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Informatory on Operations
Legal Framework
Laws

Law on the Deposit Insurance Agency ("RS Official Gazette", No. 61/2005,116/08 and 91/2010)

Law on Deposit Insurance ("RS Official Gazette", No. 61/2005,116/08 and 91/2010)

Law on Bankruptcy and Liquidation of Banks and Insurance Companies ("RS Official Gazette", No. 61/2005,116/08 and 91/2010 )

Law on Bankruptcy Proceedings

Privatisation Law ("RS Official Gazette", No. 38/1, 18/03, 45/05, 123/07 and 30/10)

Decisions

Decision on Determination of the Contents of the Template for the Report on Balance of Deposits of Large Legal Entities Submitted to the Agency by Banks ("RS Official Gazette", No. 84/11)

Decision on Premium Rate for 2012 ("RS Official Gazette", No. 76/11)

Decision on Manner of Computation and Collection of the Default Interest on Untimely Paid Banks' Obligations Based on Deposit Insurance Premium ("RS Official Gazette", No. 6/2009)

Decision on Establishing Manners and Deadlines for Computation and Collection of Initial Insurance Premium ("RS Official Gazzete", No. 6/09)

Decision on Establishing Procedure for the Selection of the Payout Bank for Insured Deposits

Decision on Premium Rate for 2011 ("RS Official Gazette", No. 64/10)

Decision on the Content of the Report that Banks Submit to the Agency and Manners and Deadlines for Computation and Collection of the Insurance Premium for Deposits ("RS Official Gazette" No. 001/11)

Decision on Premium Rate for 2010 ("RS Official Gazette", No. 83/09)

Decision on Premium rate for 2009 ("RS Official Gazette", No. 6/09)

Decrees

Rules on the Contents and the Manner of Provision of the Information about Deposit Insurance provided by Banks to Their Customers

Decree on Manner and Conditions of Settling the Commercial Companies' Obligations Towards the Creditors from the Funds Realised from the Sale of a Commercial Companiy's Shares Owned by the Share Fund of Republic of Serbia

Strategy for Banks

FAQ
 1.       What is the insured deposit?
 
An Insured deposit is a deposit representing every Dinar or foreign currency depositor’s claim against a bank(deriving from a money deposit, a savings deposit, a current account or any other account)which is insured by the Agency in accordance with the existing legal provisions.
 
 2.       Whose deposits are insured?
 
Insured deposits are the deposits of :
  • Natural persons,
  • Entrepreneurs,
  • Small legal entities
  • Medium-sized legal entities.

 

 3.       Which deposits are not insured?
The following deposits are not subject to deposit insurance:
  • Deposits of legal and natural persons connected with the bank, according to the law governing banks;
  • Coded or bearer deposits;
  • Deposits arising from transactions used for money laundering or for funding terrorism;
 
 4.       Which banks are obligated to insure deposits and who pays for this type of insurance?
 
All banks licensed by the National Bank of Serbia are bound to insure deposits and pay insurance premiums at regular intervals.
Only banks (not the depositors) have the obligation to pay deposit insurance premiums.
Guaranteed deposit insurance is free of charge for depositors.
 
 5.       What happens when bankruptcy proceedings are initiated against a bank?
 
The Agency shall inform all depositors through the mass media about the selected payout bank, the date of starting repayments, the manner and the location where the insured amounts will be paid out. Pursuant to applicable regulation, the the repayment of insured deposits shall start within 3 days from the date the National Bank of Serbia rendered the decision on instituting of bankruptcy proceedings over the bank.
 
 6.        Is a request for payment required?
Yes, each depositor must submit a written request to the payout bank. The request should include the following:
1. If the depositor is a natural person:
  • Your personal data (name, surname, date and place of birth, place of residence – street and number, unique personal number),
  • Total amount of deposit claimed and the preferable method of payment (cash/transfer to another account).
 
2. If the depositor is an entrepreneur or small or medium-sized legal entity:
 
  • Data concerning the firm, i.e. legal entity (name, address, ID number, tax identification number),
  • Total amount claimed and the preferable method of payment (cash/transfer to another account)
 
Apart from the written request, claimants should also submit the following supporting documents: attested current account, drawing account and/or foreign currency account contract, savings account contract, attested savings book, decision on inheritance or other legally prescribed documents along with an identification document.
 
