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30. August 2002 |
Dugalic says Serbia will become temporary co-owner of 16 banks
BELGRADE - Under the federal government decision to transfer Yugoslavia's public debt to Serbia, effective on Saturday, 16 Serbian commercial banks will have to issue stocks temporary owned by Serbia, on the basis of the debts to the Paris and London clubs, Yugoslav Finance Minister Veroljub Dugalic told Tanjug on Friday.
The republic will only temporarily become a co-owner of these 16 commercial banks, actually a majority share-holder, Dugalic said,
explaining that the obligation of the state is to put up these stocks for sale in six months' time at the latest, giving first bid to the share-holders of the relevant banks, and then to place what is left on the stock market, Dugalic explained. This will solve the problem with the Paris and London clubs of creditors, as funds secured through sales of these stocks will enable Serbia to settle the due installments of its debts.
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