This summary describes equity investments (including retained earnings) by Nova Ljubljanska banka d.d., Ljubljana (NLB d.d., Ljubljana) into its subsidiary NLB Banka AD Podgorica (NLB Podgorica) in Montenegro. The investor has applied for MIGA guarantees of up to EUR32,408,000 in Expropriation of Funds cover for mandatory reserves for a period of up to 7 years.
NLB Group is the largest banking and financial services group in Slovenia with operations across southeastern Europe. NLB Group's six banking subsidiaries outside of Slovenia are required to maintain mandatory reserves at the central banks in their respective jurisdictions, based on the volume of customer deposits. Mandatory reserves affect NLB d.d., Ljubljana's overall Risk-Weighted Assets (RWA) at the consolidated level, resulting in less headroom for other assets at a given level of capital.
ACCOUNTABILITY MECHANISM OF MIGA
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/