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14 / 41

12

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Commercial banks Capital to assets Foreign currency-denominated loans to total loans Foreign currency-denominated liabilities to total liabilities Gross asset position in financial derivatives to capital Gross liability position in financial derivatives to capital Annual growth of bank loans 1/ Trading income to total income Personnel expenses to noninterest expenses Spread between reference lending and deposit rates Customers deposits to (non-interbank) loans Net open positions in equities to capital

7.7 17.1 15.6 n.a. n.a. 1.1 36.0 39.0 n.a. n.a. n.a.

8.9 20.7 19.0 9.0 11.0 15.4 26.5 39.0 n.a. n.a. n.a.

7.7 22.8 19.3 16.0 22.0 12.1 35.6 41.0 4.4 172.2 0.3

9.7 28.2 28.0 12.3 13.2 26.0 18.5 40.3 4.5 131.4 1.3

8.0 27.1 22.3 26.6 27.6 20.1 14.9 45.1 4.7 137.6 0.6

Corporate sector Total debt to equity Return on equity

341.9 n.a.

293.0 n.a.

230.9 0.8

217.0 1.0

n.a. n.a.

Households Household debt to GDP Household debt service and principal payments to income 2/

15.9 n.a.

17.0 2.3

16.5 3.2

21.8 3.8

n.a. 4.2

Table 3. Slovak Republic: Additional Financial Soundness Indicators (In percent, unless otherwise indicated)

n.a.

39.6

15.4

-9.2

n.a.

n.a.

n.a.

n.a.

19.9

30.1

n.a.

n.a.

55

70

n.a.

Real Estate Markets Real estate prices 3/ Residential real estate loans to total loans Average loan to value ratio for real estate loans 4/

1/ Annualized for 2006. 2/ Data for 2006 are for June. 3/ Annual change in residential real estate prices per one squared meter. Source: National Association of Real Estate Agencies. 4/ Data for 2004 are from the Mortgage register and include mortgage loans only. Data for 2005 and 2006 are from the Lending survey and cover all housing loans issued by a group of banks which have a market share of around 75 percent.

Source: NBS

8.

The open nature of the Slovak economy means that international (particularly

Euro area) economic and financial developments are also important as potential risk factors. The current account deficit was 8.3 percent of GDP in 2006. However, exports are expected to pick up strongly as two new export-oriented automobile plants become fully operational from 2007, and as a result, the deficit should narrow substantially by 2008.2 In 2006, the deficit has been largely covered by non-debt creating flows (foreign direct investment), which makes Slovakia less exposed to an increase in global interest rates or an increase in risk aversion of foreign investors. However, Slovakia’s macroeconomic performance will increasingly be dependent on the automobile manufacturing sector, which

will leave the economy more vulnerable to global business cycle shocks.

2

By the end of this decade, Slovakia is set to become the world’s largest producer of cars on a per capita basis.

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