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Actual themes – archive

Termination of arbitration with U.S. Steel

23. 06. 2014

On June 16, 2014 the tribunal in the arbitration U.S. Steel vs. Slovak Republic took note of the withdrawal of U.S. Steel’s claim, without prejudice to the right to refile a claim, on the terms agreed by the disputing parties and declared the arbitration terminated. As mutually agreed by the parties, each party shall bear its own costs and expenses for its participation in the arbitration.

Announcement about denial of benefits to Adams & Co. Inc. by the Slovak Republic

23. 10. 2014

23 October 2014, Bratislava. Yesterday (22 October 2014), the Slovak Republic exercised its right under the Treaty between the United States of America and the Czech and Slovak Federal Republic Concerning the Reciprocal Encouragement and Protection of Investments, signed on 22 October 1991 (the “Treaty”) to deny the benefits of the Treaty to Adams & Co. Inc. (‘Adams’), a company incorporated in the United States.

International Investment Bank has successfully tapped the Slovak domestic market with a debut international bond issue in the amount of EUR 30 million

24. 10. 2014

Bratislava, October 21, 2014

International Investment Bank has successfully tapped the Slovak domestic market with a debut international bond issue in the amount of EUR 30 million

On October 14, 2014, the International Investment Bank (“the IIB“, ”the Bank“), rated “A3” by Moody's (Stable) and ”BBB-“ by Fitch (Negative), successfully issued a 5-year bond targeted at professional and institutional clients. Tatra banka (member of Raiffeisen Bank International Group) was the sole lead manager for this bond transaction.

The EUR 30 million bond offering is priced at par with a 3.50% fixed coupon and matures on October 21, 2019.

Slovak Republic welcomes decision by the European Commission

18. 06. 2015

Slovak Republic welcomes decision by the European Commission to start infringement proceedings against it and other EU Member States over controversial bilateral investment treaties concluded between EU Member States

Slovakia Won Arbitration Dispute with Achmea

26. 05. 2014

The arbitral tribunal announced that the design and implementation of its public health policy is for the State alone to assess. Moreover, it stated that it is not empowered to intervene in the democratic process of a sovereign state and concluded that it has no jurisdiction over the dispute.

Slovak labour market in 2009

07. 02. 2011


While the percentage decrease in employment in Slovakia was larger than the EU average, after controlling for decline in economic activity (fall in GDP), the size of job losses in Slovakia is in line with the EU average. However, the decline in overall labor input was among the highest in EU27.

The Slovak Republic Denies Benefits to EuroGas, Inc.

21. 12. 2012

21 December 2012, Bratislava. Today, the Slovak Republic exercised its right under the Treaty between the United States of America and the Czech and Slovak Federal Republic Concerning the Reciprocal Encouragement and Protection of Investments, signed on 22 October 1991 (the “Treaty”) to deny the benefits of the Treaty to EuroGas, Inc (“EuroGas”), a company allegedly incorporated in the United States.

The Slovak Republic Wins Fourth Successive Investment Dispute against Foreign Investors

03. 05. 2012

On 23 April 2012 an arbitral tribunal rendered a final arbitration award on the merits of the case concerning an international investment dispute between Dutch nationals A. J. Oostergetel and T. Laurentius (claimants) and the Slovak Republic, by which it dismissed all claims against the Slovak Republic.

The Slovak Republic wins first health insurance case.

24. 10. 2011

In the international investment arbitration HICEE B.V. v. the Slovak Republic, the arbitral tribunal rendered on 17, October 2011 its final award that concluded the case in favor of the Slovak Republic.

Slovak Republic remains strong, but unemployment risks remain, OECD says

10. 12. 2012

The Slovak Republic recovered strongly from the global economic crisis and appears to be weathering the storm that has struck its main European trading partners. The challenge going forward will be restoring public finances while driving down unemployment and fostering long-term inclusive growth, according to the OECD’s latest Economic Survey of the Slovak Republic.

Interim Macroeconomic Forecast

31. 08. 2011

GDP growth is expected to be lower by 1 ppt and make an additional pressure on the public finances in the size of  240m EUR in 2012 in order to maintain 3.8% GDP deficit target

 In the wake of dramatic turbulence on the financial markets during the past month and likely global economic slow down, FPI has acceded to the release of the interim macroeconomic forecast. GDP estimate has been adjusted downwards on the whole horizon of the prognosis. Slower economic growth is estimated to result in the additional shortfall on the revenue side of the public finances in the amount of 202m Eur in 2012.

