Statement from the 11th Meeting of the Bank Board of the NBS
The 11th Meeting of the Bank Board of Narodna banka Slovenska was held today (16 March 2010), chaired by Jozef Makúch, Governor.
The Bank Board of the NBS approved the audited financial statements of the NBS prepared as of 31 December 2009.
The NBS became a member of the Eurosystem as of the date of euro adoption on 1 January 2009. In connection with entry to the Eurosystem, the NBS conducted the following financial operations:
- – a levy on foreign exchange reserves in total amount of EUR 399, 444 000
- – payment of the outstanding share on ECB (European central Bank) capital; as a result its total share represents EUR 39 944 000 (0.6934% of total ECB capital)
- – contributions made to the ECB reserve funds for covering interest, price and exchange rate risks in total amount of EUR 154,214 000.
In 2009, the NBS reported a profit of EUR 70,588 000 (in 2008 it reported a loss of EUR 1,227,376 000).
The economic result in 2009 was positively influenced by revenues of EUR 131,223 000 from financial operations (in 2008 this represented a loss of EUR 1,115,605 000), in particular from interest incomes and revenues from securities. When compared to 2008, exchange rate losses were significantly eliminated as a result of adoption of the euro as the domestic currency on 1 January 2009.
Following a resolution of the Board of Governors of the ECB and considering the economic result of the ECB in 2009, the total revenue from the 8 % share of the ECB from the issue of euro bank notes (EUR 787,157 000) was distributed among the individual central banks, according to the ratio of their paid-up contributions to the ECB´s registered capital. The NBS share of this revenue was EUR 7,821 000 (the NBS share of the registered capital of the ECB is 0.9935 %).
The NBS net income from the system of pooling of monetary income for 2009 amounted to EUR 12,818 000. The monetary incomes of central banks from the performance of the monetary policy function are reallocated among the individual central banks at the end of each financial year according to the ratio corresponding to their paid contributions to the ECB´s registered capital in accordance with Article 33.2 of the Protocol on the Statute of the European System of Central Banks and the European Central Bank.
In 2009, net operating expenses of EUR 60,635 000 (EUR 111,771 000 in 2008) included expenses for minting of euro coins, expenses for employees, administrative and other expenses.
The Bank Board of the NBS decided that the profit for 2009 would be used in the full amount to cover retained losses. Total negative equity of the NBS as of 31 December 2009 is EUR 4,358,445 000 (4,740,879 as of 31 December 2008).
The annual financial statements of the NBS together with the independent auditor’s report and the report on the results of NBS operations for 2009 will be submitted to the National Council of the Slovak Republic.
The annual financial statements of the NBS together with the independent auditor’s report will be published in the Annual Report of the NBS for 2009.
Prior to the publishing of the Annual Report, financial statements as at 31 December 2009 will be published temporarily on the NBS´s website as a separate document.
Spokesperson of the NBS
National Bank of Slovakia
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