The proposed amendments to the Law on the Development Bank, which were discussed by the Parliament today, envisage the deletion of its activities related to accepting deposits and providing payment services.
Europe Now Movement MP Miloš Pižurica, who, together with his colleague Seid Hadžić, is a proponent of the changes, said that they defined this solution in communication with European partners in order to remove doubts in interpreting the status of the Development Bank and provide a clear and sustainable framework for its further work.
"The Development Bank does not lose any of its role with these changes. It continues to finance development projects, support entrepreneurs and the real economy, give momentum to infrastructure investments, and implement the green and digital transition program," said Pižurica.
These changes, as he explained, do not change the essence of the Development Bank's existence, but rather ensure that it operates within a stable, predictable and clearly defined framework.
Pižurica announced that the Development Bank is a pillar of long-term financing and an instrument of balanced regional growth, support for entrepreneurs, infrastructure projects, and green transition and innovation.
"In Montenegro, where we do not have our own monetary policy or a broad fiscal space, such an institution has even greater weight. That is why a year ago, by adopting the Law on the Development Bank, we enabled a wider range of activities, including accepting deposits and providing payment services," Pižurica added.
According to him, it was an attempt to build a financial mechanism that had the power to pull development processes forward at a time when the economy needed an additional injection of stability.
"This solution was not about inventing a new practice, but rather relying on the models of certain European development banks. There was a rational ambition that Montenegro could fit in, with strict controls and supervision. However, in discussions with the European Commission, it became clear that such exceptions were not applicable for a candidate country," said Pižurica.
Democratic Party of Socialists (DPS) MP Nikola Milović said that the party would support the proposed changes, as these were the party's suggestions when the law was proposed more than a year ago.
"A year and a half ago, we asked the parliamentary majority not to propose such a Law on the Development Bank, and that it was dangerous to propose such a law without the possibility of a public debate, where we could point out all the shortcomings. We are not against the Development Bank, but we are against what was given as the basis for its functioning," said Milović.
He stated that the state cannot be a competitor in the banking services market.
"When you propose such proposals, conduct consultations and accept the well-intentioned ones that we propose, because expertise, knowledge and experience, when it comes to EU integration, have shown that such models cannot function in small open economies," Milović added.
Social Democrat (SD) MP Boris Mugoša said that in politics, some things should not be forgotten.
"If someone accuses you of hindering the development of Montenegro and of being anti-EU, and it is confirmed that you were right, then we expect an apology from those who accused us. It is not the current proposer of the amendments, but it is his party colleague," Mugoša said.
He stated that in August, PES proposed the entire 82-article law in an extraordinary session and that, as he said, he was particularly concerned that the Ministry of Finance gave a positive opinion on the law.
"Back then, we pointed out that a law cannot be passed that is contrary to the EU acquis. It can be, but then we will correct it," Mugoša added.
He said that the law was adopted despite the suggestion of the Central Bank of Montenegro and the President, who returned it to the Parliament for another vote.
"We lost a year because we don't have a Development Bank in essence, but an upgraded Investment and Development Fund (IDF)," Mugoša believes.
The President of the SNP - CIVIS Parliamentary Group, Bogdan Božović, said that these changes free the Development Bank from activities that essentially belong to commercial financial institutions.
"This creates space for the bank to focus all its capacities on development policies and programs, which is in line with the best practices that exist in the EU," said Božović.
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