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Montenegro: Financial Sector Assessment Program—Financial Crisis Preparedness and Management—Technical Note

Summary: The crisis preparedness and management framework is generally well developed. The authorities have the capacity to resolve smaller- and medium-sized banks. Additional legal powers set out in the draft lex specialis, which the government would table before parliament in a crisis situation, likely would need to be in place to be able to resolve a systemically important bank. While contingency planning has been undertaken, more work is required to ensure that the policies, procedures, and documentation required to efficiently and effectively resolve failing banks of all sizes, as well as the simultaneous failures of multiple banks, needs to be undertaken. While the eventual transposition of the European Union (EU) Bank Recovery and Resolution Directive (BRRD) in national legislation could be expected to provide additional legal powers and address many of the existing policy and procedural shortcomings, there is scope to undertake further planning and preparation in the interim.