crnogorske banke u ovim godinama najbolje pokazuje kretanje njenog prometa, koji je 1911. iznosio oko 125 miliona perpera.

Crnogorska banka imala je poslovne veze sa mno-gim stranim bankama i trgovačkim preduzećima, a oni su je doživljavali kao najpouzdaniju instituciju te vrste u Crnoj Gori.

Napredak Crnogorske banke bio je spriječen Balkanskim ratovima i Prvim svjetskim ratom. Poslije osvajanja Skadra odlučeno je da Banka i tamo otvori filijalu. Posao je sredinom 1913. lično obavio pred-sjednik Upravnog odbora Vuko Vuletić uz pomoć jednog činovnika, a rad ovog ogranka nesebično je pomagao i podržavao Aleksa Martinović, konzul Crne Gore u Skadru.

Banka je namjeravala da isto uradi i u Peći, pa je 1914. tamo poslala Vuka Vuletića. Međutim, pećki prvaci i trgovci su već bili osnovali Pećku banku, pa formiranje nove filijale nije bilo cjelishodno, niti bi naišlo na lokalno odobravanje. Umjesto toga uložen je kapital u Pećku banku, a međusobni odnosi su re-gulisani posebnim ugovorom, propisanim izmjenama pravila Pećke banke. Tako je ova banka, na neki način, postala filijala Crnogorske banke.

Uprkos nepovoljnom poslovnom ambijentu izazva-nom Balkanskim ratovima Banka je radila i ostvarivala dobitak. Njen rast je zaustavljen, ali je i dalje solidno poslovala i isplaćivala dividendu.

U skladu sa Pravilima i odlukama organa uprav-ljanja, glavnica je uplaćivana normalno. Tokom 1911.

“Sredinom 1908. Crnogorska banka objavila visinu svoje kamatne stope za sve vrste kredita, koja je (sa provizijom) na mjenične zajmove svedena je na 10 odsto i jednu krunu na ime troškova, a za tekuće račune određena je stopa 9 odsto (8% kamata i 1% provizija). Za žiro račune iznosila je 2 odsto provizije.


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the Rules, to announce the secondissue of shares of 200,000 krone in order to increase the share capital. According to a public invitation for the subscription for shares, the issue began on 1 April 1908, and the pay-ment was made in the same way as for the first issue.

In 1908, instead of savings books, original shares with coupons were issued to shareholders, on the basis of which the dividend was paid.

The interest rates at the then money institutions were too high. Podgorička banka was the first to lower them because of its competitiveness, and later all other money institutions did the same. Thus, in the middle of 1908, the Crnogorska bankapublished the amount of its interest rate for all types of loans, which (with a fee) was reduced to 10 percent on mortgage loans and one krone on behalf of expenses, while interest rate on current accounts accounted for 9 percent (8% interest and 1% fee). Fee on gyro accounts was charged 2%.

Taking care of the reputation and the status of the Bank in Cetinje, a house of the famous builder in Njegoševa street 110, Miloš Lepetić, was first rented for the needs of the Bank, and after that was bought and remodeled. The project of remodeling was done by the Czech architect, Karel (Dragutin) Belada, in 1910. After the fire that took place in 1923, the Bank entrusted the task of remodeling, upgrading and executing of works to Momčila Tapavica, a renowed architect, athlete and humanist. The house of Crnogorska banka is one of the most beautiful residential and commercial buildings in Cetinje. Today it is owned

by the Central Bank of Montenegro and it houses the Money Museum.

In 1911, due to the increase in capital and in ac-cordance with the Rules, the Bank announced third issue of 1,000 shares, which were immediately paid. Thus, it reached the share capital of 600,000 krone, the amount that was envisaged when the bank was founded.

Due to the extraordinary demand on the shares of the Crnogorska banka in the capital market, it was decided to issue another series, since all shares of the third issue were registered shortly after the issue. At the Extraordinary General Meeting held on 5 June 1911, it was decided to increase share capital from 600,000 to 1,000,000 perpers. After the invitationto subscribe for 1,000 shares of two new series (IV and V), only 400 shares remained on the market, since 1,600 shares were booked before the invitation to subscribe for shares. This was published Glas Crnogorca.

Crnogorska banka recorded a continuous growth, and since 1908, it regularly paid dividends, which was, for example, 28% in 1910 (56 krone per share). It was also the main reason for buying shares. The successful work of the Crnogorska banka in these years best illustrates its turnover trend, which amounted to about 125 million perpera in 1911.

Crnogorska banka had business links with many foreign banks and trading companies, and they have seen it as the most reliable institution of its kind in Montenegro.

