BANK OF SLOVENIA EUROSYSTEM MONTHLY BULLETIN. September 2007 Vol 16 No. 9

Transcription

1 MONTHLY BULLETIN September 2007 Vol 16 No. 9

2 Published by: BANKA SLOVENIJE Slovenska 35, 1000 Ljubljana Slovenija tel.: +386 (1) fax.: +386 (1) SWIFT: BSLJ SI 2X Editorial Board: Mr. Janez KOŠAK, Vice Governor Mr. Janez FABIJAN, Financial Statistics Mrs. Danica PRELOVŠEK, Advisor to the Governor Mr.Franc DRENOVEC, Advisor to the Governor Mr. Damjan KOZAMERNIK, Analysis and Research Mr. Tomaž KOŠAK, Financial Stability Mr. Ernest ERMENC,Accounting Printed by: Geodetski inštitut Slovenije, Ljubljana Publication and other public use of data from this publication is permitted subject to statement of the source. Publication is available on the Web. For PGP key see last page. ISSN (print) ISSN X (online) Ta publikacija je na voljo tudi v slovenščini. 2 Monthly Bulletin, September 2007

3 Important information Monthly Bulletin of Bank of Slovenia has been, from the number 2-3 for February-March 2007, volume 16, partly changed in its content and form. The preannouncement of the change has been published on the web page of the Bank of Slovenia in January The main changes are as follows: The beginning of publishing the statistical data of value, which refer to the period after the entry to the euro area, in the official domestic currency - euro. The data of value for the previous period will continue to be published in tolars, as the official Slovenian currency in that period. The data in euros are in the tables separated from the data in tolars by line. The change in the concept of the international monetary reserves because of the entry to the Economic and monetary union. Among the Slovenian international monetary reserves after the entry to the euro area, compared to the period before, there are no longer assets in euro as well as the claims on the euro area residents. More explanation is available in: The statistical treatment of the international monetary reserves at the entry of Slovenia to the euro area (slovenian), in the chapter Methodological information on the internet page: The change in the presentation of the currency in the circulation to the standards of the euro area. The accommodation of the balance sheet of Bank of Slovenia to its activities in the framework of the Eurosystem. The beginning of the publishing of the interest rates of the euro area money market as well as the publishing of the whole set of the interest rates of the Monetary financial institutions according to the ECB s methodology. The beginning of the publishing of the financial accounts statistics in the new chapter. Colour separation of the individual statistical chapters, to alleviate search and because of the link of the chapters to the specialised publications. More information can be found in Methodological Notes in the Bank of Slovenia monthly Bulletin. The entry to the euro area (on ) caused a break in the time series of the statistical tables in the Monthly bulletin in cases where the currency is an attribute. An expected reclassification takes place, for example of the stock of outstanding loans in euros from the time series of foreign currency before the introduction to the time series of domestic currency after the introduction of euro. To enable easier reconstruction of this change, the shares of the Euro amounts in stocks of the foreign currency in the tables 1.3, 1.4, 1.5 and 1.6 on , and are published in the chapter Methodological notes. Monthly Bulletin, September

4 4 Monthly Bulletin, September 2007

5 TABLE OF CONTENTS REPUBLIC OF SLOVENIA: General Information I. ECONOMIC AND FINANCIAL DEVELOPMENTS 1. International Environment 2. Economic Activity and Labour Market 3. Price Developments 4. Balance of Payments 5. Public Finance 6. Banking System 7. Domestic Financial Markets II. STATISTICAL TABLES Money and Monetary Financial Institutions Financial Markets and Payment Systems Balance of Payments and External Position Public Finance Financial Accounts Non-Financial Accounts and General Economic Statistics III. BANKING INSTITUTIONS IN SLOVENIA VI. NOTES ON METHODOLOGY Review of the links Advance release calendar Monthly Bulletin, September

6 REPUBLIC OF SLOVENIA: GENERAL INFORMATION Measured in: Date or period of data: Area 20,273 km Population 2,013,597 number Population growth 0.4 % Population density 99.3 number / km Population of City Community Ljubljana 267,386 number Origin of value added: 2006 Agriculture 2.3 % Industry 28.6 % Construction 6.2 % Services 62.9 % % GDP real annual change 5.2 % 2006 Industrial production annual change 6.0 % June, 2007 employment annual change 3.5 % June, 2007 Unemployment rate (ILO definition) 5.7 % Jan.-March Annual inflation rate 3.5 % September, 2007 General government: revenue 44.8 % BDP 2006 surplus/deficit -1.4 % BDP 2006 Trade balance mio EUR Jan.-July, 2007 BOP current account mio EUR Jan.-July, 2007 International reserves mio EUR Foreign exchange reserves mio EUR Net foreign debt 5,051.0 mio EUR Gross foreign debt 29,571.0 mio EUR Currency unit since January 2007: Euro (EUR) 1EUR = SIT 6 Monthly Bulletin, September 2007

7 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE I. ECONOMIC AND FINANCIAL DEVELOPMENTS I. ECONOMIC AND FINANCIAL DEVELOPMENTS 1. International Environment 2. Economic Activity and Labour Market 3. Price Developments 4. Balance of Payments 5. Public Finance 6. Banking System 7. Domestic Financial Markets Monthly Bulletin, September I.

8 ECONOMIC AND FINANCIAL DEVELOPMENTS Further growth in oil prices on world markets in September and tighter financing conditions led to a slight decrease in the forecast projections for this year s economic growth in the euro area to around 2.5%. Lower economic growth can also be expected in the USA, as the majority of economic indicators in August were beneath expectations. The ECB left its interest rates unchanged in September, while the Fed lowered its key interest rate by 0.5 percentage points. The Euro appreciated further against the US dollar by about 3%, to reach USD 1.40 by mid-september. Economic activity remains relatively high in Slovenia. According to the SORS s initial estimates, economic growth stood at 5.9% in the second quarter of this year, and 6.5% in the first half of the year. Growth in gross investment remains high, while growth in household consumption remains moderate. According to the initial figures, government spending in the second quarter was actually lower than in the same period last year, having fallen by 0.7%. Spending on intermediate consumption and social security benefits in kind was particularly low. The contribution of the trade balance remains negative. The current account deficit had reached EUR 401 million by the end of July, which is EUR 150 million higher than in the same period last year. Financial transactions with the rest of the world continue to increase on both the inflow and outflow sides, with the former rising more in recent months. The strong net outflow from the private sector in the first quarter, which was primarily the result of repayments of Bank of Slovenia bills, slowed in the following months. The high economic growth continues to be reflected on the labour market. The persons in employment are continuing to grow, while both the registered and surveyed unemployment rates continue to fall. The excess in labour demand is also being seen in wage growth, which is gradually but persistently rising. Year-on-year growth in the average gross wage stood at 5.7% in the first seven months of the year, while growth in the average net wage was 2.2 percentage points higher as a result of changes in personal income tax legislation. Wage growth is increasing in particular in sectors with high value-added growth, namely construction, financial intermediation, trade and real estate. Year-on-year inflation as measured by the HICP remained significantly above three percent in September, and was up 0.2 percentage points from August, at 3.6%. The core inflation indicators also remained unfavourable. Growth in the HICP excluding energy and unprocessed food rose to 3.9%. Thus, there is still a danger of an increase in inflationary pressure as a result of high growth in domestic economic activity exceeding the potential output growth. Year-on-year growth in producer prices exceeded 5% for the fourth consecutive month, and points to an additional risk of passingthrough into consumer prices. In the context of booming economic growth, the public finances should also improve this year. According to Ministry of Finance estimates, the general government deficit will be lower than originally anticipated, and should stand at 0.6% of GDP according to ESA95 methodology. Despite tax rates cuts due to tax reforms, general government revenues recorded solid growth of approximately 4% in the first half of the year. On the other side, expenditures recorded similar growth, with investment expenditures recording the fastest growth. Slovenia s net position against the EU budget remained negative according to the figures up to August. 2 - I. Monthly Bulletin, September 2007

