Regulation on purchase of shares of companies with old savings in foreign currency would enable its owners to buy the shares from the state and Fund for development in companies to be privatised. Alternative solution includes companies owned by Fund for pension and invalid insurance and Bureau for Employment in the project. Proposal of the regilation has been prepared by the Ministry of finance and Council for privatisation is to state its opinion on Monday. “Old savings in foreign currency is foreign currency owned by citizens in accounts of the banks resident in Montenegro till December 31, 1997, and which with the accompanying interest rates were deposited at the National Bank of Yugoslavia,” states the draft of the Regulation. Foreign currency on accounts of the banks non-resident in Montenegro would be treated as old savings in foreign currency in case their centrals accepted the provisions of the Regulation. Business banks would not include the interest rates on old savings in foreign currency from the moment when the saver submits the request for purchase of shares of the company or state-owned property. Instead of the old savings in foreign currency, the Ministry of finance would emit the bonds made out to its owner. “Owner should request from the business bank the certificate on possession of the old savings in foreign currency in order to be able to buy the bonds from the Central Depositary Agency, and which could not be used for any other purposes,” states the Regulation. When owner of the old savings in foreign currency buys the shares of the company, business bank should reimburse 15 percents of their worth to the Ministry, in money or in securities. The bank can pay its obligation with securities within six months as of the day the shares of the company were bought, and with money ten years afterwards, in 20 semi-annual instalments, of which the first would be due after six months. The bank guarantees the fulfilment of the obligation to the Ministry with 20 blanc acceptance and authorization for their use in case of delay in payment of the debt, states the regulation. Fund for development is obliged to submit the report to the Ministry of finance on bonds that the owners used to buy company’s shares within 30 days from the moment the shares of the company were sold, and thus it renounces the right to collect the debt from them. Ownership over shares of companies bought through bonds would be transferred from the account of their seller to the account of the buyer in the CDA, and over state-owned property on the basis of the special contract between the Ministry of finance and owner of the bond. All bonds that the owners do not use for purchase within the specified period of time would be withdrawn and destroyed. Ministry of finance would receive from the CDA the list of owners of unused bonds 30 days after they expire, which would then be directed to business banks in order to register again and accept the old savings in the foreign currency on request of its owner. The Draft of the Regulation proposes entrance into force on the eighth day from the day it was published in the Official Gazette, and thus the similar Regulation passed in 1999, would become invalid.