The progress of the Crnogorska banka was prevented by the Balkan Wars and the First

“In the middle of 1908, the Crnogorska banka published the amount of its interest rate for all types of loans, which (with a fee) was reduced to 10 percent on mortgage loans and one krone on behalf of expenses, while interest rate on current accounts accounted for 9 percent (8% interest and 1% fee). Fee on gyro accounts was charged 2%.


je uplaćeno skoro 400.000 perpera. Ostalih 250.000 uplaćeno je tokom 1912, čime je završena uplata svih pet kola emitovanih akcija. Tako uvećan osnovni kapital od 1.000.000 perpera postao je važna poluga za širenje bančinih poslova.

Zanimljivo je da je Banka nakon 1909. i ustanov-ljenja perpera kao nacionalne valute, svoje akcije emitovala u krunama.

Banka je uglavnom poslovala preko tekućih računa, što je vremenom dobijalo na zamahu. Posebno je vođeno knjiženje poslovanja klijenata u papiru, srebru i zlatu. Sve aktivnosti su bile centralizovane, što je donekle usporavalo rad, ali je svakodnevno omogućavalo punu kontrolu kretanja kapitala. Iz pojedinih dokumenata može se zaključiti da su mehanizmi interne kontrole funkcionisali, iako na jednostavan način, tako da se ništa nije prepuštalo slučaju. Najviše je kreditirana trgovina. Tekuće račune imali su svi veliki trgovci i industrijalci, koji su odobrene kredite koristili za poslove u kojima je banka bila posrednik.

Poslovanje putem privrednih računa (povjerilaca), sudeći po godišnjim bilansima, nije bilo od naročitog značaja u cjelokupnom poslovanju banke. Za crno-gorske prilike značajan iznos uloga na štednju, koji je kod Crnogorske banke permanentno rastao, u 1912. godini premašio je dva miliona perpera. U stalnom porastu je bio i priliv doznaka i uloga na štednju iz inostranstva. U skladu sa Pravilima uplaćivan je doprinos za rezervni fond.

Banka je imala malo izdatih kratkoročnih zajmova, koji su bili od manjeg značaja u odnosu na poslove sa tekućim računima. Zajmovi na zaloge i lični krediti bili su prilično nerazvijeni i predstavljali su neznatan dio poslovanja Crnogorske banke. Najvažniji prihodi su ostvarivani od kamata, provizija, razlika na kursu i dugog, ali su imali opadajući smjer kako su odmicale ratne godine.

Uprkos negativnim faktorima Banka je redovno ostvarivala dobit, koja je 1912. iznosila preko 130.000 perpera. Akcionari su redovno dobijali dividendu izuzev 1906. i 1907., kada je čitav dobitak unesen u rezervni fond. Dividenda je redovno dijeljena od 1908, i za lokalne prilike bila je prilično visoka. U 1908. iznosila je 9,1/2 % (19 kruna po akciji), 1909. 19% (38 kr.), 1910. 28% (56 kr.), 1911. 20% (40 kr.), 1912. oko 13% (27 kr.) i 1913. 8% (16 kr.). Tokom posljednje dvije godine dividenda je bila znatno manja zbog ratnog stanja i moratorijuma na vraćanje dugova.

Zahvaljujući finansijskoj podršci Dvora i ljudima bliskim državnom i trgovačkom kapitalu, Crnogorska banka je za relativno kratko vrijeme razvila djelatnost i postala vodeća na tržištu crnogorskog kapitala. Napredovala je mnogo brže od novčanih zavoda koji su u Crnoj Gori ranije formirani. Razvila je svoje poslovanje i postala važan posrednik u privrednim poslovima, naročito trgovini, kako unutrašnjoj tako i spoljnoj. Preko nje su vršena gotovo sva plaćanja prema inostranim povjeriocima.

Zajedno sa ostalim novčanim zavodima doprinijela je smanjenju zelenašenja i usmjeravanju nelegalnog kapitala u bankarske tokove, bilo putem kupovine akcija ili trgovine.

Iako je na početku bila zamišljena kao centralna novčana ustanova, koja je trebalo da zamijeni državnu banku, do toga nije došlo jer su se i druge novčane ustanove u Crnoj Gori razvijale, ne zaustavljajući se samo na poslovima običnih štedionica. Nastojale su da zauzmu vodeće mjesto u bankarskom sistemu Crne Gore. U Baru je 1909. formirana Narodna banka Knjaževine Crne Gore, koja je zamišljena kao emisiona ustanova, ali ni ona nije realizovala ni dio planiranog, zbog čega se sa pravom možemo zapitati zašto ta mogućnost nije data Crnogorskoj banci.