9 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE 1 International Environment The forecasts for economic growth in 2007 in the euro area were revised downwards, while the figures released for August in the USA point to a potential slowdown in economic growth. The forecasts for this year s economic growth in the euro area were lowered by 0.1 percentage points by both Consensus (to 2.6%) and the European Commission (to 2.5%). The ECB s economic growth forecast range was also lowered by 0.1 percentage points, to stand at 2.2% to 2.8% in September. The lowering of the ECB s forecast was the result of an increase in the forecast for the oil price this year, and the tightening of terms of financing as a result of the increased uncertainty on financial markets caused by investments in the sub-prime mortgage market in the USA. One of the main factors in the downward revision of the forecasts by Consensus and the European Commission was GDP growth in the second quarter, which was lower than expected. The European Commission also warned of lower economic growth in the euro area as a result of the tightening of conditions on the financial markets. The estimated economic growth in the USA in the second quarter was raised slightly to 1.9% year-on-year and 1.0% quarterly, the previous estimates having been 1.8% and 0.8%. However, some of the figures for August in particular were lower than expected. Most notable among these was employment in the non-farm sector, which in August fell for the first time in four years, leading International environment Aug. annual growth in % Inflation Euro area USA GDP Euro area (2.6)* USA (2.0)* Commodities, USD prices: Primary, total industry Oil (Brent, USD/barrel) Central banks' interest rates Sep. Euro area USA Notes: Forecast for the current year are stated in brackets for GDP. Sources: Bloomberg, Eurostat, * Consensus (September 07') Monthly Bulletin, September 2007 to a depreciation in the dollar and a stock market fall in September. August s growth in industrial production and retail trade was also lower than expected in the USA. In addition, the persisting uncertainty over sub-prime mortgages represents another risk of lower economic growth in the future EUR/USD exchange rate and central banks' interest rates ECB main refinancing operations (%, left) Fed Funds (%, left) EUR/USD (right) Source : ECB, Federal Reserve In September the ECB left its key interest rate unchanged, while the Federal Reserve cut its interest rate. The key euro area interest rate remained at 4.0% following the ECB s meeting at the beginning of September. The tight liquidity conditions on the euro area interbank market have not yet eased, and the ECB therefore continued to inject liquidity. The sub-prime mortgage crisis in the USA led to a deterioration in bank liquidity in the UK. At its ordinary meeting in September, the American system of central banks, the Federal Reserve, cut the key interest rate by 0.5 percentage points to 4.75%, more than was expected by the financial markets. The cut was intended to curb the impact of the crisis in the real estate market on other sectors. The euro rose by approximately 3% against the dollar between the middle of August and the middle of September. By the second half of September it had surpassed the level that it had stood at before the financial crisis hit at the beginning of August. The reasons for the return to appreciation lie in the better figures released for the euro area economy, the slightly weaker figures for the USA, and, above all, the cut in interest rates in the USA. After the cut, there was a slight renewed increase in the 3 - I.

10 ECONOMIC AND FINANCIAL DEVELOPMENTS appetite for risk, which brought renewed growth in trading in currencies offering higher returns. In addition, concern strengthened over a potential rise in inflation in the USA. 5 4 annual growth, % Inflation as the market felt that this was insufficient. The rise in oil prices was linked to the easing of tensions over the financial crisis, while in addition the USA still has low stocks of oil, geopolitical tensions in oil-producing areas (Israel, Syria, Mexico, Iran) have increased, and there have been problems at refineries in the USA, and bad weather in the Gulf of Mexico Euro area USA Euro area core USA core Source : Eurostat, U.S. Department of Labor Inflation rates continued to fall in the euro area and the USA in August. The main factor in the further decline in year-on-year inflation in the euro area (by 0.1 percentage points) was the negative year-on-year growth in energy prices, as a result of the high basis from last year. Year-on-year growth in prices of unprocessed food also declined. Core inflation was up 0.1 percentage points as a result of increases in prices of tobacco products in France and dairy products in Germany. In its forecasts for this year s inflation, the ECB remained in the range that it forecast in June, but narrowed the upper and lower limits by 0.1 percentage points, the new range thus standing at 1.9% to 2.1%. The ECB estimates that this year s rises in indirect taxation will contribute 0.5 percentage points to annual inflation. Inflation in the USA fell to 2.0% in August, down from 2.4% in July. The decline in inflation was primarily the result of lower energy prices. Core inflation also continued to fall. There are potential pressures for a rise in core inflation in the future, originating mainly in a rise in labour costs and import prices of Chinese goods. Oil prices began to rise quickly at the end of August. The price of a barrel of Brent crude had reached USD 78 by the middle of September. The rise in prices happened despite September s decision by Opec to increase the daily pumping quota by 0.5 million barrels in November, 2 Economic Activity and Labour Market The SORS revised its economic growth figures for 2000 to 2006 upwards. At the beginning of September 2007 the SORS released revised figures for economic growth between 2000 and The methodological revision of the figures now includes the illegal sector (prostitution, drugs) and deliberately unregistered activities (study, alternative healthcare, etc.), which led to an increase in estimated GDP growth. There was an increase of 0.5 percentage points in last year s figure, taking it to 5.7%. The GDP growth figures were revised from 2.7% to 3.1% for 2001, 3.5% to 3.7% for 2002, 2.7% to 2.8% for 2003, and 4.0% to 4.1% for The 2004 figure was unchanged. It is evident from the new figures that the largest correction came last year, which could indicate an expansion in illegal and deliberately unregistered activities in the economy. According to the SORS s initial estimates, economic growth stood at 5.9% in real terms in the second quarter of this year. The main factor in this growth was the high growth in gross capital formation, and the continuing high growth in construction. Economic growth in the second quarter was slightly lower than in the first quarter, while the year-on-year rate was 6.5% overall in the first half of the year. Alongside the negative contribution made by net trade, there was again a large contribution by gross fixed capital formation, which has been recording high year-on-year growth since the second half of last year. Gross capital formation recorded year-on-year growth of 25.2% on average during the sec- 4 - I. Monthly Bulletin, September 2007

11 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE ond quarter, 5.2 percentage points more than in the first quarter. Growth in household spending was 3.4% during this period, while general government spending recorded negative year-on-year growth and was significantly lower than in the previous period. After the final quarter of last year, when growth in general government spending stood at 4.2% year-on-year, the rate fell to 1.1% in the first quarter and to -0.7% in the second quarter of The breakdown of GDP by activities reveals still-high growth in value-added in the construction sector, which slowed slightly from the first quarter to year-on-year growth of 25.7% in the second quarter. There was also a slight decline in year-on-year growth in the manufacturing sector and the trade and motor vehicle repair sector, the rate for manufacturing falling from 10.9% in the first quarter to 9.0% in the second quarter, and that for the retail sector falling from 8.1% to 7.8% over the same period. Meanwhile, year-on-year growth in value-added in the financial intermediation sector increased from 7.5% to 8.1%. Growth in exports of goods and services in the second quarter of this year was higher than in the same period last year at 13.6%. Growth in imports of goods and services increased further over the same period, to 17.0% year-on-year. The contribution made by the net trade to GDP growth was negative in the second quarter. The SORS will release the GDP growth figures for the third quarter at the beginning of December 1 There was again a slight improvement in year-on-year growth in industrial production in July, but the current rate of growth continued to slow. Year-on-year growth in industrial production rose to 8.9% in July, surpassing the rates in May and June, but the current rate of growth continued to slow. Year-on-year growth in industrial production averaged 8.6% over the first seven months of the year. The largest year-on-year growth in July and overall in the first seven months of the year was recorded by the production of capital goods, the main factors in this being the high activity in the construction sector and the increased exports of capital goods to new EU members. The largest cumulative increases in output in the manufacturing sector in the first seven months of the year were recorded by the manufacture of wood and Industrial production and GDP growth rates * data shown are calculated as three-month moving averages against the corresponding average three months earlier GDP y-o-y (lhs) industrial production y-o-y (rhs) industrial production X-12 trend annualised* (rhs) Source: SORS, Bank of Slovenia calculations. wood products, the manufacture of basic metals and fabricated metal products, and the manufacture of chemicals, chemical products and manmade fibres. Most noteworthy in July were the year-on-year rates of growth recorded by the manufacture of transport equipment (30.4%) and the manufacture of chemicals (26%). Turnover in industry was up 8.5% in year-on-year terms during the first seven months of the year, and by 11.4% in July alone. The greatest contribution to this growth came from sales revenues from capital goods. Construction also recorded relatively high year-onyear growth in July, although both the current and year-on-year rates are slowing. Sales revenues in the food retail sector recorded negative year-on-year growth in July, while the tourism sector continued to perform well in August. Growth in the value of construction put in place continued to slow in year-onyear terms to a rate of 19.7% in July, and to a cumulative rate of 30.2% over the first seven months of the year. Having outpaced the construction of buildings over the first seven months of the year, civil engineering construction recorded year-on-year growth of 19.2% in July, compared with 20.4% for the construction of buildings. Sales revenues in the retail sector recorded year-on-year growth of 1.2% in July, with sales of food, beverages and tobacco products declining by 10.8%, and sales of nonfoodstuffs rising by 15.6%. The tourism sector performed well in August, as it had in the whole of the year, with the The comparison with last year s quarterly performance has been made with unrevised figures, the SORS having revised. Monthly Bulletin, September I.