Concluding Statement of the Mission IMF Bratislava, April 11, 2011

12. 04. 2011

Slovakia has swiftly recovered from a deep recession, and is facing a favorable medium-term macroeconomic outlook, with real GDP projected to grow by around 4 percent per year. The policy focus should shift from crisis response to enhancing the foundations for long-term growth and stability. The main challenges will be to correct the crisis-induced underlying deterioration in the fiscal position, prevent credit boom-bust cycles, reduce the high unemployment and maintain strong productivity growth. Following important fiscal adjustment this year, consolidation will need to continue during 2012–13 with a view to bringing the government deficit below 3 percent of GDP in 2013. Achieving this challenging target will require a careful consideration of the composition of the adjustment efforts.

Forgotten Principles

15. 04. 2011


The beefing up of the EFSF will not solve this fundamental problem. The loan to Greece was the first wrongly pushed button, the EFSF was the second, and the contemplated top-up of the EFSF would be the third... If we really want to solve the problem, instead of just rolling it over, we must to go back to those simple, yet utterly important, rules and principles.

Slovak economy - monthly indicators

22. 12. 2010




Monthly indicators imply a positive trend for Slovak industrial production in the upcoming period. However, the job creation remains subdued for now.

EURAM against the Slovak Republic

31. 08. 2010

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Output gap

26. 04. 2010

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The Direction Is Clear: Consolidate!

26. 02. 2010

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Finance Ministry Wins the National Quality Award

22. 02. 2010

 

The Ministry of Finance of the Slovak Republic was chosen the winner  of the C1 category (public administration organisations).  The award is an acknowledgment of the qualified work performed by all employees of the ministry.

Deciding on future (in)stability

15. 12. 2009

A new government to be formed after the next year’s general election will get a first-hand experience of how it feels to have consolidated public finance and macroeconomic stability, or, alternatively, how it feels to have unconsolidated public finance running a large deficit, with budgetary funds not primarily spent on development (because there will be no funds left), but rather on government debt service and unemployment benefits paid to the army of the jobless.

Slovak Republic To Help Western Balkans

22. 09. 2009

Slovakia’s success with public finance reform will now serve as a resource for countries that need help in that sector. Ján Počiatek, Slovak Finance Minister and Jens Wandel, Deputy Regional Director and Regional Centre Director of the United Nations Development Programme’s Bratislava Regional Centre for Europe and the CIS and signed a Memorandum of Understanding with the Government of the Slovak Republic to work together on helping other countries with public finance.

The Slovak Republic Denies Benefits to EuroGas, Inc.

21. 12. 2012

21 December 2012, Bratislava. Today, the Slovak Republic exercised its right under the Treaty between the United States of America and the Czech and Slovak Federal Republic Concerning the Reciprocal Encouragement and Protection of Investments, signed on 22 October 1991 (the “Treaty”) to deny the benefits of the Treaty to EuroGas, Inc (“EuroGas”), a company allegedly incorporated in the United States.

IMF: Consultation mission - Concluding Statement

03. 07. 2009

Against the projected frail economic conditions in the euro area through 2009, real GDP is projected to shrink significantly this year - around 4,5 percent. Although the collapse of external demand is at the origin of the downturn, a drop in confidence and employment and tighter lending conditions will also dampen private consumption and investment. Downside and upside risks around the forecast are broadly balanced.

No Excessive Price Increases as a Result of Euro Adoption

19. 06. 2009


According to the most recent analysis of the National Bank of Slovakia (NBS), the euro adoption in Slovakia pushed the prices up by only 0.15 pts on a total inflation of 2.7 percent. In absolute terms, if the price of a ten-euro goods in January 2009 rose by 27 cents year-on-year, only 1.5 cent of that increase, i.e. one twentieth, is attributable to the euro adoption.

Slovakia has an eGovernment concept

02. 12. 2008

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Euro conversion in the banking sector in Slovakia is proceeding successfully

08. 04. 2009

 

Slovak Republic has on January 1, 2009, adopted the common European currency. Conversion of the systems in the banking sector is proceeding smoothly and there have been no unforeseen situations so far.

Dual Circulation of the Euro and Slovak koruna: Common Sense More than Law

02. 01. 2009

The following lines are not intended to relativise the rule of law and definitely not to cast doubt on the obligation to comply with every part of the country's legislation. Rather than that, these lines aim to discuss the issues which can be found even in the most perfect of all legislations and which can only be regulated with difficulties. These issues include, for instance, cash circulation and standard application of its rules.

