Macroprudential Commentary - September 2026

Summary

• The financial cycle has been stable over the past year. Its slight expansion in the second quarter of 2026 was due mainly to developments in the household credit and housing markets. On the other hand, slowing economic growth, together with a climate of uncertainty and caution, are preventing any significant upturn. The cycle is therefore expected to remain flat.
• Mortgage lending accelerated moderately in the second quarter, owing largely to housing price growth. Interest rates edged up, which should dampen further acceleration in mortgage lending. Consumer credit growth has been steady for some time, at around the EU average. The credit quality of loans to households remains sound.
• Growth in lending to non-financial corporations (NFCs) remains stable overall, although developments vary across loan segments. Firms’ demand for loans is holding up, despite a moderate rise in interest rates. The non-performing loan ratio remains low.
• Banks continue to be profitable, benefiting from higher net interest income and fee income, as well as from a year-on-year decline in net loan loss provisioning. However, inflation and rising wages have put upward pressure on operating costs. The Slovak banking sector remains well capitalised and sufficiently liquid. In terms of both profitability and capital adequacy, the sector has moved closer to the EU median.
• The countercyclical capital buffer (CcyB) rate remains unchanged at 1.5% of risk-weighted assets.

Národná banka Slovenska has not changed the countercyclical buffer (CCyB) rate, nor does it envisage adjusting the rate in the next quarter.