12 ECONOMIC AND FINANCIAL DEVELOPMENTS Economic Activity Jul. annual growth in % Industrial production Inventories Productivity Electricity consumption (8) Construction: - total Buildings Civil engineering Trade -Retail sales of which: - Foods Non-foods Motor Vehicles Hotels and restaurants: total (6) -Accommodation (6) -Restaurants (6) Tourism (overnights) (8) Sources: SORS, Slovenian Electricity Authority; Bank of Slovenia calculations. Number in parenthesis refers to the month of last available data. number of foreign visitors recording a year-on-year increase of 8% and the number of overnight stays an increase of 6%. Labour market Jul. EUR Average gross wage 1,103 1,157 1,212 1,263 annual growth in % Average gross wage Private sector (excl. L..O) Public sector (L..O) Real wage Unemployment rate (ILO) (Q2) Registered unempl. rate thousands Employees annual growth in % Employees of which: - Enterprises Small business Sectors: -Private (excl. L..O) Public (L..O) Sources: SORS; Bank of Slovenia calculations y-o-y changes in thousands Labour market Labour force Registered unemployed persons Persons in employment Sources: SORS, Employment Service of Slovenia, Bank of Slovenia calculations. The sentiment indicator declined in September, primarily as a result of consumer pessimism and declining confidence in the service sector. Confidence also fell in the construction and manufacturing sectors. The seasonally adjusted sentiment indicator was down 2 percentage points in September in year-on-year terms, but was still 10 percentage points higher than the longterm average. Consumer confidence was down 5 percentage points from August, at 2 percentage points below its last year's average. To a great extent the decline was the result of consumers pessimism regarding their financial standing in the coming 12 months, which in September reached its lowest level since surveying began. The services confidence indicator in September was down 2 percentage points in both year-on-year terms and monthly terms. The confidence indicator in manufacturing declined by 1 percentage point in monthly terms, and by 3 percentage points year-on-year, but nevertheless remained 14 percentage points above its long-term average. Despite the decline in the construction confidence indicator of 3 percentage points in monthly terms and 1 percentage point year-on-year, it stood 19 percentage points above its long-term average. The high economic growth has been reflected on the labour market since the beginning of the year. There was a further increase in the persons in employment in July, while the level of registered and surveyed unemployment declined. The labour force increased by 1.5% in July, and by an average of 1.2% over the first seven months of the year. This growth came from the high increase in the persons in employment, which was up 3.5% year-on-year in July, and by 3.4% on average over the first seven months of the year, 2 percentage points more than last year s average increase. In line with the strong economic activity, the largest year-on-year increases in employment in July were recorded by the sectors of construction (10.7%), transport, storage and communications (8.5%), and business services and real estate (8.7%), while within the manufacturing sector there 6 - I. Monthly Bulletin, September 2007

13 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE were notably high year-on-year increases in employment in the manufacture of transport equipment (12.7%) and the manufacture of wood and wood products (8.7%). The pace of the fall in unemployment slowed slightly in July. Seasonally adjusted registered unemployment was 18.1% lower in July than in the same month last year. The registered unemployment rate fell to just 7.6% in July, down 1.8 percentage points from a year earlier. The surveyed unemployment rate (ILO methodology) in the second quarter was down 1.3 percentage points in yearon-year terms at 4.6%. Wages grew sharply in July as a result of the latest public sector wage settlement. Year-on-year growth in the average gross wage stood at 6.9% in July, 3.0% in real terms. This high nominal growth was primarily the result of new wage increases and a new wage settlement in the public sector for the period of January to July 2007, which was paid out in full in July. Year-on-year growth in the average gross wage stood at 5.7% in the first seven months of the year, 2.8% in real terms. Growth in the average net wage over the same period was 2.2 percentage points higher, as a result of changes in personal income tax policy. Wages in the public administration, defence and social security sector recorded a year-on-year increase on 8.7% in July, taking the year-on-year increase over the first seven months of the year to 4.4%. Other high year-on-year increases in average gross wages in July were recorded by the sectors of financial intermediation (8.5%, compared with 8% over the first seven months of the year), construction (8.5%, compared with 7.2%), real estate, leasing and business services (8.4%, compared with 6.1%), and trade and motor vehicle repair (7.8%, compared with 7.7%). The nominal effective euro exchange rate as measured against a basket of foreign currencies depreciated by 0.1% in August, the year-on-year appreciation declining by 0.3 percentage points from July to 1.1%. August s decline in the nominal effective exchange rate of the euro against a basket of foreign currencies came as a result of falls of 0.7% against the dollar and 1.1% against the Swiss franc, while the euro rose against the pound sterling by 0.5%. Over the first three weeks of September, the euro rose by 1.4% against the dollar, by 1.2% against the pound sterling, and by 0.4% against the Swiss franc Real effective domestic currency exchange rate* 1995=100, growth of index indicates growth in value of domestic currency 110 CPI producer prices unit labour costs** Sources: ECB, OECD, SORS, Bank of Slovenia calculations. * Domestic currency was the tolar until the end 2006, then the euro. ** Owing to a change in statistics, labour costs are now calculated solely on the basis of gross wages in manufacturing The price competitiveness of the Slovenian economy as measured by consumer prices deteriorated slightly further in July and August. The real effective exchange rate as measured by consumer prices appreciated by 0.2% in monthly terms on average over July and August. Price competitiveness as measured by consumer prices deteriorated by 0.4% during these two months. Domestic consumer prices outstripped growth in the basket of foreign prices by just 0.1 percentage points between June and August. The main factor in the deterioration in current price competitiveness in the last three months was the appreciation of 0.4% in the nominal effective exchange rate of the euro in July. This was also the primary factor in the year-on-year appreciation in the real effective exchange rate as measured by consumer prices rising to 3.3% in July, the highest figure this year, and then falling to 2.8% in August (as a result of the high basis from the same month last year). Price competitiveness as measured by producer prices remained unchanged overall in the last three months. In the context of no change in the real effective exchange rate as measured by producer prices in June, appreciation of 0.3% in July and depreciation of 0.25% in August, price competitiveness remained virtually unchanged overall between May and August. As a result of Monthly Bulletin, September I.