 7.       Where can I get the request for payout of insured deposit?
At all paying places of selected payout bank you can get the request for payout of insured deposit.
 
 8.       What is Insured amount?
Insured amount is insured deposit amount up to EUR 50.000 in dinar counter value by the official middle exchange rate, which is valid on a day of rendering decision of National bank of Serbia on revoking bank’s operating license, by the depositor, established after settlement of claims between depositor and a bank.
 
 9.       In which currency are insured amounts paid out?
Insured amount for deposits made in RSD is paid out in RSD and for those made in foreign currency the insured amount is paid out in EUR at the Euro rate of exchange with the given currency on the day the National Bank of Serbia made a decision to instigate bankruptcy proceedings.
 
 10.   What is a net claim?
Net claim is the amount payable to an individual depositor. It is determined following the set-off of depositor’s claim against his total due financial obligations towards the bank. It is calculated applying the following formula:
 
 Total deposits per depositor in the bank
 +  accured interest (untilthe day the bank’s operating licence was revoked)
 -  all due liabilities of the depositor(loans, current account overdraft, etc.)
= depositor’s net claim
 
 11.   What happens if the net claim exceeds the insured amount?
If depositor’s net claim exceeds EUR 50,000 in RSD countervalue, the remaining amount is paid to the depositor in the course of bankruptcy proceedings.
 
Example : The determined amount of net claim is EUR 60,000. In this case, the Agency will pay the depositor EUR 50,000 in the legal timeframe. The depositor may claim the remaining uncollected amount (EUR 10,000) from the bank’s bankruptcy estate.
 
 12.   Is my deposit insured even in the case of bank liquidation?  
Yes. The Law on Bankruptcy and Liquidation of Banks and Insurance Companies (“Official Gazette of the RoS”, Nos. 61/05, 116/08) is harmonized with the Law on Deposit Insurance.
 

Contacts
Deposit Insurance Agency
Knez Mihailova 2-4
Tel: 011 / 2075 100
       011 / 2075 101
fax: 011 / 3287 741
E-mail: info@aod.rs

Deposit Insurance Sector
011 / 2075 105
011 / 2075 126
011 / 2075 132
E-mail: depozit@aod.rs

Salo of Capital Sector
011 / 2075 120

Bankruptcy and Liquidation Sector
011 / 2075 116

Collection of Claims Sector
011 / 2075 130
011 / 2075 129
011 / 2075 128

Finance and Accounting Department
011 / 2075 104
 
Legal and General Affairs Department
011 / 2075 125
 
IT Department
011 / 2075 131

Links
Domestic Institutions



Association of Serbian Banks
Belgrade Stock Exchange
Chamber of Commerce of Serbia
CSD and Clearing House
Ministry of Finance
National Bank of Serbia
Privatisation Agency
Republic Of Serbia Securities Commission
Share Fund

International Institutions

European Bank of Reconstruction and Development - EBRD
European Forum of Deposit Insurers
International Association of Deposit Insurers
International Finance Corporation - IFC
KfW Frankfurt am Main
Swedish International Development Cooperation Agency - Sida
The State Secretariat for Economic Affairs of Switzerland - SECO
The World Bank
U.S. Department of the Treasury
Uk Department for International Development - DFID

International Deposit Insurance Agencies

Albania
Austria
Belgium
Bosnia and Herzegovina
Bulgaria
Canada
Croatia
Cyprus
Czech Republic
Danmark
Estonia
Finland
France
Germany
Great Britain
Greece
Hungary
Iceland
Ireland
Lithuania
Luxemburg
Macedonia
Montenegro
Netherlands
Norway
Poland
Portugal
Romania
Slovakia
Slovenia
Spain
Sweden
Switzerland
Taiwan
Turkey
Ukraine
USA

