Agentúra pre riadenie dlhu a likvidity - ARDAL

The Debt and Liquidity Management Agency (hereinafter referred to as „ARDAL“) is the state administration body of the Slovak Republic managing government debt and liquidity. ARDAL was established as a part of public finance management reforms. The goal was to create a modern system of management of the state debt and liquidity management following the best practice of the European Union member countries. The main role is to manage the state debt, the state liquidity management and risks and pursuance of financial operations in the financial market, including specificly: • ensuring debt and liquidity management of the State Treasury, the ARDAL optimizes the debt structure and related costs on the basis of market analysis, debt portfolio analysis and implemented system of risk management • improving liquidity and transparency of the government securities market • optimization of liquidity management and state cash reserves In accordance with current legislation, the ARDAL provides in the name of the Ministry of Finance of the Slovak Republic, following activities: • securing the issuance of government securities • organizing and realizing the redemption of state debt • providing the settlement of securities and trades • providing secure transfers of government securities • providing financial operations with investment tools associated with state debt management including financial derivatives operations associated with the risk management of state debt and liquidity • providing premature payment and untimely repayment of state debt • providing financial operations with investment tools including operations with financial derivatives to temporarily bypass discrepancies between incomes and expenses of the state budget and to secure the liquidity of the State Treasury