By: Peter Jančič (Spletni časopis)
The Ministry of Finance (MF), in its response to my request for additional clarification regarding its denial of the reporting by Spletni časopis, admitted that the €140 million collected from pensioners and working people, money that cannot be used for long‑term care because the system is not functioning, and which the health insurance fund therefore deposited into a special Ministry of Finance account to ensure liquidity, is “growing” there in three ways:
- Deposits in commercial banks: The money is placed in banks, which then pay interest on it.
- Sitting in the Bank of Slovenia: Where they receive interest on the account balance.
- Internal loans to the public sector: In its response, the Ministry of Finance explicitly states that long‑term care funds are being lent to “EZRD system entities with liquidity shortfalls.”
The €140 million in question is an enormous sum. Last year, employees, companies, and pensioners paid around €200 million in just six months through the new long‑term care contribution: €35 million from pensioners and over €160 million from employees and employers. Most of this money, €140 million, was collected unnecessarily.
In 2025, the long‑term care contribution functioned as a hidden crisis tax. The state knew it could not yet provide the service, but it collected the money anyway in order to stabilise the entire public sector before the elections.
The ministry insists on denying that long‑term care funds are being used to finance the state budget, arguing that the liquidity account already holds four billion euros (due to increased domestic and foreign borrowing). But then they themselves write that money from this special account (which includes long‑term care funds) is being lent to EZRD system entities with liquidity problems, exactly what I pointed out in the article and what they denied. This means that long‑term care money can indeed be used to cover the consequences of the winter bonuses, which had to be paid out across the entire public sector in December, outside all planning. These payments caused sudden, unplanned liquidity shortfalls for EZRD entities, shortfalls created by government politicians because of the approaching elections. Similar effects will follow from the minimum wage increase: the budget planned for a rise of just under 3%, but for electoral reasons the government set a 16% increase in January.
Of course, we cannot say with certainty that long‑term care money is covering these “deficits,” because the ministry’s answers are vague and lack specifics. It is not clear what share of the funds was placed in commercial banks, what share is sitting in the Bank of Slovenia, and how much was lent to hospitals, public institutions, or similar entities.
Below is the full response to my request for clarification of the ministry’s denial, specifically, how the €140 million is being “grown” so that interest can be paid to the Health Insurance Institute (ZZZS), which deposited the money, and why the ministry itself states on its website that these deposits are intended for internal liquidity consolidation, where surpluses of some cover deficits of others:
“Dear Sir,
we are sending additional clarification:
More than 1,300 entities are included in the Single Treasury Account (EZRD) system with their sub‑accounts, and they may deposit funds or draw loans within the system. The statement that internal liquidity consolidation is ensured, where liquidity surpluses of some cover liquidity shortfalls of others, is correct. Management of the EZRD system’s funds is carried out in such a way that free cash resources (from deposits and account balances) of all entities included in the EZRD system are lent as loans to EZRD entities with liquidity shortfalls, deposited in commercial banks, or kept as balances at the Bank of Slovenia. The claim that free long‑term care funds (which currently have liquidity surpluses and are held as term deposits in the EZRD system) are used to finance the state budget is not correct. The state budget currently shows no liquidity needs and has not received loans within the EZRD system. The revenue for paying interest on the long‑term care term deposit comes from interest on term deposits in commercial banks, interest on loans granted to EZRD entities that have received such loans, and interest on non‑term balances at the Bank of Slovenia.”
