Statement from the 20th Meeting of the Bank Board of the NBS

The 20th Meeting of the Bank Board of Národná Banka Slovenska was held today (11 May 2010), chaired by Jozef Makúch, Governor.

The Bank Board of the NBS approved the document „Report on the Activities of the Financial Market Supervision of Narodna banka Slovenska for the year 2009″.

The Bank Board of the NBS approved the Decree of Narodna banka Slovenska specifying elements of an application for granting prior approval under Article 28(1) of the Act on Banks.

The Decree takes into consideration the amendments under Article 28(1) of the Act on Banks adopted by Act No 552/2008 Coll. in connection to which prior approval of Narodna banka Slovenska is required to acquire qualified interest in a bank or exceed qualified interest in a bank in the event that the interest in share capital of the bank or voting rights of the bank reaches or exceeds 20 %, 30 % or 50 % or in the event that the bank becomes a subsidiary of a person which acquires such interest in one or several operations directly, or by coordinated action.
The Decree shall become effective as of 1 June 2010.

The Bank Board of the NBS approved the proposal of the Decree of Narodna banka Slovenska specifying elements of an application for granting prior approval under Article 70(1) of the Act on Securities.

The Decree takes into consideration the amendments under Article 70(1) on Securities adopted by Act No. 552/2008 Coll. in connection to which prior approval of Narodna banka Slovenska is required to acquire qualified participation in a stock brokerage firm or exceed qualified participation in a stock brokerage firm in the event that the interest in share capital of the stock brokerage firm or voting rights of the stock brokerage firm reaches or exceeds 20 %, 30 % or 50 % or in the event that the securities dealer becomes a subsidiary in one or several operations directly, or by coordinated action.
The Decree shall become effective as of 1 June 2010.

The Bank Board of the NBS approved the proposal of the Decree of Narodna banka Slovenska specifying elements of an application for granting prior approval under Article 45(1) of the Act No 8/2008 Coll. on Insurance and on modifications and amendments to certain laws as amended.

The proposed Decree determines the elements of an application for granting prior approval under Article 45(1)(a) of the Act in compliance with amendments included in the Act No 552/2008 Coll. implementing the Directive on acquisitions. There are new documents required in the proposal of the Decree which the applicant submits to Narodna banka Slovenska with the purpose of prudential assessment of the suitability of the applicant as well as of transparent and credible origin, sufficient volume and satisfactory composition of the financial resources of the applicant.
In the proposal there are also other legislative changes included, which are the result of the amendments of the Act.
The Decree shall become effective as of 1 June 2010.

Jana Kováčová
Spokesperson of the NBS

National Bank of Slovakia
Press and Editorial Section
Imricha Karvasa 1, 813 25 Bratislava, Slovak Republic
Tel.: +421-2-5787 2168,+421-2-5865 2168, +421-2-5787 2169, 421-2-5865 2169
Internet: http://www.nbs.sk

Reproduction is permitted provided that the source is acknowledged.