Odlukom Podgoričke skupštine (13/26 XI 1918.) Crna Gora nestaje sa političke, privredne i geografske scene i ujedinjenje sa sa Srbijom. Formiranjem Kraljevstva Srba, Hrvata i Slovenaca postala je dio teritorije Zetske oblasti, kasnije Zetske banovine, koja je, osim današnje teritorije Crne Gore obuhvatala Dubrovnik sa primorjem, Trebinje, Gacko, Ljubinje, Nevesinje, Stolac, Foču, Priboj, Prijepolje, Novu Varoš, Sjenicu, Tutin, Novi Pazar, Rašku, Ivanjicu, Peć i Istok.

Od države u kojoj je Crnogorska banka nastavila svoj rad očekivao se povoljniji ambijent za brži i sveukupniji razvoj ali je to ostao nedosanjani san. Ogromne razlike između razvijenih i nerazvijenih krajeva novostvorene države nikad nijesu uspjele da se uklone. Centralistički organizovana država nametala je svoje odluke iz Beograda, a posebno nezadovoljstvo izazivalo je utvrđivanje ekonomske politike i donošenje državnog i budžeta za oblasti. Banska uprava na Cetinju imala je ulogu kontrole nad sprovođenjem zakona i uglavnom je odlučivala o marginalnim pitanjima.


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World War. After the conquest of Skadar, it was decided that the Bank would open a branch there. In middle of 1913, this waspersonally carried out by the chairman of the Managing Board, Vuko Vuletić with the help of one clerk. The operations of this branch was unselfishly as-sisted and supported by Aleksa Martinović, a Consul of Montenegro in Skadar.

The Bank intended to do the same in Peć, so Vuk Vuletic was sent there in 1914. However, the authorities and traders of Pećhad already established the Pećkabanka, so the establishment of a new branch was not appropriate, nor would it come to local approval. Instead, the capital was invested in Pećka banka, and mutual relations were regulated by a special contract, prescribed by the amend-ments to the Rules of the Pećka banka. Thus, this bank, in some way, became a branch of the Crnogorska banka.

Despite the unfavorable business environment caused by the Balkan Wars, the Bank worked and made a profit. Its growth was stopped, but it continued to work well and pay dividends.

In accordance with the Rules and Decisions of the management, the principal was paid normally. During 1911, nearly 400,000 perpers were paid. The remaining 250,000 was paid during 1912, which ended the payment of all five series of issued shares. Thus, the increased capital of 1,000,000 perpers became an important leverage for expanding the operations of the Bank.

It is interesting that after 1909 and establishment of the perper as the national currency, the Bank issued its shares in krona.

The Bank mainly operated through current accounts, which in time gained momentum. In particular, the book-keeping of clients' business in paper, silver and gold was especially motivated. All the activities were centralised, which somewhat slowed down the operations, but allowed the control of capital movements on a daily basis. Some documents showed that the internal controls mechanism functioned, although in a simple way, so that nothing was left to the case. The largest lending was to the trade industry. Current accounts were held by all the big traders and industrialists who used granted loans for the busi-nesses where Bank acted as a mediator.

According to the annual financial statements, business through commercial accounts (creditors) was not of particular importance in the entire business of the Bank. For the Montenegrin situation, a significant amount of savings deposits, which grew steadily with Crnogorska banka, exceeded two million perpers in 1912. There was

a steady increase in the inflow of foreign remittances and deposits. In accordance with the Rules, a contribution to the reserve fund was paid.

The Bank had few outstanding short-term loans, which were of minor importance in relation to current account transactions. Loans to mortgages and personal loans were rather underdeveloped and represented an insignificant part of the operations of the Bank. The most important revenues were realized from interest, fees, foreign ex-change translations, but they had a downward trend as the war years passed.

Despite the negative factors, the Bank regularly recorded profit, which amounted to over 130,000 perpers in 1912. Shareholders regularly received dividends except in 1906 and 1907, when the entire gain was entered into the re-serve fund. The dividend had been regularly paid since 1908, and for local occasions it was quite high. In 1908 it was 9.1/2% (19 krone per share), it amounted to 19% (38 krone) in 1909, 28% (56 krone) in 1910, 20% (40 krone) in 1911, while in 1912 and 1913 it was 13% (27 krone) and 8% (16 krone), respectively. During the past two years, the dividend was considerably lower due to the state of war and the moratorium on the repayment of debts.

Thanks to the financial support of the Court and the people close to state and commercial capital, Crnogorska banka developed its activity in a relatively short period of time and became the leader in Montenegrin capital market. It advanced much faster than money institu-tions that were previously established in Montenegro. It developed its business and became an important mediator in economic affairs, especially trade, both internal and external. Almost all payments to foreign creditors were made through this Bank.

