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Annual Report 2010 a R 2010 Nnual Eport NÁRODNÁ BANKA SLOVENSKA ANNUAL REPORT 2010 A R 2010 NNUAL EPORT ANNUAL REPORT 2010 Published by: © Národná banka Slovenska 2011 Address: Národná banka Slovenska Imricha Karvaša 1 813 25 Bratislava Slovakia Telephone: +421 2 5787 2141 +421 2 5787 2146 Fax: +421 2 5787 1128 http://www.nbs.sk All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. ISBN (print) 978-80-8043-167-9 ISBN (online) 978-80-8043-168-6 CONTENTS FOREWORD 5 4.2 Deliveries of euro banknotes and the production of euro coins 44 1 MACROECONOMIC DEVELOPMENTS 9 4.3 Processing of euro cash and Slovak 1.1 The external economic environment 10 koruna cash 44 1.1.1 Global trends in output and 4.4 Counterfeit banknotes and coins prices 10 seized in Slovak territory 45 1.1.2 Economic developments in the euro area 10 5 PAYMENT SERVICES AND PAYMENT 1. 2 Macroeconomic developments in SYSTEMS 47 Slovakia 12 5.1 Payment services 48 1. 2.1 Price developments 13 5.2 Payment systems of the Slovak 1.2.2 Gross domestic product 14 Republic 48 1.2.3 Labour market 17 5.2.1 TARGET2 and TARGET2-SK 48 1.2.4 Financial results 18 5.2.2 Payments executed in 1.2.5 Balance of payments 19 TARGET2-SK 49 1.2.6 Monetary developments 21 5.2.3 The EURO SIPS payment system 50 5.2.4 Payments executed in EURO 2 IMPLEMENTATION OF EUROSYSTEM SIPS 50 MONETARY POLICY, FOREIGN 5.2.5 Payment cards 50 EXCHANGE OPERATIONS, AND 5.3 Cooperation with international INVESTMENT ACTIVITIES IN financial institutions in the field of FOREIGN RESERVE MANAGEMENT 23 payment systems 51 2.1 Monetary policy operations 24 2.2 Foreign exchange operations 27 6 STATISTICS 53 3 SUPERVISION OF THE FINANCIAL 7 ECONOMIC RESEARCH 57 MARKET 29 3.1 Financial market regulation in the 8 EUROPEAN AFFAIRS AND Slovak Republic 30 INTERNATIONAL COOPERATION 63 3.2 The banking and payment services 8.1 European affairs 64 sector and the foreign exchange sector 32 8.2 NBS cooperation with international 3.3 Insurance, pension saving and financial institutions 65 intermediation sector 33 8.3 International activities of NBS in 3.4 Securities market sector 35 the field of supervision 65 3.5 Consumer protection 37 8.4 Foreign technical assistance 66 3.6 Financial market developments 38 9 LEGISLATION 69 4 ISSUING ACTIVITY AND CURRENCY CIRCULATION 41 10 INSTITUTIONAL DEVELOPMENTS 73 4.1 Cumulative net issuance of cash in 10.1 Institutional framework 74 circulation 42 10.2 Human resources 75 4.1.1 Euro banknotes and euro coins 42 10.3 Organisation and management 75 4.1.2 Sovak koruna cash 42 10.4 Training and education 75 NBS ANNUAL REPORT 3 2010 11 COMMUNICATION 77 Glossary 110 List of Charts 116 12 INDEPENDENT ADITOR’S REPORT List of Tables 117 AND FINANCIAL STATEMENTS OF NBS AS AT 31 DECEMBER 2010 81 LIST OF BOXES Box 1 Papers published in 2010 60 ANNEXES 107 Box 2 Communication about monetary Abbreviations 108 policy decisions 78 NBS 4 ANNUAL REPORT 2010 FOREWORD FOREWORD FOREWORD The global economy saw a gradual recovery in During the recession, the customers of financial 2010, as economies around the world began to institutions saw their incomes declining; at the emerge from the effects of the global economic same time, enterprises and households became crisis. International trade returned to growth, en- less able to service their debts, and the ratio of abling Slovakia to resume its place as one of the non-performing loans increased. This trend con- fast-growing countries. In order to strengthen tinued in 2010. At the end of the year, the ratio overall financial stability in the European Union, of non-performing loans to total loans stabilised a new supervisory framework for European fi- at 8%. The ratio of non-performing loans to total nancial institutions and markets was introduced. household loans averaged above 5% until De- Following the establishment of the European cember 2010, when it fell to 4.9%. But although System of Financial Supervision, organisational the banking sector – which constitutes the ma- changes were made to the supervision of the do- jor part of the financial system in Slovakia – man- mestic financial market, which is one of the main aged to strengthen its financial position, its share activities of Národná banka Slovenska. in the assets of financial institutions is gradually falling, largely due to the success of the pension Slovakia was one of the countries hardest hit by saving segment. The trend of the corporate sec- the crisis, mainly because its economy is highly tor’s declining dependence on the domestic fi- open and is heavily dependent on sectors that nancial sector continued in 2010, as firms were are sensitive to fluctuations in global demand. to a greater extent using external sources of fi- When international