National Bank of Slovakia backs controversial law

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The National Bank of Slovakia (NBS) is defiantly backing an amendment to the country's Banking Act that would prohibit branches of foreign banks from providing mortgage loans, despite suggestions it could be in violation of European Union law.

The NBS, on February 26, said the amendment would protect Slovakian consumers from "serious complications" in enforcing their contracts, and Slovakian banks from suffering a competitive disadvantage.

However, the Slovak Banking Association (SBA) has

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