Business News


FinMin Meeting Investors, Credit Rating Firms in London

London/Brussels, 17 December (STA) - Finance Minister Uroš Čufer will meet representatives of investors and credit rating firms in London on Tuesday to present the country's plans on bank restructuring, which is to start in short, following the release of bank stress tests last week. Later in the day he will attend an EU financial ministerial in Brussels.

The minister will present to investors and credit rating agencies bank asset assessments and the government's measures to ensure stability of the banking system, the Finance Ministry said ahead of the minister's trip to London.

Bank stress test results showed that eight Slovenian banks would need EUR 4.8bn in the case of an adverse scenario.

The government decided to recapitalise NLB, NKBM and Abanka Vipa, the country's three biggest banks, with a total of EUR 3bn and gave other banks have half a year to boost their assets.

A day before the results were announced publicly, Slovenia launched procedures to collect EUR 1bn for the bail-out. Čufer has told the press that they "opened" several euro-bonds of various maturities. Investors have not been found yet.

The last time Slovenia raised money on international financial markets was in mid-November, when it sold EUR 1.5bn worth of bonds with 4.7% yield and 3-year maturity. The bonds were sold to a single investor.

Despite calls to reveal the name of the investor, the government refuses to do so. Prime Minister Alenka Bratušek said in the National Assembly on Monday that revealing the investor's name would make it harder for Slovenia to raise capital in the future.

Following the meetings in London, Čufer will travel to Brussels to attend a meeting of EU finance ministers dedicated to negotiations on the second pillar of the banking union - a single resolution mechanism.

You might be also interested in:

GET IN TOUCH

We are here to help you.