STATEMENT from the 6th meeting of the Bank Board of Národná banka Slovenska
The 6th meeting of the Bank Board of Národná banka Slovenska was held today (11 March 2014) and was chaired by Jozef Makúch, the NBS Governor.
The Bank Board approved a Decree of Národná banka Slovenska on the Register of Bank Loans and Guarantees.
This Decree governs the scope of information provision in connection with the planned intra-EU information exchange between registers that have a similar function to the Register of Bank Loans and Guarantees maintained by Národná banka Slovenska.
The Decree will enter into force on 1 October 2014.
The Bank Board approved a Decree of Národná banka Slovenska on the submission of reports on the performance of financial intermediation and of reports on the performance of financial advisory services.
The Bank Board approved the audited financial statements of Národná banka Slovenska prepared as at 31 December 2013.
Národná banka Slovenska reported a profit of €489,846,000 for 2013 (compared to a profit of €199,439,000 for 2012). As decided by the Bank Board, the profit for 2013 will be used to reduce accumulated losses from previous years.
Národná banka Slovenska’s principal source of income in 2013 was interest income on bonds, which amounted to €492,493,000 (€663,466,000 in 2012). These included securities in the NBS investment portfolio, which provided a net interest income of €402,966,000 (€558,834,000 in 2012), and securities held for monetary-policy purposes, on which the net interest income stood at €89,527,000 (€104,632,000 in 2012).
The net profit on financial operations was €220,717,000 (€168,124,000 in 2012), with gains on interest rate swaps accounting for €198,215,000 of that total (€120,246,000 in 2012).
The general provision for exchange-rate, interest-rate, credit, and gold-price risks was increased by €50 million under a decision of the Bank Board. These risks are monitored on a regular basis and the amount of the provision is reassessed annually. As at 31 December 2013 it totalled €300 million, up from €250 million at the end of 2012.
The NBS result for 2013 included €4,196,000 as a share in the net profit of the European Central Bank (€755,000 in 2012) and €13,550,000 as share in the preliminary redistribution of the ECB profit for 2013 (€5,694,000 in 2012). NBS net income from the redistribution of Eurosystem monetary income for 2013 was €50,381,000 (€84,748,000 in 2012). At the end of each financial year, the monetary income of the national central banks from the implementation of monetary policy tasks is redistributed among the NCBs in proportion to their paid-up shares in the capital of the ECB, in accordance with Article 33.2 of the Protocol on the Statute of the European System of Central Banks and of the European Central Bank.
NBS net operating expenses in 2013 were lower than in 2012 by €3,857,000, at €49,573,000 (compared to €53,430,000 for the previous year). Of that total, wage and social expenses accounted for €33,770,000, building and equipment overheads for €14,616,000, and asset depreciation charges for €9,007,000. Operating income amounted to €7,820,000. Net expenditure on the production of euro banknotes and coins was €4,602,000 (up from €1,483,000 in 2012).
In accordance with Article 39(5) of the NBS Act, the annual financial statements of Národná banka Slovenska, together with the independent auditor’s report and the NBS management report for 2013 will be submitted to the Slovak Parliament.
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