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10

Figure 1. Slovak Republic: Selected Financial Sector Indicators

In SKK billions

The financial sector is growing steadily ...

Assets of the financial system

1,800

1,700

1,600

1,500

1,400

1,300

1,200

1,100

companies

Pension

8%

funds

  • and remains dominated by commercial banks

As of end-09/2006

Locally- registered banks 67%

Securities

Insurance companies 8%

Foreign bank branches 14%

3%

1,000

2003

2004

2005

2006

The depth of intermediation is at CEE average …

Total assets (as of end-2005)

350

300

250

In % of GDP

200

150

100

  • and bank concentration is high but not excessive

Herfindahl Hirschman Index 1/

1,300

1,250

1,200

1,150

1,100

1,050

50

1,000

0

950

EU25

MU12

Latvia

Estonia

Slovenia

Czech Republic

Slovak Republic

Hungary

Lithuania

Poland

2000

2001

2002

2003

2004

2005

2006

1/ As a rule of thumb, banking regulators in many countries (e.g., the United States) consider the value of the Herfindahl Hirschman Index (HHI) between 1,000 and 1,800 as an indication of a “somewhat concentrated” market structure. If the value of the HH

Sources: NBS and ECB.

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