At its sitting held on 6 March 2006, the Finance Committee of the National Assembly of the Republic of Serbia opened the process of proposing prospective members of the Council of the National Bank of Serbia and the Council of the State Audit Institution.

Committee members were informed of obligations arising from the Act on the National Bank and the Rules of Procedure of the National Assembly of the Republic of Serbia, according to which the Council was made up of five members; its chairperson was elected to a five-year term of office, while the remaining members for four-, three-, two-, and one-year terms. As the two-year term of office of Council member Dusan Dobromirov had expired, and as Dr Miladin Kovacevic had resigned as Council member due to the application of legislation preventing conflicts of interest, the Finance Committee was now obliged to nominate candidates for membership on the Council of the National Bank of Serbia. The Committee seconded the motion of its vice-chairman, Radojko Obradovic, to ask deputies and Deputies’ Groups to submit their nominations by the next Committee sitting, scheduled for Monday 13 March 2006.

Committee members are also to nominate candidates for membership on the Council of the State Audit Institution. Under the State Audit Institution Act, passed on 14 November 2005, the five-member Council, the Institution’s highest body, is to be elected by the National Assembly within six months after the Act comes into force.

At its forty-fourth sitting the Finance Committee had resolved to ask the Bank Rehabilitation Agency to provide a report on its activities over the past two years, with special emphasis on the four largest banks under its administration. The BRA has now supplied the information to the Finance Committee; these are to be discussed at the Committee’s next sitting.