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2 Bank of Slovenia Activities 25 Published by: Contents BANKA SLOVENIJE Slovenska 35 1505 Ljubljana Telephone: (01) 471 90 00 Fax: (01) 251 55 16 INTRODUCTION 7 The Annual Report is based on figures and information available at the end of March 2014. 1 THE ECONOMIC ENVIRONMENT AND THE BANKING 9 SYSTEM IN 2013 This publication is also available in Slovene. 2 BANK OF SLOVENIA ACTIVITIES 25 2.1 Tasks in the scope of the ESCB 25 2.1.1 Institutional framework 25 2.1.2 Implementation of the Eurosystem’s monetary policy 25 2.1.3 Bank of Slovenia as the lender of last resort 35 2.1.4 Payment and settlement systems 35 2.1.5 Joint management of the ECB’s foreign reserves 41 2.1.6 Cash operations 41 2.1.7 Statistical system 44 2.1.8 Information system 47 2.2 Tasks in the area of ensuring financial stability 49 2.2.1 Financial stability 49 2.2.2 Banking supervision, and follow-up reviews of measures 51 2.3 Other tasks 68 2.3.1 Payment services for Bank of Slovenia clients 68 2.3.2 Risk management at the Bank of Slovenia 69 2.3.3 Management of the Bank of Slovenia’s financial investments 69 2.3.4 International cooperation 71 3 ORGANISATIONAL STRUCTURE OF 73 THE BANK OF SLOVENIA 4 FINANCIAL STATEMENTS 76 5 APPENDICES 111 5.1 Publications and website 111 5.2 Secondary legislation affecting banking supervision 112 5.3 Glossary of selected terms 114 ISSN 1318-072X (print) ISSN 1581-2111 (electronic) 2 3 Contents INTRODUCTION 7 1 THE ECONOMIC ENVIRONMENT AND THE BANKING 9 SYSTEM IN 2013 2 BANK OF SLOVENIA ACTIVITIES 25 2.1 Tasks in the scope of the ESCB 25 2.1.1 Institutional framework 25 2.1.2 Implementation of the Eurosystem’s monetary policy 25 2.1.3 Bank of Slovenia as the lender of last resort 35 2.1.4 Payment and settlement systems 35 2.1.5 Joint management of the ECB’s foreign reserves 41 2.1.6 Cash operations 41 2.1.7 Statistical system 44 2.1.8 Information system 47 2.2 Tasks in the area of ensuring financial stability 49 2.2.1 Financial stability 49 2.2.2 Banking supervision, and follow-up reviews of measures 51 2.3 Other tasks 68 2.3.1 Payment services for Bank of Slovenia clients 68 2.3.2 Risk management at the Bank of Slovenia 69 2.3.3 Management of the Bank of Slovenia’s financial investments 69 2.3.4 International cooperation 71 3 ORGANISATIONAL STRUCTURE OF 73 THE BANK OF SLOVENIA 4 FINANCIAL STATEMENTS 76 5 APPENDICES 111 5.1 Publications and website 111 5.2 Secondary legislation affecting banking supervision 112 5.3 Glossary of selected terms 114 3 Annual Report 2013 3 Tables, figures and boxes Tables:* Table 1: Ownership structure of the banking sector in terms of equity 21 Figure 19: Eurosystem money supply (+) and demand (–) 27 Table 2: Ownership structure of the banking sector in terms of total assets 21 Figure 20: Stock of Eurosystem monetary policy instruments, 2008 to 2013; 28 Slovenian banks and savings banks (stock at month end) Table 3: Comparison of average total assets and GDP 21 Figure 21: Spreads on 10-year government bonds of euro area periphery countries 30 Table 4: Banking system’s income statement 23 over benchmark German government bonds Table 5: Bank performance indicators 23 Figure 22: Excess liquidity in the euro area 31 Table 6: Breakdown of scheduled examinations by area 52 Figure 23: Minimum reserve requirements and maintenance 32 Table 7: Number of imposed, implemented and open measures in 2013 53 Figure 24: Breakdown of pool of collateral at the Bank of Slovenia by type 34 Table 8: Cooperation with competent authorities in Slovenia 59 of assets and credit operations Table 9: Criminal complaints filed by the Bank of Slovenia by year 60 Figure 25: Number and value of transactions via the TARGET2-Slovenija system 40 by month in 2013 Table 10: Authorisations issued 60 Figure 26: Net issuance of euro banknotes in terms of number 42 Table 11: Bank of Slovenia measures against management board members 60 Figure 27: Net issuance of euro banknotes in terms of value 42 Table 12: Bank of Slovenia’s financial investments 70 Figure 28: Counterfeit euro banknotes seized in Slovenia 43 *Excludes financial statements of the Bank of Slovenia Figure 29: Measures in areas of risk 54 Figure 30: Current structure of EBA committees and groups 62 Figures: Figure 31: Headcount at the Bank of Slovenia at year end 74 Figure 1: GDP growth in selected major economies 9 Boxes: Figure 2: Unemployment rates in selected major economies 10 Figure 3: International comparison of consumer price indices 10 Box 1: Early repayments of 3-year LTROs 29 Figure 4: Global oil and primary commodity prices 11 Figure 5: Euro-US dollar exchange rate and key interest rates at the ECB and the Fed 11 