srebrni novac kralja stefana - raiffeisen banka · pdf filesrebrni novac kralja stefana...

SREBRNI NOVAC KRALJA STEFANA RADOSLAVA (1218-1234)

Ova izuzetno retka monetarna emisija predstavlja prvi novac srednjovekovne srpske dræave. Iskovan je 1230. godine u kovanici Ras. Uraen je po uzoru na vizantijski novac, o Ëemu svedoËe njegov oblik, grËke legende i predstave.

SERBIAN COINS MINTED BY KING STEFAN RADOSLAV (1218-1234)

This very rare monetary emission represents the first money of the medieval Serbian state. It was minted in the Ras mint in 1230 and modelled after Byzantine coins.The form of the coins, Greek legends and images on them are a testimony of this.

Raiffeisenbank Jugoslavija a.d.2

On behalf of the Board of Directors, it is my pleasure to present the business results of Raiffeisenbank Jugoslavija a.d. Yugoslavia is the eleventh country in Central and Southeastern Europe where RZB continues to pursue its pioneer role. Namely, RZB is the first Western bank to have established a domestic bank with its capital in Yugoslavia. We consider this to be of great importance for the development of the banking sector in the country, a good signal to foreign investors

to invest in Yugoslavia and an incentive to sound competition among domestic banks as regards the providing of first-class services to clients and complying with European standards.

Raiffeisenbank Jugoslavija a.d. has, in a very short period of its activity, taken a leading role and a very strong position on the domestic market. The success of the Bank and the RZB Group results from the determination to

always be at the disposal to its clients with its professional approach, qualified staff and devotion to work, and meet the clients' needs with its banking product range, versatile to a degree corresponding to the current level of development of the domestic market.The name of Raiffeisenbank, well-known in the region, has largely contributed to building confidence among clients and their choice to do business with Raiffeisenbank Jugoslavija.

Zadovoljstvo mi je da, u ime Upravnog odbora, predstavim poslovne rezultate Raiffeisenbank Jugoslavija a.d. za 2001. godinu. Jugoslavija je jedanaesta zemlja Srednje i IstoËne Evrope u kojoj Raiffeisen Zentralbank Österreich AG nastavlja svoju pionirsku ulogu. Naime, RZB je prva zapadna banka koja je u Jugoslaviji, svojim kapitalom, osnovala domaÊu banku. Smatramo da je ovo od izuzetnog znaËaja za razvoj bankarskog sektora u zemlji, dobar signal za strane investitore da se opredele za ulaganja u Jugoslaviju, kao i podsti-caj za zdravu konkurenciju meu domaÊim bankama u oblasti pruæanja prvoklasne usluge klijentima i rada po evropskim standardima.

Za vrlo kratko vreme svoga rada, Raiffeisenbank Jugoslavija a.d. zauzela je vodeÊu ulogu i vrlo jaku poziciju na domaÊem træiπtu. Uspeh Banke i RZB Grupe rezultat je reπenosti da Banka svojim profesio-nalnim radom, struËnim kadrovima, maksimalnoj posveÊenosti poslu svojih zaposlenih, uvek bude na usluzi klijentima, kao i da svojom ponudom bankarskih proizvoda, u meri u kojoj to trenutna razvijenost træiπta dozvoljava, izae u susret njihovim potrebama.Ime Raiffeisen, dobro poznato u meunarodnim okvirima, umnogome je doprinelo stvaranju poverenja kod klijenata i njihovom opredeljenju da rade sa Raiffeisenbank Jugoslavija.

Izveπtaj Predsednika Upravnog odboraReport by the Chairman of the Board of Directors

Raiffeisenbank Jugoslavija a.d. 3

Za relativno kratko vreme svoga rada, u periodu u kojem su se uslovi rada u oblasti ekonomije, pravne regulative, bankarskog sektora menjali i razvijali, banka je postigla vrlo dobre rezultate, kako u radu sa privredom, tako i u radu sa graanima.Strateπki cilj banke je da i ubuduÊe ostane vodeÊa banka na domaÊem træiπtu. U realizaciji tog cilja banka namerava da proπiri mreæu filijala, kao i da poveÊa kapital. Razvoj bankarskih proizvoda i dalje usavrπavanje bankarskih usluga doprineÊe takoe ostvarenju ovog cilja.

Od velike vaænosti za Banku i Grupu jesu dalja realizacija zapoËetih reformi kao i razvoj lokalnog finansijskog træiπta i stabilnih ekonomskih uslova poslovanja.

In a relatively short period of its activity, as the conditions in the economy, the legal system and banking sector were changing and developing, the bank achieved very good results both with corporate and retail clients. The strategic goal of the bank is to remain a leader on the domestic market in the future. To achieve the goal, the bank intends to expand its network of branch offices and increase capital, develop banking products and improve banking services.

Further implementation of reforms, the development of the local financial market and stable economic environment are of high importance both for the Bank and the Group.

Dr Herbert StepicPredsednik Upravnog odboraChairman of the Board of Directors

4 Raiffeisenbank Jugoslavija a.d.

It is my great honour and pleasure to present to our founders and business partners, on behalf of the Managing Board, the Annual Report of Raiffeisenbank Jugoslavija a.d. for the year 2001. This is the first Annual Report published by our bank. We have behind us a year in which Yugoslavia restored its international recognition and re-established membership in international financial organisations. The debt settlement agreement with the Paris Club and

the conclusion of a stand-by arrangement with the International Monetary Fund are of great importance for the country and the future cooperation between domestic and international businesses. The privatisation process has begun. A brand-new legis la t ion and amendments to existing laws have been drafted to regulate a number of sectors in order to create a favourable climate and acceptable conditions for the influx of foreign capital

and the arrival of foreign investors. Radical reforms are being carried out in order to rehabilitate the banking sector, restore order and implement European standards. Raiffeisenbank Jugoslavija a.d. has, in a very short period of time since its establishment, become a leading bank on the local market and, as the first bank in the country registered with 100-percent foreign capital, it attracted great confidence both among the corporate and the retail sector.

Izuzetna mi je Ëast i zadovoljstvo πto, u ime Ëlanova Izvrπnog odbora, moæemo naπim osnivaËima i poslovnim partnerima da prezentujemo Godiπnji izveπtaj Raiffeisenbank Jugoslavija a.d. za 2001. godinu. Ovo je prvi Godiπnji izveπtaj koji publikuje naπa banka.Iza nas je godina u kojoj je Jugoslavija ponovo stekla meunarodno priznanje i Ëlanstvo u meunarodnim finansijskim organizacijama. Regulisanje obaveza po Pariskom klubu, kao i zakljuËenje "stand-by" aranæmana sa Meu-narodnim Monetarnim Fondom, od izuzetnog su znaËaja za zemlju i buduÊu saradnju domaÊih i stranih subjekata. OtpoËelo se sa procesom privati-zacije, pristupilo se, u veÊem broju oblasti, izradi potpuno nove zakonske regulative i izmenama postojeÊe, kako bi se stvorila povoljna klima i prihvatljivi uslovi za dolazak stranog kapitala i stranih investitora. Takoe se poËelo sa radikalnim reformama u oblasti bankarskog sektora u cilju njegovog ozdravljenja i uvoenja reda i primene evropskih standarda.Raiffeisenbank Jugoslavija a.d. je postala, za vrlo kratko vreme od svog osnivanja, vodeÊa banka na domaÊem træiπtu i, kao prva banka u zemlji registrovana sa 100% stranim kapitalom, stekla izuzetno poverenje kako privrednih subjekata, tako i stanovniπtva.

Predgovor Predsednika Izvrπnog odboraIntroduction by the Chairman of the Managing Board

5Raiffeisenbank Jugoslavija a.d.

Raiffeisenbank Jugoslavija a.d. dobila je 9.3.2001. godine, od Narodne banke Jugoslavije, dozvolu za obavljanje svih vrsta bankarskih poslova, kako u zemlji, tako i sa inostranstvom. Banka je osnovana sa kapitalom u iznosu od 10 miliona evra. Na samom poËetku, akcionari banke su bili: Raiffeisen International Beteiligungs AG (RIB), kao veÊinski sa 99% uËeπÊa u kapitalu, i Uniqa Beteiligungs Holding GmbH-Austria, sa 1% uËeπÊa u kapitalu. Kasnije je i Meunarodna Finansijska Korporacija (IFC) postala akcionar banke sa 10% uËeπÊa u kapitalu, tako da je trenutno RIB akcionar sa 90%, a IFC sa 10%, IFC je, uËeπÊem u kapitalu naπe banke, po prvi put postala akcionar jedne banke u Jugoslaviji.

Raiffeisenbank Jugoslavija a.d. poËela je sa pruæanjem usluga privrednim subjektima u julu 2001, a rad sa stanovniπtvom u septembru 2001. godine.I pored toga πto je banka samo nekoliko meseci radila sa klijentima, u delu rada sa privredom, godinu smo zavrπili sa preko 300 otvorenih raËuna domaÊih i stranih firmi. Aktivnosti banke vezane su za rad sa domaÊim i stranim, srednjim i velikim preduzeÊima, veÊinom u privatnom vlasniπtvu (u oblasti prehrambene proizvodnje, hemijske i farmaceutske industrije). Banka je kreditirala izvozno orijentisane projekte, kao i potrebe klijenata za obrtnim kapitalom. Broj odobrenih kredita firmama u 2001. godini, rezultat je teπkoÊa u proceni pouzdanosti plasmana (neadekvatno voenje poslovnih knjiga klijenata i dr.), kao i nepostojanja adekvatnih mera (instrumenata) obezbeenja za plasirana sredstva (neaæurne zemljiπne knjige, neevidentirana zaloæna prava i dr.). Banka je po nalogu svojih klijenata vrπila plaÊanja i naplate iz inostranstva, otvarala akreditive i izdavala garancije po osnovu zakljuËenih poslova sa stranim partnerima.

