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Slovakia will participate in EBRD capital hike

Slovakia is to participate in a €10-billion capital increase announced by the European Bank for Reconstruction and Development (EBRD). In line with a Finance Ministry proposal, Slovakia should subscribe to 3,842 callable shares each with a nominal value of €10,000, which would mean Slovakia preserves its present 0.43-percent share of the bank’s voting rights.

Slovakia is to participate in a €10-billion capital increase announced by the European Bank for Reconstruction and Development (EBRD). In line with a Finance Ministry proposal, Slovakia should subscribe to 3,842 callable shares each with a nominal value of €10,000, which would mean Slovakia preserves its present 0.43-percent share of the bank’s voting rights.

The government approved the proposal at its regular session on Wednesday, February 16. In addition to callable shares, Slovakia’s participation in the EBRD’s capital is to grow by 431, paid-in shares each with a nominal value of €10,000. However, these will be financed from the EBRD’s reserves. As a result, participation in the capital hike is not expected to impose any direct burden on the state budget. The increase in paid-in capital and callable capital will be carried out from state financial assets without the need for financial coverage from public funds, according to the proposal, as quoted by the SITA newswire.

To be valid, the subscription to new shares should take place by late April 2011. The revision of EBRD capital complies with political statements made at EU and G20 levels, and is also part of the EBRD’s medium-term strategy. The Bank’s board of governors approved the €10-billion capital increase in May 2010. Paid-in capital is to account for €1 billion and callable capital for €9 billion.

Source: SITA

Compiled by Zuzana Vilikovská from press reports
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