document: SLOVENIA 'S economic prospects would improve significantly if it could settle its relations with the former National Bank of Yugoslavia -LRB- NBY -RRB- , or central bank , establish new relations with foreign creditors as rapidly as possible , and join the International Monetary Fund and World Bank . Relations with the NBY are complicated . Before Slovenia declared independence , any foreign exchange deposits which Slovene citizens deposited in banks in Slovenia were transferred to the NBY . These deposits amount to Dollars 1.2 bn . In addition , Croatian citizens in neighbouring Croatia also deposited Dollars 465m into Slovene banks in Croatia . Since independence , these accounts have been frozen . Officials at the the Ljubljanska Bank , Slovenia 's largest bank into which the majority of the foreign exchange accounts were originally deposited , are hoping that the the government of Slovenia will guarantee these debts and open up negotiations with the NBY for the eventual return of the deposits . Mr Marko Kranjec , vice-governor of the Bank of Slovenia , or central bank , reckons Slovenes will have to wait years before they can obtain their foreign exchange savings . He says much depends on the negotiations and political atmosphere between Ljubljana and Belgrade . Slovene officials are also anxious to start negotiations on the unallocated Yugoslav federal debt . The federal debt totals Dollars 14.6 bn . Of this amount , Slovenia accepts that its allocated share of that debt is Dollars 1.8 bn . ` We will not renege on repaying this debt , ' said Mr Andrej Klemencic , adviser to Slovenia 's Ministry of Finance . The debt-service ratio is about 40 per cent of Slovenia 's GDP . Last year 's GDP amounted to Dollars 13.5 bn . Mr Jose Mencinger , a member of the board of Slovenia 's central bank , said servicing that debt should not be a problem . ` Last year , our exports totalled Dollars 3.8 bn . That is a decline of only 5 per cent compared to the year before . So , we are not in such a bad position with regard to servicing the debt , ' he said . However , negotiating what share of the unallocated federal debt Slovenia should assume is already proving difficult . The unallocated federal debt - which consists of loans to the NBY , or the federal government which had not been specifically earmarked for projects in any of the six republics of the former Yugoslavia - amounts to Dollars 3.5 bn . Slovene officials say they are committed to repaying its share of the unallocated federal debt . Mr Kranjec says that the Bank of Slovenia has already proposed negotiations on this issue , as well as trying to discuss the status of the NBY 'S foreign exchange reserves , the clearing balances with the countries of the former CMEA socialist trading organisation , and operations of banks . ` This is going to take a long time to settle , ' said Mr Kranjec . He and other Slovene economists now believe that the European Community-sponsored peace conference on Yugoslavia could play a role in negotiating issues related to the debt . Resolution of these issues , and recognition by the US of Slovenia , would speed the republic 's admission to the International Monetary Fund and other financial institutions .
extractive_keyphrases: national bank of yugoslavia foreign creditors independence foreign exchange deposits slovene banks slovene citizens federal government yugoslavia unallocated federal debt negotiations