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Parliament Abolishes Unlimited Guarantee of Savings
Wednesday 08 December 2010 Zoom in | Print page
Bratislava, December 8 (TASR) - The Parliament on Wednesday abolished the scheme of unlimited guarantee of savings on bank deposits for members of the public, NGOs and smaller firms – now setting the limit at €100,000, in keeping with new EU rules.
The protection of bank deposits in full was introduced by Robert Fico's (Smer-SD) government in 2008 in response to the global financial and economic crisis. The aim was to maintain savers' trust in banks by increasing the protection of savings, and to prevent people from withdrawing their savings, which could have had a negative impact on dealing with the crisis, according to then finance minister Jan Pociatek.
The EU has introduced a regulation setting the limit of protection at €100,000 as of December 31, 2010.
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