The amended Banking Act includes, besides the adjustments indispensable for forming the European Bank Union, two Slovenian specialties. In future a licence for performing supervision in banks will have to be obtained also by members of supervisory boards, and not only by members of management boards as until now. The system of exchange of information on credit ratings of clients will be transferred from the banks to the Bank of Slovenia.
At European level the proposed act brings, besides safe, prudent and transparent managing and supervision of the banks, also the following novelties: in future every bank will have to establish, on its own, more efficient processes for risk management, containing plans for possible recovery. The other novelty refers to fines. The Bank of Slovenia is entitled to impose financial penalties in the amount of up to twice the amount of profit gained by violation, or up to 10% of the annual net turnover.
In future the fine can be imposed also to the members of the managing boards or supervisory boards when prejudicial operation is detected; the highest penalty to be imposed being 5 million euros. The banks won't be allowed to rely only on external credit ratings assessments during the process of granting a loan, but will have to consider other information as well. And welcome news for all depositaries: in compliance with the proposed act all bank deposits should be protected, and not only deposits up to 100,000, as until now.