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FinMin Opposed to SMK's Idea of Compensating Non-banking Clients
Monday 01 March 2010 Zoom in | Print page
Bratislava, March 1 (TASR) - The Finance Ministry is opposed to a proposal drawn up by ethnic-Hungarian SMK party MPs on enacting a law concerning the partial compensation of clients of non-banking financial institutions that went bust in 2002, TASR learnt on Monday.
The ministry will issue the same recommendation to the Government should the Cabinet discuss such a proposal.
The ministry has defended its stance by stating that funds needed for compensation aren't included in the 2010 state budget. According to the authors of the initiative, a total of €120 million would be needed for the measure.
In addition, only eight companies out of an estimated total of at least 50 are included in SMK's initiative, which would provide for selective compensation that runs contrary to Slovakia's Constitution, said the ministry.
SMK proposes compensating the clients of the non-banking institutions based on a legally determined co-efficient and the amount of the sum invested. The maximum amount from which compensation would be calculated should be €33,000. The sum would then by multiplied with the co-efficient, which would be set between 0.4-0.5.
The compensation would concern the clients of the following non-banking institutions: Horizont Slovakia, B.M.G. Invest, Drukos, BDV Druzstvo, Autodrukos, AGW Holding, AGW and Sporoinvest.
SMK will submit its proposal at the parliamentary session in March.
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