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BUSINESS BRIEFS

FOV pays out Sk19.9 billion

BETWEEN 1999 and the end of 2004, the Deposit Protection Fund (FOV) paid Sk19.9 billion (€524 million) in compensation to more than 184,000 clients of four bankrupt banks, the SITA news agency wrote.

These were the clients of the bankrupt AG Banka, Slovenská kreditná banka, Dopravná banka, and Devín banka.

These banks were declared incapable of paying out deposits between 1999 and 2001, FOV president Rudolf Šujan told SITA.

The biggest portion of compensation for inaccessible deposits was paid to Devín banka clients, Sk11.6 billion (€300 million). The fund paid Sk2.2 billion (€60 million) to Dopravná banka clients, Sk4.3 billion (€110 milon (€40 million) to AG banka clients.

The FOV has been making compensation payments from its own resources, created from contributions paid by banks, which stood at Sk2.26 billion (€60 million) in December 1999.

Another Sk795 million (€20.84 million) came as extraordinary contributions from banks and the largest portion of funds was secured through loans from the central bank, the National Bank of Slovakia.


Compiled by Spectator
staff from press reports

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