Joint statement from the Slovenian Government and the Bank of Slovenia

10/08/2008 / Press release

The Minister of Finance, Andrej Bajuk, Ph.D. and the Governor of the Bank of Slovenia, Marko Kranjec, Ph.D. issued a joint statement tonight regarding developments on global financial markets and measures being taken in Slovenia. 
Recently, the developments on financial markets and their consequences, which have affected the US, are extending to Europe as well. Large European banks involved in cross-border activities have been affected. The governments of the countries where these banks are established are taking measures. At the forefront, are measures to protect depositors and measures that enable banks to continue their activities in changing conditions. Consultations within the European institutional framework continue. To provide euro and dollar liquidity in conditions when money markets are not functioning satisfactorily, the European System of Central Banks (ESCB) is responding promptly and in coordination with key global central banks. 
Banks in Slovenia have not yet felt any significant effects from the developments seen in the global and European environments. The Slovenian financial system is stable. The deposits and savings of all natural persons are completely safe. However, in a financial connected world, Slovenia must maintain a comparable level of protection for its depositors. The Slovenian government's aim is to maintain guarantees for the deposits of natural persons at banks that are comparable with the guarantees in the national environments of individual EU Member States. It will therefore implement a state guarantee, without a limit on the amount, for the insured deposits of natural persons and micro and small companies at banks in Slovenia. To this end, the Ministry of Finance, in cooperation with the Bank of Slovenia, is preparing an amendment to the Banking Act. At the same time, the Bank of Slovenia, in the scope of its responsibilities, will provide banks with the necessary liquidity from those instruments available in the system.