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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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International cooperation


Seminar January 2010
International Association of Deposit Insurers (IADI) and the Deposit Insurance Fund of the Czech Republic organised a seminar on the “Payout System Toolkit for Meeting the Challenges of Fast Payout” in Prague on January 28-29, 2010.
Click here for more information: http://www.efdi.net/news.asp
In November 2004, the Deposit Insurance Agency joined the European Forum of Deposit Insurers – EFDI.  

EFDI was established on October 11, 2002 in Vienna to help maintain stability of financial systems by promoting European cooperation in the area of deposit insurance. It was founded by Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Denmark, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Lithuania, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal, Slovakia, Spain, Sweden and Great Britain.

The Forum now represents 55 deposit guarantee schemes from 40 European countries. Membership is open to all organisations involved in deposit insurance, depositors’ protection or deposit insurance funds or any other organisation covered by the EU Directive.

The purpose of EFDI is to contribute to the stability of financial systems by promoting European co-operation in the field of deposit insurance and facilitating discussion and exchange of expertise and information on issues of mutual interest and concern to its members, but also to non-member countries, third parties and general public.

Beside EFDI, the Deposit Insurance Agency also cooperates with the International Association of Deposit Insurers – IADI.

KfW Bankengruppe, Frankfurt am Main, has fully supported the establishing a new deposit insurance system, in accordance with the Agreement on Technical Cooperation and Assistance, signed between Serbia and Montenegro Ministerial Council and the Government of the Federal Republic of Germany with a view to strengthening savings in Serbia, especially citizens’ savings. The support programme was initiated in July 2004 by providing consulting services by experts in this area, financed by KfW, and continued with provision of consulting services by the same experts within the Deposit Insurance Project. The project of contribution to capitalisation of the Agency’s Deposit Insurance Fund has reached its final stage. Supporting activities are also being implemented in order to help develop staff structure and capacities for professional administration and management of the Deposit Insurance Fund, improvement of policies and procedures related to deposit insurance operations, assessment of inconsistencies in primary legislation, establishment of risk-based premium system and identification of areas and measures that require harmonization with the EU Directive.
European Parliament and Council of the European Union, having regard to the Treaty establishing the European Community and in particular the first and the third sentences of Article 57 (2) thereof, having regard to the proposal from the Commission, having regard to the opinion of the Economic and Social Committee, and acting in accordance with the procedure referred to in Article 189b of the Treaty, have adopted the following Directive:

Directive 94 / 19 ЕС
  • Each member state of the EU shall ensure within its territory at least one deposit-guarantee scheme (i.e. explicit insurance);
  • The coverage shall be at least EUR 50,000 per depositor with the tendency to increase this amount to EUR 100,000 by December 31, 2010;
  • Insured deposits shall be paid within 20 working days. Any extension of the said time limit shall not exceed 10 working days;
  • Deposits made by credit institutions and the deposits arising from transactions connected with money laundering are excluded from guarantee schemes;  
  • Persons and entities making deposits in branches of domestic banks operating in the territory of another EU member country are also covered by deposit guarantee schemes;
  • Where level and/or scope of coverage offered by the host member state guarantee scheme exceeds the level and/or scope of coverage in the home member state, branches should be allowed to join the deposit insurance scheme in the host member state.