Act on State Treasury

Act No. 291/2002 Coll. on the State Treasury and amending and supplementing certain other acts

This act regulates establishment and competences of the State Treasury, establishment and competences of the Agency for Debt Management (the ``Agency''), a system of the State Treasury, relation of the State Treasury with a client of the State Treasury, relations of the State Treasury with the Ministry of Finance of the Slovak Republic (the ``Ministry''), with the Agency and the National Bank of Slovakia.

The Act defines terms such as a system of the State Treasury, entry into an obligation and central register of property in the ownership of the Slovak Republic.

A client of the State Treasury shall mean a state budgetary organisation and a state contributory organisation, a public higher educational institution, a state fund, the Social Insurance Company, a health insurance company, the National Labour Office, the Slovak Land Fund, an upper regional unit and a budgetary organisation of the upper regional unit.

Under conditions stipulated by the Act, the Ministry, the Slovak Broadcasting, the Slovak Television and the National Property Fund of the Slovak Republic are deemed to be the clients as well.

For programmes funded from resources of the European Communities, a legal entity with which an implementary agency is established, is also deemed to be a client.

The Act establishes the State Treasury as a budgetary organisation, linked to the state budget through a budgetary unit of the Ministry. The aim of the State Treasury is to provide implementation of public budget. The seat of the State Treasury is Bratislava.

The State Treasury is represented and managed by its director who is appointed and recalled by the Chairman of the Office for State Service of the Slovak Republic.

Within the scope of its activities, the State Treasury in particular (a) implements public budget, (b) draws up a financial plan of the State Treasury on the basis of a financial plan of incomes and expenses of the client and forecasts of the Tax Headquarters of the Slovak Republic and the Customs Headquarters of the Slovak Republic and provides it to the Agency, (c) continuously keeps records of financial flows on the accounts of the State Treasury and of financial operations in the financial markets, (d) makes payments related to the provision and repayment of loans and returnable financial aids of the client, (e) makes payments related to the repayment of credits and loans upon the government's approval in accordance with the Act on State Budget for the respective budgetary year, (f) expresses its opinion on a proposal for the state debt management strategy, (g) makes payments related to provided state guarantees, and (h) opens accounts of the State Treasury in Slovak crowns and in foreign currency with the National Bank of Slovakia.

Furthermore, the State Treasury (a) keeps and administrates accounts of the client on the basis of an agreement, and (b) pays interests on the basis of an agreement on (1) continuous credit balance in the account of the Social Insurance Company, account of the National Labour Office, accounts of health insurance companies, account of the National Property Fund of the Slovak Republic, account of the Slovak Land Fund and in the account of internal organisational unit, (2) up on the request temporarily free funds kept in the account of the client under section 1 lett. (b) above, (3) continuous credit balance in the foreign currency account of the funds from the European Communities of the client, i.e. the Ministry or an implementation agency, if their accounts are not opened with the National Bank of Slovakia.

The execution and clearing of domestic direct payments of the client, provision of domestic cash payments of the client and provision of foreign payments through the National Bank of Slovakia also belong to the activities of the State Treasury.

In addition, the State Treasury keeps a central register of state property, provides documents and information to the Ministry and provides the legal entities that are the founders of the client with information on status and operations in the accounts of such client, and provides information under special regulations.

This Act also establishes the Agency that is a body of state administration for debt and liquidity management as a budgetary organisation, linked to the state budget through a budgetary unit of the Ministry, with its seat in Bratislava. The Agency is a trader in securities under the Act on Securities and Investment Services.

In connection with this Act, certain other acts have been also amended, e.g. the Act on Securities, Act on Employment, Act on Taxes and Fees Administration, etc..

This Act repeals the previously valid Act No. 42/1993 Coll. on the State Treasury.

This Act came into force on 1 July 2002, save for certain provisions which came into force as of 1 December 2002, 1 January 2003 and certain provisions which will become effective as of 1 January 2004.

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