Central Bank of Montenegro says TIPS Clone is ready for 20 July launch and adopts EU banking law amendments

The Central Bank of Montenegro reported that it and the banking sector have completed the main infrastructure, technical and operational work needed to launch the national instant payment system, TIPS Clone, which is scheduled to go live on 20 July. The bank said the launch still depends on Parliament completing the legislative process for amendments to the Payment System Law. At the same Council session, it adopted draft amendments to the laws on credit institutions and on the resolution of credit institutions, and kept the countercyclical capital buffer rate unchanged at 1%. The draft law on credit institutions would further align Montenegro's framework with the latest European Union banking package, including Capital Requirements Directive VI and Capital Requirements Regulation III, and with the requirements underlying the Single Supervisory Mechanism and the European Central Bank's close cooperation framework. The draft law on resolution would move the domestic regime closer to European Union bank resolution rules, particularly those linked to the Single Resolution Mechanism and Single Resolution Fund, while deferring provisions tied to the future post-accession regime so the current national framework remains in force until the conditions for applying the European framework are met. The Council said the 1% countercyclical capital buffer rate remains appropriate based on its regular assessment of systemic risks. Next steps are explicit for the payments project. TIPS Clone is due to become operational on 20 July if the amendments to the Payment System Law are adopted in the coming days.