March 1, 2010

Parent companies of ten biggest foreign banks operating in Serbia confirmed on Friday in Vienna that they would continue to provide loans to Serbian companies, as stated by the National Bank of Serbia. They agreed that stabilisation of macro-economic trends in Serbia has created conditions for gradual decrease of mandatory reserves set in March 2009 by Vienna Agreement. As the NBS states, new agreement reached in Vienna "respesents the support to Serbian economy at the moment of crisis and it is also a sign of belief that after the stabilisation of economy positive developments will follow." Bankars have met today in Vienna with the representatives of the IMF, European Commission, EBRD, European Investment Bank, World Bank Group, and National Bank of Serbia. Signatories of the Vienna Agreement are Inteza Bank (Intesa San Paolo), Raiffeisen International, Eurobank EFG, National Bank of Greece, Unicredit, Societe Generale, Alpha, Volksbank International, and Piraeus. It has been concluded today that parent companies of foreign banks operating in Serbia have proved to be the responsible owners and that after signing the Vienna Agreement they increased the amount of crediting in Serbia.

The founders, as the NBS confirms, helped keep the banks' capital in Serbia at the adequate level, which in September 2009 amounted to 21%. At the Vienna meeting, the third review of the stand-by arrangement between Serbia and IMF was positive.