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ECONOMIC BRIEFS

FNM says will be liquid in 2001

Reacting to statements from several opposition parties that the National Property Fund (FNM) will be unable to pay for bonds when they mature in 2001, officials from the state-run privatization agency released this statement: "Between 1996-1998, the FNM will have to meet liabilities owed to banks resulting from having forgiven the debts of companies included in privatization. Other liabilities include financing apartment construction and the completion of the Mochovce nuclear power plant. For these reasons, premature repayment of FNM bonds can only be possible after this period. The FNM, though, has in its portfolio 90 billion Sk in shares, and it also holds reserves in strategic companies. Last year alone, it received 11 billion Sk in cash, and most of the income from privatization is expected to be earned before the year 2000. That is why FNM liquidity is not in jeopardy."

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