The National Bank of Yugoslavia granted a licence to Raiffeisenbank Jugoslavija on March 9, 2001, for the entire range of both domestic and international banking activities. The bank was set up with EUR 10 million capital. At the very beginning, its shareholders were: Raiffeisen International Beteiligungs AG (RIB), as a majority owner of a 99% share in the capital, and Uniqa Beteiligungs Holding GmbH-Austria, with 1.0% share in the capital. At a later stage, the International Finance Corporation (IFC) became a shareholder with a 10% stake in the capital, so that RIB holds a 90% equity and IFC a 10% share. With the purchase of our bank's shares, the IFC has, for the first time, become a shareholder in a Yugoslav bank.

Raiffeisenbank Jugoslavija a.d. started providing services to corporate clients in July 2001 and to retail clients in September 2001. Although the bank worked with corporate clients for only several months in 2001, it ended the year with more than 300 opened accounts of domestic and foreign companies. The bank's activities have focused on domestic and foreign medium and large enterprises, predominatly privately owned (food-processing, chemicals and pharmaceuticals industries). The bank has also financed export-oriented projects and clients' requirements for working capital. The number of loans granted reflects difficulties in estimating the safety of lending (inadequate bookkeeping by corporate clients, etc.) and an absence of adequate measures to guarantee loan safety (collaterals, inaccurate land registers, no evidence of mortgage rights). Executing its clients' orders, the bank has made international incoming and outgoing payments, opened letters of credit, issued guarantees based on contracts signed with foreign partners.


Iako je rad sa stanovniπtvom poËeo 1. septembra, Raiffeisen banka je, zahvaljuÊi poverenju graana, veÊ posle mesec dana rada bila meu prvim bankama u zemlji po prikupljenim ulozima graana, da bi od novembra 2001. nadalje postala vodeÊa banka. Raiffeisen banka je u sektoru stanovniπtva u 2001. godini imala preko 13.000 klijenata i ostvarenih depozita u iznosu od preko 83 miliona evra. Banka je u toku protekle godine obavila sve pripreme za poËetak rada na odobravanju potroπaËkih kredita stanovniπtvu.

Banka je blagovremeno obavila sve pripreme za zamenu valuta u evro i zahvaljuÊi tome obezbedila uredno snabdevanje ovom valutom kako graana, tako i drugih banaka u ovoj godini. U ovoj oblasti posebno je bio aktivan Sektor sredstava.Raiffeisen banka je prva u Srbiji potpisala Ugovor sa Evropskom bankom za obnovu i razvoj na 5 miliona evra u okviru Programa trgovinskih olakπica i okonËala sve poslove vezano za subordinirani zajam koji bi odobrila navedena banka. Jasno je da se ovakva vrsta zajma odobrava instituciji od poverenja koja je uspeπna i radi po zapadnim standardima. U cilju daljeg jaËanja kapitalne baze, Raiffeisen banka Êe u 2002. godini poveÊati kapital za dodatnih 25 miliona evra i to putem direktne uplate 15 miliona evra od strane osnivaËa, kao i putem povlaËenja sredstava subordiniranog zajma u iznosu od 10 miliona evra. Takoe, banka planira da ide u proπirenje svoje mreæe u zemlji otvaranjem filijala. Banka je poËela rad sa VISA karticama i obavila pripreme za prelazak na elektronsko bankarstvo. Takoe smo poËeli sa pripremama za poslove deponovanja hartija od vrednosti (custody business) i nastaviÊemo da, pruæanjem usluga klijentima, pratimo proces privatizacije.

Although the activities in the retail sector commenced on September 1, Raiffeisenbank was after only a month among the group of top banks in the country, measured by the volume of private deposits. In November, the bank took the leading position and has kept it since. In the retail sector, the bank registered in 2001 more than 13,000 clients who deposited a total of EUR 83.0 million. In the course of the past year, the bank completed preparations to start consumer credit activities. The bank has timely completed all preparations for the exchange of currencies into the euro and secured a regular supply of euros both to the citizens and other banks for this year. The Treasury Division has borne the brunt of the burden in these preparations.Raiffeisenbank was the first bank in Serbia to have signed the Agreement in the amount of EUR 5.0 million with the European Bank for Reconstruction and Development under the Trade Facilitation Programme and completed all activities related to a subordinated loan to be approved by the same bank. It is clear that this kind of credit can be approved only to an institution that is successful, enjoys confidence and complies with European standards. In order to further strengthen its capital base, Raiffeisenbank will in the course of 2002 increase its capital by additional EUR 25.0 million, through an equity increase of EUR 15.0 million by the shareholders, and by drawing a EUR 10.0 million subordinated loan. The bank also plans to expand its network countrywide by opening branch offices. The bank has started VISA card activities and prepared for electronic banking. We have started preparations to provide custodian services and will continue to provide services to clients engaged in the privatisation process. We also plan to begin providing banking services to small enterprises


Planiramo da poËnemo sa pruæanjem bankarskih usluga malim preduzeÊima, kao i sa kreditiranjem stambene izgradnje. Banka Êe nastaviti saradnju sa vodeÊim meunarodnim finansijskim institucijama u cilju pribavljanja dodatnih izvora finansiranja za potrebe domaÊe privrede.

Sigurni smo da Êe Banka svojom prvoklasnom uslugom, struËnim kadrovima i stalnim razvijanjem bankarskih proizvoda, kao i aktivnom uËeπÊu na daljem razvijanju domaÊeg finansijskog træiπta, zadræati vodeÊu ulogu u bankarskom sektoru zemlje, bez obzira na veÊ postojeÊe banke osnovane sa stranim kapitalom ili dolazak stranih banaka koje Êe kupiti neku od postojeÊih domaÊih banaka.

and to start approving mortgage loans.The bank will continue to cooperate with leading international financial institutions in order to secure additional sources of financing needed by the country's economy.

We are certain that with our first-class services, qualified staff, constant development of the banking product range and an active participation in the further development of the domestic financial market, the bank will be able to preserve its leading role in the country's banking sector regardless of other existing banks founded with foreign capital or the arrival of foreign banks which will buy some of the existing local banks.

Budimir KostiÊPredsednik Izvrπnog odboraChairman of the Managing Board


»lanovi Izvrπnog odboraManaging Board

1. Dr Herbert Stepic

2. Heinz Hoedl

3. Dr Peter Felcsuti

»lanovi Upravnog odboraBoard of Directors

Budimir KostiÊ - Chairman of the Managing Board

Oliver Roegl - Member of the Managing Board

Laszlo Sardi - Member of the Managing Board


Raiffeisenbank Jugoslavija - Izvrπni odborRaiffeisenbank Jugoslavija - Managing Board


Raiffeisenbank Jugoslavija a.d, Belgrade, received its licence as the first bank with 100% foreign capital to be established in Yugoslavia, on March 9th, 2001. The bank has a full banking licence for domestic and cross-border operations (international licence). Raiffeisenbank Jugoslavija a.d. offers its clients Western service standards whilst understanding the specific conditions and opportunities in the Yugoslav financial market.

The strategic business areas of Raiffeisenbank Jugoslavija a.d. are corporate banking (business with local and multinational companies) and retail banking.Expansion will be one of the priorities for Raiffeisenbank Jugoslavija a.d. in 2002 (with further branches in Belgrade and the regions).

Raiffeisen Zentralbank Österreich (RZB-Austria) AG which is the main

shareholder of the network of banks in Central and Eastern Europe, was founded as the central banking institution of the Raiffeisen Banking Group in 1927. The Group has 607 local Raiffeisen banks with 1,725 branches, in total 2,332 banking offices throughout Austria. The Raiffeisen Banking Group has the tightest banking network in Austria with consolidated assets of about Euro 110.2 billion.

Raiffeisenbank Jugoslavija a.d, Beograd, dobila je 9. marta 2001. godine licencu od strane Narodne banke Jugoslavije, kao prva banka sa 100% stranog kapitala u SR Jugoslaviji. Banka poseduje veliko ovlaπÊenje za obavljanje depozitno-kreditnih, menjaËkih i poslova platnog prometa prema inostranstvu. Raiffeisenbank Jugoslavija a.d. nudi svojim klijentima usluge u skladu sa zapadnim standardima, istovremeno i razumevanje specifiËnosti i moguÊnosti koje pruæa jugoslovensko finansijsko træiπte.

Glavne strateπke poslovne sfere Raiffeisenbank Jugoslavija a.d. su privredno bankarstvo (sa lokalnim i multinacionalnim kompanijama) i poslovi sa stanovniπtvom.Ekspanzija novih banËinih filijala biÊe jedan od prioriteta za Raiffeisenbank Jugoslavija a.d. u 2002. godini.Raiffeisen Zentralbank Österreich (RZB-Austria) AG, koja je glavni akcionar bankarske mreæe u regionu Srednje i IstoËne Evrope, osnovana je 1927. godine, kao centralna bankarska institucija Raiffeisen bankarske grupe. Grupu reprezentuje preko 607 lokalnih Raiffeisen banaka sa 1.725 filijala, πto ukupno predstavlja 2.332 bankarske organizacije πirom Austrije. Raiffeisen bankarska Grupa ima najveÊu bankarsku mreæu u Austriji sa konsolidovanim bilansnim sred-stvima od oko 110,2 milijarde evra.

Raiffeisenbank Jugoslavija a.d.Raiffeisenbank Jugoslavija a.d.


