Slovenia

Media reports on September 21 suggested that the government of Slovenia would raise its stake in the country's largest lender, NLB , from 48.6% to a majority share. The news came on the back of the bank's first annual loss in over 15 years in 2009 and results from the EU-wide stress test which showed NLB as barely passing under an adverse economic scenario. The bank is likely to require significant recapitalisation which we believe will likely be led by the government.

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