14 ECONOMIC AND FINANCIAL DEVELOPMENTS the depreciation in the same months of last year, yearon-year growth in the real effective exchange rate rose from 3.5% in June to 4.3% in July, then declined slightly to 4.2% in August, despite this stagnation overall in the last three months. 3 Price Developments Export and Import trade unit value indices annual % change Terms of Trade Export Prices Import Prices The terms of trade of Slovenian exporters have been gradually deteriorating since the third quarter of The index of the average value of Slovenian exports recorded a year-on-year increase of 4.2% in the first half of the year, compared with 5.9% for the import index. As a result of these movements in import and export prices, the negative terms of trade of 1.9% in the first half of last year improved slightly by 0.2 percentage points to 1.7% in the first half of this year. The main factor in the terms of trade of Slovenian exporters remaining negative in the first half of this year was the movement of prices of consumer goods and intermediate goods. The terms of trade deteriorated by 2.7% year-on-year in the first half of the year for consumer goods and by 0.6% year-on-year for intermediate goods, while those for capital goods actually improved by 0.9%. Year-on-year inflation as measured by the HICP stood at 3.6% in September, up 0.2 percentage points from August. In addition, there was a rise in the 12-month moving average inflation rate, from 2.9% in August to 3.0% in September. It is evident from the structure of the price index that the main factor in the rise in inflation was the increase in the contribution made by growth in prices of both processed and unprocessed food, from 0.9 to 1.3 percentage points and from 0.5 to 0.6 percentage points respectively. In contrast to food, the contribution made by growth in prices of services was down 0.1 percentage points from August at 1.7 percentage points in September. The contribution made to inflation by prices of manufactured goods other than energy prices also declined, from 0.2 to 0.1 percentage points. The contribution made by energy prices was down 0.2 percentage points from August, at -0.1 percentage points y-o-y growth in % Year-on-year inflation rates HICP - all items Core inflation estimate Eurozone HICP Source: SORS, Eurostat; Banka of Slovenia calculations The trend of unfavourable movements in the core inflation indicators continued in September. Growth in prices excluding energy, seasonal food and tax effects was up 0.2 percentage points on August at 3.7% in September. Inflation excluding energy prices and unprocessed food prices stood at 3.9% year-on-year. The main 8 - I. Monthly Bulletin, September 2007

15 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE contribution to the further increase in core inflation came from growth in prices of processed food, which rose again in year-on-year terms in September. The rise in prices of processed food was mainly the result of a rise in the price of bread and other cereal products, which stood at 11.6% in September alone. There was also a rise in prices of clothing and footwear, by 9.6% on average. Year-on-year growth in prices of manufactured goods stood at 5.3% in August. Producer prices of manufactured goods recorded year-on-year growth of more than 5% over the four most recent months, taking the 12-month average year-on-year growth in producer prices of manufactured goods on the domestic market from 3.5% in May to 4.2% in August. Year-on-year growth in prices of consumer goods stood at 2.7% in August. Within this category, prices of durables recorded year-onyear growth of 8.7%, compared with 1.7% for nondurables. Year-on-year growth in prices of capital goods was down 0.6 percentage points from July at 1% in August. The price rises for the aforementioned categories of goods and the increase in commodities prices and energy prices were both factors in the increase in year-onyear growth in prices of manufactured goods in August. In the euro area prices of manufactured goods were 0.3% higher in July than June, as a result of rises in energy prices, prices of consumer durables and non-durables, prices of capital goods and prices of intermediate goods. Year-on-year growth in producer prices of manufactured goods in the euro area stood at 1.8% in July. In the coming months year-on-year inflation is likely to exceed 4%, partly as a result of statistical basis effects connected with last year s decline in prices of refined petroleum products. However, the macroeconomic indicators suggest that the rise in inflation could be more sustained. A moderate rise in inflation is in line with the spring forecasts, although the mediumterm risks to price stability have increased. Economic activity in the first quarter was significantly greater than forecast, and could trigger greater pressure on inflation, particularly from the demand side or in the context of rising labour costs as a result of greater exploitation of capacity on the labour market. In the event of wider realisation of these internal risks to price stability, inflation could Price Developments Year on Year Average of Monthly last 12 Aug.07 Sep.07 months Sep.06 Sep.07 annual growth in % HICP services ind. goods ex. energy food energy Core inflation est PPI Jul.07 Aug.07 Aug.06 Aug.07 total domestic non-domestic Sources: SORS, Eurostat, Bank of Slovenia calculations. Figures may not sum up to official figures due to rounding. exceed the price stability criterion and euro area inflation in a more sustained and deeper manner. And not least, year-on-year growth in producer prices, which is exceeding 5% for the fourth consecutive month, points to an additional risk of feed-through into consumer prices. A wider excess gap than is normal from the point of view of the gradual convergence in price levels could threaten the competitiveness of the economy in the medium term. 4 Balance of Payments There was a deficit of EUR 57 million in the current account in July, taking the total deficit in the first seven months of the year to EUR 401 million. The provisional figures for the period to June showed a current account deficit of EUR 562 million. The main factor in the change in the current account results, as seen in the relative improvement in this year s results, was the annual revision of statistics and methodological changes (for more, see box). The largest changes were made in the estimates of imports and exports of tourism services. Revenues were revised upwards, and expenditure downwards, both of which brought an improvement in this year s current account compared with the provisional figures for the first half of the year. The trend of a slowdown in the current rate of growth merchandise trade continued in July on the import side only. The current rate of growth in merchandise Monthly Bulletin, September I.

16 ECONOMIC AND FINANCIAL DEVELOPMENTS Components of current account Goods trade balance EUR million, 12 month moving sum current account services income and transfers goods Source: Bank of Slovenia. exports 1 in July remained at the level seen in June, while the current rate of growth in merchandise imports declined by just under 2 percentage points to 10%. In the context of these current rates of growth in merchandise trade, year-on-year growth also remained relatively high, persisting at its average level of the first half of the year. Merchandise exports amounted to EUR 1.7 billion in July, up 19.6% on the same month last year, while imports were up 18.4% at EUR 1.8 billion. The deficit in merchandise trade in the first seven months of the year was up more than one-third in year-on-year terms. July s deficit in merchandise trade of EUR 72 million took the cumulative deficit in the first seven months of the year up to EUR million, just over one-third higher than in the same period last year, Box: Annual revision of the balance of payments This September saw the annual revision of the balance of payments figures and the release of the final figures for 2005 and The statistical resources were also updated, with new methodologies for monitoring current account transactions being partly introduced. Minor changes were made to the majority of items in the current account. The largest change, which was methodological in nature, was in tourism services. This was primarily the result of a new methodology that uses a survey of spending by foreign tourists in Slovenia and domestic tourists abroad to estimate revenues and expenditure. On the basis of this methodology, the figure for exports of tourism services in the first seven months of last year was EUR 70 million less than originally estimated, while EUR million, 12 month moving sum total euro area outside euro area Source: SORS, Bank of Slovenia calculations. with the level of coverage of imports declining by just under 1 percentage point to 95%. Demand for Slovenian manufactured goods from EU members remained good in the early part of the second half of the year. Exports to EU members were up 21% year-on-year in July, while exports to non-eu countries were up one-third less (14%). The reverse dynamic was seen in merchandise imports, with imports from members up 14%, and imports from non-eu countries up 34%. The trend of faster growth in merchandise exports to EU members and merchandise imports from non-eu countries is being reflected in the cumulative figures for the first seven months of the year. Merchandise exports to EU members were up 19% year-on-year in the first seven months of the year, 3 percentage points more than the figure for imports was EUR 20 million lower. This year s correction on the import side shows another decrease this year of approximately EUR 20 million in imports of tourism services from the provisional figure, while there was an improvement of EUR 174 million in the figure for exports. The changes in the other current account items from the figures previously released were minimal. They were slightly larger for 2006, the largest being the net outflow of factor income (an increase of EUR 50 million), and the increase of EUR 30 million in the merchandise trade deficit, which together with the changes in other items brought an increase in last year s current account deficit from EUR 756 million to EUR 857 million, or from 2.6% of GDP to 2.9% of GDP. 1 Technical problems in the transfer of data from the customs authorities to the statistical database meant that July s update in figures for merchandise trade with non-eu countries for the month of June was slightly larger than usual. There were upward changes on both the import and export sides, which had an impact on the current and year-on-year rates of growth in merchandise trade in June. 2 According to the SORS figures (fob for exports, cif for imports), and excluding any adjustments in coverage (explained in the Methodological Notes appendix to the bulletin), the trade deficit in the first seven months of this year stood at EUR 855 million I. Monthly Bulletin, September 2007

