The current economic crisis is pushing aside the problem of compensating clients of bankrupt unlicensed deposit companies that collapsed in a
domino effect in 2002. According to Prime Minister Robert Fico, the cabinet is dealing with this according to the approved schedule, but it now gives much more importance to measures to reduce the impact of the current economic crisis. Seven years have passed since the demise of the unlicensed deposit companies and their customers have not been compensated by the state, the SITA newswire wrote.
The current government made a commitment to partially compensate them in its keynote address. Fico repeated the position of the government that what happened with these deposit companies was a shared responsibility of both the state and people.
"It is the people's responsibility for risking their finances and the state's responsibility for allowing such risks to be taken," Fico said.
In Slovakia, unlicensed deposit companies collapsed in a domino effect after BMG Invest closed its offices in February 2002. The collapse left thousands of victims who had deposited billions of Slovak crowns in these companies which had promised unrealistically high yields.
The victims have been calling on the Slovak government to compensate them for their lost deposits. They maintain that the government had enabled the unlicensed deposit companies to operate in Slovakia and that the government shared some responsibility for their collapse. According to police information, the collapse of the unlicensed deposit companies harmed about 300,000 depositors. 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.
6. Feb 2009 at 10:00