NBS: financial market is stabilised
The Slovak financial market has been boosted in recent months thanks to the stabilisation on financial markets overseas and in Europe. The statement came from executive director of the Financial Audit section at the National Bank of Slovakia (NBS), Vladimir Dvoracek, in connection with the NBS’ latest finance sector analysis for 1H 2010.
Above all, it was stabilisation in Germany that has helped Slovakia, as it is key to Slovak exports. Another contributing factor is the conservative policies of banks in the first half of the year, which saw business loans rise by just 1%.
The volume of personal loans issued by banks has increased more dramatically, though, but banks are putting this down mainly to restructuring of existing loans because of a drop in interest rates.
The insurance market suffered in 1H, with the termination of many insurance policies and big payouts in connection with claims due to the recent flash flooding.