New home savings contracts in Slovakia down 15% in 2011.

By bne IntelliNews February 21, 2012
Slovaks signed 226,000 new home saving contracts last year, down 15% from a year earlier, SITA news agency reported. Last year was difficult for the home savings schemes due to the prolonged discussion on changes to the home savings law, which triggered uncertainty among current and potential savers. "It may have been the most difficult year in the company's 20-year-long history. It had never happened before that the law on construction savings was discussed three times in parliament during a single year," Imrich Beres, board chairman of the largest home savings bank in Slovakia, Prva Stavebna Sporitelna (PSS), was quoted as saying. PSS, which had a 70% share of the new deals in Slovakia last year, reported a 20.4% drop in the number of new contracts and a 5% decline in their value to EUR 2.1bn. The prepared legislative changes failed to pass in November and home savings banks expect their business to recover this year, as they guarantee fixed interest rates and a firm amount of installments in the long run, even in economic crises. All three home savings banks that operate in Slovakia, PSS, Wustenrot Stavebna Sporitelna and CSOB Stavebna Sporitelna, plan to cut fees this year in order to attract more clients.
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Slovakia one of possible locations for new BMW plant.

German car maker BMW considers building a new plant in eastern Europe and Slovakia is one of the potential locations, Hospodarske Noviny business daily reported citing BMW's board member Ian ... more

Slovakia jobless rate edges down to 14.7% in February 2013.

Slovakia's unemployment rate in February 2013 fell for the first time in six months going down to 14.7% from 14.8% in January when it reached its highest level in more than 8.5 years, data from ... more

Frances CCN Group considers new plant in Slovakia - report.

France-based CCN Group, a supplier of components for turbines and automobiles, considers building a new plant in Slovakia in the town of Belusa, Hospodarske Noviny daily reported citing unnamed ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    8 days ago
  2. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  3. Don't mention the "D" word - Ukraine
    6 days ago
  4. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    3 days ago
  5. Europe unlikely to tackle Russian LNG imports anytime soon
    3 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    26 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    1 month ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    29 days ago
  5. Saudi Arabia to scale back plans for Neom city
    16 days ago

Reports

Dismiss