The Slovenian business delegation was visiting Bratislava on Thursday and Friday, and it was accompanying the Foreign Minister, Mr Karl Erjavec, who was visiting Slovakia. 

Minister Erjavec on Thursday evening at the Slovenian Embassy in the centre of Bratislava received members of the business delegation comprised of the representatives of 15 companies: Adria kombi, Datalab, Fersped, Fining, Interservice, Kolektor Etra, Luka Koper, Metrans Adria, Sinergise, Slovenija Trade, Slovenian railways – cargo traffic, TIB Transport and the Pan−Slovenian Shareholders' Association (VZMD). Some important points of view and starting points were established during an extensive discussion, among others the necessity to start building a 2nd rail line which is very important from a logistics−transport perspective – not only for Luka Koper, but also for the wider Slovenian and European business environment. Andrej Mertelj, the director of Datalab, presented an exceptional initiative for the establishment of a European competence centre for agriculture and informatics in Slovenia.   

Minister Erjavec, together with the representatives of the Slovenian Ministry for Agriculture and Environment and the Ministry of Infrastructure and Spatial Planning, listened attentively to the initiatives, plans and arguments, and he promised that the Foreign Ministry will provide support for the presented proposals.

The VZMD President, Mr Kristjan Verbič, MSc, was also attending the events in Bratislava in the framework of the endeavours of the two VZMD international business−investment programmes: Invest to Slovenia - investo.si and International Investors` Network - invest-to.net. At the reception and at the bilateral and multilateral meetings, Mr Verbič presented the two programmes which – apart from the possibility of the presentations on the investo.si, and invest-to.net web portals, promotional materials, etc. – also enable the establishment of  direct contacts with the representatives of the European Federation of Financial Services Users (EuroFinUse), the World Federation of Investors (WFI), and 57 national associations of shareholders and investors, and also with partner associations: International Knowledge Economy Network (KEN), International Centre for Promotion of Enterprises (ICPE), the European Issuers Association (EuropeanIssuers), European Business Angels Network (EBAN), the Association of the Luxembourg Fund Industry (ALFI), International Financial Litigation Network (IFLN), etc.

On Friday the members of the business delegation were attending the Slovenian−Slovakian business forum, which took place at the Ministry of Foreign Affairs of the Republic of Slovakia. Beside the Slovenian Foreign Minister, the assembled audience was in the introduction also addressed by the Secretary at the Slovakian Foreign Ministry, while the representatives of the Slovakian Investment and Trade Development Agency SARIO, the director of Datalab, Mr Andrej Mertelj, and Čedomir Bojanič, the director of the Slovenian Association of Port Logistics Providers, also presented Slovakian and Slovenian business environment in the field of information−communication technologies and logistics. The presentations were followed by two separate round−table discussions on the themes of logistics and information technology. The business forum ended with bilateral talks between Slovenian and Slovakian companies, and it was concluded by a mutual press conference of the Slovenian Foreign Minister Mr
Erjavec and the Slovakian Foreign Minister, Miroslav Lajčák.  

Otherwise Mr Verbič was attending the Bratislava conference in the framework of an intensive tour of the investo.si in invest-to.net programmes, and in the following days he will also be attending »India-Central Europe Business Forum« which will take place in New Delhi, and afterwards Mr Verbič will be present at the International Conference of the European Federation of Financial Services Users (EuroFinUse) entitled »Better Finance Manifesto« (VIDEO ANNOUNCEMENT of VZMD.tv). It is his second longer tour this year, after the one in February in the framework of which he actively participated at the 5th Congress of the Spanish Association of Minority Shareholders (AEMEC), International Investors' Conference at the Madrid Stock Exchange, and at the West African Business Investment Forum Africallia 2014, which took place in the capital of Burkina Faso Ouagadougou.

After last year's successful presentations of companies, institutions and investment projects in Astana, Almaty, Baku, Brussels, Buffalo, Bucharest, Cape Town, Dubai, Vienna, Kiev, Ljubljana, Madrid, Minsk, Moscow, New Delhi, Tokyo, Toronto and Zagreb, VZMD is planning this year to be actively present and to carry out presentations on five different continents!

VZMD kindly invites those wishing to secure their business interest by taking part in their events and activities to contact the VZMD investo.si programme coordinator by phone 031 770 771, or e-mail tratar@investo.si.

