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Cabinet approves plan for unlimited guarantee of bank deposits

The cabinet on October 8 approved a draft amendment to the law on the deposit guarantee scheme, which would extend the guarantee to all deposits in Slovak banks.

The cabinet on October 8 approved a draft amendment to the law on the deposit guarantee scheme, which would extend the guarantee to all deposits in Slovak banks.

Finance Minister Ján Počiatek initiated the draft. According to the approved document, the deposit guarantee fund should guarantee the entire sum of a deposit, instead of the current ninety percent. Prime Minister Robert Fico said that the cabinet's decision is a reaction to recommendations by EU finance ministers, who met on October 7, as well as a response to the situation in neighbouring countries. He said that if its neighbours were doing this, Slovakia must do the same in the name of stability and peace. Fico stressed that the government still considered the Slovak banking sector adequately stable and safe.

Cabinet ministers also proposed that parliament deal with the draft law in an expedited procedure. The draft should thus make it onto the parliamentary agenda this month. SITA

Compiled by Zuzana Vilikovská from press reports
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