17 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE exports to non-eu countries, while at 16% the increase in merchandise imports from EU members was just under half of that in imports from non-eu countries (32%). As a result of these movements, Slovenia s trade deficit with EU members was unchanged in year-on-year terms at EUR 1.5 billion, while its trade surplus with non-eu countries is showing a declining trend, contracting by EUR 190 million year-on-year to EUR 670 million in the first seven months of the year. The largest year-on-year increase in exports in the first half of the year was recorded by consumer goods. There was a year-on-year increase of 21% in exports of consumer goods in the first six months of the year in volume terms, while exports of capital goods were up 18%, and exports of intermediate goods recorded the smallest increase. The main factor in the high growth in exports of capital goods and consumer goods was the favourable climate and good demand for Slovenian products from new EU members, with whom the Slovenian economy has retained and improved its price competitiveness in recent years. Merchandise imports recorded year-on-year increases of 19% in nominal terms and 12% in volume terms in the first half of this year. The largest year-onyear increases in volume terms were recorded by imports of consumer goods (23%) and of capital goods (20%), both under the influence of economic growth and growth in domestic spending in the first half of the year. Growth in imports of intermediate goods was relatively low at just 7% year-on-year, despite the high growth in exports in the first half of this year. In the first seven months of this year exports of services grew by 28% year-on-year, and imports by 19%. With imports of services growing more slowly than exports, the surplus in trade in services increased by EUR 252 million year-on-year to EUR 733 million. The largest year-on-year increase on the revenue side of 78% was recorded by other business services, within which there were increases of more than 200% in revenues from intermediation services, 68% in revenues from financial services, and 43% in revenues from construction and assembly work. Transport revenues recorded an increase just over half that of the average (15%). In line with the Monthly Bulletin, September 2007 heavy investment activity in the construction sector, the largest increase on the expenditure side was recorded by construction and assembly work performed in Slovenia, which doubled. Year-on-year increases of more than 50% were also recorded by expenditure on operating leasing and financial services, the latter thus virtually reaching the figures recorded over the whole of last year on both the import and export sides. Expenditure on transport services recorded an above-average increase of 23%, in line with the large volume of merchandise trade. The figures for tourism services have improved this year. With a new methodology for estimating tourism spending being used, exports of tourism services were up 21% year-on-year in the first seven months of the year, while imports were up 10%, taking the surplus up by EUR 120 million to EUR 472 million. The new methodology also meant that tourism revenues and expenditure were lower than originally estimated in both 2005 and 2006, although the surplus remained unchanged, and had no impact on the current account. The main impact from the change in the methodology for estimating tourism spending was on this year s current account, with the higher growth in tourism revenues (under the old methodology there was actually a year-on-year decline in the first six Balance of last 12 Jan.-Jul. Jul. Payments months flows in EUR million Current account , % of GDP Goods and services % of GDP Openness coefficient Exports 17,742 20,478 22,783 13,960 2,187 % of GDP Goods 14,599 17,028 18,810 11,553 1,740 Services 3,143 3,449 3,974 2, Tourism 1,380 1,425 1, Transportation 923 1,057 1, Imports -17,918-20,763-23,037-13,846-2,146 % of GDP Goods -15,625-18,179-20,180-12,172-1,812 Services -2,293-2,584-2,856-1, Tourism Transportation Labour income Investment income Current transfers annual growth in % Ex. of Goods and Serv Im. of Goods and Serv Exports of Goods Imports of Goods Exports of Services Imports ofservices Source: Bank of Slovenia I.

18 ECONOMIC AND FINANCIAL DEVELOPMENTS months of the year) leading to an improvement in the current account of more than EUR 200 million. The deficit in net factor income in the first seven months of the year increased by EUR 140 million year-on-year to EUR 358 million. With labour income recording a net surplus of EUR 55 million, only capital income recorded a net outflow, of EUR 414 million. In line with the high growth in the external debt n the last few years and rises in interest rates on world markets, the main factor in the rising outflow of net factor income was the year-on-year increase of EUR 134 million in outward interest payments. Here the largest increase of EUR 120 million was recorded by interest payments to banks, which is a reflection of the financial account in recent years. There was a net outflow of EUR 38 million in current transfers in July, with half of the increase in the deficit coming from official transfers, and half from other private transfers. This brought a year-on-year increase of one-quarter in the cumulative deficit in the first seven months of the year to EUR 157 million. Financial and Capital Jan.-Jul. Account flows in EUR million 1. Private sector 497 1, ,814 Claims -2,574-3,731-5,059-2,702-5,886 Capital transfers Outward FDI Portfolio investments ,498-2, ,498 Trade credits Loans Currency and deposits Households Banks Enterprises Liabilities 3,070 4,926 4,485 2,248 3,072 Capital transfers Inward FDI Portfolio investments Trade credits Loans 1,666 2,758 2,179 1,307 1,808 - Enterprises Banks 961 2,465 1, ,493 Deposits at banks 236 1, Government Bank of Slovenia , ,676 Signs: inflows or increases in liabilities (+), outflows or increases in claims(-). Increases in foreign exchange reserves (-), increases in debt (+). Source: Bank of Slovenia The strong net outflow from the private sector in the first quarter, which was primarily the result of repayments of Bank of Slovenia bills, slowed in recent months. The net outflow of EUR 3.3 billion from the private sector in the first quarter turned into a net inflow in the following months. The net inflow into the private sector totalled EUR 0.5 billion between April and July. The increase in the Bank of Slovenia financial liabilities to the rest of the world, which totalled EUR 3.7 billion in the first seven months of the year, came in the first quarter, as a result of the repayment of bills and the consequent increase in liabilities to the Eurosystem. There was a net financial inflow of EUR 0.9 billion into the government sector in the first seven months of the year, primarily as a result of March s release of government bonds on the single European market. Outward private sector financial investments reached EUR 4.9 billion in the first four months of the year, but totalled just EUR 0.9 billion between May and July. Portfolio investments (EUR 2.8 billion) were prevalent during the first four months of the year, in particular portfolio investments by domestic banks. These investments were primarily made as a result of maturing Bank of Slovenia bills and the investment of the liquidity thus released in foreign securities. Outward portfolio investments totalled just EUR 0.7 billion between May and July. Other outward private sector investments also increased in the first seven months of the year, in particular FDI and loans to the rest of the world. Outward FDI totalled EUR 680 million in the first seven months of the year, almost more than twice in excess of that in the same period last year. Financing of the rest of the world via loans was also strong, totalling EUR 995 million in the aforementioned period (compared with EUR 394 million in the same period last year), particularly between May and July, when it totalled EUR 599 million. The majority of these loans to the rest of the world were placed by banks. Trade credits granted were approximately at the level of last year. Financial inflows into the private sector from the rest of the world in the first seven months of this year totalled EUR 3.1 billion, EUR 0.8 billion more than in the same period last year. Inflows via FDI, loans and trade credits in the first seven months of the year were significantly larger than in the same period last year, while only inflows via deposits by non-residents were significantly smaller. Deposits by non-residents at banks 12 - I. Monthly Bulletin, September 2007

