Slovakia's annual credit growth eases to 5.7% in November 2011.

By bne IntelliNews January 3, 2012
The value of outstanding bank loans in Slovakia stood at EUR 40.9bn at the end of November 2011, as their annual growth rate eased slightly to 5.7% from 5.8% in the previous month, central bank data showed. Loans to corporate clients rose 4.2% y/y in November, up from a 3% annual growth in October. Lending to households remained stable, as loans totalled EUR 16.9bn, up 10.4% y/y, almost the same as in the previous month, with loans for house purchase climbing 11.1% to EUR 15.4bn and consumer credits expanding 4.7% to EUR 2.2bn in November. IntelliNews comment : The central bank figures show that after the considerable slowdown in the lending activities of Slovak banks in October, the market managed to remain stable in November with corporate lending gaining some ground. However, we expect the lending market to decelerate further, as corporate credit growth will slow down in line with the economic downturn. The economic holdback will also affect retail lending, as it will hit the labour market and thus reduce demand for loans. New, stricter bank regulations, which will become effective this year, will also put pressure on the lending market.

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