Government Bonds
The issuing of the government securities
is carried out by the Ministry of Finance
on behalf of the issuer, i.e. the Republic
of Slovenia.
The total nominal amounts of government
securities to be issued during one year
are defined in the yearly financing program,
which is prepared by the Ministry of Finance
and approved by the government at the end
of each year following the approval of
the budget laws by the parliament.
The yearly borrowing quota is the sum
of budget deficit and repayments of principals.
Since the year 2001 almost the total borrowing
quota has been funded by issues of government
securities. Only marginal amounts have
been funded by drawdowns of multilateral
financing organizations loans incurred
in the previous years. Until (and including)
the year 2001 government bonds were issued
both, in the local market as well as in
the form of eurobonds in the international
financial market. Since 2001 all government
securities have been issued in the local
market.
The Form
The local securities exist as dematerialised
securities in book-entry form registered
on the holders accounts in the central
securities registry maintained by the local
CSD, the KDD – Central Clearing and Depository
Corporation Inc., Ljubljana. The method
of issue and transfer of dematerialised
securities is governed by the Dematerialised
Securities Act1 (DSA)
and KDD Operation Rules and Regulations2.
On the basis of the official authorisation
extended pursuant to Article 3 of DSA,
the central registry of dematerialised
securities is maintained by KDD. To issuers
of dematerialised securities, KDD provides
services related to maintenance of the
central registry as well as to issue, cancellation
and exchanges of securities.
The transfer of securities issued into
the KDD central registry is executed by
holders through KDD members. The list
of KDD members is published on the KDD
website at http://www.kdd.si/issuers/members/list
The government securities are freely transferable
by the securities holder's transfer order
which is executed in the central registry
by the holder's registry member. For a more
detailed information please refer to KDD
Operations.
Eurobond Notes are in bearer form, in
the denominations of €1,000, €10,000, €100,000.
1:
Dematerialised
Securities Act (published in the Official
Gazette of the Republic of Slovenia
No.23 on March 8, 1999); the complete
text of the Act in English is accessible
at http://www.kdd.si/att/ZNVP_eng.pdf
; DSA is under revision to adjust it
inter alia with the directive 98/26/EC
and to introduce a more clear and operational
cancellation of securities after redemption;
the proposal on changes of DSA is in
government approval procedure 2: Complete
texts of KDD Rules, Regulations and
Tariff are published on the KDD website http://www.kdd.si/?lang=en
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