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NBS chief suggests cooperation with DSS in time of financial crisis

Ivan Šramko, governor of the National Bank of Slovakia (NBS), is convinced that the money in private pension fund management companies (DSS) is not endangered by the global financial crisis.

Ivan Šramko, governor of the National Bank of Slovakia (NBS), is convinced that the money in private pension fund management companies (DSS) is not endangered by the global financial crisis.

On the contrary, he said, the money could help the state develop its economy. He suggested that these funds could be used very well in the form of a specific government debt issue that the pension funds could buy.

"We have a relatively unique chance to make use of this money, which is of a long-term nature and which is already now of great value," he said.

He pointed out that the net value of the assets in the second pillar amounted to more than Sk60 billion (€ 2 billion). He assures that the savings are not endangered, though he admits that some funds are not reporting any gains at present.

"From the perspective of the NBS, the system is good, the system works ... We can permanently check whether pension fund management companies invest in line with the law," Šramko said.

He noted that it was normal for trading on capital markets to experience gains as well as losses. SITA

Compiled by Zuzana Vilikovská from press reports
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