Controversial bank levy will change. Banks sign deal with the state

The funds are expected to be used for the economic recovery.

Illustrative stock photoIllustrative stock photo (Source: SME)

The controversial bank levy, doubled and prolonged indefinitely by the previous ruling coalition in December 2019, will be replaced with a different scheme.

Instead of paying 0.4 percent of banks’ liabilities, banks will now be more active in restoring the country’s economy after the coronavirus crisis, as stems from a joint agreement signed by the representatives of the Finance Ministry and the banks in Slovakia on June 22.

Although the banks have already paid approximately €150 million annually on the levy introduced in 2012, the funds could not be used for the economy.

Related articleBanks paid the new bank levy but are ready to challenge it in court Read more 

“Based on the current agreement, €1 billion will be taken from the frozen money and invested in the Development Fund for Slovakia,” said PM Igor Matovič (OĽaNO), as quoted by the SITA newswire. “These funds can be used in various state projects, such as the construction of hospitals, construction of rental housing and others.”

At the same time, the banks have committed themselves to investing €0.5 billion a year in loans for government projects and an additional €1 billion a year in loans to people and companies, SITA reported.

Healthy banking sector important

The rest of this article is premium content at
Subscribe now for full access

I already have subscription - Sign in

Subscription provides you with:
  • Immediate access to all locked articles (premium content) on
  • Special weekly news summary + an audio recording with a weekly news summary to listen to at your convenience (received on a weekly basis directly to your e-mail)
  • PDF version of the latest issue of our newspaper, The Slovak Spectator, emailed directly to you
  • Access to all premium content on and

Top stories

News digest: Part of Slovakia in the worst possible colour of European Covid map

The Covid vaccine booster will be available for more people starting Monday. Education system reform is about to start.

2 h
Martin Hojsík

Russia, not emission allowances, is to blame for electricity and gas prices

Gazprom is tightening the taps and gas prices are rising, claims MEP Martin Hojsík.

8 h
Illustrative stock photo

Applause for frontline workers replaced with salary freeze

Regional hygienists, nursing homes employees, teachers and soldiers will all be affected.

20. okt
Skryť Close ad