Prof Dr Peter Glavič, a representative of the Civil Society Initiative »Erased Small Shareholders of Nova KBM Bank« and of the NKBM Section at the Pan-Slovenian Shareholders' Association (VZMD), and the VZMD President Kristjan Verbič, MSc, on Tuesday addressed a letter to the President of the European Commission José Manuel Barroso, reminding him of the expropriation affecting 100.000 owners of shares at three Slovenian Banks, 2.000 owners of subordinated bonds, and indirectly also nearly 500.000 citizens (a quarter of the population) who have been saving in pension companies, fund management companies, and insurance companies. They have all been expropriated for nearly 500 million euros in total. The Republic of Slovenia (RS) has in this way, on demand from and in cooperation with the European Commission, plundered the biggest Slovenian banks and robbed their owners!

The two signers have also pointed out that none of the »crisis« countries (Greece, Ireland, Italy, Portugal, Spain) have so far invalidated the property of small investors. The shareholders of the Nova kreditna banka Maribor (NKBM) have been erased contrary to the provisions of the Constitution of the RS and the Protocol to the Convention on Human Rights and Fundamental Freedoms. The State of the Republic of Slovenia has expropriated the owners in two phases. First it oppressively devaluated their deposits (5.6 million shares, each worth 27 €, 151 M€ in total); it forbade them bank recapitalisation, while at the same time it transformed coco-bonds and 10% fixed interest on them into shares: 100 million shares each worth 1 €, and 185 million shares each worth 1,3 cents, in total 285 million shares for 102,4 M€! The book value of a share has thus dropped from 5, 37 € to 0, 76 €, and the market value has dropped to only 0, 10 €. The small investors have thus practically been pushed out of the ownership, and a 92% bank ownership has been established which then, with a special law which so far none of the EU countries has adopted, erased their shares!

Last year's review and estimation of bad debts is also extremely questionable, which is also true for the conditions of transmission on the 'bad bank' whose criteria have been dictated by the European Commission, since the European Central Bank has at that time asked The European Banking Authority (EBA) for the criteria which, at that time, had not yet been formally approved. There is a difference between the valid international accounting standards and the forced illegal criteria, and because of this difference shareholders and the owners of subordinated bonds have been expropriated – the procedure was in a stark contrast with the basic principles of the rule of law.

The Government of the RS and the Bank of Slovenia have both claimed that the European Commission is responsible for the unique expropriation of shareholders, but in the notice written by the European Commission there is no word about the necessity of expropriating shareholders. Even those countries which have accepted a bailout (Greece, Portugal, Ireland, Spain) have not erased shares and subordinated bank bonds. Germany, Belgium, Austria and other member states have even recapitalised private banks themselves, without expropriating the existing shareholders, and the European Commission did not consider it helpful. Spain and the Netherlands even had to cancel the decisions about the nullification of the shareholders' property. Dr Glavič and Mr Verbič, MSc, have emphasized in the letter to Mr Barroso that it is more than obvious that Slovenia has been treated unequally.

The expropriation of small investors is a disproportionate measure, and the implementation of the Decision of the Bank of Slovenia jeopardizes the financial stability of the capital market, the bank system, the economy and the country of the Republic of Slovenia as a whole – among other things they also caused that, before the elections into the European Parliament, Euro-sceptical political parties began to grow and gain influence because of the destruction of the social-market economy and the double-crossing of small investors caused by the finance industry, large capital and their lobbies. Therefore Dr Glavič and Mr Verbič, MSc, have suggested to the President of the European Commission to support their endeavours in order to reach an out-of-court settlement, in accordance with the Article 45 of the European Commission, excluding demands of the Articles 43 and 44.

Mr Verbič, MSc, is going to present the letter to the President of the European Commission on March 28 in the European Parliament at the international conference Better Finance, which is being prepared by the European Federation of Financial Services Users (EuroFinUse), whose active member is also VZMD. It is a part of a wider campaign »Better Finance Manifesto«, which is being managed by EuroFinUse before this year's European Parliament elections, and in the framework of which it summons all political parties to take their stand on four basic principles which have to be implemented in the next five years (VIDEO ANNOUNCEMENT which has been prepared by VZMD.tv and investo.tv).