With assets of Euro 44.6 billion RZB Austria is one of the largest banking organisations in Austria and the leading bank in Central and Eastern Europe. For short-term obligations Standard & Poors rates RZB-Austria A1, and Moody’s Investors Service P1. For long-term obligations Moody’s Investors Service rates RZB A1.

ShareholdersRaiffeisen Zentralbank Österreich AG (RZB-Austria)

through its holding RIB 90%The International Finance Corporation (IFC) 10%

Raiffeisen Banking Group has been awarded “The Best Bank in Central and Eastern Europe” by the U.S. magazine Global Finance, due to its pioneering role in the region and “The Bank of the Year in Central & Eastern Europe” by professional magazine The Banker. However, we

understand that our success comes from our commitment to our clients, as a reliable partner with high-quality standards.

Sa aktivom koja iznosi 44,6 milijardi evra, RZB-Austrija je jedna od najveÊih bankarskih organizacija u Austriji i jedna od vodeÊih banaka u Srednjoj i IstoËnoj Evropi. Rejting Standard & Poor-a za kratkoroËne obaveze RZB-Austrije iznosi A1, a Moody’s Investors Service-a P1. Na dugoroËna sredstva Moody’s Investors Service rangira RZB sa A1.

Akcionari Raiffeisen Zentralbank Österreich AG (RZB-Austria) kroz svoj holding RIB 90%International Finance Corporation (IFC - World Bank Group) 10%

AmeriËki Ëasopis Global Finance proglasio je Raiffeisen bankarsku grupu “najboljom bankom u Centralnoj i IstoËnoj Evropi” zbog njene pionirske uloge u regionu, a struËni Ëasopis The Banker “Bankom godine u Centralnoj i IstoËnoj Evropi“. Meutim, mi smatramo da je naπ uspeh rezultat naπe posveÊenosti klijentima, kao pouzdan partner koji radi po standardima visokog kvaliteta.

Raiffeisenbank Jugoslavija a.d.

Organization Chart

CreditCommittee

Asset LiabilityCommittee

Operations DivisionNenad SibinoviÊ

Accounting DepartmentVesna TatiÊ

Controlling DepartmentTatjana AleksiÊ

Central Processing DepartmentVesnica ∆oroviÊ

Documentary Business andGuarantees Department

Zlatija JelenkoviÊ

Product Development DepartmentBojana RovËanin

Central Customer Service Department

IT DepartmentGordana Sinobad

General Administration DepartmentDejan DramiÊanin

Central VaultDragomir StojkoviÊ

International Paymentsand SWIFT

Trade Finance

Project Finance

Domestic Payments

Treasury Administation

FX Regulations

FX Account ControlSupervision

Corporate Banking and Credit Division Harald Lorenz

Corporate Banking DepartmentTanja Gliπin

FX and MM DepartmentBranko NovakoviÊ

Dinar DeskIrena KaraÊ

Correspondent Banking DepartmentLjiljana Turopoljac

Credit DepartmentMira Baltovski

Treasury and Investment Banking DivisionZoran PetroviÊ

ManagementCommittee

12


Product Development DepartmentGordana KariÊ

Credit Analysis DepartmentMiloπ PopoviÊ

FI-Analysis DepartmentLjiljana GrubiÊ

Property Development Department

System Development Department

Card DepartmentSaπa DamnjanoviÊ

Credit DepartmentAleksandar JoviÊ

Retail Banking DivisionGordana KariÊ

Risk Management DivisionAlexander Witte

Risk Management DepartmentAlexander Witte

Branch Development DivisionVojin RadojËiÊ

Managing BoardBudimir KostiÊ, Oliver Roegl, Laszlo Sardi

Senior Legal AdvisorBoæo Novoselac

Legal and Compliance DepartmentAleksadra MirosavljeviÊ

Internal Audit DepartmentEva Gaπi

Business AdvisorDragan PavloviÊ

Human Resources DepartmentNada DaËiÊ

Marketing DepartmentKatarina GaboroviÊ

BoardCommittee

ProjectCommittee

The branch units are under the functional supervision of the relevant HO division(s)

BRANCH MODEL CHART

Branch Manager(Deputy Manager)

OperationsUnit

CorporateBanking Unit

RetailUnit

PricingCommittee

Credit Administration DepartmentTatjana AÊiÊ

13

SREBRNI DINARI CARA DU©ANA(1346-1355)

1. "Krunidbeni dinar" predstavlja reprezentativnu sliku Duπanovog krunisanja u Skoplju 1346. godine.

2. "Car Duπan na konju" prikazuje i veliËa vojniËke pohode i osvajanja prvog srpskog cara, koji su mu doneli gordu titulu "Cara Srba, Grka i Bugara".

EMPEROR DU©AN'S SILVER DINARS(1346-1355)

1. "The Crowning Dinar" shows a representative image of Duπan's coronation in Skoplje, in 1346.

2. "Emperor Duπan on horseback" presents and glorifies military campaigns and conquests of the first Serbian Emperor, which had brought him

the proud title of "Emperor of Serbs, Greeks and Bulgarians".

15


Sektor za poslovanje sa privredom i krediteCorporate Banking and Credit Division

Corporate Banking Division became operative on July 16th 2001, only four months after obtaining the licence from the National Bank of Yugoslavia. The range of products offered to corporate clients includes account management as well as management of special purpose accounts (escrow accounts), payment services, trade finance services (LCs, LGs, documentary collections, pre-export finance and import finance),

working capital financing (short-term up to one year), medium term on a case by case basis, treasury and investment services.The focus of the Corporate Banking and Credit Division in the first phase of its activity is on medium & large size corporate clients, subs id iar ies o f multinational and Austrian companies, as well as on international organisations and diplomatic and consular representations. By the end of the year 2001, Raiffeisenbank

Jugoslavija had more than 300 corporate customers and after only half a year of operations has become one of the most active banks in the area of corporate banking in Yugoslavia, both in Belgrade as well as in main industrial cities of Serbia.

Sektor za poslovanje sa privredom i kredite poËeo je sa radom 16.7.2001, samo Ëetiri meseca nakon dobijanja dozvole od strane Narodne banke Jugoslavije. Lepeza proizvoda koji se nude firmama ukljuËuje otvaranje i odræavanje raËuna, kao i otvaranje i odræavanje raËuna posebne namene ("escrow" raËuni), usluge plaÊanja, usluge finansiranja kroz otvaranje akreditiva i izdavanje garancija, dokumentarni inkaso, pred-izvozno finansiranje i finansiranje uvoza), finansiranje obrtnog kapi tala (kratkoroËno do godinu dana), srednjoroËno finansiranje od sluËaja do s luËa ja , us luge deponovanja dinarskih i deviznih sredstava kupoprodaje deviza i investicionog bankarstva. Sektor za poslovanje sa privredom i kredite usmeren je na srednje i velike firme, ogranke multinacionalnih i austrijskih kompanija, kao i meunarodne organizacije i diplomatsko-konzularna predstavniπtva.Do kraja 2001. godine, Raiffeisenbank Jugoslavija je imala viπe od 300 klijenata iz privrede, a nakon samo pola godine rada, postala je jedna od najaktivnijih banaka na polju poslovanja sa privredom u Jugoslaviji, kako u Beogradu, tako i u glavnim industrijskim gradovima Srbije.


Highlights The bank succeeded in acquiring top local corporate customers such as The Agency for Privatisation, Sintelon, Lafarge BeoËinska fabrika cementa, Imlek Beograd, Zorka Pharma, Duga and others, as well as blue-chip international companies such as OMV, Hyatt Regency Hotel, IBM, McDonald’s, Tetra Pak, The British Council and many others.Raiffeisenbank Jugoslavija was chosen by the

Privatisation Agency to be the Agent Bank for the Escrow Account for the privatisation of the cement plants BeoËinska fabrika cementa, bought by French Lafarge, and Cementara Novi Popovac, bought by Swiss Holcim, as well as for bid bonds and performance bonds for the privatisation of the cement industry.The bank was nominated by the European Agency for Reconstruction to be the advising bank for the import of energy by order

of Elektroprivreda Srbije,Serbian national power company.The World Bank notified Yugoslav authorities that Raiffeisenbank Jugoslavija a.d. had been found acceptable, and thus eligible to operate special accounts of projects financed by the World Bank in Yugoslavia.

Æelimo da istaknemo Banka je uspela da stekne poverenje nekoliko najveÊih domaÊih klijenata iz privrede, kao πto su: Agencija za privatizaciju, Sintelon, Lafarge BeoËinska fabrika cementa, Imlek Beograd, Zorka Pharma, Duga, i druge, kao i neke od najboljih meunarodnih kompanija, kao πto su OMV, Hotel Hyatt Regency, IBM, McDonald's, Tetra Pak, Britanski savet i mnoge druge. Raiffeisenbank Jugoslavija je odabrana od strane Agencije za privatizaciju za banku-agenta po pitanju escrow-raËuna za privatizaciju BeoËinske fabrike cementa, koju je kupio francuski Lafarge, i Cementare Novi Popovac, kupljene od strane πvajcarskog Holcim-a, kao i po pitanju licitacionih i Ëinidbenih garancija za privatizaciju industrije cementa. Banka je nominovana od strane Evropske agencije za rekonstrukci ju za savetodavnu banku za uvoz elektriËne energije po nalogu Elektroprivrede Srbije.Svetska banka je obavestila jugoslovenske nadleæne institucije da je Raiffeisenbank Jugoslavija a.d. prihvaÊena i kvalifikovana za rad sa specijalnim raËunima projekata koje finansira Svetska banka u Jugoslaviji.


