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Business Briefs

Protection Fund to cover 98% of SKB compensation
Nafta Gbely boss sacked as shareholders lose confidence
ČSOB applies for construction savings licence
First half car sales down 22.5% year-on-year

Protection Fund to cover 98% of SKB compensation

As of July 19 the Deposit Protection Fund (FOV) had paid out 4.15 billion crowns ($90 million) in compensation for the inaccessible claims of clients of the collapsed Slovenská kreditná banka (SKB) - 97.84% of the total volume of compensation due.
The fund, to which all commercial banks in Slovakia are obliged to contribute, had to take a loan from the central bank to pay out the money following the collapse of other banks earlier in the year, which had drained reserves from the fund.
The FOV is also preparing to pay compensation for clients of Dopravná banka, which was declared illiquid two weeks ago. The fund is to take a loan from the central bank to cover this pay-out as well.


Nafta Gbely boss sacked as shareholders lose confidence

At a specially convened meeting on July 20, the supervisory board of gas storage company Nafta Gbely approved the proposal of the board of directors to dismiss Arpád Demko from the post of general director. Chairman of the board of directors Ján Holčík said that shareholders had lost confidence in Demko. A new general director is expected to be named by September 1.
The company is also due to launch a 600 million crown five-year bond issue on July 28 to raise finances for vital company investment projects and credit restructuring. The consolidated loss of companies in the Nafta Gbely group stood at 2.11 billion crowns ($47 million) for 1999.


ČSOB applies for construction savings licence

The Slovak branch of the Prague-based Československá obchodná banka (ČSOB) last week asked the National Bank of Slovakia (NBS) for a licence to operate a housing construction savings branch, as the bank looks to widen its services for individuals.
Director of the ČSOB branch in Bratislava Miroslav Trebula said the bank intends to ask for the licence for mortgage transactions and will open investment fund operations in the future. At the moment, two housing construction savings banks operate in Slovakia: Prvá stavebná sporiteľňa (PSS) and VÚB Wüstenrot.


First half car sales down 22.5% year-on-year

In the first half of 2000, 25,633 new cars and 2,670 new commercial vehicles were sold in Slovakia - a fall of 22.5% year-on-year, the Automotive Industry Association said July 13.
In June, 5,354 new cars and 491 small commercial vehicles were sold for a monthly rise of 7.5% over May 2000. However, passenger car sales fell by one third compared to June 1999.


Compiled by Ed Holt
from SITA

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