Select the search type
 
  • Site
  • Web
Search
English   Srpski  Publishing Activities > Bankarstvo Journal > 2018 > 2 2018

Bankarstvo Journal issue 2 2018

In this issue

Editorial

Original scientific paper

  • Miloš Živković
    ON LEGALITY OF THE LOAN PROCESSING FEE IN THE SERBIAN LAW
    doi: 10.5937/bankarstvo1802014Z
  • This paper is a result of work within the project “Identity Makeover of Serbia“ carried out by the University of Belgrade Faculty of Law

    Summary: Ever since the outbreak of the world economic crisis the banks have been burdened by a negative public image, which is a trend existing in Serbia as well. One of the consequences of such reputation are numerous lawsuits against the banks, including the ones requesting that the clause on loan processing fee be declared null and void, accompanied by the request for a refund of the amount paid with interest. Comparatively, in Germany, since 2014, a position has been taken by the Federal Court (Bundesgerichtshof, BGH) that contracting the payment of the loan processing fee by means of general terms and conditions of banks is null and void. This position of German courts resonated outside Germany as well, but nevertheless, the courts in some other countries, such as Austria, took the position that such contracting is allowed. In Serbia, after the transition commenced in the early 2000s, the case law was unified in the position that such contracting is allowed and valid until March 2017, when the Higher Court in Sombor passed a decision that such contracting is invalid, invoking Article 1065 of the Law on Contracts and Torts (ZOO), after which the case law started to meander. The reasons put forward in the domestic case law do not suffice for the successful defense of the position that contracting the clause on loan processing fee is null and void. Additional analysis of applicability of the reasoning of German courts within the framework of the Serbian law also demonstrates that the conclusion of such contracting being invalid is out of place, irrespective of whether the other contracting party is a consumer or not, and irrespective of whether the clause is a part of general terms and conditions or is individually agreed. Lastly, the author highlights the legal and economic consequences should the Supreme Court of Cessation take a different position regarding this issue, concluding that, apart from the favorable consequences for one party to the dispute and adverse consequences for the other, there would be severe negative consequences for the common interest, both from the legal and economic point of view.

    Keywords: Loan processing fee, financial services consumer protection, loan, consumer

    JEL: E43, K22

Original scientific paper

  • Milena Pajović
    THE EFFECTS OF INCOME SOURCE DIVERSIFICATION ON THE VOLATILITY OF BANKS’ PROFITABILITY
    doi: 10.5937/bankarstvo1802052P
  • The paper is a segment of the master thesis “Analysis of the Universal Banking Model” defended on 28.12.2017 at the Faculty of Economics in Podgorica - Postgraduate Master Academic Studies of Economics under the mentorship of prof. dr Slobodan Lakić.

    Summary: Despite exhaustive research that investigates the impact of diversification of the bank’s business activities on its performance, there is still no consensus on whether this impact is positive or negative. This paper identifies the advantages and disadvantages of diversification of business activities and sources of income in banking, supported by econometric evidence. The research was conducted on a sample of 20 systemically important banks whose financial performance was monitored in the period 2005-2014. Using the linear regression model, we examined whether the share of non-interest income in total income of the bank directly affects the volatility of its profitability. The research provides practical evidence and contributes to the debate on the advantages and disadvantages of applying the universal banking model.

    Keywords: universal banks, commercial banks, income diversification, volatility of profitability, non-interest income

    JEL: G21, L25

Scientific review article

  • Marija Nikolić, Vladimir Zakić, Vladimir Tasić
    REVITALIZATION OF CREDIT COOPERATIVES IN SERBIA
    doi: 10.5937/bankarstvo1802070N
  • This paper is a result of the research project No. 179028 - “Rural Labor Market and Rural Economy of Serbia - Income Diversification as a Tool to Overcome Rural Poverty” financed by the Ministry of Education, Science and Technological Development of the Republic of Serbia

