Summary

The law establishes the privatisation procedures, the privilege of the State Ownership Fund (SOF) to retain either a number of shares or the golden share. The law also regulates the establishment of a commission for the privatisation of banks and sets the conditions to be met by the commission's members.

The payment for the shares purchased from the SOF may be carried out in both domestic and foreign currency, while banks cannot grant loans to be used for buying the above mentioned shares or the shares issued for raising the share capital of banks to be privatised.

The law nominates the beneficiaries of the amounts resulting from the sale of shares administered by the SOF and limits a shareholder?s right to 20 per cent of the total share capital of a bank, except for the world leading financial and banking institutions that may acquire a larger stake. The express prior agreement of the NBR is required in order to take over more than 5 per cent of the share capital.

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