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Slovak social insurer says it will need state funds

The budget of state-insurer Socialna Poistovna (SP), like the current state budget is completely unrealistic and will need to be revised and the insurer’s resources will need to be supplemented later in the year by state assets, said the general director of SP, Dusan Munko, at a press conference on May 21, according to the TASR newswire.

The budget of state-insurer Socialna Poistovna (SP), like the current state budget is completely unrealistic and will need to be revised and the insurer’s resources will need to be supplemented later in the year by state assets, said the general director of SP, Dusan Munko, at a press conference on May 21, according to the TASR newswire.

Munko said the situation has been caused by less money - only around 90 percent of the originally-expected amount - being collected in insurance payments. He added that around 150,000 people were expected to leave the private second pillar of the pension system, bringing an extra €210 million into SP's accounts, but that only around one-third of these people have actually done so.

The general director said that based on the current account balances, the social insurer’s assets will last only until the end of September.

“We'll ask for state assets when the finance minister reviews the state budget, [we'll ask] for the balance to be made up,” said Munko.

SP posted a deficit of €180 million in the first quarter of 2009 - with income reaching €1.17 billion and expenditures of €1.35 billion. Total income in the first quarter of 2009 reached only 20.87 percent of the projected sum for the whole of this year, while expenditures stood at 24.37 percent of the planned amount. TASR

Compiled by Spectator staff from press reports
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