Vujanović signed the Law on Swiss

#Zakon #Švajcarci #Addiko #FilipVujanović

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President of Montenegro Filip Vujanović signed yesterday the amendments to the Law on credit conversion in Swiss francs to euro, that was passed in the Parliament then days ago. President did this only few days after Austrian Adiko Bank (former HAAB) that gave out these credits, warned him of their concern about the Law, announcing they would seek damages and international arbitrage, Pobjeda daily writes.

The Law was suggested by DF MP Nebojša Medojević and it enables all the citizens who have credits with Heta company to convert them using interest rate of 8,2 a year. The agreement was reached after Medojević accepted corrections from DPS. DPS amendment became a part of the Law, and it means that the citizens will not have default interest accounted. It was agreed that Heta cannot settle the interest rate.

Adiko Bank was not pleased with the amendments to the Law, and it announced it would sue the state of Montenegro and ask for international arbitrage for the damages it suffered.

New solutions would make the bank retroactively convert Swiss francs credits, although citizens voluntarily closed or converted them to euros. Should the amendments come in force legislatively, Adiko Bank, with the support of European Bank for Reconstruction and Development, will be forced to use all its legal means and ask for full damages. They said they would appeal to the Law passed in 2015, that caused the damages in the amount higher than 10 million EUR.

Adiko Bank said that they would ask the Constitutional Court of Montenegro to give its opinion on this Law.

Source: Cafe Del Montenegro