Sektor za poslovanje sa stanovniπtvomRetail Banking Division

The Retail Banking Division began its operations on September 3, 2001. Given such a delicate environment for a foreign bank, in which most local banks faced utter liquidity problems, our major task was to build up confidence among local savers and encourage them to entrust our Bank with their foreign currency funds.Therefore, all our efforts were focused on depositors in order to meet their requirements with the service

quality.Considering the worldwide recognized reputation of RZB, our task was, operating in the most delicate area of operations with citizens and offering them quality services, first to gain their confidence and so justify our presence on the territory of Yugoslavia.Retail Banking Division activities are carried out through:• Savings operations and the full range of banking operations, both in terms

of local currency and collection of foreign currency• Opening of current accounts of employees for the

purpose of regular salary transfer• Opening of giro accounts for receiving salaries

based on part-time work• Receipt and collection of banking and travellers’

cheques • Exchange operations• Sending, receiving and collection of incoming and

outgoing remittances

Sektor za poslove sa stanovniπtvom u Raiffeisenbank Jugoslavija poËeo je sa radom 03.09.2001. S obzirom da se radi o vrlo osetljivom terenu za jednu stranu banku, gde se veÊina domaÊih banaka nalazila u teπkoj situaciji sa problemom likvidnosti, naπ najznaËajniji zadatak bio je zadobiti poverenje domaÊih πtediπa da svoja uπteena devizna sredstva povere naπoj banci.Zato su svi naπi napori bili koncetrisani ka πtediπama, kako bismo svojim kvalitetom usluga zadovoljili svakog od njih.S obzirom na steËeni ugled u svetu naπe centralne banke, naπ zadatak bio je da svojim kvalitetom rada u najosetljivijoj oblasti rada sa graanima, najpre steknemo njihovo poverenje, a kasnije opravdamo naπe otvaranje na teritoriji Jugoslavije.Aktivnost i Sektora poslovanja sa stanovniπtvom ostvaruju se kroz:• Poslove πtednje i

bankarske operative, kako u domaÊoj valuti, tako, naroËito i u prikupljanju strane valute

• Otvaranje tekuÊih raËuna zaposlenima radi prijema njihovih zarada

• Otvaranje æiro raËuna za prijem zarada po osnovu honorarnog rada

• Prijem i isplatu bankarskih i putniËkih Ëekova • Obavljanje menjaËkih poslova• Slanje, prijem i isplatu doznaka u inostranstvo, i iz

inostranstva


• Preparations for the euro conversion of foreign currencies

The main distribution channels in those circumstances were:• Branch, Resavska 22, Belgrade• Branch, Resavska 66, Belgrade• Branch, Fruskogorska 16a, Novi Sad

Financial resultsIn this period we rendered services to 13,167 clients. We opened citizens’ foreign currency accounts, as follows:

Looking at the structure of savings deposits in foreign currency, call deposits prevail. The ratio is 57.08% with call deposits, versus 42.92% with term deposits. As far as interest rates are concerned, in our Bank they vary from 0.90% to 3.00% for the longest terms, at the annual level.The interest rate is determined in accordance with the savings deposit amount and is currently lower than in some local banks. Despite this, given the quality of services we are rendering, our Bank gained the confidence of our depositors after only two months of operations, which made it possible for us to become the Number 1 Bank by the volume of foreign currency savings deposits.

• Pripreme za obavljanje konverzije IN - valuta u evro

Osnovni kanali prodaje u tadaπnjim uslovima su bili:• Ekspozitura Resavska 22, Beograd• Ekspozitura Resavska 66, Beograd• Ekspozitura Fruπkogorska 16 a, Novi Sad

Finansijski rezultatiU ovom periodu opsluæeno je ukupno 13.167 stranaka. ©to se tiËe broja otvorenih deviznih raËuna graana, stanje je sledeÊe:

Posmatrano po roËnosti πtednih uloga u stranoj valuti, preovlauju neoroËeni πtedni ulozi. Odnos je 57,08% kod neoroËenih, u odnosu na 42,92% kod oroËenih uloga. ©to se tiËe visine kamatnih stopa, one se u naπoj banci kreÊu u rasponu od 0,90% - 3,00% na najduæi rok roËnosti, i to na godiπnjem nivou. Visina kamatne stope odreuje se u odnosu na visinu πtednog uloga i u ovom trenutku je niæa nego kod nekih domaÊih banaka. I pored toga, s obzirom na kvalitet usluga koje pruæamo, veÊ posle drugog meseca rada stekli smo poverenje kod naπih πtediπa, πto nam je omoguÊilo da budemo Banka na prvom mestu po koliËini prikupljene devizne πtednje.

Vrsta raËuna/Type of Account Broj raËuna/No. of Accounts Stanje/Balance (EUR 000)

Devizni neoroËeni raËuni/call deposits - FCY 8.955 47.678Devizni oroËeni raËuni/term deposits - FCY 3.837 35.846


Oktobar

13,4

100000

80000

60000

40000

20000

0

100000

80000

60000

40000

20000

0

Novembar

31,923.0

Decembar

83,525.0

Oktobar

15000

10000

5000

0

15000

10000

5000

0

Novembar Decembar

Broj raËuna/Number of accounts

Stanje deviznih depozita/Volume of FCY deposits (EUR 000)


Planovi za 2002. godinu Plans for year 20021. Maintaining the top position as regards the volume of foreign currency savings deposits.2. All preparations made, including training and operational organisation in terms of EURO changeover. 3. Expansion of the branch and outlet network: The bank plans to open three large regional centres in Novi Sad, »aËak and Niπ, local branch offices in Subotica, Kruπevac, ©abac and Poæarevac and two specialized

branch offices in Belgrade.4. We are introducing new products, such as:• Consumer loans for individuals • Issuance of VISA Electron Card and VISA Business Card5. We are continuing with further collection of savings, with a view to improving the structure of term deposits of the collected funds 6. We are carrying out constant innovation of the skills of the Retail Division staff so that all employees may be well informed and pass on accurate

information on any type of banking products/services, offered by our Bank.7. We also carry out preparations for the introduction and improvement of the existing technological solutions with all banking operations.

Finally, we would like to mention that all our products have been, since the very beginning of retail operations, accompanied by marketing activities, through adequate leaflets, brochures, and advertisements in daily papers and billboards.

1. OËuvanje steËenog prvog mesta po koliËini prikupljene devizne πtednje.2. Izvrπene su sve pripreme u pogledu obavljenih obuka i organizacije posla, a u vezi sa zamenom IN-valuta u evro. 3. ©irenje mreæe ekspozitura: Planirano je da se otvore tri velika regionalna centra u Novom Sadu, »aËku i Niπu, lokalne filijale u Subotici, Kruπevcu, ©apcu i Poæarevcu, kao i dve speciljalizovane ekspoziture u Beogradu.4. Pripremamo uvoenje novih proizvoda i to:• odobravanje potroπaËkih kredita graanima • izdavanje VISA Electron kartice, kao i VISA BusinessElectron kartice5. Nastavljamo sa daljim prikupljanjem πtednje, sa ciljem poboljπanja roËnosti prikupljenih sredstava.6. Vrπimo stalna inoviranja znanja zaposlenih u Sektoru za rad sa stanovniπtvom, kako bi svi zaposleni mogli da daju pravilnu informaciju, po svakom vidu posla kojim se bavimo.7. Takoe se radi i na pripremama uvoenja i usavrπavanja postojeÊih tehnoloπkih reπenja kod svih bankarskih operacija.

Na kraju æelimo da napomenemo, da su, poËev od prvog dana po otvaranju ove vrste poslova u banci, marketinπki svi novi proizvodi bili propraÊeni kroz odgovarajuÊe broπure, oglase u dnevnim novinama i bilborde.


Osnovna karakteristika domaÊeg finansijskog træiπta je da se ono tek razvija. Aktivnosti na træiπtu novca skoro da i nije bilo, imajuÊi u vidu visoke provizije i troπkove koji optereÊuju ovu vrstu transakcija. Devizno træiπte funkcionisalo je zahvaljujuÊi intervencijama Narodne banke Jugoslavije. Uprkos ograniËenjima na domaÊem træiπtu, Sektor sredstava bio je uspeπan u 2001. godini.

Stanje æiro raËuna na dan 31.12.2001. bilo je 187,5 miliona dinara (3,13 miliona evra). Na dan 31.12.2001, Raiffeisenbank Jugoslavija je imala 30 miliona dinara u blagajniËkim zapisima Narodne banke Jugoslavije. Plasmani na træiπtu novca (ukljuËujuÊi i plasmane u NBJ) u devizama su u 2001. godini porasli na 77,1 miliona evra. Na ime obavezne rezerve, kod NBJ smo deponovali 45,0 miliona evra. Na dan 31.12.2001. imali smo primljenih depozita od privrede u iznosu od 1,83 miliona evra. NajveÊi doprinos naπoj neto zaradi dala je trgovina devizama sa 57,17%, dok je træiπte novca doprinelo sa 35,88%, a trgovina efektivnim stranim novcem 6,95%. ©to se tiËe aktivnosti Sektora sredstava, imali smo zamenu efektive u iznosu od 30 miliona evra. Obrt prodaje i kupovine deviza firmama iznosio je 21,3 miliona evra. Sektor sredstava je takoe imao 85 ugovora na meu-bankarskom træiπtu.

ImajuÊi u vidu da je banka poËela sa radom 2001. godine, bilo je neophodno uspostaviti mreæu korespondentskih odnosa sa inostranim bankama.

