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Financial Services Report Slovakia

  • ID: 2139172
  • Report
  • Region: Slovakia
  • 20 Pages
  • The Economist Intelligence Unit
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Slovakia has developed a well-run and regulated financial system. In late 2014 the European Central Bank (ECB) acquired a supervisory role as a result of the EU's banking union and now oversees nearly half of the country's domestically incorporated banks, including the four largest. The National Bank of Slovakia (NBS, the central bank) continues to supervise most smaller banks and non-bank financial institutions. Slovakia uses the euro, so the ECB also controls monetary policy.

The financial system is dominated by foreign banks, which have close links to the rest of the euro area banking system. This makes Slovakia's financial sector potentially vulnerable to shocks elsewhere in the euro zone. However, the local banking sector withstood the euro zone and financial crisis relatively well. If foreign-owned banks did begin to deleverage at a faster pace by selling off non-core assets, this would have a significant impact on some local Slovak retail banks and could severely restrict credit supply.

Slovakia's financial system is smaller than the EU average. It generated 3.3% of GDP in 2017, compared with 4.2% in the EU overall, according to Eurostat. The industry employed 2% of Slovak workers, below the 2.5% recorded in the economic bloc as a whole.

Industry List: Asset management, Financial Services, Banking, Financial Services, Financial markets and instruments, Financial Services, Financial regulation, Financial Services, Financial Services, Financial Services, Insurance
Industry Codes (NAIC): 52
Industry Codes (SIC): 60
Note: Product cover images may vary from those shown
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Financial Services Report Slovakia

Overview

Banks

Insurers

Asset managers

Financial markets and instruments

Financial regulation
Overview
Regulatory watchlist

Monetary and currency policy: Monetary policy

Monetary and currency policy: Exchange rates

Slovakia at a glance

Fundamental indicators

Key contacts
Note: Product cover images may vary from those shown
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