Domestic Banks

AIK BANKA A.D. Niš
ALPHA BANK SRBIJA A.D. Beograd
BANCA INTESA A.D. Beograd
BANKA POŠTANSKA ŠTEDIONICA A.D. Beograd
CREDIT AGRICOLE BANK SERBIA A.D. Novi Sad
CREDY BANKA A.D. Kragujevac
DUNAV BANKA A.D. Zvečan
ČAČANSKA BANKA A.D. Čačak
ERSTE BANK A.D. Novi Sad
EUROBANK EFG Štedionica A. D. Beograd
FINDOMESTIC BANKA A.D. Beograd
HYPO ALPE-ADRIA-BANK A.D. Beograd
JUBMES BANKA A.D. BEOGRAD
KBC BANKA A.D. BEOGRAD
KOMERCIJALNA BANKA A.D. Beograd
MARFIN BANK A.D. BEOGRAD
MOSKOVSKA BANKA A.D. BEOGRAD
NLB BANKA A.D. Beograd
OPPORTUNITY BANKA A.D. Novi Sad
OTP BANKA SRBIJA A.D. Novi Sad
PB AGROBANKA A.D. Beograd
PIRAEUS BANK A.D.Beograd
PRIVREDNA BANKA BEOGRAD A.D. Beograd
ProCredit Bank A.D.Beograd
RAIFFEISEN BANK A.D. Beograd
RAZVOJNA BANKA VOJVODINE A.D. Novi Sad
SOCIETE GENERALE BANKA SRBIJA A.D. BEOGRAD
SRPSKA BANKA A.D. Beograd
UNICREDIT BANK SRBIJA A.D. Beograd
UNIVERZAL BANKA A.D. Beograd
VOJVOĐANSKA BANKA A.D. Novi Sad
VOLKSBANK A.D. Beograd

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Debt Recovery on Behalf and for the Account of the Republic of Serbia


Settling of debts in Serbia, incurred through the banks in bankruptcy, started in 2005, when the Law on Settlement of Relations between the Republic of Serbia and Banks in Bankruptcy on the Grounds of Takeover of Foreign Credits or Loans came into force.
 
Pursuant to the above Law, the ultimate debtors – legal entities or their legal successors based in the Republic of Serbia – are relieved from their liabilities vis-à-vis banks in bankruptcy or liquidation and take on obligations to the Republic of Serbia in cases when bank in bankruptcy or liquidation is a debtor, i.e. original debtor or guarantor. Deposit Insurance Agency manages the said receivables on behalf and for the account of the Republic of Serbia.
 
The Privatization Law binds all state creditors to register their claims from the legal entity undergoing restructuring or privatization by public tender or auction as at December 31, 2004. State creditors are bound to write off the debts of the legal entities undergoing privatization and they may recover such claims from the privatization proceeds, by implementing the Contract on Settlement of Claims.
 
Deposit Insurance Agency also has the status of state creditor when managing claims arising from the assumed liabilities on behalf and for the account of the Republic of Serbia.
 
In end-December 2005, the Republic of Serbia Government rendered a Decision to adopt the Information on the Republic of Serbia’s claims against debtors, within the DIA responsibilities, along with the proposed manner of settling their relations.
 
Since the procedures conducted by the Agency (on behalf and for the account of the Republic of Serbia) in the process of recovery of receivables from the debtors in the process of restructuring, privatization or bankruptcy are prescribed by legal provisions, this Decision also settles the relations between the Agency and: i) public companies and ii) the companies privatized in accordance with former regulations. The Decision leaves an option to recover the Republic of Serbia’s claims from the companies of interest to the Republic of Serbia by converting their liabilities into share capital, provided the Government makes separate decisions on each conversion. This Decision authorizes the Deposit Insurance Agency to settle these claims from public companies and the companies privatized in accordance with the former privatization rules on behalf and for the account of the Republic of Serbia.
 
The Government Decision of July 1, 2004, authorizes the Agency to buy fully provisioned loans from the banks whose state-owned shares are being sold and take all necessary steps to collect them (carve-out).
 
In 2009, no investors expressed interest in buying the capital of large systems undergoing privatization, characterized by specific product programs and inherited systemic business problems, which have become illiquid and overburdened with debts after losing their markets. The Republic of Serbia has settled the claims from such companies by debt-to-equity swap.


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