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Financial market in Slovakia 4 years in EU. Ivica Chačaturianová Gabriel Hinzeller. Association of Financial Intermediaries and Financial Advisors 30. April 2008, CIFA - VI. International Forum. Base Factors. - PowerPoint PPT Presentation
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Ivica ChačaturianováGabriel Hinzeller
Association of Financial Intermediaries and Financial Advisors
30. April 2008, CIFA - VI. International Forum
Base Factors
• Market- Maastricht criteria- Euro expectations and fears- reforms (necessity & challenge)
• Economy- change of interest rates- earnings growth- tax benefits- strengthening of Slovak crown- increase of real estate prices2
Financial Market Development
• Banking- increase of motgages - higher risk products- specialised banking products
• Investment - euro-convergent funds- longer terms investments- savings plans- guaranteed products- real estates3
Financial Market Development
• Insurance- unit linked products- bankassurance- effects of demonopolisation of MTPL (2002)- effects of pension reform in life assurance
• Financial services- improving the quality through education- competition- higher requirements of clients- responsibility4
Slovak Pension Reform (2004-2006)
• very well managed, now changes of terms
• experience (legislation, business, professionalism, ...)
• II.pillar is not a cure-all
• raise of consumer responsibility
• better consumer financial literacy
• improvement of other life/pension products5
Consumer Behaviour
• higher consumer literacy
• modern ways of thinking
• experience from abroad
• long term regular savings
• indebtedness
• role of financial advisors and distributors
• drawbacks and speed6
Structure & use of incomes...
Spending29%
Spending&pay loans19%
Spending&save41%
Spending&pay loans&save
11%
for bad times20%
flat reconstruction
12%education
10%improving household
10%
car4%
holiday8% help for family
8%
furniture7%
funeral6%
pension6%
marriage5%
hifi, TV, etc.4%
7
Assets
Time deposits64%
Life insurance10%
Mutual funds17%
Pension companies
6%
Supplementary pension co
3%
Bank loans91%
Never-never7%Leasing
2%
Assets & liabilities of households
Liabilities
8
Loans to households (% of GDP)
9,40%
12,20%
14,40%15,30%
2004 2005 2006 1.H.2007
Structure of loans
Mortgage loans70%
Consumer loans16%
Credit cards, CA loans6%
Others8%
Breakdown of loans
9
2006
Banks83%
Brokerage houses1%
Mutual funds7%
Insurance7%
Pension co1%
Supplementary pension co
1%
Banks80%
Insurance8%
Supplementary pension co
1%
Mutual funds8%
Brokerage houses
1%
Pension co2%
2007
Market share of financial institutions on assets in %
10
Sources of information
• www.statistics.sk
• www.nbs.sk (National Bank)
• www.mfsr.sk (Finance Ministry)
• www.etrend.sk (economic weekly)
• www.hnonline.sk (economic daily)
• ...
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KD Investments, správ. spol., a.s.Gabriel HinzellerLaurinská 3811 03 Bratislava, SlovakiaTel.: +421 2 5910 4908Fax: +421 2 5910 4910E-mail: [email protected]
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