The key feature of the domestic financial market is that it has just started to develop. Activities on the money market have been almost non-existent bearing in mind the high commission fees and costs that burden this type of transactions. The foreign exchange market has functioned mainly on the basis of interventions made by the National Bank of Yugoslavia. Despite limitations on the domestic market, the Treasury Division was successful in 2001. The giro account balance on 31/12/2001 was YUM 187.5 million (EUR 3.13 million). On 31/12/2001, RBY held YUM 30,0 million in T-bills of the National Bank of Yugoslavia. MM placements (including placements with NBY) in FX grew in 2001 to EUR 77.1 million. As obligatory reserve, we held with NBY EUR 45.0 million. On 31/12/2001, corporate deposits held with the bank were EUR 1.83 million. The biggest contributor in our net profit has been FX trading with 57.17%, while MM has contributed with 35.88%, and trade in foreign currency cash with 6.95%. As far as Treasury Division activities are concerned, we had shipments of banknotes in the amount of EUR 30 million. Turnover of buying and selling of FCY to corporate clients was EUR 21.3 million. Treasury also had 85 contracts on the Inter-bank market.

Bearing in mind that the Bank only became operational in 2001, it was vital to set up a network of correspondent relations with foreign banks.

Sektor sredstavaTreasury Division


S obzirom na reforme u bankarskom sektoru, proces oduzimanja licenci za rad nekim bankama, transformacijama postojeÊih banaka (pripajanjima i sl.) depozitno-kreditnih transakcija sa domaÊim bankama nije bilo. Tokom 2001. godine analiziran je rad veÊeg broja domaÊih banaka u cilju sagledavanja buduÊih potencijalnih partnera.U sektoru sredstava obavljene su i sve potrebne pripreme za rad sa hartijama od vrednosti i poslove njihovog deponovanja. Aktivnosti ovog sektora znatno Êe se uveÊati u narednom peridu, s obzirom na razvoj finansijskog træiπta u zemlji.

Considering reforms in the banking sector, a process of withdrawing licences from certain banks and a transformation of existing banks (through mergers, etc.), there have been no MM transactions with local banks. In the course of 2001, the performance of a significant number of domestic banks was analysed in order to identify potential partners. The Treasury Division has also carried out all preparations for the securities business and custodian services. Activities of this division will significantly expand in the following period as the financial market of the country develops.

MoneyMarket52%

ObligatoryReserve

2%

SecuritiesTrading

7%

ForeignExchange

31%

Treasury and IB DivisionProfit Structure

BanknotesTrading

8%


Sektor operativnih poslova Operations Division

The Operations Division comprises six organisational units which cover the Bank's transactional services and operations and provide support to the other divisions’ activities. Operations Division consists of the following organisational units:• Customer Service• Accounting and Controlling Department• Central Processing Department• IT Department

• General Administration Department

• Central VaultIn the year 2001, the Operations Division played a key role in enabling the quickest start of the Bank's activities in the Raiffeisen network. The Division has also been responsible for branch development, opening the first Bank branch offices, while the centralised approach was introduced in terms of organisation, technology and processing, which insured high quality

banking customer service and products for the clients.The Customer Service is in charge of providing banking services to corporate clients (opening accounts, reception and processing of payment orders, cash activities, distribution of statements and other reports, control of the validity of documents, calculation of fees and banking information for the clients).

Sektor operativnih poslova sastoji se od πest organizacionih delova koji pokrivaju operativno poslovanje Banke i pruæaju podrπku u radu ostalim sektorima. Sloæena struktura Sektora za operativne poslove obuhvata sledeÊe organizacione celine:• Sluæba za rad sa strankama • Odeljenje raËunovodstvenih poslova i finansijske

kontrole • Odeljenje za platni promet u zemlji i inostranstvu • Odeljenje za

informatiËke tehnologije• Odeljenje opπtih poslova • Centralni trezor U 2001. godini, Sektor za operativne poslove imao je veoma vaænu ulogu u omoguÊavanju najbræeg poËetka aktivnosti Banke u Raiffeisen mreæi. Sektor je znaËajnu podrπku pruæio u otvaranju prvih filijala Banke, a centralizovani pristup u organizacionom, tehnoloπkom i procedu-ralnom pogledu obezbedio je efikasno poslovanje i visok kvalitet proizvoda i usluga koje se pruæaju komitentima. Sluæba za rad sa strankama zaduæena je za pruæanje usluga pravnim licima u finansijskim transakcijama (otvaranje raËuna, prijem i obrada naloga za plaÊanje, slanje izvoda i drugih izveπtaja, kontrola vaænosti dokumenata, obraËun provizija i pruæanje informacija klijentima o bankarskim uslugama).


The Accounting and Controlling Department is responsible for preparing periodical, business and operational reports and for the entire accounting and financial activities of the Bank in line with determined methodology and domestic rules, implementing international accounting standards (IAS) for the reporting needs at the level of the Group. The budgeting process and the regular analysis of the achieved results has been timely carried out by the

Controlling unit, which is also responsible for the reporting to our head office.The Central Processing Department is in charge of carrying out all forms of transactions in domestic and international payments. It is also in charge of monitoring the laws regulating payment operations and the control of funds at gyro accounts and foreign exchange accounts of the Bank. In the course of the year 2001, the planned volume

of banking transactions had significantly been exceeded. The department has contributed substantially to the overall financial result of the bank, while keeping the related costs at a competitively low level.

Odeljenje raËunovodstvenih poslova i finansijske kontrole odgovorno je za izradu svih periodiËnih, poslovnih i operativnih izveπtaja, kao i za ukupno raËunovodstveno i finansijsko poslovanje Banke, u skladu sa utvrenom metodologijom i domaÊim propisima, primenjujuÊi i meunarodne raËunovodstvene standarde (IAS) za izveπtavanje na nivou Grupe. Proces izrade budæeta i analiza postignutih rezultata redovno se izvrπava u okviru odeljenja Finansijske kontrole, i prati se na nivou Raiffeisen bankarske grupacije.Odeljenje za platni promet u zemlji i inostranstvu, odgovorno je za izvrπava-nje svih vrsta transakcija u domaÊem i meunarodnom platnom prometu, zaduæe-no je za praÊenje zakonske regulative u platnom prometu i za kontrolu sredstava na æiro raËunima i na deviznim raËunima Banke. U toku 2001. godine znaËajno je premaπen planirani obim poslovanja. Odeljenje je znaËajno doprinelo ukupnom finansijskom rezultatu Banke, pri Ëemu je visina provizija i tarifa zadræana na vrlo konkurentnom nivou.


Odeljenje za informatiËke tehnologije, zaduæeno je za informatiËku podrπku poslovanju Banke i realizaciju niza vaænih projekata kao πto su: elektronsko bankarstvo, preuzimanje domaÊeg platnog prometa, poslovanje sa bankarskim karticama, projekti vezani za nadzor i zaπtitu raËunarsko-komunikacione mreæe, kao i mnogi drugi projekti.Odeljenje opπtih poslova obezbeuje ekonomiËno i neprekidno osiguranje radnih uslova za sve bankarske aktivnosti (imovina, tehniËko odræavanje, oprema, obezbeenje, transport i druge aktivnosti). Centralni trezor obavlja poslove sa gotovinom i hartijama od vrednosti. Prostor trezora je visoko obezbeen mehanizmima fiziËke i elektronske zaπtite, a ispunjeni su i svi drugi uslovi za prijem i transportvrednosnih poπiljki.

The IT Department is in charge of adequately supporting the business activities of the Bank and for the planning and implementation of important projects, i.e. electronic banking, taking over of domestic payment operations, bank card business, projects related to supervision and the protection of the computer communications network and a large number of other projects.The General Administration Department is responsible for insuring the safe and uninterrupted working conditions to the overall banking operations in a cost effective way (property, technical maintenance, equipment, physical security, transport and other activities).The Central Vault is in charge of cash and securities related activities. The vault's premises have been highly secured, both physically and electronically. Also, all other requirements have been met for the reception and transportation of cash and securities.


Raiffeisenbank addressesin Yugoslavia and abroad

Yugoslavia(Serbia and Montenegro)Raiffeisenbank Jugoslavija a.d.Head officeResavska 22, YU-11000 BelgradeTel: (+381 11) 320 21 00 (operator)Tel: (+381 11) 320 21 12 Marijana LjepojaTel: (+381 11) 320 21 13 Ana AlikalfiÊFax: (+381 11) 320 21 79 (central fax)e-mail: [email protected] 66Tel:(+381 11) 3202 700Fax: (+381 11) 3618 127Bezistan, Terazije 27Tel:(+381 11) 3202 750Fax: (+381 11) 3345 667Novi SadFruskogorska 16a Tel: (+381 21) 450 854Fax: (+381 21) 450 849www.raiffeisenbank.co.yuInformation Center(+381 11) 3202 777

AustriaRaiffeisenZentralbank Österreich AGAm Stadtpark 9A-1030 WienTel: (+43 1) 71707-0 (operator)Fax: (+43 1) 71707 - 1715Tx1: 136 989SWIFT Code: RZBA AT WWReuter Dealing Code: RZBVReuters Page Code: RZB01e-mail: [email protected](xxx.xxx are the first and the family name of therespective person)www.rzb.at

Bosnia and HerzegovinaRaiffeisen Bank d.d. Bosna iHercegovinaDanijela Ozme 371000 Sarajevo - Bosnia andHerzegovinaTel: (+387 33) 440 272Tel: (+387 33) 214 900Tel: (+387 33) 442 964Fax: (+387 33) 21 38 51SWIFT Code: RZBABA2Se-mail: [email protected]

