{
  "title": "Slovak Republic: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools",
  "publication": "IMF Staff Country Reports, April 8, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/04/08/slovak-republic-financial-sector-assessment-program-technical-note-on-macroprudential-565969",
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  "summary": "This technical note focuses on macroprudential policy framework and tools as part of the Slovak Republic’s Financial Sector Assessment Program. The institutional framework for macroprudential policy in Slovakia aligns broadly with the IMF guidance for effective macroprudential policymaking.",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- The institutional framework for macroprudential policy in Slovakia aligns broadly with the IMF guidance for effective macroprudential policymaking.\n- Operational capacity is generally high.\n- Recent availability of real estate transaction data provides an opportunity to revise the macroprudential framework.\n- Data gaps persist in the residential real estate and commercial real estate (CRE) sectors.\n- The Národná banka Slovenska should maintain close oversight of real estate funds."
    },
    {
      "heading": "Risks and analytical gaps",
      "content": "- 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.\n- There is a need to monitor risks in the CRE sector and be prepared to act if those risks become systemic.\n- Lack of a macrofinancial model limits analytical capacity at the margin."
    },
    {
      "heading": "Policy recommendations",
      "content": "- Adopt and publish a macroprudential strategy to enhance willingness to act.\n- Incorporate external advisors into the policy-making process to strengthen governance and decision-making.\n- Close data gaps in the residential real estate and CRE sectors.\n- Develop a macrofinancial model to improve operational and analytical capacity.\n- Revise the macroprudential framework to place greater emphasis on mitigating procyclicality of credit and house price growth while maintaining structural resilience.\n- Be prepared to activate the systemic risk buffer if risks in the CRE sector become systemic.\n- Maintain close oversight of real estate funds."
    },
    {
      "heading": "Subjects and keywords highlighted",
      "content": "- Subjects: Countercyclical capital buffers, Credit, Financial institutions, Financial regulation and supervision, Financial sector policy and analysis, Housing prices, Loans, Macroprudential policy, Money, Prices\n- Keywords: B. data availability, bank funding, Countercyclical capital buffers, Credit, evolution of Macroprudential policy, Housing prices, Loans, Macroprudential policy, MACROPRUDENTIAL Policy framework, Macroprudential setting\n\nIMF 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).\n\n---\n\n Content in this bundle\n\n- Executive Summary\n  - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: April 8, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229007634.002",
    "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.",
    "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.",
    "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: 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",
    "**Executive Summary**"
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