Slovak News - December 1997 - Laws Approved By Parliament - Amendment Of The Act

Parliament passed an amendment to the Act on Banks, which simplifies the process for obtaining permission for establishment of a bank.

The previous two-stage system, where the first stage was obtaining permission for establishment of a bank or its branch and the second stage was granting permission for carrying on of banking operations, was changed to one stage process.

According to the amendment, permission must be obtained to act as a bank, to receive deposits and to pay interest on these deposits, if special law does not specify otherwise.

The information in this newsletter is correct to the best of our knowledge and belief at the time of going to press. Specific advice should be sought, however, before investment and other decisions are made.

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