BulgariaRaiffeisenbank (Bulgaria) AD18/20, Gogol Str., BG 1504 SofiaTel: (+359 2) 919 851 01 (switch board)Fax: (+359 2) 943 45 28Tx1: 220 05 (Treasury)Tx2: 220 06 (Operations)SWIFT Code: RZBBBGSFReuters Dealing Code: RBBSe-mail: [email protected]

CroatiaRaiffeisenbank Austria d.d.Petrinjska 59HR-10 000 ZagrebTel: (+385 1) 456 64 66 (switch board)Fax: (+385 1) 481 16 24Tx1: 21137 rbazg rhSWIFT Code: RZBH HR2XReuter Dealing Code: RZBHe-mail: [email protected]


Czech RepublicRaiffeisenbank a.s.Vodickova 38CZ-111 21 Praha 1Tel: (+420 2) 242 312 70 (operator)Tel: (+420 2) 242 312 80 (operator)Fax: (+420 2) 242 312 78Fax: (+420 2) 244 072 43Tx1: 123160 RZBP CSWIFT Code: RZBC CZ PPReuter Dealing Code: RAIFe-mail: [email protected]

GermanyRLB OÖ Branch in PassauGroße Klingergasse 4D-94032 PassauTel: (+49 851) 929 920Fax: (+49 851) 368 01e-mail: [email protected]

HungaryRaiffeisen Bank Rt.Akadémia utca 6.H-1054 BudapestTel: (+36 1) 484 44 00 (operator)Fax: (+36 1) 484 44 44Tx1: 223123 unicc hTx2: 223172 unicc hSWIFT Code: UBRT HUHBReuter Dealing Code: UNICReuters Page Code: UNCBe-mail: [email protected](y ist the first letter of the first name and xxx is the whole last name)

ItalyMediocredito Trentino -Alto Adige InvestitionsbankTrentino - South TyrolVia Paradisi, 1, I-38100 TrentoTel: (+39 461) 888 511Fax: (+39 461) 888 515e-mail: [email protected]

MaltaRaiffeisen Malta Bank plc71, II Piazzetta, Tower RoadSLM 16 Sliema, MaltaTel: (+356 ) 213 209 42Tel: (+356 ) 213 209 43Tel: (+356 ) 213 248 66Fax: (+356 ) 213 209 54Mobile Phone:(+356) 9943 30 00 (Schembri),(+356) 9943 40 00 (Pramböck)e-mail: [email protected](xxx.xxx are the first and the family name of the resp. person)

PolandRaiffeisen Bank Polska S.A.ul.Piekna 20, PL - 00-549 Warsaw, ul.Walbrzyska 11, PL- 02-739 Warsaw -for Globus ProjectTel.: (+48 22) 549 88 00 for Globus ProjectTel: (+48 22) 585 20 00 - switchboardFax: (+48 22) 585 25 85Sat.tel: (+48) 39 12 14 47SWIFT Code: RCBWPLPWReuter Dealing Code: RCBWe-mail: [email protected](xxx.xxx are the first and the family name of the resp.person)www.raiffeisen.pl


RomaniaRaiffeisenbank (Romania) SABd. Unirii 74, sect 3,75103 BucharestTel: (+40 1) 302 00 22 (operator)Fax: (+40 1) 320 99 10SWIFT Code: RZBRROBUReuter Deadline Code: RBRBe-mail: [email protected](XXXX is represented by the first name; YYYY is represented by the second name)Banca Agricola - Raiffeisen S.A.Mircea Voda Blvd. 44,Bloc M17,Tronson II, Sector 3RO-742141 BUCHARESTTel: (+40 1) 326 22 15 (switch board)Tel: (+40 1) 326 22 16 (switch board)Tel: (+40 1) 323 00 31 (switch board)Fax: (+40 1) 326 22 09Tx1: 11709Tx2: 11622 BANAG RSWIFT Code: BKAG RO BUReuter Dealing Code: BABRReuters Page Code: BABRe-mail: [email protected]

RussiaZAO Raiffeisenbank Austria17/1 Troitskaya Street129090 Moscow - RussiaTel: (+7 095) 721 99 00Fax: (+7 095) 721 99 01Tx1: 914617 RAIFF RUSWIFT Code: RZBMRUMMReuter Dealing Code: RZBMe-mail: [email protected]

SlovakiaTatra bankaVajanskeho nabrezie 5SK-810 11 Bratislava 111, P.O.Box: 50Tel: (+421 2) 5919 1111Fax: (+421 2) 5919 1110Fax: (+421 2) 5919 1115 (Financial Institutions)SWIFT Code: TATR SK BXReuter Dealing Code: TBBRReuters Page Code: TRBR, TRBT, TRBSe-mail: [email protected]

UkraineJoint Stock Commercial BankRaiffeisenbank UkraineVorovskogo 40UA-01054 KyivTel: (+380 44) 490 05 00 (operator)Fax: (+380 44) 490 05 01Fax: (+380 44) 490 05 35SWIFT Code: RZBU UA UKReuter Dealing Code: RBUKe-mail: [email protected]

United KingdomRZB Austria - London Branch36-38 Botolph Lane, London EC3R 8DETel: (+44 20) 7929 2288 - switchboardFax: (+44 20) 7283 6153Tx1: 886 153SWIFT Code: RZBAGB2LReuter Dealing Code: RZBLe-mail: <firstname>.<familyname>@rzb-london.raiffeisen.at

ZLATNIK KRALJA MILANA OBRENOVI∆A(1868-1889)

Prvi srpski zlatnik ‘Milan d’or’, iskovan je 1879. godine u pariskoj kovnici. Po svom izgledu i nominalnoj vrednosti, odgovarao je francuskom zlatniku od 20 franaka.

GOLD COIN OF KING MILAN OBRENOVI∆ (1869-1889)

The first Serbian gold coin "Milan d'or" was minted in 1879 in the Paris mint. By its look and nominal value, it was equal to the French gold coin of 20 francs.

31


Financial statementsfor the year ended 31 December, 2001Prepared in accordance with international accounting standards

KPMG

KPMG d.o.o. Beograd

Sava Centar D32/D33 Telephone +381 11 311 31 09 Privredni sud u Beogradu

Milentija PopoviÊa 9 Fax: +381 11 147 832 broj reg. ul.1-77746-00

Belgrade 11 070 e-mail: [email protected] matiËni broj 17148656

Yugoslavia www.kpmg.co.yu raËun 40815-601-6-572718

Independent Auditor's Report We have audited the accompanying balance sheet of Raiffeisenbank Jugoslavija a.d. Belgrade as of 31 December 2001 and the related statement of income, and cash flows for the year then ended. These financial statements are the responsibility of management. Our responsibility is to express an opinion on the financial statements based on our audit.We conducted our audit in accordance with International Standards on Auditing (ISA). Those Standards require that we plan and perform the audit to obtain reasonable assurance whether the reporting package is free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe our audit provides a reasonable basis for our opinion.In our opinion, the financial statements give a true and fair view of the financial position ofRaiffeisenbank Jugoslavija a.d. Belgrade as of 31 December 2001, and of the results of itsoperations and its cash flows for the year then ended in accordance with InternationalAccounting Standards as specified in the “IAS Group Accounts Manual, RZB Austria”.

Belgrade, 15 February 2002 KPMG d.o.o. Bulatovic Nina

Managing Partner


CONTENTS:

Income Statement for the year ended 31 December 2001 35

Balance Sheet as at 31 December 2001 36

Statement of Changes in Shareholders' Equity for the year ended

31 December 2001 37

Cash Flow Statement for the year ended 31 December 2001 38

Notes to the Financial Statements 39 - 57

35

In thousands of YUD NOTE 2001

Interest and similar income 2(d), 3 31,687

Interest and similar expenses 2(d), 3 (11,546)

Net interest income 20,141Ł

Provision for possible losses on loans and advances 2(j), 3 (1,572)

Net interest income after provisioning 18,569

Fee and commission income 2(e), 4 27,610

Fee and commission expenses 2(e), 4 (5,790)

Net fee and commission income 21,820Ł

Net foreign exchange gains 2(f) 3,199

Result on financial assets available for sale 2(g) 2,691

Operating income 46,279

General administrative expenses 5 (104,155)

Other operating expenses (3,819)

Operating expenses (107,974)

Loss from operations (61,695)

Loss for the year (61,695)

Income tax 2(l) -


INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2001



In thousands of YUD NOTE 2001

ASSETS

Cash and balance with central bank 6 4, 246, 164

Loans and advances to banks 2(h), 7 3, 649, 213

Loans and advances to customers 2(i), 8 163, 858

Provision for possible losses on loans and advances 2(j), 9 (1,572)

Financial assets available for sale 2(c),10 32, 732

Tangible and intangible assets 2(k), 11 177, 024

Other assets 12 8, 338

Total assets 8,275,757

LIABILITIES

Deposits with banks 13 561,885

Customer deposits 14 7,055,461

Other liabilities 15 123,051

Equity 16 597,055


Total liabilities 8,275,757

Off - balance sheet items 17 625,823

Belgrade, 15 February 2002

For and on behalf of the management Budimir KosticChairman of the Managing Board

BALANCE SHEET AS AT 31 DECEMBER 2001

37

In thousands of YUD Subscribed Result for Totalcapital the year

Balance as at 1 January 2001 - - -

Ordinary shares issue 597,055 - 597,055

Loss for the year - (61,695) (61,695)Ł

Balance as at 31 December 2001 597,055 (61,695) 535,360

STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITYFOR THE YEAR ENDED 31 DECEMBER 2001



In thousands of YUD 2001

Operating activities

Loss for the year (61,695)Ł

Adjustments for non-cash items

Depreciation 5,892Ł

Impairment losses 1,572

Changes in operating assets and liabilities

Loans and advances to banks (3,649,213)

