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Slovak banks don't want to pay for Devín collapse

The head of a banking industry group has said that Slovak commercial banks are unwilling to cover losses sustained in the recent failure of the Devín banka financial house, since this failure was the fault of Devín management and central bank market supervision organs.

Devín was put under forced administration by the central bank on August 24 after it emerged that a Japanese firm - Japan Grade One - would not carry out a capital entry into the Slovak bank as it had first indicated. Devín has over 11 billion crowns in client deposits, and the Deposit Protection Fund, to which all banks contribute, does not have the finances to cover the losses.

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