Slovak Republic: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools
IMF Staff Country Reports, April 8, 2025
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- Slovak Republic: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools
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Bibliographic details
- Published: April 8, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229007634.002
Key findings
- The institutional framework for macroprudential policy in Slovakia aligns broadly with the IMF guidance for effective macroprudential policymaking.
- Operational capacity is generally high.
- Recent availability of real estate transaction data provides an opportunity to revise the macroprudential framework.
- Data gaps persist in the residential real estate and commercial real estate (CRE) sectors.
- The Národná banka Slovenska should maintain close oversight of real estate funds.
Risks and analytical gaps
- Mitigating the procyclicality of credit and house price growth is an identified priority while retaining a principal focus on the structural built-up of resilience.
- There is a need to monitor risks in the CRE sector and be prepared to act if those risks become systemic.
- Lack of a macrofinancial model limits analytical capacity at the margin.
Policy recommendations
- Adopt and publish a macroprudential strategy to enhance willingness to act.
- Incorporate external advisors into the policy-making process to strengthen governance and decision-making.
- Close data gaps in the residential real estate and CRE sectors.
- Develop a macrofinancial model to improve operational and analytical capacity.
- Revise the macroprudential framework to place greater emphasis on mitigating procyclicality of credit and house price growth while maintaining structural resilience.
- Be prepared to activate the systemic risk buffer if risks in the CRE sector become systemic.
- Maintain close oversight of real estate funds.
Subjects and keywords highlighted
- Subjects: Countercyclical capital buffers, Credit, Financial institutions, Financial regulation and supervision, Financial sector policy and analysis, Housing prices, Loans, Macroprudential policy, Money, Prices
- Keywords: B. data availability, bank funding, Countercyclical capital buffers, Credit, evolution of Macroprudential policy, Housing prices, Loans, Macroprudential policy, MACROPRUDENTIAL Policy framework, Macroprudential setting
IMF Staff Country Report: Slovak Republic: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools (Country Report No. 2025/090, Pages: 54, DOI: https://doi.org/10.5089/9798229007634.002, ISBN: 9798229007634, ISSN: 1934-7685, April 8, 2025).
Content in this bundle
- Executive Summary