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Economy and Banking Sector of Slovakia

Financial System Development

Financial System
64.4, 56th out of 144 countries
Banks' Soundness
83.1, 12th out of 144 countries

According to World Economic Forum's Global Competitiveness Report 2019, financial market development in Slovakia is scored 64.4 out of maximum 100.0 and ranked 56th out of 144 analysed economies.

Financial Market Development in Slovakia.

Chart 1. Financial Market Development in Slovakia. Source: WEF.


Soundness of banks is scored 6.0 bringing Slovakia into the 12th place.

Soundness of Banks in Slovakia.

Chart 2. Soundness of Banks in Slovakia. Source: WEF.

Further Information

Banking Focus

Banks in Slovakia are mainly focused on the following areas:

  • universal banking
  • consumer lending
  • housing financing

Banking Supervision

Národná banka Slovenska

Banking Sector Structure

Number of Banks
29
Consolidated Assets (2018)
81,726.47 mln EUR  (+5.27%)
Recent Changes (2018)
new banks: 1, closed banks: 0

Currently there are 29 credit institutions operating in Slovakia.

In 2018 consolidated banking assets in Slovakia were 81,726.47 mln EUR. The consolidated banking assets' evolution is shown at Chart 3 below.

Consolidated banking assets in Slovakia.

Chart 3. Consolidated banking assets in Slovakia.

Recent structural changes (2013 - 2018) of the banking sector of Slovakia are summarised in Table 1.

201320142015201620172018
Number of Opened Banks100201
Number of Closed Banks001030

Table 1. Recent structural changes in the banking sector of Slovakia.

The list of the most recently opened banks in Slovakia is provided in Table 2.

All the credit institutions operating in Slovakia can be classified into several categories. Table 3 summarises the number of banks in each category.

CategoryNumber of Banks
Banks9
Branches of foreign banks16
Central banks1
Housing savings banks3

Table 3. Number of banks by category in Slovakia.

There are 16 branches of foreign banks from 9 different countries in Slovakia. Table 4 shows the number of branches grouped by the country of origin.

Country of OriginNumber of Branches
CZ Czech Republic5
AT Austria3
FR France2
HU Hungary1
BE Belgium1
PL Poland1
DE Germany1
IE Ireland1
NL Netherlands1

Table 4. Number of branches of foreign banks in Slovakia grouped by country of origin.

Deposit Guarantee Scheme

Maximum Protected Amount
100,000 EUR

Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.

From a depositor's point of view it is important to know:

  • if the depositor is eligible within the terms of the deposit guarantee scheme;
  • if the depositor's bank is a participant in the deposit guarantee scheme;
  • if the depositor's type of deposit is covered by the deposit guarantee scheme.

All these details about deposit guarantee scheme in Slovakia are summarised in Table 5.

Maximum Protected Amount
100,000 EUR
Scheme Participants
all credit institutions operating in Slovakia
branches of Slovakian banks abroad
Scheme Exemptions
branches of foreign banks (covered by their home countries)
Eligible Depositors
natural persons
legal entities
Covered Accounts
any credit balance
Non-Covered Accounts
bearer accounts
Paid In Currency
EUR

Table 5. Deposit guarantee scheme in Slovakia.

Further Information

Country Ceiling for Deposits

Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.

Local Currency (Euro)
Aaa (prime)
Foreign Currency
Aaa (prime)

Local currency (Euro) deposit ceiling for Slovakia is set to Aaa (prime), foreign currency deposit ceiling is Aaa (prime).

Deposit Rates

Average Deposit Rate (Mar 2020, EUR)
0.56 %  (Feb 2020: 0.85 %)
In March 2020, an agreed annualised deposit rate in local currency (Euro) of new contracts with agreed maturity up to 1 year between credit institutions and households was 0.56% which was above the Euro Area average (0.31%).
Deposit Rates in Slovakia.

Chart 4. Deposit Rates in Slovakia. Source: ECB.

Further Information