Statement from the 30th Meeting of the Bank Board of Národná banka Slovenska

The 30th Meeting of the Bank Board of Národná banka Slovenska was held today (13 September 2011) and was chaired by Jozef Makúch, the NBS Governor.

The Bank Board discussed and approved the draft Decree of Národná banka Slovenska on the criteria, limits and restrictions with which Short-Term Money Market Funds and Money Market Funds are required to comply.

This Decree introduces harmonised criteria, limits and restrictions for both of the following categories of money market fund: ‘Short-Term Money Market Funds’ and ‘Money Market Funds’. These criteria, limits and restrictions are based on a guideline of the European Securities and Markets Authority (Common definition of European money market funds; Ref: CESR/ 10-049.), the purpose of which is to ensure equal protection of investors in Member States. This is important given that investors in these categories of money market fund expect their investments to be low-risk and to maintain capital value. In accordance with the Act on Collective Investment, the Decree stipulates criteria, limits and restrictions for both categories of money market fund, which differ mainly in the length of the weighted average maturity of the underlying securities in the fund.

The Decree will enter into force on 1 October 2011.

Petra Pauerová
NBS Spokesperson

National Bank of Slovakia
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