trade began to pick up nancing. The improvement in economic devel- again, however, these same factors contributed opment indicators contributed to the stabilisa- to the strong growth in industrial production tion of the whole domestic financial sector. The and exports of goods from Slovakia. The result profits of financial institutions increased in 2010, was strong growth of the Slovak economy as except certain segments. a whole. Although the year-on-year increases in gross domestic product were dampened by In an environment of low inflation and moderate a base effect during the course of the year, the growth in the euro area economy, the European GDP for 2010 was still 4.0% higher than the fig- Central Bank maintained its accommodative mon- ure for the previous year. Looking at the struc- etary policy stance, keeping the key interest rates ture of economic growth in Slovakia, the main unchanged throughout the year. Thus the main components were changes in inventories and refinancing rate remained at 1.0%, the marginal net exports. The contribution of household final lending facility rate at 1.75% and the deposit facil- consumption continued to be negative, owing ity rate at 0.25%. Given the very low inflation and to the slow pace of improvement in the labour weak domestic consumption in Slovakia, the set- market. The first effects of the economic recovery ting of the common monetary policy can be con- in 2010 were seen in an increase in the number sidered appropriate for the domestic economy. of hours worked and subsequently also in the number of employed people. Even so, the aver- At the beginning of 2010, the ECB began to age overall employment in 2010 was still lower exit from non-standard monetary measures in than in 2009. line with their original purpose and temporary character. But after the outbreak of the debt Weak domestic demand created conditions for crisis in several euro-area peripheral countries, subdued price inflation. At the beginning of the bond markets came under increasing pressures. year, consumer prices in Slovakia declined, but, In order to stabilise the financial system of the as the year progressed, rising commodity prices Eurosystem, the ECB set about reintroducing put upward pressure on consumer prices. Nev- non-standard monetary operations. Since the ertheless, the annual rate of inflation at the year government bond market is an important part of end was lower than at the end of 2009. Consumer the mechanism for transmitting monetary policy prices in 2010 increased by an average of 0.7%. decisions to the real economy, the Eurosystem NBS 6 ANNUAL REPORT 2010 F O R E W O R D national central banks joined in measures to to follow the structural breakdown of the finan- support financial market liquidity and stability. cial market. Acting within the Covered Bond Purchase Pro- gramme, they purchased government bonds The global economy’s recovery and the rapid eco- over the course of the year. So as to prevent any nomic growth in developing countries has led to inflationary pressure arising from the increased rising commodity prices, while political tensions amount of money in circulation, special fine-tun- in Middle East countries have bolstered supply- ing operations were introduced to absorb the side inflation pressures. The higher commodity excess liquidity. prices are gradually putting upward pressure on consumer prices. It is some time since the com- In 2010, Národná banka Slovenska, as the na- mon monetary policy has faced the challenge of tional supervisory authority for the financial maintaining inflation at close to the target rate market in Slovakia, cooperated in the establish- of 2%, but in the coming period it will have to do ment of the European Systemic Risk Board and so again. The euro area countries will continue to other bodies of the European System of Financial struggle with the consequences of the debt cri- Supervision. As well as fundamental changes at sis. It is my belief that the joint steps taken by EU the European level in 2010, there were also or- governments and the newly-formed bodies of the ganisational changes at the Financial Market Su- European System of Financial Stability are helping pervision Unit of Národná banka Slovenska. The to increase financial stability and to re-establish new structure of the FMS Unit has been adapted a standard economic environment in Europe. March 2011 Jozef Makúch Governor NBS ANNUAL REPORT 7 2010 THE NBS BANK BOARD Members of the NBS Bank Board in 2010 Front row (left to right): Martin Barto, Jozef Makúch, Viliam Ostrožlík Back row (left to right): Ľudovít Ódor, Gabriela Sedláková, Ivan Šramko, Slavomír Šťastný, Karol Mrva, Štefan Králik THE BANK BOARD OF NÁRODNÁ BANKA SLOVENSKA ment.
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