Date: 1 March, 2022
SUBJECT: PRESS RELEASE
Banking Agency of Republika Srpska issued the Decision on initiation of resolution process of “Sberbank” a.d. Banja Luka
The Banking Agency of Republika Srpska (hereinafter: the Agency) issued the Decision on initiation of resolution process of "Sberbank" a.d. Banja Luka (hereinafter: the Bank), as it has determined that the conditions from the Banking Law of RS have been met. The date of the beginning of the resolution process over the Bank is considered to be March 1, 2022 from 08:00 am, and during the resolution process, the Bank will operate in a modified work mode for the duration of 48 hours, where after the expiration of the specified period, the Bank will again operate at full capacity. For all information on the modified work mode, the notice for clients is available at the Bank.
The Agency conducted an assessment of public interest in terms of achieving one or more resolution objectives defined by the Law, by assessing each resolution objective individually, and determined that the resolution of the Bank achieves all individual resolution objectives, with special emphasis on protection of depositors with insured deposits, protection of clients' funds and other assets, and avoidance of major adverse effects on financial stability.
It is important to emphasize that, in situations that are in some way imposed on Republika Srpska due to events on the geopolitical scene caused by the conflicts between Ukraine and Russia, and economic and financial sanctions imposed on Russia by the United States, the European Union and other countries, full cooperation and the support of Republika Srpska institutions such as the Agency, the RS Government and the RS Ministry of Finance is a key for preserving the financial system.
We particularly emphasize that the RS Government, in accordance with the legal powers contained in the Banking Law of RS, which is harmonized with all European directives, will fully support the Bank, which reflects the responsible behavior of Government institutions, and especially emphasizes the responsible and important role of the banking system regulator at the level of Republika Srpska, i.e. the Agency.
In the end, by efficient cooperation and prompt reaction of the mentioned institutions, and the existence of the entity regulator, the most important objectives have been achieved, which are to preserve the stability of the financial system and protect clients and depositors.
Banking Agency of Republika Srpska