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Despite Ballymore’s success, it should be noted that since the onset of the financial crisis many real estate developments have been put on hold. In 2009, banks were reluctant to provide finance as the full effects and consequences of the economic crisis were very much unknown. There has been some thawing of this attitude in 2010 but the availability of financing is very much on a selective basis with a focus more on mid-market smaller developments rather than large or luxury projects.

FDI by country of origin (in %)

TABLE 3

Cumulative

2008

2009

South Korea

2.7

3.1

4

Brasil

n/a

69

Others

12.1

14.0

25

Source: National Bank of Slovakia

  • *

    These figures may be slightly misleading as many foreign investors from Europe and elsewhere use

investment vehicles from Cyprus, Luxemburg or the Netherlands for the purposes of servicing their investments in Slovakia.

Nevertheless, the major Slovak banks appear to remain fundamentally secure and, according to the National Bank of Slovakia (NBS), in March 2010 mortgage drawings were EUR 4.408 billion.

The current indicators are that the banking institutions are becoming more positive in their lending patterns although still considerably risk adverse. There have not been any signs of issues with the liquidity of the banks in Slovakia to date although some of them are going through an internal restructuring process to different degrees to adapt to the new market place.

Netherlands

19.9*

(2.7)*

- 4*

Austria

14.2

4.0

7

Italy

13.5

2.7

2

Germany

13.0

3.1

6

Hungary

7.7

-

-

Czech Republic

7.7

54.2

- 13

Cyprus

5.0*

20.5*

6*

Luxembourg

3.6 *

1.1*

2*

20

©2010 KPMG Slovensko spol. s r.o. , a Slovak limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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