19 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE Claims on rest of world * flows in EUR million direct portfolio investments investments Source: Bank of Slovenia. commercial credits *) +: outflow, -: inflow loans households Liabilities towards rest of world * flows in EUR million direct investment *) +: inflow, -: outflow Source: Bank of Slovenia. portfolio investment trade credits loans deposits increased by EUR 189 million in the first seven months of the year, EUR 67 million less than in the same period last year. Bank borrowing abroad continues to increase, while borrowing abroad by corporates is slowing. In the first seven months of the year corporates borrowed EUR 315 million in the rest of the world, EUR 117 million less than in the same period last year. Banks borrowed EUR 1,493 million during the same period (compared with EUR 875 million in the same period last year), of which approximately two-thirds was the result of a single transaction by one bank. The majority of borrowing via trade credits comes from the first quarter. FDI by non-residents is recording a faster current rate of growth this year than last year, having totalled EUR 464 million in the first seven months of the year, EUR 147 million more than in the same period last year. The next external debt increased by EUR 2.7 billion in the first seven months of the year to EUR 6.0 billion, with the private sector recording a decrease in net external debt, and the net external debt of the government and the Bank of Slovenia increasing. The largest contribution to this year s increase in the net external debt came from the Bank of Slovenia s debt to the Eurosystem of EUR 3.5 billion, which appeared as part of the external debt when Bank of Slovenia bills were repaid. During the same period the general government sector s debt increased by EUR 0.6 billion, primarily as a result of March s eurobond release and other portfolio investments in government securities by non-residents. The private Monthly Bulletin, September 2007 sector s net external debt declined by EUR 1.4 billion. The gross external debt stood at EUR 30.5 billion at the end of July, while gross external claims stood at EUR 24.4 billion. 5 Public Finance This year the Ministry of Finance estimates that the general government deficit will be smaller than originally forecast. The government has drafted its budget amendments for 2008 and its budget for The Ministry of Finance estimates that the general government deficit according to the ESA95 methodology will stand at 0.6% of GDP this year, compared with the forecast of 1.5% of GDP in the Stability Programme and April s Report on the General Government Deficit and Debt (EDP notification). The improvement is primarily expected to come from revenues being higher than forecast. The government has drafted the budget amendments for 2008, the state budget for 2009, and other budget documents, from which the focus of public finance policy in the next two years will be more evident. According to the national cashflow methodology, the general government sector recorded a deficit of EUR 76 million in the first half of the year, compared with a deficit of EUR 69 million in the same period last year. The second quarter saw low growth in both revenues 13 - I.

20 ECONOMIC AND FINANCIAL DEVELOPMENTS and expenditure, with the available figures indicating strong growth in revenues in the third quarter. The state budget deficit in the first six months of the year was larger than last year, while by contrast there was a corresponding increase (of approximately EUR 40 million) in the surplus of the Health Insurance Institute. The latter is partly a reflection of the impact of the economic cycle on revenues, and also on health insurance contributions. Local government and the Pension and Disability Insurance Institute recorded similar results to those in the same period last year. Alongside the decline in revenues from payroll tax and personal income tax seen all year, the main factor in the low growth in revenues in the second quarter was the earlier payment of personal income tax rebates this year. In addition, this year s settlements for corporate income tax in April were lower than last year s. Year-on-year growth in expenditure was also low in the second quarter, particularly on goods and services, and on subsidies. The available figures for revenues in July and August point to a renewed increase, particularly in social security contributions and revenues from tax on corporate earnings. Despite the tax reform, general government revenues are recording solid growth in the context of the good economic climate, having increased by 4.1% year-onyear in the first half of the year, with growth increasing further in July and August according to the available figures. Some figures on tax inflows are available for the first eight months of the year. Revenues from payroll tax and labour tax were down 12.1% year-on-year Consolidated general government (GG) accounts 2006 Jan. - Jun. annual % GDP str.(%) gr. rate EUR millions Revenue 12, ,267 6, Tax revenue 11, ,778 6, goods and ser. 4, ,884 1, soc.sec.contr. 4, ,049 2, income, profit 2, ,527 1, From EU budget Other Expenditure 13, ,336 6, Current exp. 5, ,866 2, Current transf. 5, ,983 3, Capital exp.,tran. 1, To EU budget GG surplus/def Source: Ministry of finance; Bank of Slovenia calculations. Public finance developments 12 annual growth in %, 12 months in mio EUR, 12 months Balance (right)* Revenues* 2 Expenditures* Balance, ESA 95 ( % GDP) * national methodology Sources: Ministry of finance, SORS, Bank of Slovenia calculations during this period, while revenues from personal income tax were down 3.8%. The largest increase was recorded by social security contributions, in August in particular, as a result of the higher year-on-year increase in wages in July. The fastest growth among taxes on goods and services was recorded by excise duties, in particular those on fossil fuels. Excise duties on fossil fuels and tobacco in the first eight months of the year were up in year-onyear terms. In September the government cut excise duties on fossil fuels, as a result of which excise duty revenues were slightly lower in the month than in the same month last year. General government expenditure recorded similar growth as revenues in the first half of the year. Expenditure on goods and services and on subsidies recorded low growth in the second quarter, while investment expenditure in particular recorded aboveaverage growth. Having not been high in the first quarter, growth in investment expenditure rose sharply in the second quarter. Investment expenditure in the state budget increased more than that of local government, and consisted mostly of new build, reconstruction and adaptations. Investment expenditure and transfers in the second quarter were one-quarter higher than in the same period last year. Transfers to individuals and households accounted for just over one-third of consolidated expenditure, but declined as a proportion of GDP by 0.8 percentage points over the last five years. Last year transfers I. Monthly Bulletin, September 2007

21 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE to individuals and households were equivalent to 16% of GDP, with the trend of a decline in the ratio of this expenditure to GDP seen in the last five years continuing this year. In the first half of the year they grew by 4.2% yearon-year, with family benefits, parental allowances and sick pay prominent. Expenditure on the unemployed and transfers for social security are declining. Expenditure on pensions was up 5.1% year-on-year in the first half of the year, with the number of pensioners increasing by 1.2% on the same period last year (the number claiming oldage pensions rose by 3.1% and the number claiming widow s pensions rose by 11.6%, while the number claiming farmer s pensions and family pensions in particular declined). In the first eight months of the year more than onethird of the projected EU funds were disbursed, but Slovenia s net position against the EU budget was negative. The main shortfall in disbursement was in the structural and cohesion funds, primarily as a result of the changeover to the new financial perspective. Payments into the EU budget are being made in line with forecasts, with the exception of the payments based on traditional own funds (customs duties). It is estimated that on this basis it will be necessary this year to pay in almost double the projected amount, as the amount of customs duties collected has recorded above-average growth as a result of the payment of customs duties on imports via the Port of Koper. 6 Banking System* in % Annual growth of lending Credits to nonbanks Securities assets Source: Bank of Slovenia. Growth in total assets continued to increase in August. Growth in total assets strengthened for the third consecutive month. It increased by 2.5 percentage points in August to 23% year-on-year. Two-thirds of August s high increase in total assets came from lending to nonbanking sectors, while the remainder came from an increase in claims against banks. Lending activity continues to increase, while bank holdings of securities continue to decline. The ratio of securities to total assets has fallen by 3.5 percentage points this year to 19%. However, the ratio of secondary liquidity in the banking system (including Slovenian government securities and foreign marketable securities rated BBB or higher) to total assets is up slightly from the beginning of the year at 14.2%. Despite a slight decline in the accessibility of resources abroad, banks primarily financed themselves in August via an increase in liabilities to foreign banks. Several factors have coincided within the banking system for some time now: an increase in lending growth, a decline in the proportion of bank assets accounted for by securities, slow domestic saving in the form of bank deposits, and the replacement of these sources of financing by borrowing abroad. Growth in lending to non-banking sectors remains high. Growth in lending to non-banking sectors rose to 38% year-on-year in August, up 2.2 percentage points Income Statement 2007 y-o-y Jan.- Aug. growth EUR millions; growth in % Interest income 1, , , Interest expense Net interest income Non-interest income Gross income 1, , Operating costs Net provisions Profit before tax Taxes Profit after tax Source: Bank of Slovenia * The book figures for banks are used in this section, and differ in methodology terms from the published statistics. Monthly Bulletin, September I.