Toll-free information phone line for questions about the euro

02. 12. 2008

The information line is accessible on working days from 8 a.m. to 6 p.m. Outside working hours, including at weekends and on holidays, an automatic answering system is available to clients, providing answers to frequently asked questions. The set of questions and answers is regularly updated. Euro Info line at 0800 103 104

The most frequently asked questions with regard to the introduction of the Euro

02. 12. 2008



The Office of the Government Representative for the Introduction of the Euro has supplemented its website with answers to the most frequently asked questions related to the introduction of the Euro. The answers are divided into three main groups: for citizens, entrepreneurs, and self-governing bodies.

European Commission: Slovakia Allowed to Adopt the Euro

24. 09. 2008


In its Convergence Report of 7 May 2008, the European Commission stated that Slovakia has fulfilled the Maastricht criteria in a sustainable way and recommended that Slovakia join the Eurozone as of January 2009 as its 16th member. Based on an EC assessment and the report prepared by the European Central Bank, the Commission suggests that Slovakia adopt the euro in 2009.

Audit Oversight Authority

05. 06. 2008

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Local taxes

26. 02. 2008

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Handbooks will make the conversion to the Euro easier for the public administration

06. 09. 2007



On the premises of the Slovak Republic Ministry of Finance (MF), on 4 July 2007, there was a meeting of the Working Group for the Introduction of the Euro in the Public Administration, chaired by František Palko, the State Secretary.  

OECD: With the successful adoption of the Euro, Slovakia will become a Slavic economic tiger

09. 08. 2007


Thanks to its reforms, Slovakia’s economy has been growing significantly over recent years, but there is still a long way to go to meet the goal of ensuring that gross domestic product per capita reaches the level of western countries. The unemployment rate has been decreasing markedly, productivity has increased rapidly, and Slovakia is on track to meet the Maastricht criteria and join the European Monetary Union in 2009.

The EU 2008 budget: Research is given green light

11. 10. 2007



The Council of the Ministers of Finance of the EU at a common meeting with the Financial Committee of the European Parliament dealt with the Union’s budget draft for 2008. The attitude of the finance ministers to the draft, prepared by the European Commission (EC), represents two important moments.  

Budgetary policy in Slovakia is trustworthy

09. 08. 2007



The government of the Slovak Republic has undertaken, in its programme declaration, to meet its obligations arising from the reformed Stability and Growth Pact (PSG), according to which it is necessary to decrease the public finance deficit by half a GDP percentage point annually.

Corporate franchise tax increases

11. 05. 2007

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IMF: Prospects for euro adoption are very good

11. 05. 2007

The Slovak economy is moving forward successfully, and the prospects for the adoption of the euro are very good. These are the most important findings by the IMF Mission, the conclusions of which were, following a meeting with Finance Minister Ján Počiatek and Governor of the National Bank of Slovakia, Ivan Šramko, presented by Biswajit Benerjee, Head of the IMF Mission for Slovakia, and Willy Kiekens, IMF Executive Director, Belgium.

IMF: Slovakia has become one of Central Europe's strongest economic performers

11. 05. 2007



Slovakia has become one of Central Europe's strongest economic performers over the past few years. The new government's demonstrated commitment to the continuation of prudent policies aimed at ensuring euro adoption in January 2009 has secured investor confidence and should help sustain this status.

Macroeconomic forecasts for the Slovak economy

26. 03. 2007




The Financial Policy Institute, coming under the Ministry of Finance, is liable for the preparation and updating of short-term and medium-term macroeconomic forecasts for the Slovak economy.

Parliament approved the State Budget for 2007

05. 02. 2007


The Slovak Minister of Finance, Ján Počiatek, expressed his satisfaction that the State Budget for 2007 had been approved, and adjudged the related debate to be relevant, with a minimal number of political disputes. According to Počiatek, the budget thus introduced creates a structure for future stable high economic growth and at the same time makes room for Slovakia's accession to the Euro-zone in 2009.

From January 2007, income tax will be partially modified

20. 12. 2006

At the beginning of its December session, the National Council of the SR adopted an amendment to the Income Tax Act.

How to maintain record growth

20. 12. 2006

Much still needs to be done for Slovakia to rapidly become part of the group of rich European countries. The establishment of a prosperous knowledge-based economy, as outlined above, is critically important for the Slovak economy to continue breaking records in the future.