Figure 6: GDP growth in Slovenia and the euro area 12 Figure 7: Harmonised unemployment rate in Slovenia and the euro area 13 Figure 8: Inflation in Slovenia and the euro area 14 Figure 9: Labour productivity, unit labour costs and 15 compensation per employee in the Slovenian economy Figure 10: Harmonised competitiveness indicator, deflated by HICP and ULC 15 Figure 11: Components of the current account 16 Figure 12: Slovenia’s external debt 17 Figure 13: General government deficit and debt according to ESA95 methodology 18 Figure 14: Spreads of long-term government bonds over the benchmark German bonds 19 Figure 15: Capital adequacy at banks and comparison with the euro area 22 Figure 16: Funding structure 24 Figure 17: Lending to the non-banking sector 24 Figure 18: Interest rates of the ECB and unsecured interbank money market 26 4 5 4 Annual Report 2013 Figure 19: Eurosystem money supply (+) and demand (–) 27 Figure 20: Stock of Eurosystem monetary policy instruments, 2008 to 2013; 28 Slovenian banks and savings banks (stock at month end) Figure 21: Spreads on 10-year government bonds of euro area periphery countries 30 over benchmark German government bonds Figure 22: Excess liquidity in the euro area 31 Figure 23: Minimum reserve requirements and maintenance 32 Figure 24: Breakdown of pool of collateral at the Bank of Slovenia by type 34 of assets and credit operations Figure 25: Number and value of transactions via the TARGET2-Slovenija system 40 by month in 2013 Figure 26: Net issuance of euro banknotes in terms of number 42 Figure 27: Net issuance of euro banknotes in terms of value 42 Figure 28: Counterfeit euro banknotes seized in Slovenia 43 Figure 29: Measures in areas of risk 54 Figure 30: Current structure of EBA committees and groups 62 Figure 31: Headcount at the Bank of Slovenia at year end 74 Boxes: Box 1: Early repayments of 3-year LTROs 29 5 Annual Report 2013 5 6 6 Annual Report 2013 INTRODUCTION In Slovenia, 2013 was primarily characterised by a gradual emergence from recession, and major struc- tural reforms that will ensure the long-term sustainability of the system of public finances and strengthen the long-term potential of the economy. The pace of GDP growth in Slovenia was moderately positive throughout last year, with a particularly strong increase in the final quarter. In the second half of 2013, the employment and unemployment indicators also stabilised. By the end of the year, inflation had fallen to the low euro area average, despite the rise in VAT and certain other fiscal measures. At the beginning of last year, a major reform of the pension system entered into force, and labour market re- form was also undertaken, while in the second half of the year a great deal of effort was invested in drawing up and carrying out measures to ensure the basis for the stable and effective functioning of the banking system. In 2013, the export sector was the main engine of economic growth in Slovenia. Last year, the situation in the external environment improved gradually, particularly in the euro area, which emerged from re- cession towards the end of the year. The improved economic growth in the rest of the world rapidly translated into increased activity in Slovenia’s export sector, which exceeded the euro area’s average export growth last year. An improvement in cost competitiveness was also a factor in this. There was a record current account surplus. In the second half of the year, solid growth in exports was joined by a gradual recovery in domestic con- sumption. Four years of depressed investment activity came to an end, while household consumption stabilised as the decline in the real wage bill slowed, largely as a result of export industry. At the same time, final government consumption contracted further. Another factor in the stabilisation of the domes- tic market was last year’s change in the structure of fiscal consolidation, which nevertheless allowed for a further reduction in the structural fiscal deficit. In 2013, ECB monetary policy remained expansionary. Due to falling inflation, the Governing Council of the ECB twice lowered its key interest rate in 2013, the rate reaching 0.25% in November. It also shaped market expectations by means of providing forward guidance on the monetary policy orientation, when it announced in July and then subsequently restated several times that its interest rates would re- main at or below the current level for the longer term. In 2013, there were no additional non-standard loan operations. By contrast, euro area banks made early repayments of just under a half of the funds lent in the previous 3-year LTROs.
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