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Bank deposits guarantee limited

BANK deposits in Slovakia will no longer be covered by an unlimited guarantee, after parliament approved an amendment to the law on deposit protection which sets a limit of €100,000 for guaranteed bank deposits as of the end of 2010, the SITA newswire reported.

BANK deposits in Slovakia will no longer be covered by an unlimited guarantee, after parliament approved an amendment to the law on deposit protection which sets a limit of €100,000 for guaranteed bank deposits as of the end of 2010, the SITA newswire reported.

The reduction of the limit for guarantees is the result of an EU directive which sets the limit for all EU member states at €100,000.

In November 2008, during the financial crisis, Slovakia guaranteed all deposits to provide stability to the financial markets and bolster the trust of investors.

In compliance with EU law, parliament approved shortening the period for paying compensation for inaccessible deposits from the current three months to 20 working days.

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