According to World Economic Forum's Global Competitiveness Report 2017-2018, financial market development in Slovakia is scored 4.6 out of maximum 7.0 and ranked 32nd out of 138 analysed economies, trustworthiness and confidence of financial market is scored 5.0 (28th place).
Chart 1. Financial Market Development in Slovakia. Source: WEF.
Soundness of banks is scored 5.9 bringing Slovakia into the 15th place.
Chart 2. Soundness of Banks in Slovakia. Source: WEF.
Banks in Slovakia are mainly focused on the following areas:
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.
Chart 3. Consolidated banking assets in Slovakia.
Recent structural changes (2013 - 2018) of the banking sector of Slovakia are summarised in Table 1.
|Number of Opened Banks||1||0||0||2||0||1|
|Number of Closed Banks||0||0||1||0||3||0|
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.
|Raiffeisen Centrobank AG Slovak Branch, pobočka zahraničnej banky||October 2018|
|COFIDIS SA, pobočka zahraničnej banky||December 2016|
|BNP PARIBAS PERSONAL FINANCE SA, pobočka zahraničnej banky||July 2016|
|KDB Bank Europe Ltd., pobočka zahraničnej banky||August 2013|
Table 2. The most recently opened banks in Slovakia.
All the credit institutions operating in Slovakia can be classified into several categories. Table 3 summarises the number of banks in each category.
|Category||Number of Banks|
|Branches of foreign banks||16|
|Housing savings banks||3|
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 Origin||Number of Branches|
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:
All these details about deposit guarantee scheme in Slovakia are summarised in Table 5.
Table 5. Deposit guarantee scheme in Slovakia.
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) deposit ceiling for Slovakia is set to Aaa (prime), foreign currency deposit ceiling is Aaa (prime).
Chart 4. Deposit Rates in Slovakia. Source: ECB.