Public Disclosure Copy The World Bank Implementation Status & Results Report Deposit Insurance Strengthening Project (P146248) Deposit Insurance Strengthening Project (P146248) EUROPE AND CENTRAL ASIA | Serbia | Finance & Markets Global Practice | IBRD/IDA | Investment Project Financing | FY 2014 | Seq No: 4 | ARCHIVED on 22-Jan-2016 | ISR22543 | Implementing Agencies: Key Dates Key Project Dates Bank Approval Date:25-Feb-2014 Effectiveness Date:26-Nov-2014 Planned Mid Term Review Date:30-Nov-2015 Actual Mid-Term Review Date:30-Nov-2015 Original Closing Date:30-Jun-2016 Revised Closing Date:30-Jun-2016 Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objective is to strengthen the financial and institutional capacity of the Deposit Insurance Agency, so as to enable it to meet its deposit insurance and bank resolution obligations and serve as a core part of financial sector safety net. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Strengthen the financial capacity of the DIA:(Cost $198.50 M) Strengthen the institutional capacity of the DIA:(Cost $1.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  Satisfactory  Satisfactory Overall Implementation Progress (IP)  Satisfactory  Satisfactory Overall Risk Rating  Moderate  Moderate Implementation Status and Key Decisions 1/22/2016 Page 1 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Deposit Insurance Strengthening Project (P146248) The project became effective on November 26, 2014. The project has disbursed EUR 143m to the Deposit Insurance Fund and has significantly strengthened the institutional capacity of the Deposit Insurance Agency through the completion of DLIs. It is expected that the remaining DLIs will be completed by the project closing date of June 30, 2016. The increase in the financial and operational capacity of the DIA has helped to improve depositor confidence in Serbia as it helps to ensure that insured depositors are covered in case of any bank failures. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  --  Moderate  Moderate Macroeconomic  --  Substantial  Substantial Sector Strategies and Policies  --  Substantial  Substantial Technical Design of Project or Program  --  Moderate  Moderate Institutional Capacity for Implementation and Sustainability  --  Substantial  Substantial Fiduciary  --  Moderate  Moderate Environment and Social  --  Moderate  Moderate Stakeholders  --  Moderate  Moderate Other  --  --  -- Overall  --  Moderate  Moderate Results 1/22/2016 Page 2 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Deposit Insurance Strengthening Project (P146248) Project Development Objective Indicators PHINDPDOTBL  Cumulative inflows into the Deposit Insurance Fund equivalent to 2.5 percent insured deposits (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1.50 2.00 2.50 Date 31-Dec-2013 31-May-2015 01-Jan-2016 30-Jun-2016 PHINDPDOTBL  DIA performing its legally mandated technical functions in any future bank failures in which DIF resources are utilized (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N Y Y Y Date 31-Dec-2013 31-May-2015 01-Jan-2016 30-Jun-2016 Overall Comments Intermediate Results Indicators PHINDIRITBL  Premium Rate (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.40 1.50 0.60 0.40 Date 31-Dec-2013 31-May-2015 01-Jan-2016 30-Jun-2016 PHINDIRITBL  Stand-by funding available for DIF (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value EUR 0 EUR 200 EUR 200 EUR 0 Date 31-Dec-2013 31-Dec-2014 31-Dec-2015 30-Jun-2016 1/22/2016 Page 3 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Deposit Insurance Strengthening Project (P146248) PHINDIRITBL  Number of Independent Board Members (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 3.00 3.00 3.00 Date 31-Dec-2013 31-May-2015 31-Dec-2015 30-Jun-2016 PHINDIRITBL  Regular government financial stability committee meetings (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 4.00 6.00 8.00 Date 31-Dec-2013 31-May-2016 31-Dec-2016 30-Jun-2016 PHINDIRITBL  Sharing of NBS risk information on problematic banks with DIA (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N N Y Y Date 31-Dec-2013 31-May-2015 31-Dec-2015 30-Jun-2016 PHINDIRITBL  Sharing of NBS Supervision Conclusions on Problematic Banks with DIA (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N N Y Y Date 31-Dec-2013 31-May-2015 31-Dec-2015 30-Jun-2016 1/22/2016 Page 4 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Deposit Insurance Strengthening Project (P146248) PHINDIRITBL  Cumulative value recovered from bank bankruptcies since February 1, 2014 (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value EUR 0m -- 70m EUR 110m Date 31-Dec-2013 -- 31-Dec-2015 30-Jun-2016 PHINDIRITBL  Information Collected by the MoF on State Owned Banks. (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N Y Y Y Date 31-Dec-2013 31-May-2015 31-Dec-2015 30-Jun-2016 Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P146248 IBRD-83400 Effective USD 200.00 200.00 0.00 171.53 1.92 86% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P146248 IBRD-83400 Effective 25-Feb-2014 10-Jul-2014 26-Nov-2014 30-Jun-2016 30-Jun-2016 Cumulative Disbursements 1/22/2016 Page 5 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Deposit Insurance Strengthening Project (P146248) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 1/22/2016 Page 6 of 6 Public Disclosure Copy