Apart from the President of the European Commission, the letter has also been sent to the attention of: Michel Barnier, the European Commissioner for Internal Market and Services; Dr Janez Potočnik, Slovene Commissioner for Environment; Slovene Members of Parliament Tanja Fajon, MSc, Dr Romana Jordan, Jelko Kacin, Mojca Kleva Kekuš, MSc,  Zofija Mazej Kukovič, Alojz Peterle, Ivo Vajgl, Dr Milan Zver; vice president of European Investment Bank Anton Rop, MSc; and a member of the European Court of Auditors Milan M. Cvikl, MSc.

You can see the entire letter by clicking the photo of the document. 

The West African Business Development Forum Africallia 2014 took place last week in Ouagadougou, the capital of Burkina Faso. Many distinguished regional and international representatives of states, institutions, and companies were attending the extremely well-visited forum. Apart from 240 African companies, there were at least 160 companies from all over the world present at the forum. In the introduction the assembled audience was also addressed by, among others, the following guest-speakers: Luc Adolphe Tiao, the Prime Minister of Burkina Faso; Alizèta Ouedraogo, the president of the Chamber of Commerce of Burkina Faso; Christophe Dabire, a representative of the West African Economic and Monetary Union (UEMOA); Ginette Nzau-Muteta, a representative of the African Development Bank Group; Bettina Acquier, a representative of the Futurallia organisation; and  Gaspard Ouedraogo, the president of the Forum Africallia Organisational Committee.   

Burkina Faso is a member of the West African Economic and Monetary Union (UEMOA), which represents a common market for eight West African states which have more than 100 million inhabitants altogether. UEMOA, which comprises Benin, Burkina Faso, Ivory Coast, Guinea Bissau, Mali, Niger, Senegal and Togo, was established at the beginning of 1994, primarily with an aim to increase competitiveness through the common market, coordination of the member states' economic policies, and the supervision and harmonisation of the fiscal policies. These countries are considered to be very promising countries, and they have gained considerable attention from various foreign multinational corporations.

The forum was also attended by a Slovenian delegation which was present at the event in the framework of the successfully organised business trip that had been arranged by Public Agency SPIRIT Slovenia. The following representatives of the Slovenian delegation attended the forum: Tina Lukan, SPIRIT Slovenia; Ivo Boscarol, Pipistrel company CEO; Roman Žnidarič and Boris Lipovšek, Cetis company representatives, and VZMD President Kristjan Verbič, M.Sc.  (in the photo at Friday's gala dinner).

After the successful collaboration at the fifth congress of the Spanish Association of Minority Shareholders (AEMEC) and the international investment conference at the Madrid Stock Exchange, Mr. Verbič carried out numerous B2B talks in Ouagadougu, with, among others, the representatives of the following institutions:  International Consulting and Investment Group (Burkina Faso), Taiwan-Africa Business Association (Taiwan), Togo Chamber of Commerce (Togo), World Trade Centre Istanbul (Turkey) and CVS SPRL (Democratic Republic of Congo), Ivory Coast Chamber of Commerce, International Cabinet of Consulting and Brokerage (Morocco), and Afrique Agro-Export Association (AAFEX)(Senegal). These B2B talks were held in the framework of the two VZMD international business-investment programmes Invest to Slovenia (investo.si) and International Investors` Network (invest-to.net).     

After actively participating in the last year's international conference Europe for Africa & Africa for World in Ljubljana, and after the Global KEN Forum international conference in Cape Town, VZMD, by participating at this event, substantially expands endeavours and activities of investo.si and invest-to.net programmes in the area of Africa which has huge potential and many opportunities for the future.

After last year's successful presentations of companies, institutions and investment projects in Astana, Almaty, Baku, Brussels, Buffalo, Bucharest, Cape Town, Dubai, Vienna, Kiev, Ljubljana, Madrid, Minsk, Moscow, New Delhi, Tokyo, Toronto and Zagreb, VZMD is planning this year to be actively present and to carry out presentations on five different continents!

VZMD kindly invites those wishing to secure their business interest by taking part in their events and activities to contact the VZMD investo.si programme coordinator by phone 031 770 771, or e-mail tratar@investo.si.

