Spectator on facebook

Spectator on facebook

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
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

Námestie Slobody gets facelift Photo

The architectural tender will gather ideas for the redesign of the biggest square in Bratislava

Námestie Slobody will be redesigned into a kind of living room in the city.

When the state can’t keep a secret

A selective leak has tarnished President Kiska’s reputation. But he must continue to speak out about corruption.

President Andrej Kiska

Fundamental values explored at Divadelná Nitra 2017

This time round, the Slovak, European and US ensembles at the theatre festival focus on #fundamentals, i.e. basic values and the essence of all things.

Nature Theatre of Oklahoma: Pursuit of Happiness

Foreign rocket engines for North Korea: Why?

For Russia, the path to a weakened China could be through a major nuclear accident in North Korea.