The economical growth of the Slovak Republic is second highest in EU

08. 12. 2006



Gross domestic product (GDP) of the Slovak Republic has risen in the second quarter of this year year-on-year by 6.6 %.  This follows from the first estimate of the Statistical Office of the European Communities Eurostat based on the information from data not adjusted by seasonal influences.

A new reference rate for the field of state aid

22. 09. 2006

The European commission uses various economical indicators within the scope of authorisation check, in which also belong so called reference rate and interest rate related to the return of state aid.  The reference rate is used to calculate state the aid granted in relevant European member states in several instalments and state aid resulting from loans at preferential interest rate. The reference rate should mirror the average level of valid interest rates in mid- and long-term loans (5 – 10 years) secured in the usual way.

Implementation of uniform state reporting and accrual accounting

22. 09. 2006

The new accounting and reporting methodology in the public sector organizations will enable more effective administration of public funds and full harmonization of the accounting of these organizations with IPSAS. Furthermore, the financial statements of the public sector organizations will be more understandable for the public.

The Ministry of Finance of the Slovak Republic belongs to Europe’s elite

01. 08. 2006

The fundamental aim of the financial department has become the creation of conditions and rules leading to permanent improvement in the management of public institutions. The success of this aim was confirmed by the high-quality Recognised for Excellence award within the European EFQM quality model.

Healthy development of public finance continues

15. 06. 2006


The very good public finance results in 2005, which were also confirmed by Eurostat, and the continuation of the positive trends this year, confirm the healthy development of public finance in Slovakia. Between 2002 and 2005, i.e. for three years, the deficit (leaving aside the impact of one-off factors) was reduced by 3.3 % of GNP. Tax returns submitted at the end of March confirmed the positive development following the implementation of the flat-rate tax.

The knowledge economy is the key to Slovakia’s success

19. 05. 2006

The future of Slovakia’s competitiveness as well as that of the whole European Union (EU) rests in particular in the knowledge economy.  This was the statement made by the European Commission (EC) Chairman, José Manuel Barroso, in his speech at the conference Successes and Challenges for Slovakia on its Way to the Knowledge Economy, in Bratislava, 11.04.2006.

The actions of the Ministry of Finance have been successful

19. 05. 2006



Tax reform, fiscal decentralisation, public finance reform and audit, bringing about more efficient activities of the Office of the Ministry of Finance and leading to the award of an international certificate of quality, EFQM - these are the main successes achieved during the terminal functional period of the Government.

Future generations’ debt is smaller again

19. 05. 2006



The economic growth of the Slovak Republic in 2005 increased yet again, despite the weaker recovery of the EU economy, and it has reached the highest level since 1996. Several direct and indirect effects of the reforms carried out in 2003 and 2004 could be felt to a larger extent during 2005.

Slovakia is not endangered by post-election saving measures

19. 05. 2006

The rapid and healthy economic growth based on the successful development of the private sector clearly shows that the Slovak economy will not need additional growth impulses on the part of public finance in the near future. On the contrary, in such a situation, the public finance should be focused on reduction of the deficit and public debt.

Macroeconomic forecasts

04. 05. 2006

The FINANCIAL POLICY INSTITUTE (FPI), coming under the Ministry of Finance, is liable for the preparation and updating of short-term and medium-term macroeconomic forecasts for the Slovak economy.
Medium-term forecasts serve as a basis for compiling a multiple-budget of public finance and for preparing or updating the Convergence Programme of the Slovak Republic.

The approved budget for the year 2006 is responsible

10. 03. 2006

The National Council of the Slovak Republic approved the draft state budget for the year 2006 with a deficit of SKK 57.468 billion. Total receipts in this year are budgeted to the amount of SKK 272.717 billion while having total state budget expenditures at the level of SKK 330.185 billion. The public finance deficit calculated according to ESA 95 method, without inclusion of pension reform costs, should reach 2.9 % of the estimated gross domestic product in this year.

19% in operation – the first year of the tax reform

18. 01. 2006

If we were to compare the Slovak reforms to a fleet, we could certainly identify the tax reform, popularly known and also called in its abbreviated form as “the flat tax”, as the flagship of this fleet.  It is necessary to view this reform in context with the other changes and reforms which have taken place in the economic policy of Slovakia during recent years and thanks to which Slovakia has gained international recognition in the field of economics.

The Office of the Ministry of Finance gained international recognition

29. 11. 2005

MF SR was the subject of a complex audit several weeks ago, following several years of demanding improvement, and the Office of MF SR obtained EFQM certificate Level I. It has, thereby, become an organisation with an internationally recognised level of quality for its operations. The Office of the MF SR is the first central institution of a state in Europe to obtain such a level.

