National Property Fund to be shut down as of January

The National Property Fund (FNM) will be shut down as of January 1 without any replacement, informed Prime Minister Robert Fico. The Fund was set up in 1991 as the state's principal body to deal with privatisation of state-run businesses and property. The National Property Fund has ceased to fulfil its basic role in the privatisation process. As privatisation of state property is not considered in the future in such an extent, there is therefore no need for the existence of a separate entity designated for privatisation activities, stated the Ministry of Economy, which has prepared the draft bill abolishing the Fund. "Everything that remains unresolved from the National Property Fund will be dealt with by the Economy Ministry", said Prime Minister Robert Fico, adding that it isn't necessary to set up any caretaker body to deal with the agenda.