Together with other money institutions, it contributed to reducing the usury and channeling illegal capital into banking flows, either through the purchase of shares or trade.

Although initially it was conceived as a central mon-etary institution, which was supposed to replace the state bank, it did not happen because other money institutions in Montenegro developed, without stopping only to the business of ordinary savings banks. They tried to take the leading place in the banking system of Montenegro. In 1909, the National Bank of Principality of Montenegro was established in Bar, which was conceived as an issu-ing institution, but it did not accomplish even a part of the plan, which is why we can rightly wonder why this possibility was not given to Crnogorska banka.


Do očekivanog i obećanog unaprijeđenja i preporoda nikad nije došlo. Sjedište novostvorene administrativne oblasti bilo je na Cetinju, a ono je zbog nepostojanja putne infrastrukture bilo daleko i od susjednih gradova, a da ne govorimo o Dubrovniku, Foči i Prijepolju. Industrija praktično nije ni postojala, a poljoprivreda i stočarstvo zaostali. Za 22 godine napravljeno je nekoliko kolskih puteva i 71 kilometar željezničke pruge Nikšić – Bileća.

Zanimljivo je da su tridesetih godina na teritoriji Zetske banovine poslovala 34 novčana zavoda, od kojih većina sa veoma malim ili neuplaćenim kapitalom.

Bankarski sistem je činio jedan naslijeđeni kon-glomerat banaka od kojih su neki bili osnovani na vjerskoj, drugi na nacionalnoj, a poneki i političkoj osnovi. Uglavnom su

to bili zavodi mješovitog tipa bez obzira na svoje nazive ili pravila.

Ni političke prilike na Cetinju nijesu bile naklonjene Crnogorskoj, a ni ostalim bankama. Početkom 1919. došlo do Božićnog ustanka pristalica kralja Nikole i oko Cetinja su vođene borbe u kojima je novofor-mirana vlast pobijedila, a ustanak je ugušen. Ostaci ustaničkih trupa nastavili su gerilsku borbu zbog čega je bila uvedena kontrola kretanja, a vanredno stanje trajalo nekoliko narednih godina. Ogroman konti-gent vojnika zahtijevao je i adekvatno snabdijevanje. Nestašice su bile svakodnevne. Najviše je nedostajalo hrane, ljekova i novca.

Otvaranjem filijala Narodne banke Jugoslavije, Državne hipotekarne banke i Poštanske štedionice Crnogorska banka je izgubila funkciju pokretača i nosioca ideje o izgradnji bankarskog sistema. U prethodnom periodu značajno je doprinijela razvitku novčanih zavoda u Crnoj Gori donošenjem jeftinijeg kapitala, održavnjem veza između postojećih štedionica i banaka, stranih tržišta i novčanih zavoda.

Novi zakonski okvir bio je novina za Crnogorsku i ostale banke. Ona je u Kraljevini Crnoj Gori poslovala u ambijentu potpuno drugačijem od ovog u kojem se našla ali mu se veoma uspješno prilagodila.

U novom ambijentu Crnogorska banka uspješno je nastavila svoj rad, a zahvaljujući mudroj poslovnoj politici uspijevala je sačuvati i uvećati svoj kapital. Njene akcije nijesu bile u vlasništvu kapitalista, ve-likih banaka ili države, već u rukama srednje i niže štedljive klase. Uspješno su se prodavale u Beogradu

i Zagrebu i nikad nijesu bile podesne za špekulacije na berzanskom tržištu. Isključivo su prelazile iz ruke u ruku, zbog trenutnih potreba vlasnika ali samo na lokalnom nivou. Nije zabilježeno da je neko pokušao da otkupi ili na drugi način dođe do nekog značajnijeg portfelja u cilju špekulacije.

Ogroman problem u novostvorenoj državi predstav-ljalo je pitanje kursa i zamjene perpera. Od kraja 1919. mijenjan je po kursu 1:5 u odnosu na dinar, a od aprila 1921. 1:2 dinara za imaoce preko 5000 perpera i 1:1 za imaoce do 5000 perpera. Svi privatno-pravni odnosi koji su glasili na perpere morali su se okončati po kursu 1:1. Oni koji su perpere zamijenili po kursu 1:5 prošli su bolje od onih koji su to uradili nakon 1921. Inflacije je uzrokovala poskupljenja roba na tržištu i vlasnicima perpera zadala dodatni udarac.

Uprkos svemu Crnogorska banka je preživjela, uspješno poslovala i čak isplaćivala dividendu tokom ovih prelaznih godina.

