outlook current rating ( october 03 ) bbb / a - positive ( october 03 ) a3 / a3 stable ( october 03 ) bbb / a - stable december 02 bbb / a - positive november 02 a3 / a3 stable march 03 bbb / a - stable october 01 positive october 02 positive november 02 bbb - / bbb + positive bbb / a - baa3 / a3 stable november 99 bb + / bbb + stable positive september 00 bb + / bbb + november 00 ba1 / baa2 february 01 bb + / bbb + november 00 bb + / bbb + positive november 01 baa3 / a3 december 98 bb + / bbb + positive stable september 98 bb + / bbb + negative october 99 ba1 / baa2 stable june 97 bbb - / a stable march 98 ba1 / baa2 negative october 98 bbb - / a - negative april 95 bb + / stable november 97 baa3 negative august 96 bbb - / a - - february 94 bb - / stable may 95 stable * * 8. baa3 * - conclusion slovakia has taken many steps in order to become more attractive place to make an investment, mainly in the recent years. moreover, it is obvious that economy is on the path to stabilization, both external and internal. all major reforms are timed in the way to be introduced before 2005 and more importantly before joining erm2. legislation favoring foreign investments has been applied to a large extent. labor and production costs are one of the lowest in the region. vast majority of investors are satisfied and confident about future. besides, slovakia experiences one of the highest dynamics in the region. all these features make slovakia a more perspective country to invest day by day.

randal k quarles : the next stage in the libor transition speech ( via prerecorded video ) by mr randal k quarles, vice chair for supervision of the board of governors of the federal reserve system, at the alternative reference rates committee roundtable, cohosted by the alternative reference rates committee and the new york university stern school of business and its salomon center for the study of financial institutions, new york city, 3 june 2019. * * * good morning to you all. i am sorry i cannot be present at the alternative reference rates committee ’ s ( arrc ) fourth roundtable, but i wanted to share these remarks with you at what is the start of the next critical stage in the transition away from libor. 1 since 2014, the official sector has publicly warned that libor could become unstable. not everyone paid attention to those warnings, but the risks that we pointed to have materialized. the u. k. financial conduct authority has intervened to preserve libor ’ s stability only through the end of 2021. despite that development, some continue to speculate that libor can remain in production indefinitely. my key message to you today is that you should take the warnings seriously. clarity on the exact timing and nature of the libor stop is still to come, but the regulator of libor has said that it is a matter of how libor will end rather than if it will end, and it is hard to see how one could be clearer than that. the federal reserve convened the arrc based on our concerns about the stability of libor. the arrc was charged with providing the market with the tools that would be needed for a transition from libor : an alternative rate that did not share the same structural instabilities that have led libor to this point, a plan to develop liquidity in the derivatives market for this new rate so that cash users could hedge their interest rate risk, and models of better contract language that helped limit the risk from a libor disruption. the arrc has provided these tools. now it is up to you to begin using them. with only two and a half years of further guaranteed stability for libor, the transition should begin happening in earnest. i believe that the arrc has chosen the most viable path forward and that most will benefit from following it, but regardless of how you choose to transition, beginning that transition now would be consistent with prudent risk management and the duty that you