The European Federation of Financial Services Users (EuroFinUse), of which the Pan-Slovenian Shareholders' Association (VZMD) is also an active member, has announced the campaign »Better Finance Manifesto« in the framework of which it summons all political parties to take their stand on the four basic principles that need to be implemented in the next five years. EuroFinUse announced the campaign before the upcoming European elections. The manifesto will be presented at the international conference in the European Parliament, which will take place on March 28th in Brussels. EuroFinUse kindly invites all to join the »Better Finance Manifesto« endeavours either by directly participating at the conference, or by contributing their opinions and ideas, and by supporting the campaign via websites and Facebook.

EuroFinUse is starting the campaign with a concise and eloquent VIDEO ANNOUNCEMENT which has been prepared by the VZMD.tv and investo.tv teams. Some important points have been emphasized in the announcement, among them the fact that households are the main source of funds for financial investments. Another fact accentuated in the announcement is that trust into the financial system has been in great deal lost. It was lost after the crisis in 2008 that, in many cases, on one hand and in many cases led to »privatising profits« gained by small elite circles, and on the other hand the crisis led to »socializing losses«. It is time for European politicians and regulators to now combine their existing focus on financial stability with a new focus on fairness and on shoring up the real economy by engaging in the protection of savers.   

The four main principles of the »Better Finance Manifesto« campaign are:

FIRSTLY: Ensure households provide adequate long-term savings for the real economy

In EuroFinUse they have been warning that the ongoing destruction of the real value of households' savings has to come to an end. It is necessary to promote the role and involvement of individual shareholders in the long-term financing of the EU economy through enhancing minority shareholders' rights and facilitating the exercise of their voting rights, especially for cross border voting. It is necessary to promote equities as an adequate, simple, cheap, liquid and transparent long term investment tool. Capital markets (equities and bonds) should return to their natural participants – end investors and non-financial issuers. It is important to improve the governance of listed companies and investment intermediaries to avoid situations where executives depart with huge bonuses and non-insider shareholders and taxpayers end up with many more billions of losses.

SECONDLY: It is crucial to improve and harmonise savers' and investors' protection, whatever the product and whoever the distributor.

All EU citizens should be allowed the access to unbiased and cost-efficient financial advice, whilst at the same time ensuring direct access for citizens to capital markets. It is vital to achieve a »level playing field« for pre-contractual information for investment products, regardless of the type of the product, whether it is a simple investment or a more complex financial product.

THIRDLY: Further improvement of the European financial supervision and enforcement

FOURTHLY: Stop tax discrimination against European savers.

Individual investors and other real economy financial users have to be exempt from all FTTs (financial transaction taxes). It is necessary to put an end to the double taxation of cross-border dividends. Taxation above 100% of real income from savings has to be forbidden.

After Thursday's fifth Congress of the Spanish Association of individual investors and shareholders (AEMEC), the International Investment Conference took place at the Stock Exchange in Madrid on Friday. The conference was prepared by the above mentioned association in cooperation with the European Federation of Financial Services Users (EuroFinUse). At Thursday's gala event AEMEC awards were also granted to, among others, MAPFRE Insurance Company and Jazztel telecommunication company. The award for the scientific work in the field of shareholders' protection was given to attorney Bercovitz Alberto Rodriguez-Cano, and European Aeronautic Defence and Space Company EADS (Airbus Group) was given the EuroFinUse »Shareholders-friendly Award«, which was in 2011 and 2012 also given to two Slovenian companies (EXCLUSIVE VIDEO REPORT).  

Friday's International Conference at the Madrid Stock Exchange was attended by numerous representatives of different companies and institutions, as well as by the following eminent guests: the President of the Madrid Stock Exchange Antonio Zoido; the President of the Association of the Spanish Issuers of Securities and a Board member of the power multinational enterprise ENDESA Salvador Montejo; the Director of the European Commission Representation; Nadia Calviño, a representative of the European Commission; Francisco Fonseca, ex−President of the Spanish Parliament; José Bono, the President of EuroFinUse; Jean Berthon, the EuroFinUse Executive Director; Guillaume Prache, AEMEC Secretary General and a co−founder of the renowned law firm Cremades & Calvo-Sotelo; Wilfried Hübscher, vice−president of the World Federation of Investors; Lourdes Centeno, Vice−President of the Spanish National Securities Market Commission, and many others. 

