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ANNEX: SUMMARY ASSESSMENTS OF OBSERVANCE OF SELECTED FINANCIAL SECTOR STANDARDS AND CODES

This annex contains a summary assessment of observance of the Basel Core Principles for Effective Banking Supervision (BCP) and the International Association of Insurance Supervisors (IAIS) Insurance Core Principles.

The detailed assessment of observance of the BCP was undertaken by Keith Bell (bank supervision expert, formerly Canadian Supervisory Authority) and Jörg Genner (bank supervision expert, German Supervisory Authority).

The detailed assessment of observance of the IAIS Insurance Core Principles was undertaken by Rob Bakker (insurance expert, formerly Dutch Insurance and Pensions Supervisory Authority).

Both assessments were based on several sources including:

  • Self-assessments done by the Slovak authorities;

  • Reviews of relevant legislation, decrees, regulations, policy statements and other documentation;

  • Detailed interviews with the supervisory authorities;

  • Meetings with other relevant authorities and independent bodies; and

  • Meetings with financial sector firms and associations, including insurance companies, banks and

securities firms and financial enterprises.

  • A.

    Basel Core Principles for Effective Banking Supervision

    • 39.

      The assessment of the observance of the Basel Core Principles for Effective

Banking Supervision was carried out as part of the Financial Sector Stability Assessment update mission to the Slovak Republic. The assessment was conducted in December 2006 in accordance with the guidelines set out in the Core Principles Methodology issued in October 2006. It reflected the banking supervision practices of the Slovak Republic authorities as of end-November 2006.

Institutional and Macroprudential Setting, Market Structure—Overview

40.

The financial sector of Slovakia is dominated by commercial banks, which

constitute nearly 88 percent of the financial sector’s assets. The banking sector underwent a series of structural changes between 2001 and 2004, including the elimination of financially weak banks, the privatization of several others (leaving a large number of nonperforming loans to be resolved by the Slovak Consolidation Agency), and introduction of reforms to bring the sector into line with European Union standards. As of end-2006, there were 24 commercial banks in Slovakia. The market shares of the three and five largest banks were,

respectively, around 50 and 65 percent. Most commercial banks offer both retail and wholesale banking services.

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