Nova KBM informs the public that today, 12 December 2013, it has received the report on the results of the asset quality review and stress tests that were conducted by independent international experts.
An adequate legal basis for the recapitalisation of Nova KBM is provided, and the Ministry of Finance of the Republic of Slovenia (as the largest shareholder) has the funds available to recapitalise Nova KBM within the shortest possible time. The approval of the European Commission for the recapitalisation, based on which the Republic of Slovenia will subscribe and pay for new Nova KBM shares, is expected to be given in the next couple of days.
Apart from measures imposed on it by the competent authorities, Nova KBM is continuing to implement steps necessary to strengthen its capital position, in accordance with the adopted action plan, and is operationally ready to transfer its bad loans to the Bank Assets Management Company. In addition, the restructuring of Nova KBM and the Nova KBM Group is running according to the plan that was submitted to the European Commission in spring this year. Ensuring stability and reliability of operations remains the prime concern of the Nova KBM Management Board.
The results of the asset quality review and stress tests have no impact whatsoever on the regular operations of Nova KBM with its customers. Nova KBM remains a stable financial institution with a strong liquidity position. All customer deposits placed with Nova KBM remain safe and secure. The current terms and conditions applicable to the services provided by Nova KBM, including payment and ATM transactions, remain in effect, and Nova KBM will continue to be open for business as normal.
The full report on the due diligence review carried out in Slovene banks is available on the Bank of Slovenia website.
Detailed information on the results of stress tests for Nova KBM is included in the attached document.
