Slovak News - March 97 - Proposal For The Amendment Of The Bank Act

Certain banking licence requirements of the OECD will also be applicable to domestic and foreign banks in Slovakia. This proposed amendment to the Bank Act was discussed by the National Bank of Slovakia (NBS).

According to the statement issued by the NBS, the Act proposes terminating two stages of the approval process which would mean that the approval of establishing a bank would only be required from NBS and not from MF SR which is also required now for foreign applicants.

The requirement for judging of the expected economic outlook of a new bank on the domestic banking market should be no longer in force. In addition, the position of domestic and foreign investors is equalised in respect of approval for establishment or increase of capital share in banks in accordance with the section 16 of the Banking Act.

The content of this article is intended to provide a general guide to the subject matter. It is therefore not a substitute for specialist advice.

For further information contact Ruth Clamp, Arthur Andersen Bratislava on tel: +421 7 5340 545, fax: +421 7 5340 542 or e:mail directly to ruth.a.clamp@ArthurAndersen.com or enter text search 'Arthur Andersen' and 'Business Monitor'.