Statement from the 45th Meeting of the Bank Board of the NBS

The 45th Meeting of the Bank Board of the National Bank of Slovakia was held on 28 October 2008, chaired by Ivan Sramko, Governor. The Bank Board of the NBS discussed the Situation Report on Monetary Development of Slovakia in September 2008 and decided on: changes in interest rates as follows: the overnight sterilisation rate set at 2.75%, the overnight refinancing rate set at 4.75% and the limit rate for two-week repo tenders with commercial banks to 3.75%, effective from 29 October 2008.

The Bank Board of the NBS approved the “Report on Fulfilment and Process of Preparations for the Euro Changeover in the NBS” and the “Internal Plan of the NBS for the Euro Changeover.” The preparation is proceeding in accordance with the Internal plan of the NBS for the euro changeover and the National euro changeover plan in the Slovak Republic.

The Bank Board of the NBS discussed and approved the draft decree of Narodna banka Slovenska on liquidity of banks and liquidity of branch offices of foreign banks and on procedures of risk management regarding liquidity of banks and liquidity of branch offices and on amendments of the NBS decree No. 11/2007 on the submissions of statements, reports and other disclosures by banks, branches of foreign banks, securities dealers and branches of foreign securities dealers for supervision and statistical purposes. The purpose of the decree is to ensure that, in the management of assets and liabilities in the banks and branch offices of foreign banks, their mutual ratio corresponds to ongoing liquidity in accordance with the circumstances and anticipated economic indicators from the date of the euro changeover in the Slovak Republic: this also in the case of unfavourable development in financial markets. The Decree shall become effective on 15 November 2008.

The Bank Board of the NBS approved acceptance of mortgage bonds as eligible assets in the implementation of monetary policy operations.

Jana Kováčová
Spokesperson of the NBS

National Bank of Slovakia
Communications Section
Imricha Karvasa 1, 813 25 Bratislava, Slovak Republic
Tel.: +421-2-5787 2161,+421-2-5865 2161, +421-2-5787 2166, +421-2-5865 2166
http://www.nbs.sk

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