Slovakia's annual credit growth speeds to 5.8% in Jan 2012.

By bne IntelliNews March 2, 2012
The value of outstanding bank loans in Slovakia stood at EUR 41.09bn at the end of January, as their annual growth rate speeded up to 5.8% from 4% in the previous month, central bank data showed. Loans to corporate clients rose 4.4% y/y in to EUR 16.2bn in January, down from a 7.1% annual growth in December. Lending to households remained stable, as loans totalled EUR 16.97bn, up 10.1% y/y, which was equal to the annual growth rate in December. Loans for house purchase climbed 8.3% y/y to EUR 15.42bn and consumer credits surged 16.4% to EUR 2.23bn in January. IntelliNews comment: The central bank lending activity data shows that the credit market remained relatively stable in January despite a slowdown in corporate lending. We expect the lending market to lose some ground this year as corporate credit growth will hold back in line with the expected economic slowdown, which will also affect retail lending, as demand for loans will dwindle in a weakening labour market. New, stricter bank regulations, which will become effective this year, will also put pressure on the lending market.

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