Zbog primjene Zakona o moratorijumu dugova za period 12.06.2014. – 31.12.1919. Banka (i ostale banke) morala je otpisati kamatu na svoja potraživanja i nije mogla izvršiti naplatu kamate do datuma kapitulacije Crne Gore.

Velike poteškoće Crnogorska banka imala je sa naplatom svojih potraživanja od bivše Crnogorske države, Crnogorske dinastije Petrović i u jednom slučaju od Srbije. Novoformirana država bila je pre-uzela finansijske obaveze Kraljevine Crne Gore, ali ih je veoma sporo ispunjavala. Predstavnici Crnogorske banke danima su, po beogradskim ministarstvima, pokušavali ubrzati naplatu svojih potraživanja dok im to konačno nije uspjelo. Tako je sredinom dva-desetih godina banka uspjela naplatiti veći dio svojih potraživanja. Od naplaćenih potraživanja uspjela je i izgraditi svoje kuće na Cetinju, Baru i Podgorici, vratiti kredite i konsolidovati svoje poslovanje. Tako je izašla iz krize koju su pojedina dnevna glasila po-nekad i preuveličavala.


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By decision of the Podgorica Assembly (13-26 November 1918), Montenegro disappeared from the political, economic and geographical scene and was united with Serbia. By founding the Kingdom of Serbs, Croats and Slovenes, it became a part of the territory of the Zeta region, later Zeta Banovina, which, other than today's territory of Montenegro, included Dubrovnik with the coast, Trebinje, Gacko, Ljubinje, Nevesinje, Stolac, Foča, Priboj, Prijepolje, Sjenica, Tutin, Novi Pazar, Raška, Ivanjica, Peć and Istok.

The country in which the Crnogorska banka continued its work was expected to have a more favorable environ-ment for faster and more comprehensive development, but this remained an unfulfilled dream. The enormous differences between the developed and underdeveloped areas of the newly created state had never been removed. The State organised in a centralised manner imposed its decisions from Belgrade, and determining economic policy and adopting the state and local budget caused a particular dissatisfaction. The Administration of the Zeta Banovina in Cetinje had the role of control over the implementation of the laws and mainly decided on marginal issues.

The expected and promised improvement and revival never came. The head office of the newly created admin-istrative area was in Cetinje, and due to the lack of road infrastructure, it was far from the neighboring cities, not to mention Dubrovnik, Foča and Prijepolje. The industry practically did not exist, and agriculture and livestock production were lagging behind. Several paved roads and 71 km of railway lines Nikšić - Bileća had been made for 22 years.

Interestingly, in the 19302, 34 money institutions oper-ated in the territory of Zeta Banovina, most of them with very small or unpaid capital.

The banking system consisted of inherited conglomerate of banks, some of which were founded on the religious basis, while others were established on national and po-litical basis. They were mostlymixed-type institutions, regardless of their names or rules.

Even the political situation in Cetinje was not favora-ble to Crnogorska banka or other banks. The Christmas uprising of the supporters of the King Nikola was inthe beginning of 1919, and fights occurred around Cetinje. The winner was newly established government, and the upris-ing was suppressed. The remnants of the rebellions’troops continued guerrilla fighting, due to which the control of

movement was introduced, and the state of emergency lasted for several successive years. The enormous contin-gent of soldiers demanded adequate supplies. There was daily lack of goods, mainly food, medicine and money.

With the opening of the branches of the National Bank of Yugoslavia, the State Mortgage Bank and the Postal Savings Bank, Crnogorska banka lost the function of the initiator and the bearer of the idea of building a banking system. In the previous period, it significantly contributed to the development of money institutions in Montenegro by bringing cheaper capital, maintaining connections between the existing savings banks and banks, foreign markets and money institutions.

The new legal framework was a novelty for Crnogorska banka and other banks. It operated in the Kingdom of Montenegro in an environment completely different from the one in which it found itself, but it adapted very well.

Crnogorska banka successfully continued its operations in new environment, and thanks to its wise business policy, it managed to preserve and increase its capital. Its shares were not owned by capitalists, large banks or the state, but in the hands of the medium and low-savings classes. They were successfully sold in Belgrade and Zagreb and were never suitable for speculation on the stock market. They were solely transferred from hand to hand due to the current needs of the owner but only at the local level. It had not been noted that someone tried to buy or otherwise come to some more significant portfolio for speculation.

