Interest rates
Interest rates will not change at the set date for introducing the Euro. If, in a contract, there is a fixed interest rate, this remains unchanged and the relevant part of the contract may be amended only after agreement of all contracting parties and in compliance with legislation.
If an exchange rate in a contract is linked to BRIBOR it will automatically be linked to EURIBOR. The rate SKONIA will be deemed as EONIA and the bank base rates of the National Bank of Slovakia will become MRO of the European Central Bank. On the conversion date of Slovak koruna to euro the key interest rates in Slovakia will be consistent with the key interest rates in the eurozone which will enable a smooth transformation of the Slovak money market.
These relations will be modified by a superior precept of law – the General Act which will come into force 1st January 2008.