    Summary: Savings and credit cooperatives are one of the earliest type of cooperatives, present since the time of the first organizations of this type in the world. Even today, they are an inevitable segment of the cooperative sector in almost all countries with the developed cooperative movement, except in Serbia. The paper presents the emergence and development of savings and credit cooperatives in Serbia, with a special emphasis on the last two decades and the reasons for the complete elimination of these specific types of non-banking financial organizations. The paper analyzes the problems in the functioning of savings and credit cooperatives and the factors that led to their neglect, exclusion from the cooperative sector and complete disappearance. In this respect, the changes in the legal framework during the transition period have been described in more detail, having resulted in the abolition of all forms of microfinance organizations, including savings and credit departments that operated within other types of cooperatives, and credit cooperatives. Finally, the paper highlights the need for the existence of such organisations, suggesting the models for their re-establishment, identifying the obstacles and proposing the measures on how to overcome them.

    Keywords: credit cooperatives, Serbia, revitalization

    JEL: G21, N24

Scientific review article

  • Svetlana Pantelić
    100- AND 1000-DINAR BANKNOTES OF THE NATIONAL BANK OF THE KINGDOM OF SERBS, CROATS AND SLOVENES FROM 1920
    doi: 10.5937/bankarstvo1802092P
  • Summary: Near the end of 1920 the National Bank of the Kingdom of SCS ordered the production of not only 10-, but also 100- and 1000-dinar banknotes which were produced by Banque de France. The 100-dinar banknote bears the date 30 November 1920. It was released into circulation as of 1 January 1925, and was withdrawn in Serbia from 1-10 July 1941. The other two types of banknotes bear the date 1 December 1929, and were released into circulation as of 21 January 1931 and 1 November 1937, respectively. There are two types of the 1000-dinar banknote dated 30 November 1920. The difference between them is in the subsequently added rosette on the type 2 banknote, due to the appearance of counterfeit banknotes. The banknote without the rosette was released into circulation as of 11 April 1923. The replacement of these banknotes by those with the rosette was carried out between 21 December 1931 and the end of February 1932. The withdrawal of the rosette banknote lasted from 4 May 1933 until 4 May 1936.

    Keywords: 100-dinar banknote, 1000-dinar banknote, National Bank of the Kingdom of Serbs, Croats and Slovenes, Banque de France, Ignjat Bajloni, Đorđe Vajfert, Marko Stojanović, Andrija Radović, Miloš Obrenović, Karađorđe, Aleksandar I Karađorđević, Saint George, counterfeits

    JEL: E51, N14

Expert article

  • Nadežda Silaški
    TOWARDS THE STANDARDIZATION OF ECONOMIC TERMINOLOGY
    doi: 10.5937/bankarstvo1802100S
  • Summary: The aim of this paper is to highlight the current position of economic terminology in the Serbian language, present the problems occurring in the process of adopting new terms from English, as well as underline the most important principles of introducing new terms. The paper also offers some recommendations regarding the standardization of economic terminology, particularly emphasizing the necessity for cooperation between the economic and linguistic experts in this process.

    Keywords: terminology, Anglicisms, economics, standardization of terminology

    JEL: B40, Z13

Expert article

  • Sanja Tomić
    NEW EU DIRECTIVE ON THE PREVENTION OF THE USE OF THE FINANCIAL SYSTEM FOR THE PURPOSES OF MONEY LAUNDERING AND TERRORIST FINANCING
    doi: 10.5937/bankarstvo1802108T
  • Summary: The new Fifth Directive on the prevention of the use of the financial system for the purposes of money laundering and terrorist financing is the European Union’s response to the 2016 terrorist attacks in Europe and the Panama Papers scandal. This directive aims to strengthen the standards that improve, as much as possible, the conditions for preventive action against money laundering and terrorism financing.

    Keywords: Fifth Directive, Directive (EU) 2018/843, money laundering, terrorist financing, transparency, beneficial owners register, taxpayer list

    JEL: G20, K42

Book Review

  • Žarko Lazarević
    PROGRESS THROUGH CREATIVE CONFUSION
  • Progress and Confusion: The State of Macroeconomic Policy, ed. Olivier Blanchard, Raghuram Rajan, Kenneth Rogoff and Lawrence H. Summers, Belgrade: ASB, 2018

Barometer


Register   |  Login