Government approves the act on the repayment of LB savers
The act stipulates the assumption of responsibilities of Ljubljanska banka d.d. Ljubljana towards eligible holders of old foreign currency savings, which means that Slovenia does not consider the liabilities to holders of old foreign currency deposits in Ljubljanska banka Sarajevo main branch and Ljubljanska banka Zagreb main branch its own debt and liability. Old foreign-currency saving is defined as the claims on the branches of Ljubljanska banka in Sarajevo and Zagreb on foreign currency deposits and foreign currency savings accounts as of 31 December 1991, including contract interest up to this date, ,reduced by the bank’s payments after this date, outstanding liabilities of the saver to the bank, the sum of transferred foreign currency deposits in accordance with legislation in the countries where both branches operated and payments made after 31 December 1991 on any basis. With the act, Slovenia assumes the responsibility to repay interest on old foreign currency savings at 6% in 1992, 1.79% annually from the beginning of 1993 to the end of 2015, and for the period after 1 January in accordance with the overnight interest rates for households published in the monthly bulletin of the Bank of Slovenia. The conversion of foreign currencies into euros is made according to the exchange rate between currencies in the euro area as of 1 January 1999, and the remainder in accordance with the exchange rate valid on the day the act is enforced. Those eligible for repayment will be natural persons that had old foreign currency deposits in both branches as of 31 December 1991 and their heirs, while natural persons that assumed the claim based on a valid legal transaction will also be eligible under certain conditions. All this is based on the supposition that the old foreign currency deposit has not yet been transferred, repaid or used on any basis. The verification procedure will be a simple administrative procedure with some modifications (issuing the informative calculation, which will be considered final if it is not contested).