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Macroprudential Commentary – June 2024
Slight easing of financial cycle downswing
The countercyclical capital buffer rate (CCyB) remains at 1.5%
Lending to households has stabilised
The pace of new mortgage lending has been steady for around a year and a half. Mortgage loan growth is higher in Slovakia than in most other EU countries. The average mortgage rate has fallen slightly. Consumer credit is growing steadily. Default indicators are favourably low.
Corporate lending has slowed amid lower demand
Firms’ demand for credit is falling amid lower demand for their products, strong competition, and the increasing cost of borrowing. The corporate loan portfolio has decreased year-on-year, with the largest contractions occurring in loans to industry and loans to large enterprises.
The housing market is stable
Prices of flats in Slovakia are around a tenth below their peak of summer 2022. In most regions and for properties of various sizes, prices of flats have now been stable for several quarters. Prices of new-build flats have also stabilised, while the number of their sales has increased. Although housing affordability has increased slightly owing to real wage growth, it remains low.
No change in the CCyB rate
The financial cycle’s downswing has eased. Both the volume of non-performing loans and provisioning remain at low levels. Recent stress testing results have confirmed that the risks present in the commercial real estate and household sectors necessitate keeping the countercyclical capital buffer (CCyB) rate at its current level.
ECB recommends not to release macroprudential policy
The European Central Bank calls on national macroprudential authorities to maintain current capital buffer requirements and to maintain existing borrower-based measures. This is stated in the Governing Council statement from 28 June 2024.
Also in this edition
- Why Slovak firms have less appetite for borrowing
- What is happening with bank profits
Macroprudential Commentary (PDF)
Countercyclical capital buffer indicators
Macroprudential Commentary indicators
Previous editions
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