Banking

Národná banka Slovenska as part of the EU's banking union

In June 2012 the European Council adopted measures to prevent an escalation of the euro area's economic crisis. The most significant change in regard to bank regulation and supervision was the establishment of a 'banking union' project based on the following three pillars:

The Single Supervisory Mechanism is a system of financial supervision that entered into operation on 4 November 2014. It comprises the European Central Bank and the national competent authorities (NCAs) of mainly euro area countries. In Slovakia, the NCA is Národná banka Slovenska (NBS).

For the purposes of the SSM banks (credit institutions) are categorised as:

  • significant - subject to direct supervision by the ECB in cooperation with NCAs; or
  • less significant - remaining subject to supervision by the respective NCA.

The criteria used to assess whether a credit institution falls within the significant or less significant category are set out in the applicable EU legislation.

The ECB's official website for banking supervision within the Single Supervisory Mechanism: bankingsupervision.europa.eu

The ECB is in charge of banking authorisations in the euro area, which covers the licensing of banks, withdrawal of banking licences and authorisation of acquisitions of qualifying holdings in banks (known collectively as "common procedures"). This remit also includes "fit and proper" assessments for significant banks, where the ECB assesses whether members of the management body are suitable to perform their role in bank. Further information about common procedures and fit and proper assessments (hereinafter collectively referred to as "SSM procedures") is published on the ECB Banking Supervision website: https://www.bankingsupervision.europa.eu/banking/tasks/authorisation/html/index.en.html

Banks can submit applications related to SSM procedures, track the status of such procedures, and exchange information with NBS and the ECB via an online platform called the IMAS Portal.

Direct supervision by NBS

Banks established in Slovakia and classified as 'less significant' remain under the direct supervision of NBS.

Financial Entities Register

A register of banks and other financial institutions operating in Slovakia can be found here. 

Legislation

Acts, decrees, recommendations and methodological guidelines applicable to banks and branches of foreign banks operating in Slovakia can be found in the section Legislation.

Act No 91/2016 on criminal liability of legal persons, which entered into force 1 July 2016, regulates the basics of criminal liability of legal persons, including types of penalties, the imposition of penalties, and criminal proceedings against legal persons. This Act also amended Act No 483/2001 on banks by adding a provision that an applicant for a banking authorisation (future bank) must not have been finally covicted of any criminal offense. The NBS Financial Market Supervision therefore advises banking authorisation applicants to take this fact into accont when drafting their application. The application must be accompanied by the legal person"s extract from the criminal record which is not older than three months. The legal person must maintain a clean criminal record for the duration of its banking authorisation.