Regulatory Alerts2017-04-21
Added · Updated
Law on the Settlement of the Public Debt of the Federal Republic of Yugoslavia Arising from Citizens’ Foreign Exchange Savings
The Federal Republic of Yugoslavia enacted this law to settle 4 billion euros in public debt arising from citizens' foreign exchange savings by transferring the obligation to the Republics of Serbia and Montenegro. The legislation mandates the conversion of these savings into zero-coupon bonds denominated in euros, with a repayment schedule spanning from 2002 to 2016 based on geometric progression coefficients. Additionally, the law establishes mechanisms for bank recapitalization through share issuance and imposes penalties for non-compliance with bond conversion and foreign exchange holding requirements.
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