Slovakia falls €515 million into the red


The National Bank of Slovakia on Wednesday reported a €515 million ($732 million) loss for 2010 due to a rise in write-downs for the year. The loss compares to a €70 million profit recorded in 2009.

The central bank said the loss was largely due to €673 million worth of unrealised losses from the valuation of financial instruments to market value. The central bank's Annual Report shows the write-downs came from declines in the value of derivatives, amounting to €226 million and losses on the

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