The VZMD President Mr Kristjan Verbič, M.Sc., also attended the events in the framework of the activities and endeavours of the international business-investment programmes Invest to Slovenia - investo.si and International Investor` Network - investo.international. Mr Verbič, also a member of the EuroFinUse Board of Directors, used this opportunity for numerous bilateral and multilateral talks. In this context this has been his fourth visit to Madrid, after participating there at the following past events: last year's international conference of the World Federation of Investors (WFI) and the conference of the International Financial Litigation Network (IFLN), AEMEC Congress and a meeting with the Santander Bank management team in 2011, and the General Assembly of the European Association of Shareholders (Euroshareholders) at the Chamber of Commerce and Industry in Madrid in 2010.

After having finished his visit to Spain, the VZMD President is, with a stop in Brussels, immediately departing for Burkina Faso, where he will be attending West−Africa Business Forum Africallia 2014, which is taking place in the capital Ouagadougou.

This year's intensive international activities of investo.si and invest-to.net programmes started with these visits to Madrid and Ouagadougou, where Mr Verbič has departed after having attended the festive awards ceremony of high−level recognitions, awarded by the International Institute for Middle East and Balkan Studies (IFIMES), in Bled (VIDEO REPORT). Within the framework of these two international programmes active presentations have been planned this time on five different continents! 

After last year's successful presentations of companies, institutions and investment projects in Astana, Almaty, Baku, Brussels, Buffalo, Bucharest, Cape Town, Dubai, Vienna, Kiev, Ljubljana, Madrid, Minsk, Moscow, New Delhi, Tokyo, Toronto and Zagreb, VZMD kindly invites those wishing to secure their business interest by taking part in their events and activities to contact the investo.si programme coordinator by phone +386 31 770 771, or e-mail This email address is being protected from spambots. You need JavaScript enabled to view it..  

A festive awards ceremony of high-level recognitions, awarded by the International Institute for Middle-East and Balkan Studies, IFIMES, took place in Bled at the end of last week.

Dr Torhan Mufti, the Iraqi Minister of Provinces and the Acting Minister of Communications of the Republic of Iraq, was awarded for his contribution to the progress and development of the provinces in Iraq; Mr  Erdal Trhulj, the Minister of Energy, Industry and Mining for the Federation of Bosnia and Herzegovina, was given a recognition for his special contribution to development of energy sector and economy of the Federation of Bosnia and Herzegovina; Dr Božo Dimnik, the Honorary Consul of the Republic of Croatia, and the President of the Slovene-Croatian Friendship Society, was awarded for a special contribution to the development of the Slovene-Croatian relationships; Dr Gregor Virant was given a recognition for a special contribution to the battle against organised crime and corruption. The peak of the formal part was, of course, Lifetime Achievement Award given to Budimir Lončar, a doyen of diplomacy and international relations.

Besides many esteemed guests from the field of economy, diplomacy and politics, the President of the Pan-Slovenian Shareholders' Association (VZMD), Mr Kristjan Verbič, M.Sc., also attended the festive awards ceremony and the gala feast. Mr Verbič also used this opportunity to talk about the coming activities and endeavours of the international business-investment programmes Invest to Slovenia - investo.si and International Investors` Network – invest-to.net.    

In the framework of the two international business-investment programmes, Mr Verbič, departed on Wednesday for Madrid, to attend the conference of the Spanish Association of Minority Shareholders (AEMEC) and of the European Federation of Financial Services Users (EuroFinUse). Afterwards Mr Verbič is, with a stop in Brussels, departing for Burkina Faso, where he is going to attend West-Africa Business Forum Africallia 2014, which will take place in the capital Ouagadougou.

After last year's successful presentations of companies, institutions and investment projects in Astana, Almaty, Baku, Brussels, Buffalo, Bucharest, Cape Town, Dubai, Vienna, Kiew, Ljubljana, Madrid, Minsk, Moscow, New Delhi, Tokyo, Toronto and Zagreb, VZMD have this year intensified their activities, and they are planning to be actively present and to organise presentations on five continents.

VZMD kindly invites those wishing to secure their business interest by taking part in their activities to contact the VZMD investo.si programme coordinator by phone 031 770 771, or e-mail tratar@investo.si. 

