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FinMin Drafts Bill to Cap Guaranteed Deposit Amount in Banks
Monday 20 September 2010 Zoom in | Print page
Bratislava, September 20 (TASR) - Pursuant to a new European Union guideline, the Finance Ministry has announced that it has drafted an amendment to the law on protection of deposits in banks, which caps the guaranteed amount at €100,000 – with effect from December 31.
The bill also cuts the three-month deadline for the repayment of unavailable deposits in banks declared insolvent to 20 working days, which in emergencies can be extended by 10 days instead of nine months as is the case currently.
According to the European Union, such a long repayment period flies in the face of the need to maintain trust of depositors.
Government has yet to formally discuss the bill.
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