Slovak government decides to pay Czech bank 775 million US dollars

The Slovak government has decided not to appeal a court verdict ordering it to pay 24.8 billion Slovak crowns (some 775 million US dollars) to the Czech bank CSOB (Ceskoslovenska obchodni banka). In December last year, the Washington-based International Centre for Settlement of Investment Disputes (ICSID) ruled that Slovakia still had an outstanding debt to the Czech bank after it failed to pay back a loan from 1993. The Slovak Finance Ministry has promised to pay CSOB 16 billion Slovak crowns by Friday. The remaining sum owed would be paid by the beginning of next year with one percent interest.