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Banking sector is in excellent condition, MBA President tells MIA

The banking system is in excellent condition. There have been no unusual withdrawals of deposits by citizens over the past few days, that could be related to revocation of the founding and operating license of Eurostandard Bank AD Skopje, Maja Stevkova Shterieva, President of the Macedonian Banking Association (MBA) has stated for MIA.

Skopje, 17 August 2020 (MIA) – The banking system is in excellent condition. There have been no unusual withdrawals of deposits by citizens over the past few days, that could be related to revocation of the founding and operating license of Eurostandard Bank AD Skopje, Maja Stevkova Shterieva, President of the Macedonian Banking Association (MBA) has stated for MIA.

“The crowds in certain banks’ counters have been related to regular activities for payment of salaries and similar banking services that are typical for this period of the month. The revocation of the operating license of Eurostandard Bank will not have a negative impact on the operations of other banks. We reiterate that banks and savings houses are and remain safe and Macedonian citizens should not worry because this, as the central bank governor pointed out, is an isolated case,” Stevkova Shterieva said.

She noted that the members of the Macedonian Banking Association in cooperation with the institutions undertake all necessary activities to meet clients’ needs who were users of the banking services of Eurostandard Bank.

“Employees, pensioners, beneficiaries of social and child protection rights have the opportunity to choose one of our members through which they want to receive future cash inflows. Banks and savings houses, members of the MBA, are open not only for offering deposit products but also for refinancing the credit products of the Eurostandard Bank’s clients,” Stevkova Shterieva added.

The MBA members, she told MIA, are already preparing to actively participate in the payment of compensation of deposits by the Deposit Insurance Fund in the coming period.

In context to current developments she underlined that commercial banks in the country, work with depositors’ money and one of their main functions is not only to place those funds as loans, but also to collect those loans regularly when depositors ask for their money to be paid.

She pointed out not aspiring to discuss the situation related to Eurostandard Bank, that the approval of loans and their repayment should be taken very seriously.

“Banks are a transmission mechanism between those who have assets and those who do not have assets (and have quality business projects), therefore the lending of those funds by banks must not be to the detriment of those who have entrusted the assets to the banks,” she said.

She said that the use of personal profiles on social media networks, spiced with half-truths, untruths or distorted interpretations of certain information, can lead to unnecessary panic and confusion and have detrimental effect on citizens’ perceptions of banks. In these already difficult times when we are dealing with the COVID-19 crisis, when every effort is made to provide banking services to customers, in addition to sharing reliable and useful information, we are witnessing tendentious and malicious misinformation that are intended to confuse and disturb the citizens, MBA President said, urging citizens to take extra care when reading the information related to the operation of the banks, i.e. to accept only information from official and verified sources as accurate and reliable.

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