Financial Sector Assessment Program : Montenegro Financial Infrastructure

Financial infrastructure is the underlying foundation of a country’s financial system. It comprises all institutions, the rules, and standards of all the systems which enable financial intermediation. The quality of a country’s financial infrastructure determines the efficiency of intermediation, the ability of lenders to evaluate risk and of borrowers to obtain credit, insurance, and other financial products at competitive terms. For instance, the efficient and smooth functioning of the payment, and securities settlement systems facilitates the discharge of financial obligations and the safe transfer of funds across distances and institutions; hence, it support the stability of the financial system. This technical note contains the assessment of the national payment and settlement systems (NPS) infrastructure in Montenegro. The assessment was undertaken in the context of the IMF and World Bank (WB) joint Financial Sector Assessment Program (FSAP) mission to Montenegro during September 1-15, 2015. The assessor was Gynedi Srinivas of the World Bank’s Payment Systems Development Group. The assessor will like to thank the counterparts in Montenegro for their excellent cooperation and hospitality during the mission.

Bibliographic Details

Main Authors:	World Bank, International Monetary Fund
Format:	Report biblioteca
Language:	English en_US
Published:	World Bank, Washington, DC 2016-01
Subjects:	AUCTION, MONETARY POLICY, HOLDING, ACCOUNTING, DEPOSITS, PAYMENT SERVICE, DEFAULTS, CONFLICT OF INTEREST, VALUATION, INTEREST, OPTION, REMITTANCE, GROSS SETTLEMENT SYSTEM, REVENUES, LIQUIDITY RISK, LOAN, FRAUDS, BORROWERS, BANKRUPTCY, CENTRAL SECURITIES DEPOSITORY, INSTRUMENTS, MARKET INFRASTRUCTURES, POST OFFICE NETWORK, MARKET PARTICIPANTS, AMOUNT OF CAPITAL, LIEN, BENEFICIARY, CURRENCY, FINANCIAL INSTITUTION, SETTLEMENT SYSTEMS, COMMERCIAL BANK, SETTLEMENT DATE, SETTLEMENT OF TRANSACTIONS, INVESTMENT FUNDS, MONETARY FUND, FINANCIAL INSTITUTIONS, DEBT, MARKETS, SETTLEMENT, DEPOSITARY AGENCY, BANK CREDIT, RESERVE REQUIREMENT, LEGAL FRAMEWORK, MARKET TRANSACTIONS, INTERNATIONAL FINANCIAL INSTITUTIONS, BROKERS, TRANSACTIONS, MARKET ECONOMY, IPO, DEPOSITORS, AUCTIONS, INTERNATIONAL STANDARDS, ELECTRONIC AUCTION, TRANSPARENCY, MARKET CAPITALIZATION, MARKET CONDITIONS, TURNOVER, FUTURE, LENDER OF LAST RESORT, TREASURY BILLS, EXCHANGES, CAPITALIZATION, DEBT SECURITIES, ISSUANCE, SHARES, T-BILLS, LOCAL CURRENCY, MONEY MARKETS, SUPERVISION OF BANKS, INDIVIDUAL SECURITIES, SECURITIES, TREASURY, FINANCIAL INFRASTRUCTURE, CREDIT RISK, INSURANCE, SHAREHOLDERS, ECONOMIC DEVELOPMENT, GOVERNMENT BONDS, ACCOUNTING STANDARDS, CENTRAL DEPOSITORY, COMMERCIAL BANKS, COUPON, POST OFFICES, SUPERVISORY AGENCY, INSURANCE COMPANIES, MATURITIES, REMITTANCES, FINANCIAL SYSTEMS, ACCOUNT HOLDER, PAYMENT SYSTEMS, SHORT-TERM LIQUIDITY, STOCK EXCHANGES, ACCOUNT HOLDERS, TARIFFS, DEPOSIT, CAPITAL MARKETS, REGULATORY FRAMEWORK, SETTLEMENT OF TRADES, CREDIT CARDS, STOCK, REGULATORY STANDARDS, INTEREST RATE, MATURITY DATE, EXCHANGE, PROPERTY RIGHTS, BANKING SYSTEM, BALANCE OF PAYMENTS, PAYMENT SYSTEM, LIQUIDITY, BANK ACCOUNT, CORPORATE SECURITIES, SECURITIES TRANSACTIONS, CDS, SECONDARY MARKET TRANSACTIONS, FINANCIAL STATEMENTS, BONDS, CLEARING HOUSE, REMITTANCE SERVICES, TAX, INCOME TAX, MARKET INFRASTRUCTURE, CENTRAL BANKS, RESERVE, BENEFICIARIES, PENSION, LENDER, SETTLEMENT OBLIGATIONS, REGULATORY AUTHORITIES, CENTRAL BANK, MATURITY, EXCHANGE COMMISSION, SECURITIES MARKET, CONTRACTS, PAYMENT OF PRINCIPAL, GUARANTEE FUND, TRADING, PAYMENT ORDERS, LENDERS, LOANS, SETTLEMENT SYSTEM, RESERVES, FINANCIAL SYSTEM, AMOUNT OF COLLATERAL, CASH TRANSFERS, FINANCE, FOREIGN CURRENCY, BROKER, TAXES, CUSTODY, GOVERNMENT SECURITIES, EQUITY, TRANSACTION, SECURITIES MARKETS, FRAUD, FINANCIAL STABILITY, GOVERNANCE ISSUES, PAYMENT OBLIGATION, MARKET TRADES, PENSIONS, RETURNS, CONTRACT, BIDS, PROPERTY, PROPERTIES, VALUE PAYMENT SYSTEMS, BALANCE SHEET, DEFAULT, MARKET, BANK ACCOUNTS, CLEARING HOUSES, CORPORATE BONDS, TRADING SYSTEM, SECURITIES EXCHANGE, SECURITY, FINANCIAL MARKET, DEBT INSTRUMENTS, STOCKS, INVESTMENT, STOCK EXCHANGE, BOND, HUMAN RESOURCES, SHARE, INTERNAL AUDIT, COLLATERAL, PAYMENT SERVICES, FINANCIAL INFORMATION, REMITTANCE SERVICE, TARIFF, BID, MONEY MARKET, PAYMENT_SERVICE, PROFIT, OUTSTANDING AMOUNT, RISK MANAGEMENT, CHECK, COUPON PAYMENTS, INSTRUMENT, SECURITIES LAW, SECONDARY MARKET, COLLATERAL AMOUNT, POST OFFICE, INTERNATIONAL SETTLEMENTS, JOINT STOCK COMPANY, CREDIT INSTITUTIONS, GUARANTEE, BOOK ENTRY, CORPORATE GOVERNANCE,
Online Access:	http://documents.worldbank.org/curated/en/2016/04/26216776/montenegro-financial-infrastructure-technical-note http://hdl.handle.net/10986/24126
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