NBS greenlights transfer of bad loans from IRB

At its August 13 session, the National Bank of Slovakia (NBS) Banking Board greenlighted the transfer of the bad loans held by state bank IRB to Konsolidačná Banka, a clearing house for the non-performing loans of Slovak state banks. IRB will be thus relieved of the cheap loans it provided for socialist-era housing development and the building of the Mochovce nuclear power plant, clearing the way for the bank's sale to a foreign strategic investor.

The Finance Ministry had requested that the NBS approve the transfer based on a government resolution from June 23, 1999 concerning the settlement of IRB's situation. IRB was placed under a caretaker administration in 1997 for liquidity problems.

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