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
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Get daily Slovak news directly to your inbox

Top stories

Former state secretary Jankovská has reportedly confessed

Coalition politicians have welcomed the news.

Monika Jankovská

Pass a Slovak language dictation so you can work with foreigners

The draft migration policy proposal is out. Where does a foreigner find the official, certified list of cultural realities and traditions they are supposed to respect?

Some problems with the Foreigners’ Police continue.

News digest: Former state secretary describes the corruption at courts

Schools will definitely not open on Monday. Coronavirus vaccine could be available starting in mid-December. Slovakia joins campaign to fight violence against women.

The Presidential Palace lit in orange, to support the Orange the world! campaign.

One in five women has experienced violence

The situation is far from satisfactory, said President Čaputová.