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Statement from the 5th Meeting of the Bank Board of the NBS

The 5th Meeting of the Bank Board of Narodna banka Slovenska was held on 23 January 2007, chaired by Ivan Sramko, Governor.

The Bank Board of Narodna banka Slovenska approved Decree of Narodna banka Slovenska on reporting by entities ensuring distribution of securities issued by foreign asset management companies and foreign investment companies based on public offer to investors in the Slovak Republic for statistical purposes. The Decree shall become effective on 1 March 2007.

The Bank Board of the NBS approved new Organisational Rule of Narodna banka Slovenska effective from 1 February 2007. The document involves conclusions of the audit of managerial operations and processes done in 2006 following the merger of the NBS and the Financial Market Authority.

Within the NBS, one of the so-far level of management, the level of Chief Executive Directors, will be removed and their managerial and executive powers will be overtaken by the members of the Bank Board of the NBS. In the context of the above change, the Board of Directors of the NBS will no longer exist and the Bank Board of the NBS will execute its scope of authority. Also, more than 20 organisational units will be reduced.

As a result of the new Organisational Rule, the number of planned working posts in the NBS is also reduced. In 2007, the number of planned working posts will be reduced by 128, and another reduction by 131 planned working posts will follow in 2008 and 2009. Total rate of reduction of working posts at the NBS during the following three years, as compared with the current situation (1221 planned working posts), will be 21%. Depending on the extent to which services will be outsourced, another reduction and further optimising may occur.

The current decision of the Bank Board of the NBS is a further step in the already started process of optimisation and effectiveness of the central bank activities. In 2006 there was, inter alia, a change in the system of local offices management, owing to which the NBS branches in Bratislava, Banská Bystrica and Košice ceased to exist as of 1.7.2006 and were replaced by local offices. In connection with these and other organizational changes the number of planned working posts at the NBS was reduced by 98 in 2006.

Igor Barat
Spokesman of the NBS

National Bank of Slovakia
Public Relations Department, Press 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

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