Home Economy Offsetting debts to pull the economy out of illiquidity!

Offsetting debts to pull the economy out of illiquidity!


Registration of participants in the Unified system for multilateral compensation and cession, which should allow legally regulated “offsetting” of debts in order to improve the liquidity of the domestic economy, should start from the beginning of June this year, while the first mandatory compensation is planned for October this year, confirmed the Banja Luka Stock Exchange.

However, if all goes at the anticipated pace there is a possibility that in August, before the obligatory, also a voluntary multilateral compensation is organized, which is expected by all participants in this process to reduce the claims of the economy in the RS and thus lead to liquidity. In addition, it should be noted that there is already a great interest of businessmen, who in increasing numbers are seeking information about the start of the final establishment of this system.

Vladimir Blagojević, spokesman for the RS Chamber of Commerce, said it was difficult to assess exactly how the establishment of a system for multilateral compensation and cession can decrease the amount of short-term receivables of the economy in the RS, which in effect amount to two RS budgets.

“However, it is certain that the sum will be reduced in part by establishing that system,” Blagojević said. He added that so far they had had a number of inquiries from businessmen, stating that there is a great interest to settle the piled debts or claims which they have particularly through this law.

Milan Božić, director of the Banja Luka Stock Exchange, said that the Stock Exchange, in accordance with the law, had determined the draft guidelines which regulate more in detail the unique system of multilateral compensation and cession. According to him, in the next period, namely from May to July, it is planned to connect the banks, brokerage firms and accounting agencies with the system, and in the period from May to August to educate participants of the system.

There is great interest from businessmen in the system of multilateral compensation and cession.

“The first mandatory multilateral compensation is planned for October this year, and a detailed schedule in connection with participation in this compensation will be determined by a special decision of the Government of the RS,” he said.

Milos Todorović from the Association of Economists RS – SWOT said that it was certain that such arrangements need to be done.

“It is certain that the establishment of this unique system is expected to contribute to reducing claims of the economy, but in which amount, I do not know, but I think that the Government would dose the work,” he said, adding that he hoped that this process would take hold and would work continuously, because, as he assessed, “without this and similar moves the economy literally breathes through the gills.”

We recall that the National Assembly adopted at the end of February this year the law on a single system for multilateral compensation and cession, which governs the legal framework for its implementation and sale of receivables in the RS, where the organizer of the system can be the stock market. As stated then the reasons for the adoption of this law are contained in the need of improving liquidity in the real sector of RS.

Multilateral compensation is a way of stopping the claims and obligations of the participants who reported their obligations, whereby the participants do not have to be at the same time in a debtor-creditor relationships, but they have claims and liabilities to at least one of the participants in the “circle”.

Source: Nezavisne/ekapija.ba


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