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SBA: Amendment to Bank Act discriminatory, at odds with EU law

The amendment to the Bank Act that was approved by the government on Wednesday, February 20, contains a provision preventing subsidiaries of foreign banks from providing mortgage loans in Slovakia, the Slovak Banking Association (SBA) pointed out on Thursday.

The amendment to the Bank Act that was approved by the government on Wednesday, February 20, contains a provision preventing subsidiaries of foreign banks from providing mortgage loans in Slovakia, the Slovak Banking Association (SBA) pointed out on Thursday.

According to the SBA, such a provision is discriminatory, and could be at variance with EU legislation, most specifically the right of establishment as stipulated in article 49 of the Treaty on the Functioning of the European Union. SBA is therefore calling on parliament to leave the current Bank Act intact, the TASR newswire wrote. The association says that if the bill is adopted, this may result in proceedings against Slovakia before European institutions. According to SBA executive director Ladislav Unčovský, the amendment is also harmful for consumers, as it would reduce competition on the mortgage market.

(Source: TASR)
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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