Slovak News Back to the news
President Signs Law Abolishing Unlimited Guarantee of Savings
Tuesday 21 December 2010 Zoom in | Print page
Bratislava, December 21 (TASR) - President Ivan Gasparovic on Tuesday signed the law abolishing the scheme of unlimited guarantee of savings on bank deposits for members of the public, NGOs and smaller firms – now, in keeping with new EU rules, the limit is set at €100,000. Parliament passed the law on December 8.
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 in terms of 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. The Slovak law comes into effect on January 1, 2011.
All rights reserved. Any publishing or further dissemination of press releases and photographs from TASR's resources without TASR's prior written approval constitutes a violation of the Copyrights Act.
