Financial stability

Financial Stability Report – November 2025

The Slovak economy is confronted with increased uncertainty; global trade tensions and fiscal consolidation are slowing its growth. Both firms and households are facing this challenging period on a sound footing, and banks remain robust. Mortgage demand is rising despite lower housing affordability, but corporate lending has slowed amid a subdued economic outlook.

Domestic banks have liquidity under control, but new challenges are coming

The discussion note provides a broader overview of liquidity in the Slovak banking sector. It describes its nature, developments over time, methods of measurement, and the various factors that influence this risk. The good news is that domestic banks not only comply with regulatory requirements but also manage this risk strategically and actively prepare for emerging challenges.

Macroprudential Commentary – September 2025

The financial cycle continues to recover, driven mainly by the credit market. The upturn is not associated with an excessive build-up of risks. Nevertheless, uncertainty about the economic outlook, both domestically and abroad, remains elevated. Banks continue to be profitable and well capitalised. The countercyclical capital buffer rate is unchanged.

How did corporates cope with the period of rising prices and higher interest rates? (in Slovak)

Since 2022, Slovak companies have faced higher input costs, rising wages, and interest rates that doubled. Despite this, they were more profitable than before, as strong demand allowed them to increase their selling prices.

The Financial Stability Department’s commentary, based on the complete set of corporate financial statements in Slovakia, analyzes the business sector also from the perspective of its ability to repay loans in these challenging times. The good news is that the share of non-performing loans remains close to a long-term low. However, higher interest rates put greater pressure on companies and make them more vulnerable.

The year 2025 has brought not only a recovery in revenues and lending but also new challenges—tariffs and the consolidation of public finances.

ECB calls for maintaining the macroprudential policy stance

National authorities are advised to refrain from releasing existing capital buffers or easing lending standards. This recommendation is primarily driven by heightened global geopolitical uncertainty, especially in the context of trade policy developments, and the subdued economic growth outlook. Current capital requirements are not constraining banks’ capacity to provide credit to the real economy.

Other Systemically Important Institutions – April 2025

NBS left the list of O-SIIs and their capital buffers unchanged.