Bosnia and Herzegovina: from recovery to sustainable growth by World Bank
By World Bank
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Additional resources for Bosnia and Herzegovina: from recovery to sustainable growth
Since nearly half of the capital stock is estimated to have been destroyed, the damage is presumed in the range of US$15-20 billion. The government's estimates of war damages include not only physical destruction, but also the capitalized value of unpaid wage and pension arrears (such as frozen foreign-exchange deposits lost to citizens and enterprises during the war). 1). By 1994, export production had halted, and imports were confined to humanitarian in-kind assistance or goods financed by foreign aid, remittances, and local spending by foreigners.
New legislation is also required to address weaknesses in both Entities' collateral, mortgage, bankruptcy, insurance, and capital market laws. A safe and sound banking system will require new rules on connected lending, related-party lending, loan classification, loan concentration, and exposure limits on a consolidated basis; limits on enterprise ownership of banks are especially important. A new accounting framework will need to be introduced in concert with new regulations to generate the more meaningful financial information necessary for bank supervision and financial disclosure for shareholders, depositors, and borrowers.
Additional institutional factors also prevent the banking sector from meeting the intermediation needs of the economy. Banks remain closely held in both Entities, and incentives still encourage lending to their enterprise shareholders. Depositors have no confidence in banks' safety and soundness. Accounting standards do not accurately reflect balance-sheet values and income and loss streams because the loan classification standards, provisioning requirements, and other regulatory guidelines needed for market-based banking are absent.