The enormous problem in the new country was the issue of the exchange rate and conversion of perper. Since the end of 1919, it was exchanged at the rate of 1: 5 in relation to the dinar, and since April 1921, the exchange rate was 1 perper for 2 dinars for the holders over 5000 perpers, and 1: 1 for the holders up to 5000 perpera. All private and legal relations in perpershad to be completed using the exchange rate 1: 1. Those who exchanged the perpers at the exchange rate 1: 5 were in better position than those who converted them after 1921. Inflation caused the price increase in the market and additionally hit the owners of the perper.

Despite everything, the Crnogorska banka survived, successfully operated and even paid dividends during these transitional years.

Due to the implementation of the Law on Moratorium of Debts for the period 12 June 2014 – 31 December 1919, the Bank (and other banks) had to write off interest on


Kada govorimo u ulozima na štednju moramo naglasiti da se prvenstveno radi o ulozima malih šte-diša ili iseljenika koji svojim doznakama prehranjuju svoje siromašne porodice. Velikih uloga nije bilo, a kamate na štednju bile su nerealno visoke ali je na taj način Banka usijevala da obezbijedi neophodna obrtna sredstva

Zanimljiv je pokušaj Crnogorske banke, podsta-knut iz Beograda, da na teritoriji Zetske banovine organizovanje omladinsku štednje 1930.

Od štednih uloga i kredita uzetih kod banaka iz drugih banovina, Crnogorska banka je generisala kapital koji je plasirala na tržište. Procedure su ponekad bile duge i previše birokratske, ali je na taj način banka kontrolisala samu sebe u specifičnom socijal-nom i ekonomskom ambijentu. Nerijetko su eksterni članovi organa upravljanja bankom i dioničari bili i najveći dužnici, a istovremeno i vodeći trgovci ili industrijalci. Garancije su bile

izrazito visoke, a naplata preko sudskih i opštinskih institucija veoma uspješna.

Usljed nerodnih godina i smanjenog priliva deviznih doznaka iz Australije i Amerike, dolazi do naglog siromašenja stanovništva, što prouzrokuje sve veći broj zahtjeva za povlačenje uloga i njegovih djelova. Zabilježeni su slučajevi da se Crnogorska banka na sudu morala pozvati na član 5. Uredbe o zaštiti novčanih zavoda i njihovih vjerovnika, kako bi izbjegla isplatu štednih uloga. Ulozi na štednju su opadali, a zahtjevi za podizanje rasli sa rastom svjetske ekonomske krize. Bilo je slučajeva da štediše iz inostranstva podižu svoje uloge zbog povratka u domovinu.

Nepovjerenje prema bankama i valuti (dinaru) osje-tila je i Crnogorska banka jer je tridesetih godina smanjena štednja i količina gotovine u prometu zbog tezauriranja gotovine od strane građana i trgovaca.

Teške privredne prilike u Zetskoj oblasti, kasnije Banovini, diktirale su kreditne aktivnosti Crnogorske

banke. Teško je dolazila do ka-pitala koji bi plasirala na trži-šte, tako da je veoma obazrivo odobravala kredite. Uz izuzetnu moralnu odgovornost ona je odobravala manje kredite pri-vrednicima, seljacima i trgovcima kako bi ih spasila od potpune pro-pasti. Ponekad je željela potpuno obustaviti odobravanje kredita ali je od toga odustajala zbog povjerenja koje su komitenti stekli u Crnogorsku banku. Držala se principa da kreditni plasmani nikada ne budu na štetu banke. Ako bi se posmatrao ukupan


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its receivables and could not make interest payments until the capitulation date of Montenegro.

Crnogorska banka had great difficulties in col-lecting its receivables from the former Montenegrin state, Montenegrin dynasty Petrović and in one case from Serbia. The newstate assumed the financial obligations of the Kingdom of Montenegro, but it was very slow in fulfilling them. The representatives of the Crnogorska banka had been trying to speed up the collection of their receivables in the ministries in Belgrade for days until they finally succeeded. Thus, in the middle of 1920s, the Bank managed to collect most of its receivables. It managed to build its build-ings in Cetinje, Bar and Podgorica from the collected receivables, repay loans and consolidate her business. Thus, it came out of the crisis, which was sometimes overstated by some daily newspapers.

With regard to the savings deposits, we have to em-phasize that these were investments of small deposi-tors or emigrants who fed their poor families with their remittances. There were no large deposits, and interest rate on savings was unrealistically high, but in this way the Bank managed to provide the neces-sary working capital.

An interesting attempt was made by the Crnogorska banka, which was supported from Belgrade, to organise youth savings in the territory of the Zeta Banovina in 1930.