Ivan Mikloš introduced “Book of Reforms”

14. 09. 2005

Eight reforms meaning the inflow of foreign investments, creation of the new jobs, or increasing the rating of Slovakia are described by the Book of Reforms, introduced to the public by its author Ivan Mikloš, Deputy Prime Minister and Minister of Finance of the Slovak Republic and the team of his colleagues.

OECD: Slovakia catches up with richer countries

27. 09. 2005

“The results of the reforms are noticeable. Val Koromzay, OECD Member States Economics Department Director and Co-Author of the Survey said: "We assess, that the value of potential economy growth of the Slovak Republic was increased to the annual value from 5 up to 6 per cent. It is probably, behind Ireland, the second highest rate within the OECD and it can soon be the highest one within the member states of the Organisation.”

Ivan Mikloš, Minister of Finances has confirmed the fine imposed to Slovnaft, a. s. Company.

27. 09. 2005

According to § 59, section 2 and § 61, section 2 and 3 of the Law No. 71/1967 Coll. on Administrative Procedures he has refused disintegration of Slovnaft, a. s. Company, Vlčie hrdlo, 824 12, Bratislava 23 (Company Identification No. 31 322 832) dated on 21st July 2005 against the decision of the Ministry of Finance of the Slovak Republic No. MF/4689/2005-961 dated on 6th July 2005, by which the fine was imposed to Slovnaft, a. s. Company, Vlčie hrdlo, 824 12 Bratislava 23 (Comp. ID No. 31 322 832) in accordance with § 18, section, 1, letters a) and b) of the Law No. 18/1996 Coll. on prices in the wording valid in checked period, i.e. in 2002 and 2003 years and from 1st January to 30th September 2004, by the reason of breaking the price discipline in accordance with §17, section 1, letter c) of the law No. 18/1996 Coll. on prices in the wording valid on 31st December 2003 and § 17, section 1 letter d) and §

National Debt and Its Financing

22. 08. 2005

The Establishment of the Debt and Liquidity Management Agency (ARDaL) was the part of the reform measures aimed at creating aimed at creating a state-of-the-art regime of debt and liquidity regime based on the best international practice in the EU countries. 

The possibilities of reducing contributions in Slovakia

03. 08. 2005

Reducing contributions is widely discussed among the public. This analysis brings many aspects of such a measure. The emphasis is laid at the same time on demand as well as offer effects. The material ambition is first of all the enhancement of current professional discussions in pursuit of finding an optimal system in securing three partially opposing objectives: to secure adequate assistance for people in need, increase motivation of people to improve their situation through work, and to reduce the public finance deficit to a long-term sustainable level.

The distribution of the additional tax of the company U.S.Steel is transparent and according to law

03. 08. 2005

The Ministry of Finance of the Slovak Republic denies allegations of political clientelism in connection with the distribution of additional tax of the company U.S.Steel.

  Nothing is secret and the entire procedure is in accordance with the rule of law. The Government of the Slovak Republic, nor the Ministry of Finance are hiding anything. The decision of the Government and the whole material are transparently placed on the web site of the Government Office of the Slovak

First instance, the administrative authority of the Ministry of Finance of the Slovak Republic approved imposing a fine on Slovnaft

12. 07. 2005

On the basis of the Board of Appeal proposal, the Deputy Prime Minister and Finance Minister of the Slovak Republic, Ivan Mikloš, by the decision from 19th May 2005, cancelled the decision of the Ministry of Finance of the Slovak Republic from 14th February 2005, by which a fine was imposed on the company Slovnaft, a. s., for infringement of the price discipline according to the Act on prices, to the amount of SKK 1,352,975,205.00 and returned the matter to the first instance administrative authority for a review hearing and decision. 

How to make order in public finance

12. 07. 2005

The ten most important outcomes in public finance management reform

  1. Multi-year budgeting.  A three-year budget of the public administration provides substantially better information to individual public organizations, enables higher-quality planning, and therefore also more effective use of public resources. A multi-year budget likewise provides the public, including economists and financial analysts, with clear information on the medium-term objectives of economic policy
  2. Programme budgeting. The use of programme budgeting significantly improved awareness of the facts about to which spheres public funds are directed.  Also awareness of what the Government wants to achieve specifically by using taxpayers money is increased by gradual improvement in defining the objectives.