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Statement from the 9th Meeting of the Bank Board of the NBS

The 9th Meeting of the Bank Board of Narodna banka Slovenska was held on 17 March 2009, chaired by Ivan Sramko, Governor.

The Bank Board of the NBS approved the document „The impact of Euro Adoption on Inflation in the Slovak Republic in January 2009″ which will be published on the website of the NBS. On the basis of submitted document we can conclude that the euro introduction effect to the HICP overall inflation reached the level of under 0.2 of a percentage point which is also comparable to the estimates of the influence of the euro introduction effect in other countries. If in the calculation of the euro introduction effect on the price development in January also those items would take into consideration where the prices could decrease by the euro introduction effect, then the overall influence on consumer prices would be close to zero in January.

In total we can conclude that none of the methods used did not identify that for the reason of the euro introduction the unjustified price increases would occur.

The Bank Board of the NBS approved the final accounts of Narodna banka Slovenska as at 31.12. 2008 and took note of the report of the independent audit prepared by the auditing company PricewaterhouseCoopers Slovakia, s.r.o.

The audit was conducted in accordance with International Standards on Auditing and the auditor expressed in the report the opinion that the financial statements present fairly, in all material respects, the financial position of Narodna banka Slovenska as of 31 December 2008 and the results of its operations for 2008.

The NBS reported the loss of SKK 37 billions (EUR 1.2 bilions) for 2008 . The Bank Board of the NBS decided that the loss will be redeemed from the future profits and from own funds of Narodna banka Slovenska.

The Report on the Results of the Operations of Narodna banka Slovenska in 2008, the Report of the Independent Auditors, and the Financial Statements of Narodna banka Slovenska will be jointly submitted to the National Council of the Slovak Republic (Slovak Parliament).

Jana Kováčová
Spokesperson of the NBS

National Bank of Slovakia
Communications Section
Imricha Karvasa 1, 813 25 Bratislava, Slovak Republic
Tel.: +421-2-5787 2168,+421-2-5865 2168, +421-2-5787 2169, 421-2-5865 2169

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