22 ECONOMIC AND FINANCIAL DEVELOPMENTS from the previous month. This was a reflection of high economic growth and investment activity, although to a certain extent there are other factors affecting lending, such as the relatively high lending to non-residents and other financial institutions, and the financing of corporates for mergers and acquisitions. The largest increase in loans to non-banking sectors in August was recorded by loans to non-financial corporations, the rate approaching 36%. The spread between Slovenian interest rates and those of the euro area on both new corporate loans of up to EUR 1 million and new corporate loans of more than EUR million 1 remained similar to that in the previous months. Year-on-year growth in lending to households is not showing signs of significant increase. The proportion of foreign currency lending is increasing, having risen by 1.6 percentage points from January to 8.7%. The current rate of growth in housing lending slowed slightly to stand at close to 39%, while that of consumer lending rose to 18.4%. The spread between Slovenian interest rates and euro area interest rates on new home loans narrowed to 1 percentage point in July, while the negative spread in interest rates on new consumer loans declined by 0.5 percentage points to 1 percentage point. Despite the slightly tougher conditions on international financial markets, in August banks secured most of their resources from banks abroad. There was a net increase of EUR 488 million in borrowings from banks abroad in August, while deposits by non-banking sectors increased at the same time, primarily as a result of an increase in deposits by non-financial corporations and by the general government sector. The increase in household deposits was negligible in August. There was slightly higher increase in liabilities to domestic banks compared with previous months. These accounted for one-fifth of August s increase in total assets, and there was a notable increase in interbank transactions. With deposits increasing modestly and access to resources at foreign banks having been made more difficult, banks will probably need to target an increase in deposits by non-banking sectors via a more active interest rate policy. Slovenian interest rates on deposits of up to 1 year, which account for the vast majority of deposits in % Banking performance indicators (1-8) 2007 (1-8) *On average gross interestbearing assets ROA ROE Operating Source: Bank of Slovenia. expenses/assets Net interest margin* by non-banking sectors, remain about 0.5 percentage points below the euro area average. Interest rates realised on deposits of more than 1 year exceeded 4% in August, the premium over the euro area average increasing to just over 0.7 percentage points. The banking system s profit in the first eight months of the year surpassed that recorded over the whole of last year. Growth in the banking system s net interest income remains favourable. Growth in non-interest income continues to decline, but remains relatively high at almost 32%. In August there were no major changes in the movement of the interest margin, while the noninterest margin declined slightly, which meant that the banking system s financial intermediation margin again fell below 4%. The ratio of provisioning and impairment costs to the banking system's gross income remains stable at just under 9%, as does the ratio of operating costs to gross income, at a level just under 49%. This is facilitating the generation of profit, which by the end of August had exceeded last year s figure at EUR 410 million. The profitability indicators (ROE, ROA) are better than for the same period last year I. Monthly Bulletin, September 2007

23 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE 7 Domestic Financial Markets The spread between the yields on long-term Slovenian and German government securities increased by 50 basis points in August. The uncertainty on the financial markets, which was the result of the crisis on the American sub-prime mortgage market and the credit instruments market, was reflected in a decline in investors appetite for risk and a retreat to government securities. As a result the yield on long-term German bonds fell by 20 basis points in August in % Harmonised long-term interest rates* * Secondary market yields of government bonds with maturities of close to ten years. Germany Slovenia Source: Bank of Slovenia, ECB. The market capitalisation of shares on the Ljubljana Stock Exchange increased by EUR 1.13 billion in August. This increase, despite the delisting of shares in Delo and Droga Kolinska (in the total amount of EUR 312 million) was the result of a high gain in the SBI20. The market capitalisation of shares listed on the official market has risen by 164.8% in the last year, as a result of a gain of 124.6% in the SBI20, and the flotation of Telekom. The volume of trading in shares (excluding block trades) amounted to a high EUR 221 million. The prime market accounted for 81% of the volume, market concentration thus increasing further. The volume of secondary trading in bonds on the TUVL market was very The Ljubljana Stock Exchange: Market capitalisation and turnover ratio* EUR billion, % (right) 35 Market cap. shares 30 Market cap. bonds TR shares (right) 25 TR total (right) * TR - turnover ratio; monthly turnover divided by market capitalisation at the end of period Source: Ljubljana Stock Exchange. low at EUR 3.1 million. The volume of trading in bonds on the official market and the semi-official market remained modest at EUR 6 million (including block trades). In August the SBI20 passed the 12,000 mark for the first time. The SBI20 recorded a gain of 7% in the last month (the American S&P index gained 1.3% in August, while the DJ EuroStoxx index for Western Europe fell 0.9%). Other factors in the high growth in prices of shares in domestic corporates in August were certain acquisitions and concentrations of ownership at individual firms, the government s continuing withdrawal from the commercial sector, and expectations regarding the Krka stock split. 1 The P/E ratio for shares on the official market had almost reached 34 by the end of August y-o-y growth, % Slovenian stock market indices SBI 20 PIX NAV MF* BIO * net asset value of mutual funds; the per-share value of mutual funds Source: Ljubljana Stock Exchange, Vzajemci.com, Bank of Slovenia calculations Krka carried out a 10-for-1 stock split in August. Monthly Bulletin, September I.

24 ECONOMIC AND FINANCIAL DEVELOPMENTS EUR million Net foreign investments in Slovenia In shares In bonds Source: Central Securities Clearing Corporation, Bank of Slovenia calculations. Net Slovenian investments abroad 1200 EUR million 1000 In bonds In shares Source: Bank of Slovenia. The proportion of total market capitalisation on the Ljubljana Stock Exchange accounted for by nonresidents had risen to 6.17% by the end of August. In contrast to the preceding months, non-residents made net sales of domestic securities in August 2, in the amount of EUR 38.1 million. They also retreated from domestic shares: the net flow into domestic shares was negative for the first time in 13 months, in the amount of EUR 38.5 million. Prominent among the net sellers of domestic shares were investors from the Netherlands, Cyprus and the USA. Residents demand for foreign debt securities eased slightly in July. There were net sales of foreign debt securities in the amount of EUR 149 million. This was EUR million Net inflows into mutual funds Bond Balanced Equity Domestic MF total Registered foreign MF Sources: Vzajemci.com, Bank of Slovenia. caused by domestic banks, which made net sales of EUR 166 million in securities, those of euro area issuers in particular. By contrast, the demand for foreign equities strengthened slightly further. The net flow into foreign equities amounted to EUR 151 million. The other financial intermediaries sector was most active here, accounting for 41%, followed by banks, insurers and households. Other financial intermediaries (59% of their total net flow into foreign equities) and insurers (70%) invested primarily in equities of issuers from the euro area, while banks (87%) and households (67%) focused on equities of issuers in former Yugoslav republics. The assets of mutual funds increased by EUR 85 million in July to almost EUR 2.8 billion, partly as a result of net inflows of EUR 30 million, but primarily as a result of a weighted monthly return of 2.1%. The net flow into mutual funds declined in July, to reach its lowest level this year. Net inflows into equity funds accounted for the majority (EUR 29 million). The proportion of net inflows accounted for by the four funds with an investment strategy focusing on Balkan markets, which was just 19% in June as a result of the negative returns on the capital markets of the former Yugoslavia, increased to 32.5% in July in the context of positive returns. There were no significant outflows from individual funds in July. The proportion of mutual fund investments held in liquid assets 3 increased to almost 10%. 2 Includes transactions on both the regulated market and the non-regulated market, and also transactions between non-residents. 3 Liquid assets include cash, deposits and money-market instruments I. Monthly Bulletin, September 2007

