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.
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