The Pan-Slovenian Shareholders' Association (VZMD), has filed three lawsuits through law office on Friday, January 17. The three lawsuits were filed against the banks at the District Courts in Ljubljana and Maribor, and they were filed in the name of 349 owners. By filing these three lawsuits VZMD has requested that the two District Courts declare the nullity of the simplified reduction and simultaneous increase of the banks' nominal capital, by which all the owners of subordinated bonds and shares of these banks have been expropriated. At this moment VZMD cannot yet reveal details of the lawsuit strategies and legal bases for them, but they have been formed as a result of cooperation between VZMD expert assistants and top experts in the field of register law.

Act amending Banking Act (ZBan-1L), which was – in spite of the official negative opinions of some acclaimed legal experts and the veto of the National Council of the Republic of Slovenia – for the second time approved by the National Assembly of the Republic of Slovenia, literally prohibits the expropriated subordinated bank creditors from suing the debtor banks because of their expropriation. This is in striking contrast with provisions regarding bond prospectuses which define such lawsuits as basic legal remedies in case prospectus provisions have been violated, therefore the authors of Act amending Banking Act (ZBan-1L) have added to it a paragraph which declares all such prospectus provisions void. Legal protection of the bank subordinated creditors has thus practically ceased to exist.

The constitutional principle which says that everyone has the constitutional right to a legal remedy has thus been very obviously and radically violated. Therefore the ZBan-1L authors have tried to conceal this violation by introducing a provision which says that it is possible to bring a lawsuit against the Bank of Slovenia, but the lawsuit is to be filed by a bank itself. It is absurd because (even if we disregard the fact that members of a bank's Management Board are appointed by The Bank of Slovenia, which can also remove them from their post at any time) the cancellation of a bank's subordinated debt means that a bank benefits from it and it is not at a loss, therefore a Court is not supposed to approve a legal interest for a lawsuit against this cancellation. 

European Federation of Financial Services Users (EuroFinUse), a highly esteemed  European association whose influential member is also the PanSlovenian Shareholders' Association (VZMD), was in the framework of European Public Affairs Awards this year again nominated for the European Non-Governmental Organisation of the Year « (NGO of the Year).

EuroFinUse was nominated for this prestigious award in 2012 when it was represented at the award ceremony in Albert Hall in Brussels also by VZMD president Kristjan Verbič, M.Sc., as a member of the EuroFinUse supreme body – Board of Directors. On this occasion Mr Verbič also met the organisers and the assembled representatives of the influential EU lobby and advisory groups (in the photo Mr Verbič together with Jana Mittermaier, Director of the winning non-governmental organisation - Transparency International EU Office (TI-EU), Christian Wennig, Secretary General  of the Union of European Federalists' (UEF), and Despina Symons-Pirovolidou, Director of the European Bureau for Conservation & Development (EBCD).

VZMD kindly invites all to submit your vote by clicking on the link: www.epaawards.com/voting. You can submit your vote until 31st January 2014, and the awards are to be granted on 19th February 2014 in Brussels. 

EuroFinuse.org, 09.01.2014

Following the filling of three lawsuits by VZMD, the Slovenian Constitutional Court acknowledged the legal interest of the 293 initiators united by VZMD who were all owners of subordinated bonds of three Slovenian banks who were expropriated on December 18.

VZMD demanded a constitutional review of the Banking Act and the Court accepted the hearing of two VZMD initiatives. However, the suspension of the Act was rejected due to the allegedly misleading claims by the Slovenian Government, the Ministry of Finance and the Bank of Slovenian concerning the “catastrophic consequences” and “jeopardy of the entire financial system in the Republic of Slovenia”, along with the fact that they claim that the holders will only have “material consequences”.

The PanSlovenian Shareholders' Association (VZMD) last Thursday at the Ljubljana Administrative Court filed three lawsuits through Kunič Law Office against the Bank of Slovenia, in the name of 293 owners of subordinated bonds of three Slovenian banks who were expropriated on December 18. The lawsuits challenge the measure of cancellation of NLB subordinated bonds (in the name of 229 owners of NLB bonds of 26th debenture issue), Factor banka (in the name of 24 owners of Factor banka bonds of 9th debenture issue), and Probanka (in the name of 40 owners of Probanka bonds of 9th, 11th and 12th debenture issues). These bonds were, due to the Bank of Slovenia exceptional measures which were carried out on 18 December 2013, cancelled without any explanation, without any compensation, and on top of this the expropriated owners of bonds were not even allowed to examine a decision about the cancellation, which has been justified by the Bank of Slovenia by claiming that there is supposed to be confidential information in these decisions!?!