Crnogorska banka generated the capital from the savings deposits and loans taken from banks from other Banovina, and invested it in the market. The procedures were sometimes long and too bureau-cratic, but in this way the Bank controlled itself in a specific social and economic environment. Often, external members of the Bank's managing bodies and shareholders were the largest debtors, and at the same time leading marketers or industrialists. The guarantees were extremely high, and the collection through courts and municipal institutions was very successful.

Due to barren years and reduced inflows from remit-tances from Australia and America, a rapid poverty of the citizens occurred, which resulted in an increasing


broj odobrenih mjeničnih zajmova, veoma je rijetko dolazilo do protesta mjenica. O kvaltetu ovih mjenica najbolje govori podatak da su služile za dobijanje reeskonta kod Filijale Narodne banke Jugoslavije.

U slučajevima kada je kod pojedinih klijenata do-lazilo do slabijeg prometa, povećanja ili prekoračenja dugovanja, banka je do krajnjih granica izbjegavala represalije i na svaki način pokušavala pomoći klijentu. Nerijetko je odobravala kredite sa sniženom kamat-nom stopom klijentima koji su bili u teškoj situaciji.

Sva privreda i trgovina u zoni poslovanja Crnogorske banke imala je uporište u njenom kreditnom potencijalu. Mnogi klijenti banke nijesu mogli redovno izmirivati svoje obaveze u gotovini pa je ona ulazila u reeskont sa Narodnom bankom ili uzimala kredite kod Poštanske štedionice i Hipotekarne banke. Sve ove, uglavnom milionske kredite, uspješno je servisirala ne dovodeći sebe u veću dubiozu. Međubankarski krediti između privatnih banaka u to su vrijeme bili gotovo iščezli. Državne banke su privatnim odobravale kredite zbog povećanja likvidnosti, što je Crnogorska banka veoma često koristila. Ovi krediti su bili ograničeni i nijesu mogli zadovoljiti tražnju na finansijskom tržištu.

Visine kamata kod Crnogorske banke bile su kao i kod drugih banaka u Banovini kako na kredite tako i na uloge. Novac je bio veoma skup i do njega se teško dolazilo. Državne banke su lakše dolazile do kapitala i plasirale ga privatnim bankama tako da su mogle davati kredite po povoljnijim uslovima. Istovremeno su mogle odobravati veće kamate na štedne uloge i tako odvlačiiti klijente od privatnih banaka, pa i Crnogorske banke.

Kao najveći novčani zavod Crnogorska banka je 1926. izvršila dokapitalizaciju emitovanjem akcija koje su uspješno plasirane. Ovom prilikom na akcijama je umjesto državnog grba Crne Gore odštampana pčelinja košnica. Slično se dogodilo nekoliko godina kasnije kada je u uložnim knjižicama, umjesto državnog grba Crne Gore odštampan grb Jugoslavije.

Banka je uspješno poslovala i širila mrežu svojih filijala, ekspozitura i predstavništava, koje je zbog krize, pred izbijanja Drugog svjetskog rata, počela zatvarati. Za vrijeme Drugog svjetskog rata Crnogorska banka je poslovala po pravilima Italijanske Vojne komande. Njen rad je na samom početku rata, po ovlašćenju komande, obustavio Crnogorski nacionalni komitet, da bi italijanske vlasti 20. maja. 1941. dozvolile nasta-vak poslovanja zbog zaključenja poslovanja iz 1940, i nastavka rada. Tokom rata Banka je tavorila, ali je održavala minimum svojih aktivnosti, prvenstveno u oblasti naplate potraživanja. Redovno je održavala godišnje skupštine akcionara.

Poslije Drugog svjetskog rata, kada su njeni akcio-nari očekivali uspon, došlo je do njene likvidacije na osnovu propisa koje je donijelo Ministartvo finansija Federativne Narodne Republike Jugoslavije, a po hije-rarhiji ga realizovala specijalno formirane likvidacione komisije i državni organi Narodne Republike Crne Gore. Banci je 1946. zabranjen dalji rad i pokrenut postupak likvidacije koja je okončana 14. maja 1949. Njenim brisanjem iz registra. Tokom likvidacije izmirena su i naplaćena potraživanja, isplaćeni svi prijavljeni akcionari. Njena imovina proglašena je državnom i razdijeljena. Narodnoj banci Crne Gore pripali su objekti na Cetinju, objekti u Titogradu pripasli su tamošnjem Gradskom narodnom odboru i konačno objekti u Baru tamošnjem Gradskom na-rodnom odboru.


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number of requests for withdrawal of deposits and its parts. The cases were noted that the Crnogorska banka had to refer to Article 5 of the Regulation on protection of money institutions and their creditors before the courts in order to avoid the payment of savings deposits. Savings deposits declined, and requests for deposit withdrawal grew alongside the rise of the global economic crisis. There had been instances that foreign depositors withdrew their deposits due to their return home.

