Statement from the 40th meeting of the Bank Board of Národná banka Slovenska
The 40th meeting of the Bank Board of Národná banka Slovenska was held today (18 December 2012) and was chaired by Jozef Makúch, the NBS Governor.
The Bank Board approved the Decision of Národná banka Slovenska amending Decision No 3/2010 of Národná banka Slovenska of 2 March 2012 on conditions for participation in TARGET2-SK and the Decision of Národná banka Slovenska amending Decision No 4/2010 of Národná banka Slovenska of 2 March 2010 on ancillary system settlement procedures in TARGET2-SK.
The Bank Board also approved the Decision of Národná banka Slovenska on general conditions for the provision of intraday credits by Národná banka Slovenska.
The Bank Board approved the Decree of Národná banka Slovenska on the elements of an application for prior approval from Národná banka Slovenska made in accordance with the Retirement Pension Saving Act.
The Decree lays down and specifies elements of an application for prior approval for pension funds management companies and pension funds managed by them in accordance with Article 52(1)(a) to (k) of Act No 43/2004 Coll. on retirement pension saving and on amendments to certain laws, as amended. The Decree will enter into force on 15 January 2013.
The Bank Board approved the Decree of Národná banka Slovenska on pension funds’ risk management system, risk measurement, and calculation of their global exposure.
The Decree lays down a new structure of pension funds which each pension funds management company is required to establish and manage and which other pension funds may establish and manage, and it regulates pension funds’ risk management system, risk measurement, and calculation of their global exposure. These provisions are in line with Act No 252/2012 Coll. amending the Retirement Pension Saving Act (No 43/2004 Coll.). The Amendment Act further stipulates that financial derivatives may only be used to hedge risks, but it also allows that assets held in funds other than guaranteed bond pension funds may include derivatives which have as their sole underlying instrument precious metals or an index of precious metals. Moreover, the Decree lays down a method for the measurement and calculation of global exposure to derivatives. The Decree will enter into force on 15 January 2013.
The Bank Board of NBS approved the Operating Budget of Národná banka Slovenska for 2013, amounting to €56 million. The budget earmarks €6 million for investments and €6 million for currency issuance.
The Bank Board took note of the NBS Monthly Bulletin for December 2012, which will be published on the NBS website.
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