Financial stability in Slovakia improves in 2010 - central bank report.

By bne IntelliNews June 17, 2011
The financial stability in Slovakia improved in 2010 from the previous year, according to the latest Financial Stability Report of the central bank. The economic recovery of the country that was evident in the GDP growth supported the improvement of profitability of banks compared to the crisis year 2009. In particular, retail banking and credit to non-financial companies in export-oriented industries contributed to the positive development of banks. On the other hand, credit risk of companies that operate mainly on the domestic market remained high. The central bank expects that the economy will keep its momentum and that the growth will be supported by foreign demand, fixed investments and gradual recovery of private consumption in 2011 and 2012. This will further strengthen the countrys financial stability. Potential negative impacts arise from the sovereign and credit risk escalation in some euro-area countries that could hit many banks in the zone. At the same time the scale and timing of the consolidation measures of the Slovak government could adversely affect the disposable income of households, the unemployment rate and the costs of companies.

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