Macroprudential Commentary - March 2026

The recovery of the financial cycle has come to a halt.:

• The financial cycle came to the end of its one-and-a-half-year upswing phase at the end of 2025. The subsequent period is expected to see a neutral phase, with further developments shaped mainly by the credit market.
• Mortgage growth remained stable around the turn of the year. Lending rates stopped declining, settling at the EU average. Although consumer credit growth moderated, it continued to outpace the EU average.
• Firms’ demand for loans has weakened. Lending to large corporates has seen the most pronounced slowdown, with growth currently in line with the EU average. Growth in loans to industry has flattened, aligning with the prolonged stagnation in lending to the commercial real estate sector. The non-performing loan ratio for non-financial corporations increased slightly in late 2025 but remains close to its historical low.
• Banks’ aggregate net profit for 2025 declined slightly year-on-year. While banks are benefiting from rising net interest income, supported significantly by lower interest expenses, their operating costs are under upward pressure from increasing wages and prices. Banks’ capital adequacy improved year-on-year, and their liquidity positions remained sound.

No change in the countercyclical buffer (CCyB) rate. Národná banka Slovenska also does not foresee a need to adjust the CCyB rate in the next quarter.