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Fico raises deposit guarantee to 100 percent

The Slovak Government on October 8 raised the guarantee for bak deposits to 100 percent, eliminating depositors’ 10 percent co-responsibility, it was announced on October 8, the TASR newswire wrote.

The Slovak Government on October 8 raised the guarantee for bak deposits to 100 percent, eliminating depositors’ 10 percent co-responsibility, it was announced on October 8, the TASR newswire wrote.

Parliament will vote on the legislation at its session later this month. At present, deposits are guaranteed up to €20,000 (Sk602,520). The government is responding to the global financial crisis and to conform with the decision adopted by EU Finance Ministers Council.

"The government considers Slovak banking sector to be secure," Fico sid, adding that the government is taking its cue from the recommendations of Ekofin and the situation in other EU countries.

Fico said that he believes this decision will contribute to the stability of the European banking sector. Fico also said that he didn't expect the financial crisis to take a serious toll in Slovakia.

"We did this only to make the situation in Europe calmer and due to Ekofin's recommendations," he said. TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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