The state-run KAD fund said it would have to write off around EUR 51m it had invested in shares and junior bonds of NLB and NKBM.

KAD still holds junior bonds of Banka Celje, but that bank has not yet received government aid.

Reinsurance group Sava Re will have to write off EUR 27.6m, though the direct impact on the group's equity will be smaller, just EUR 15.8m.

Despite the negative impact, the company said it would end the year in the black.

Zavarovalnica Triglav, the largest insurer in the country, said the impact would be negligible.

The group holds just EUR 7.5m-worth of Slovenian subordinated and hybrid bonds, accounting for 0.25% of group assets.

The company did not, however, specify how its balance sheet would be affected by the write-off of its 25.6% ownership stake in Abanka Vipa and 1.31% stake in NLB.

As part of the bank bailout plan, the government recapitalised NLB, NKBM and Abanka Vipa with almost EUR 2.8bn.

The banks were consequently renationalised and all outstanding shares and junior bonds were revoked and delisted.