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Šramko dispels notion of fallout from Lehman collapse

The National Bank of Slovakia (NBS) never bought shares or other assets from the recently-bankrupt Lehman Brothers investment bank, central bank (NBS) Governor Ivan Šramko said on November 11.

The National Bank of Slovakia (NBS) never bought shares or other assets from the recently-bankrupt Lehman Brothers investment bank, central bank (NBS) Governor Ivan Šramko said on November 11.

"The NBS has an extremely conservative method of investing, which is very close to what the European Central Bank calls for and never invested in any toxic assets or shares from Lehman Brothers," he said.

As a supervisory authority over the investment of pension management companies (DSS), the NBS found no violations.

"There are clearcut rules laying down what a DSS can buy,” he said. “It must be securities holding an investment-grade rating."

But he conceded that some pension management companies (DSS) had bought Lehman Brothers' bonds if not shares. But this ownership does not mean that the investment is doomed if they are bonds. As for DSS, "if at the time of buying a Lehman Brothers bond had an investment-grade rating, the DSS did not break any rule." TASR

Compiled by Zuzana Vilikovská from press reports
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