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Statement from the 9th Meeting of the Bank Board of Národná banka Slovenska

The 9th Meeting of the Bank Board of Národná banka Slovenska was held today (15 March 2011) and was chaired by Jozef Makúch, the NBS Governor.

The Bank Board of NBS approved the audited financial statements of NBS prepared as at 31 December 2010.

In 2010, NBS reported a loss of EUR 515,173,000 (in 2009 it reported a profit of EUR 70,588,000). The Bank Board decided that the loss will be reclassified to accumulated losses from previous years and will be redeemed from future profit of NBS.

The Bank’s financial result for 2010 was impaired by unrealised valuation losses arising from the fall in financial instrument market prices, which amounted to EUR 673,530,000 (in 2009, the reported loss was EUR 157,955,000). The decline in market prices was a consequence of the crisis in European financial markets.

The main source of NBS income in 2010 was interest income from bonds amounting to EUR 417,293,000 (EUR 366,694,000 in 2009) and interest income from derivatives amounting to EUR 221,338,000 (EUR 239,866,000 in 2009).

In the result for 2010, NBS reported its received share of the ECB’s net profit for 2009 to be EUR 14,565,000. NBS’s net income from the Eurosystem monetary income for 2010 represented EUR 6,192,000 (EUR 12,818,000 in 2009). 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. For the remuneration of its claim arising from the transfer to the ECB of foreign reserves amounting to EUR 399,444,000, NBS received from ECB interest amounting to EUR 3,442,000 in 2010 (EUR 4,374,000 in 2009).

NBS reported net operating expenses of EUR 57,005,000 for 2010, similar to the 2009 level, and its net expenses related to the production of euro banknotes and euro coins amounted to EUR 12,337,000 (EUR 3,651,000 in 2009).

The annual financial statements of Národná banka Slovenska, together with the independent auditors’ report and the NBS management report for 2010, will be submitted to the National Council of the Slovak Republic.

The annual financial statements and the independent auditors’ report will be published on the NBS website and in the NBS Annual Report for 2010.

The Bank Board of NBS approved the Report on the Implementation of Investment Policy in regard to Investment Reserves for 2010.

The Bank Board of NBS discussed and approved the draft Decree of Národná banka Slovenska on the Register of Bank Loans and Guarantees.

The Decree lays down details regarding the data provided for the Register of Bank Loans and Guarantees by banks, branches of foreign banks, and the Export-Import Bank of the Slovak Republic and regarding the data provided from the Register of Bank Loans and Guarantees to banks, branches of foreign banks, the Export-Import Bank of the Slovak Republic and to customers of these institutions.

The decree will enter into force on 15 April 2011.

Petra Pauerová
Spokesperson of the NBS

National Bank of Slovakia
Press and Editorial Section
Imricha Karvasa 1, 813 25 Bratislava, Slovak Republic
Tel.: +421-2-5787 2142, +421-2-5865 2142, +421-2-5787 2169, +421-2-5865 2169

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