Two MPs to write protest letter to ECB President

The Slovak Government is jeopardising people's bank deposits with its plans to use money collected in the bank levy fund towards the purchase of shares in electricity utility Slovenske Elektrarne (SE) on top of the current state's stake of 34 percent, according to Independent MPs Juraj Miškov and Jozef Kollar. The two MPs are planning to protest against it to the European Central Bank (ECB). They pointed to a bill approved several days ago whereby money from the same fund should be used to resolve the crisis involving construction company Vahostav's inability to satisfy its non-secured creditors. According to Kollar the Deposit Protection Fund (FOV) currently has some €250 million, while the volume of bank deposits amounts to €28 billion. The deposits are therefore covered up to 0.9 percent.