The distrust in banks and currency (dinar) was felt also by the Crnogorska banka, as the savings dropped in the 1930s and the amount of cash in circulation was reduced due to the invoicing of cash by citizens and traders.

Heavy economic opportunities in the Zeta area, later in the Banovina, dictated the credit activities of Crnogorska banka. It was difficult to reach the capital to invest in the market, so it became very conservative in granting loans. With exceptional moral responsibility, it granted less loans to businessmen, farmers and merchants to save them from total failure. It sometimes wanted to suspend the approval of loans completely, but it gave up because of the trust that the clients had in the Crnogorska banka. It held on to the principle that loans should never be at the expense of the Bank. If total number of granted promissory notes was observed, there were very rare cases of the notice of protest of the promissory note. Their quality is best illustrated by the fact that they were used to obtain a re-discountin the branch of the National Bank of Yugoslavia.

In cases where some clients experienced poorer turnover, the increase or excess of debt, the Bank avoided repercus-sions to the extreme and tried to help the client in every way. It often granted loans with lower interest rates to clients who were in a difficult situation.

All the economy and trade in the business area of Crnogorska banka had a foothold in its credit potential. Many of the Bank's clients were unable to meet their obligationsregu-larlyin cash, so it rediscounted them with the National Bank or took loans from the Postal Savings Bank and Hipotekarna banka. All these, mostly million-dinnar loans, were successfully serviced without bringing the Bank into greater debt. Interbank loans between private banks at that time were almost gone. State banks granted loans for liquidity to private banks, which was often used by the Crnogorska banka. These loans were limited and could not meet the demand in the financial market.

The interest rates at Crnogorska banka were the same as with other banks in the Banovina both on loans and deposits. The money was very expensive and it was very difficult to access it. The state banks had easier accesses to capital and granted it to private banks so that they could give loans at more favorable terms. At the same time, they could approve higher interest rates on savings deposits and thus divert clients from private banks, including the Crnogorska banka.

As the largest money institution, the Crnogorska bankamade a capital increase in 1926 through the is-suance of shares that were successfully placed. On this occasion, honey bee was printed on shares instead of the state coat of Montenegro. Somewhat similar occured several years later when the coat of arms of Yugoslavia was printed on the savings books, instead of the coat of arms of Montenegro.


Arhivska građe Crnogorske banke predata je tadašnjoj Filijali Narodne banke FNRJ na Cetinju. Ista se o njoj nije odnosila domaćinski, naročito kada se odselila u novu zgradu Komunalne banke. Da bi spasio što se spasiti može Državni arhiv Crne Gore je preuzeo nesređenu arhivsku građu Crnogorske i drugih ba-naka, zbog zaštite od daljeg uništenja i propadanja. Građa je ugrubo razvrstana po godinama i čeka red na bude arhivistički sređena i obrađena.

The Bank successfully operated and expanded its network of branches, sub-branches and representative offices, which, due to the crisis, began to close before the outbreak of the Second World War. During the Second World War, the Crnogorska bankaoperated according to the rules of the Italian Military Command. Its operations were suspended by the Montenegrin National Committee at the very beginning of the war under the authority of the Command. However, Italian authorities allowed the Bank to continue with its operations on 20 May 1941 due to the conclusion of the business from 1940, and the continuation of work. During the war, the Bank barely worked, but it maintained a minimum of its activities, primarily in the area of the collection of receivables. It regularly held annual General meetings.

After the Second World War, when its shareholders expected an upsurge, its liquidation took place on the basis of regulations issued by the Ministry of Finance of the Federal People's Republic of Yugoslavia, and by the hierarchy it was implemented by specially formed liquidation committees and state bodies of the People's Republic of Montenegro. In 1946, the Bank was banned from further work and the liquidation proceedings were ended on 14 May 1949 by its deletion from the register. During the liquidation, all receivables were collected and paid, and all registered shareholders were paid off. Its property was proclaimed state and split. The National Bank of Montenegro was provided with buildings in Cetinje, while the buildings in Titograd were handed over to the City People's Committee and finally the buildings in Bar were handed over to the City People’s Committee.

The archival materials on Crnogorska banka were handed over to the then branch of the National Bank of the Federal People’s Republic of Yugoslavia in Cetinje. The branch did not refer to it as a host, especially when it moved to a new building of the Komunalna banka. In order to save what can be saved, the State Archive of Montenegro took over the disordered archival material of the Crnogorska banka and other banks, to protect them from further destruction and decay. The material is roughly sorted by years and awaits to be archivally arranged and processed.

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