Embassy of the RS Budapest /Newsroom /

Slovenia passed a legislative act on the repayment of unpaid foreign currency savings

At its session on 22 June 2015, the Slovenian National Assembly passed an act on the execution of the judgment of the European Court of Human Rights regarding Case No. 60642/08 (Ališić and others). The act was passed within the deadline imposed by the Court, with Slovenia implementing the legal basis for the verification and payment of unpaid foreign currency savings with the Sarajevo and Zagreb main branches of Ljubljanska Banka.

With this act, Slovenia also undertakes to pay the interest on the savings, set at 6% for 1992, and at 1.79% per year from the beginning of 1993 to the end of 2015. The interest for the period from 1 January 2016 until repayment equals the overnight rate for household savings published in the Monthly Bulletin of the Bank of Slovenia. The interest rate was set with a view to preserving the value of savers' assets.

The verification mechanism will be set up as a simple administrative procedure with certain modifications. The Succession Fund of the Republic of Slovenia has been appointed as the competent authority. The application, complaint and decision under the verification procedure are free of administrative fees.

A public call for verification requests will be issued by the Ministry of Finance by 2 November 2015 and published in the Official Gazette of the Republic of Slovenia, in at least two major daily newspapers published throughout the territories of Croatia and Bosnia and Herzegovina, including on the web site of the Ministry of Finance. The public call will provide details on the procedure for submitting requests.

The period for submitting verification requests is from 1 December 2015 to 31 December 2017. The Succession Fund will decide on these requests within three months as of the receipt of a complete request, and the payment will be made on the 30th day after the decision becomes final. The interest paid will be exempt from taxes in the Republic of Slovenia. The competent authority for judicial review of the administrative procedure is the Administrative Court of the Republic of Slovenia.