Loans and advances to customers (163,858)

Financial assets available for sale (32,732)

Other operating assets (8,338)

Deposits with banks 561,885Ł

Customer deposits 7,055,461

Other operating liabilities 123,051

Cash from operating activities 3,832,025

Investing activities

Acquisition of tangible and intangible assets (182,916)

Cash from investing activities (182,916)

Financing activities

Issue of share capital 597,055Ł

Cash from financing activities 597,055Ł

Net increase in cash and cash balance with central bank 4,246,164

Cash and cash balance with central bank as at 1 January -

Cash and cash balance with central bank as at 31 December 4,246,164

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2001

39

1. Activity

2. Summary of significant accounting policies

Raiffeisenbank Jugoslavija a.d. Beograd (hereinafter: the Bank) was established in 2001 as a shareholders' company with the following ownership structure:

Shareholders Amount in EUR

Raiffeisen International Beteiligungs GmbH, Wien 9,900,000

Uniqa Beteiligungs-Holding GmbH, Wien 100,000

Total 10,000,000

The National Bank of Yugoslavia (Central bank, hereinafter: NBY) issued the working permission on 9 March 2001. The Bank was registered with Commercial Court in Belgrade on 10 April 2001.The Bank is licensed to perform payments, deposit and credit activities domestically and abroad. In accordance with Banking Act, the Bank is obliged to operate respecting principles of liquidity of placements and profitability.The seat of the Bank is in 22, Resavska street. The Bank opened representative units inBelgrade and Novi Sad. As at 31 December, 2001, the Bank had 130 employees.

(a) Basis of financial statements preparation

The financial statements are presented in Yugoslav Dinar (YUD), rounded to the nearest thousand.

The accompanying financial statements are based upon the statutory accounting records,

which are maintained under the historical cost convention.

The statutory accounting reports have been restated through adjustments to present these financial

statements in accordance with International Accounting Standards and have been reclassified,

in general terms, in accordance with the “IAS Group Accounts Manual, RZB Austria - Version 3.0”.



2. Summary of significant accounting policies (continued)

(b) Foreign currencyTransactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction.Assets and liabilities denominated in foreign currencies are translated at the average foreign currency exchange rate ruling at the balance sheet date. Foreign exchange differences arising on translation are recognized in the income statement.Official exchange rates for major currencies used in the translation of the balance sheet items denominated in foreign currencies were as follows:

In YUD 2001

USD 67.6702CHF 40.3159EUR 59.7055

(c) Financial instruments

(I) ClassificationFinancial instruments include "available for sale" assets.Available for sale assets are financial assets that are held neither for the purpose of short-term profit making, nor for held-to-maturity. These include treasury bills issued by the National Bank of Yugoslavia and bonds issued by the Government of Serbia.

(II) Recognition"Available for sale" assets comprising treasury bills and government bonds are recognized on the day they are transferred to the Bank.

(III) MeasurementFinancial instruments are measured at cost.

(IV) Specific instrumentsCash and balance with central bank Cash and cash equivalents comprise cash balances on hand and cash deposited with the National Bank of Yugoslavia.Investments Debt investments that the Bank does not hold for the purpose of short-term profit making and does not intend to hold to maturity are classified as “available for sale” assets.

41

(d) Interest and similar income/expensesInterest and similar income and expenses are recognized in the income statement on accrual basis.Interest is calculated in accordance with Yugoslav law upon the agreement between lenders and borrowers.

(e) Fee and commission income/expensesFees and commissions arise on financial services provided by/to the Bank including transfer payments in foreign currency, loan administration, guarantee, letter of credit business and other banking services.Fees and commissions are recognized when the corresponding service is provided.

(f) Net foreign exchange gainsNet foreign exchange gains include realised foreign currency exchange gains and losses as well as gains and losses incurred on translation of asset and liabilities denominated in foreign currency at exchange rate prevailing at the balance sheet date.

(g) Result on financial assets available for saleResult on financial assets available for sale includes income received on treasury bills issued by the National Bank of Yugoslavia and bonds issued by the Government of Republic of Serbia.

(h) Loans and advances to banksLoans and advances to banks are stated in the balance sheet at the amount of principle, interest and commission outstanding.Loans and advances to banks include short term and demand deposits placed with affiliated companies and other banks, accrued interest and money market placements.

(i) Loans and advances to customersLoans and advances are stated in the balance sheet at the amount of the principal, interest and commission outstanding.Loans and advances to corporate customers include long and short term loans granted in YUD with foreign currency clause.Loans and accrued interest and commission receivables are provided for if they are due more than 90 days from the maturity date.




(j) Provision for possible losses on loans and advancesProvision for losses on loans and advances are made regarding the specific risks. Provision relates to the loans that have been individually reviewed and identified as bad or doubtful due to the uncollectability, unliquidity or other reasons.In determining the level of provisions required, the management considers numerous factors, including domestic economic conditions and the composition of the loan portfolio.

(k) Tangible and intangible assetsTangible and intangible assets are stated in the balance sheet at cost decreased for accumulated depreciation.

Depreciation is provided on a straight-line basis at the following prescribed rates designed to write-off cost over their estimated useful lives.

%Furniture and other equipment 7 - 16.5Computers 20Motor vehicles 15.5Intangible assets 20

Intangible assets include leasehold improvements made on rented office space.Maintenance and repairs are charged to the income statement when incurred.

(l) Income taxProfit tax represents an amount calculated and payable under the Serbian Corporate Income Tax Law. Tax authorities determine the estimated monthly advance of profit tax payable.Income tax rate is 20% and is payable on the taxable profit reported in the tax returns. The taxable profit reported in the tax returns includes the profit shown in the statutory income statement and adjusted for permanent differences, as defined by the Serbian Corporate Income Tax Law.



3.1 Net interest income includes:In thousands of YUD 2001Interest and similar incomeInterest and similar income arise from

affiliated companies 20,128claims on banks 9,957claims on customer 1,335other 267

31,687Interest and similar expensesInterest and similar expenses arises from

liabilities to customers (11,546)(11,546)

Net interest income 20,141

Provision for possible losses on loans and advancesProvision for possible losses on loans and advances include

risk provisions for loans and advances to banks (1,572)(1,572)

Net interest income after provisioning 18,569

Such adjustments comprise mainly of adding back certain disallowed expenses and deducting certain capital

expenditure and investments incurred during the year, up to 50% of the taxable profit for the year.

The Serbian Corporate Income Tax Law does not recognise temporary differences and, accordingly,

no deferred tax assets or liabilities are recognised.

According to the decision of the Serbian Tax Authorities, the Bank is exempt from corporate income tax for

the period of the first five years of operations.

2. Summary of significant accounting policies (continued)(l) Income tax (continued)

3. Net interest income after provisioning


5.1 General administrative expenses include:ŁIn thousands of YUD 2001Staff expenses

Wages and salaries (20,724)Social security costs and staff related taxes (13,061)Other social expenses (1,321)

(35,106)Other administrative expenses

Building and office space expenses (20,250)IT expenses (7,087)Legal and advisory expenses (872)Advertising, public relation and representation expenses (6,428)Other (28,520)Ł

Depreciation of tangible and intangible assets (63,157)Tangible assets (4,281)Intangible assets (1,611)Ł

(5,892)Total general administrative expenses (104,155)Ł

4.1 Net fee and commission income includes:In thousands of YUD 2001Fee and commission income

Fee and commission income arises from payments transfer business 10,086loan administration and guarantee business 4,701foreign currency business 12,276other banking services 547

27,610Fee and commission expenses

Fee and commission payable arises from payments transfer business (5,521)foreign currency business (64)other banking services (205)

(5,790)Net fee and commission income 21,820

5. General administrative expenses

4. Net fee and commission income


6.1 Cash and balance with central bank include:Ł

In thousands of YUD 2001Ł

Cash on hand 2,936,044Ł

Balances with the National Bank of Yugoslavia 1,310,120Ł

Balance as at 31 December 2001 4,246,164

6.2 On 31 December, cash and balance with central bank include balances with the National Bank of Yugoslavia of YUD 1,310,120 thousand comprising obligatory Dinar reserve of YUD 79,818 thousand, foreign currency reserve for public savings of YUD 964,015 thousand and foreign currency deposit for gaining international payments and credit operations license of YUD 266,287 thousand.

