The Bank of Slovenia is the central bank of the Republic of Slovenia. It was established by the Bank of Slovenia Act, adopted on 25 June 1991. It has legal personality under public law, and freely and independently disposes of its own assets. The Bank of Slovenia is under exclusive state ownership, with autonomy in finances and governance. The Bank of Slovenia’s financial statements are audited by an independent international auditor.
The Bank of Slovenia and the members of its governing bodies are independent in performing their duties pursuant to the Bank of Slovenia Act, and are not bound by the resolutions, positions or instructions of government bodies or any other bodies, and may not refer to such bodies for guidance or instructions.
Since 1 May 2004, when Slovenia joined the European Union, the Bank of Slovenia has been a member of the European System of Central Banks (ESCB). Slovenia joined the euro on 1 January 2007, since when the Bank of Slovenia has been part of the Eurosystem, to which responsibility for monetary policy was transferred at the same time.
As of the day of the adoption of the euro as Slovenia’s currency, the Statute of the ESCB and of the ECB has been applied in full in the performance of the Bank of Slovenia’s tasks.
As a member of the Eurosystem, the Bank of Slovenia performs the following tasks in accordance with the Treaty on the Functioning of the European Union and the Statute of the ESCB and of the ECB:
- implementing the Eurosystem’s common monetary policy,
- managing the official foreign exchange reserves,
- ensuring the smooth functioning of payment systems, and
- issuing euro banknotes.
The Bank of Slovenia also performs other tasks set out by law, including:
- supervising banks and participating in the maintenance of financial stability;
- managing the Central Credit Register, the central national database of the debts of individuals and business entities;
- attending to the security of deposits and the resolution of banks;
- ensuring the supply of cash throughout Slovenia;
- managing accounts and providing payment services for the state, government bodies, public sector entities and banks;
- collecting, processing and disclosing statistical data of importance to the functioning of the monetary and financial system.
Bank of Slovenia's key areas of work and tasks:
The allocation of the excess of the Bank of Slovenia’s income over its expenses is carried out on the basis of Articles 50 and 50a of the Bank of Slovenia Act. Article 50a sets out the division of the surplus of income over expenses following the introduction of the euro as Slovenia’s currency, and stipulates that the surplus of income over expenses after the allocation of funds to the revaluation accounts should be divided between the general reserves and the state budget. Article 50 stipulates the ratio of division: 25% of the surplus of income over expenses is earmarked for the state budget, and the remainder is allocated to the Bank of Slovenia’s general reserves. Notwithstanding the above, should the Bank of Slovenia’s general reserves in the preceding year exceed 5% of its total assets, the Bank of Slovenia and the minister responsible for finance may agree that a larger proportion of the Bank of Slovenia’s income surplus be earmarked for the state budget. By contrast, should the Bank of Slovenia’s general reserves in the preceding year fall short of 1% of its total assets, the Bank of Slovenia and the minister responsible for finance may agree that a smaller share of the income surplus be earmarked for the state budget.
Table: Bank of Slovenia’s contributions to Slovenia’s state budget (EUR million)
|Bank of Slovenia surplus||Statutory contribution to state budget||Surplus actually transferred to state budget|