Podgorica, Montenegro, 09th of November, 2014
Regarding multiple questions raised by traders related to bank guarantee, SEE CAO announces following:
The bank issuing the guarantee in favor of SEE CAO (i.e. the guarantee bank) or the financial group, the guarantee bank belongs to, must conform to at least one of the following requirements regarding its long-term credit rating:
Moody’s - minimum “Baa3”,
Fitch/IBCA – minimum “BBB-”,
Standard & Poor’s – minimum “BBB-”.
In case that guarantee bank doesn’t have rating at all, but belongs to financial group with satisfying rating, it is necessary to provide SEE CAO with a statment of mother bank that guarantee bank is part of group or report from registation institutions in which SEE CAO can see that Bank is in ownership of bank group with rating.
The Bank guarantee form filled with SEE CAO's data can be found on following link
All relevant information regarding placing guarantee deposits can be found on following link.