6. Cash and balance with central bank

7.1 Loans and advances to banks include:Ł


Loans to affiliated companies 3,504,288

Current/clearing account business 107,706

Money market 37,219

Balance as at 31 December 2001 3,649,213Ł

7.2 Loans to affiliated companies comprise:Ł


Term deposits placed with affiliated company 3,409,844

Interest accrued on term deposits 4,354

Demand deposits placed with affiliated companies 88,421

Export confirmed L/C 1,669Ł

Balance as at 31 December 2001 3,504,288Ł

7. Loans and advances to banks


8.1 Loans and advances to customers include:Ł


Public sector 468

Corporate customers 163,328

Retail customers 62

Balance as at 31 December 2001 163,858

8.2 Loans to corporate customers encompass the following:Ł


Short term loans 136,927

Long term loans 25,097

Commission receivable outstanding 762

Accrued interest 542Ł


8. Loans and advances to customers

9.1 Provision for possible losses on loans and advances includes:


Balance as at 1 January 2001 -

Specific provision made 1,572

Recoveries -Ł


Ł9.2 Provision for possible losses on loans and advances include provision for deposits withdomestic banks for YUD 1,505 thousand and provision for loans and advances to domesticbanks in the amount of YUD 67 thousand.Ł

9. Provision for possible losses on loans and advances


10.1 Financial assets available for sale include:Ł


Bonds and treasury bills "available for sale"Ł

Treasury bills issued by National Bank of Yugoslavia 29,661

Bonds issued by the Republic of Serbia 3,071


10.2 Income from bonds and treasury bills held for sale is recognized as result on financial assets available for sale.

10. Financial assets available for sale

11.1 Tangible and intangible assets include:Ł


Tangible and intangible assets include

Advance payments 23,088

Construction in progress 598

Equipment 125,995

Intangible assets 27,343

Balance as at 31 December 2001 177,024Ł

11. Tangible and intangible assets


11.2 The movements for the year were:

In thousands of YUD Advance Construction Intangible

Equipment payments in progress assets Total

Cost or valuation

Balance as at 1 January 2001 - - - - -

Additions 16,462 137,500 - 28,954 182,916

Transfer from advance payments 92,587 (114,412) 21,825 - -

Transfer from construction in

progress 21,227 - (21,227) - -

Balance as at 31 December 2001 130,276 23,088 598 28,954 182,916

Accumulated Depreciation

Balance as at 1 January 2001 - - - - -

Depreciation (4,281) - - (1,611) (5,892)

Balance as at 31 December 2001 (4,281) - - (1,611) (5,892)

Net book value as at

31 December 2001 125,995 23,088 598 27,343 177,024

11. Tangible and intangible assets (continued)


12.1 Other assets include:


Current tax asset - receivables for sales tax 427

Advances paid 2,384

Receivables from employees 1,271

Prepayments and other deferrals 3,266

Other assets 990


13.1 Deposits with banks in the amount of YUD 561,885 thousand comprise foreign currency deposits of

YUD 558,362 thousand and dinar deposits of YUD 3,523 thousand that are payable on demand.

13.2 Interest is recognized in interest and similar expenses.

12. Other assets

13. Deposits with banks


14.1 Customer deposits include:


Payable on demand

Public sector 10,092


Retail customers 2,835,155

Other 123,076

3,866,909

Savings deposits with notice period of less than three months

Public sector 238,822


Retail customers 1,463,851

2,483,557

Savings deposits with notice period of more than three months

Public sector -

Corporate customers -

Retail customers 692,256

692,256

Term deposits

Public sector -

Corporate customers -

Retail customers 12,739

12,739

Balance as at 31 December 2001 7,055,461

14.2 Interest is recognized in interest and similar expenses.

14. Customer deposits


15.1 Other liabilities include:


Obligatory deposits for incorporation of the companies 90,295

Obligation to suppliers 19,927

Obligation for bonus salary 4,312

Obligation for sales tax 2,333

Accruals and deferred income 6,152

Other 32


15. Other liabilities

16.1 Equity comprises the following:


Balance as of 1 January -

Ordinary shares issued 597,055


16.2 As of 31 December 2001 subscribed capital comprised of ordinary shares at nominal value of YUD 10

thousand per share.

16.3 Holders of ordinary shares are entitled to receive dividends as declared by the Board of the Bank and

are entitled to one vote at the general assembly meetings of the Bank.

16. Equity


17.1 Off-balance sheet items include contingent liabilities in the amount of YUD 625,823 thousand.

17.2 Contingent liabilities comprise of:


Guarantees 68,959

Letters of credit (documentary business) 556,864


17.3 Letters of credit in the amount of YUD 452,008 thousand relate to covered foreign currency letter of

credit of Elektroprivreda Srbije issued for the purpose of electricity import.

17. Off - balance sheet items

(a) Credit risk

Credit risk is the risk of financial loss occurring as a result of counterpart default regarding its contractual

obligations to the Bank.

In order to manage the level of credit risk, the Bank:

• reviews the creditworthiness of customers applying for loans, guarantees and other credit products,

• establishes credit limits on the basis of the risk assessment,

• deals with counterparts of good credit standing and take appropriate collateral.

Customers are monitored continually and risk limits are adjusted, if necessary. The risk limits also take into

account various collateral types.

The Bank is subject to credit risk through its lending and investing activities.

18. Risk management disclosures


The Bank's primary exposure to credit risk arises through its loans and advances. The amount of credit

exposure in this regard is represented by the carrying amounts of the assets on the balance sheet share.

The Bank had managed its credit risk by demanding back-to-back guarantees, foreign exchange deposits or

mortgages.

(b) Liquidity risk

Liquidity risk arises in the general funding of the Bank's activities and in the management of its liquidity

position. It includes both the risk of being unable to fund assets at appropriate maturities and rates and the

risk of being unable to liquidate an asset at a reasonable price and in an appropriate time frame.

The Bank has access to a diverse funding base. Funds are raised using:

• deposits with wide range of maturity, and

• share capital.

This enhances funding flexibility, limits dependence on any one source of funds and generally lowers the cost

of funds.

The Bank continually assesses liquidity risk by identifying and monitoring changes in funding required to meet

business goals and targets set in terms of the overall Bank's strategy.

In addition, the Bank holds a portfolio of liquid assets as part of its liquidity risk management strategy.

18. Risk management disclosures (continued)

(a) Credit risk (continued)


to 3 3 months Over 5

In thousands of YUD months to 1 year 1-5 years years Total

ASSETS

Cash and balance with central bank 4,246,164 - - - 4,246,164

Loans and advances to banks 3,290,979 358,234 - - 3,649,213

Loans and advances to customers 9,621 126,724 4,891 22,622 163,858

Provision for possible losses on

loans and advances (1,572) - - - (1,572)

Financial assets available for sale 29,661 3,071 - - 32,732

Tangible and intangible assets - - - 177,024 177,024

Other assets 8,338 - - - 8,338

Total assets 7,583,191 488,029 4,891 199,646 8,275,757

LIABILITIES

Deposits with banks 561,885 - - - 561,885

Customer deposits 6,350,466 692,256 12,739 - 7,055,461

Other liabilities 123,051 - - - 123,051

Equity - - - 597,055 597,055

Loss for the year - - - (61,695) (61,695)

Total liabilities 7,035,402 692,256 12,739 535,360 8,275,757

NET LIQUIDITY GAP 547,789 (204,227) (7,848) (335,714) -

18. Risk management disclosures (continued)(b) Liquidity risk (continued)


(c) Interest rate riskThe Bank's operations are subject to the risk of interest rate fluctuations to the extent that interest-earning assets (including investments) and interest-bearing liabilities mature at different times or in differing amounts.In the case of floating rate assets and liabilities, the Bank is also exposed to basis risk related to the floating rate indices, such as the savings rate and monthly EURIBOR interest rate.Risk management activities are aimed at optimizing net interest income, given market interest rate levels consistent with the Bank's business strategies.Asset-liability risk management activities are conducted in the context of the Bank's sensitivity to interest rate changes. In general, the Bank is liability sensitive because its interest-earning assets have a longer duration than interest-bearing liabilities.In managing maturity structure, senior management considers among others:• macro and micro economic forecasts,• forecasts in liquidity conditions and• the anticipated trends in interest rates.

18. Risk management disclosures (continued)

to 3 3 months Not interest

In thousands of YUD months to 1 year 1-5 years bearing Total

ASSETS

Cash and balance with central bank 79,818 1,230,302 - 2,936,044 4,246,164

Loans and advances to banks 3,090,500 549,196 - 9,517 3,649,213

Loans and advances to customers 162,554 - - 1,304 163,858


loans and advances - - - (1,572) (1,572)

Financial assets available for sale 29,661 3,071 - - 32,732


Other assets - - - 8,338 8,338

Total assets 3,362,533 1,782,569 - 3,130,655 8,275,757


18. Risk management disclosures (continued)(c) Interest rate risk (continued)

to 3 3 months Not interest

In thousands of YUD months to 1 year 1-5 years bearing Total

LIABILITIES

Deposits with banks - 561,885 - - 561,885

Customer deposits 2,483,557 4,571,904 - - 7,055,461

Other liabilities - - - 123,051 123,051

Equity - - - 597,055 597,055

Loss for the year - - - (61,695) (61,695)

Total liabilities 2,483,557 5,133,789 - 658,411 8,275,757

INTEREST SENSITIVITY GAP 878,976 (3,351,220) - 2,472,244 -

(d) Currency risk

The Bank is exposed to currency risk through transactions in foreign currencies.

Foreign currency risk arises in case of mismatch in assets and liabilities denominated in foreign currencies.

The Bank ensures that foreign currency position as far as practical is minimized.

The Bank maintains the foreign currency position by granting loans with foreign currency clause.


In thousands of YUD USD EUR Other YUD Total

ASSETS

Cash and balance with central bank 31,590 3,908,240 12,212 294,122 4,246,164

Loans and advances to banks 787,659 2,821,159 39,715 680 3,649,213

Loans and advances to customers - - - 163,858 163,858


loans and advances (398) (1,174) - - (1,572)

Financial assets available for sale - - - 32,732 32,732


Other assets - - - 8,338 8,338

Total assets 818,851 6,728,225 51,927 676,754 8,275,757

LIABILITIES

Deposits with banks 5,119 552,612 631 3,523 561,885

Customer deposits 727,837 5,750,919 55,855 520,850 7,055,461

Other liabilities 87,527 10,872 5,602 19,050 123,051

Equity - 597,055 - - 597,055

Loss for the year - (61,695) - - (61,695)

Total operating liabilities 820,483 6,849,763 62,088 543,423 8,275,757

NET CURRENCY GAP (1,632) (121,538) (10,161) 133,331 -

19.1 During our final audit work, the management of the Bank was informed by the management of RZB that the pre-opening project costs were covered by RZB.

18. Risk management disclosures (continued)(d) Currency risk (continued)

19. Post balance sheet events

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