25 STATISTICAL TABLES BANKA SLOVENIJE II. STATISTICAL TABLES Money and Monetary Financial Institutions Monetary Aggregates Consolidated Balance Sheet of Monetary Financial Institutions Balance Sheet of the Bank of Slovenia Balance Sheet of Other Monetary Financial Institutions Selected Assets of Other Monetary Financial Institutions by Sector Selected Obligations of Other Monetary Financial Institutions by Sector Balance Sheet of the Bank of Slovenia - instruments a b a b a b a b a b Financial Markets and Payment Systems Bank of Slovenia Interest Rates Interbank Money Market Rates and Indexation Clauses European Central Bank Interest Rates Harmonised Long-term Interest Rates for Convergence Assessment Purposes Monetary Financial Institutions Interest Rates - Outstanding Amounts in Domestic Currency Monetary Financial Institutions Interest Rates - New Deposits in Domestic Currency Monetary Financial Institutions - Volumes of New Deposits in Domestic Currency Monetary Financial Institutions Interest Rates - New Loans to Households in Domestic Currency Monetary Financial Institutions - Volumes of New Loans to Households in Domestic Currency Monetary Financial Institutions Interest Rates - New Loans to Non-financial corporations in Domestic Currency Monetary Financial Institutions - Volumes of New Loans to Non-financial corporations in Domestic Currency Government Securities Rates The Ljubljana Stock Exchange: Turnover by Market Segment and Type of Securities The Ljubljana Stock Exchange: Market Capitalisation and Turnover Ratio The Ljubljana Stock Exchange: Slovenian Stock Exchange Index and Bond Index Selected Bank of Slovenia Exchange Rates - Average Rates to Selected Bank of Slovenia Exchange Rates - End of Month Rates to European Central Bank exchange rates - Average Rates European Central Bank exchange rates - End of Month Rates TARGET and Giro Clearing transactions Payment Cards Other Payment Instruments and Innovative Payment Schemes Electronic Banking Credit Transfers Debit Transfers and Simply book-entry Network of Commercial Banks Balance of Payments and External Position Balance of Payments Balance of Payments Monthly Bulletin, September II.

26 STATISTICAL TABLES 3.3. Current Account by countries 3.4. Capital and Financial Account by countries 3.5. Trade in goods by countries International Investment Position of Slovenia Assets International Investment Position of Slovenia - Liabilities International Investment Position by countries - Assets International Investment Position by countries - Liabilities 3.8. Net external debt position Net external debt position Gross External Debt Gross External Debt International reserves Public Finance Non-financial and Financial Accounts (ESA 95) of the General Government sector Non-financial Account of the General Government sector (ESA 95) Non-financial Account of the General Government sector - share in GDP (ESA 95) Financial Account of the General Government sector (ESA 95) Financial Account of the General Government sector - share in GDP (ESA 95) Revenues and Expenditures of the General Government Lending, Repayments and Financing of the General Government Debt of the Republic of Slovenia Financial Accounts Non-consolidated financial assets - outstanding amounts Non-consolidated liabilities - outstanding amounts Non-consolidated transactions in financial assets Non-consolidated transactions in liabilities Non-Financial Accounts and General Economic Statistics Expenditure on gross domestic product Expenditure on gross domestic product (growth rates) Gross domestic product by activity Gross domestic product by activity (growth rates) Industrial production index and productivity index in industry Industrial production index and productivity index in industry (growth rates) Turnover and new orders in industry Turnover and new orders in industry (growth rates) Business tendency and consumer surveys (part 1) Business tendency and consumer surveys (part 2) Employment by Labour Force Survey (ILO) Unemployment by Labour Force Survey (ILO) Average Wages and Salaries The Effective Exchange Rate - Nominal, Real Consumer price index Consumer price index (growth rates) Industrial producer price index Industrial producer price index (growth rates) Legend: * / 0 1,2,3,... no occurence not available provisional or estimated corrected data average value less than 0.5 footnote, explained in Notes Methology Sums of part figures may differ from totals due to roundings. The data in euros and the data in tolars are separated with line. II.-2 Monthly Bulletin, September 2007

27 MONEY AND MONATARY FINANCIAL INSTITUTIONS 1.1. Monetary Aggregates BANKA SLOVENIJE Until in mio SIT from in mio EUR Before the entry of Slovenia into EMU Monetary aggregates of Slovenia M1 M2 M3 After the entry of Slovenia into EMU The contribution of Slovenia to monetary aggregates of EMU M1 (without currency in circulation) M2 (without currency in circulation) M3 (without currency in circulation) Currency in circulation (ECB key) Column Code Dec. 1,370,415 3,239,945 3,980, Dec. 1,682,477 3,493,226 3,502, Dec. 1,834,106 3,778,032 3,786, Mar. 1,698,375 3,598,844 3,608, Apr. 1,730,934 3,573,024 3,582, May 1,764,568 3,622,482 3,631, Jun. 1,791,682 3,650,179 3,656, Jul. 1,781,345 3,658,570 3,665, Aug. 1,784,442 3,648,121 3,655, Sep. 1,795,790 3,713,480 3,720, Oct. 1,777,451 3,690,771 3,698, Nov. 1,777,757 3,710,262 3,718, Dec. 1,834,106 3,778,032 3,786, Jan ,993 15,373 15,412 2, Feb ,955 15,353 15,276 2, Mar ,948 15,581 15,451 2, Apr ,974 15,520 15,422 2, May ,146 15,856 15,764 2, Jun ,287 16,157 16,073 2, Jul ,355 16,557 16,447 2, Aug ,240 16,740 16,552 2,584 Monthly Bulletin, September II.

28 1.2. Consolidated Balance Sheet of Monetary Financial Institutions MONEY AND MONETARY FINANCIAL INSTITUTIONS Until in mio SIT from in mio EUR Claims of the Bank of Slovenia Claims on foreign sectors (foreign assets) Claims of other MFIs Claims of the Bank of Slovenia on central government Assets Loans Claims on domestic non-mfis Claims of other MFIs on general government Central government Other government Securities Loans Securities Stolpec Code 1 2 3= = Dec. 1,553, ,937 2,063,789 25, , ,617 36, , Dec. 1,637, ,375 2,486,083 17, , ,815 23, , Dec. 1,290,334 1,182,156 2,472,490 16, , ,754 24, , Mar. 1,646, ,787 2,509,681 17, , ,208 23, , Apr. 1,619, ,760 2,453,784 16, , ,446 23, , May 1,610, ,484 2,563,300 16, , ,885 23, , Jun. 1,561, ,910 2,535,988 16, , ,842 23, , Jul. 1,467, ,196 2,431,530 16, , ,062 23, , Aug. 1,406,100 1,020,432 2,426,532 16, , ,294 20, , Sep. 1,402,828 1,070,463 2,473,291 16, , ,642 20, , Oct. 1,422,121 1,029,333 2,451,454 16, , ,555 21, , Nov. 1,390,729 1,030,202 2,420,931 16, , ,383 21, , Dec. 1,290,334 1,182,156 2,472,490 16, , ,754 24, , Jan. 5,276 6,433 11, , , Feb. 5,286 7,293 12, , , Mar. 5,987 7,518 13, , , Apr. 5,984 8,287 14, , , May 5,610 8,362 13, , , Jun. 5,385 8,449 13, , , Jul. 5,414 8,551 13, , , Aug. 5,392 8,758 14, , ,453 Until in mio SIT from in mio EUR Liabilities Obligations to foreign sectors (foreign liabilities) Bank of Slovenia Other MFIs Banknotes and Overnight coins (after deposits at other ECB MFIs key) Banknotes and coins and instruments up to 2 years Banknotes and coins and deposits up to 2 years Banknotes and coins and overnight deposits Overnight deposits at the Bank of Slovenia Non-monetary financial institutions Other government sector (Central government excluded) Stolpec Code 1 2 3= =6+7 9= Dec. 1,652 1,161,434 1,163, ,738 1,194,410 6,486 2,760 9,246 1,401, Dec. 2,061 2,062,303 2,064, ,313 1,491,012 2,847 2,690 5,537 1,713, Dec. 3,738 2,649,902 2,653, ,771 1,694,551 5,048 1,345 6,393 1,873, Mar. 1,883 2,249,631 2,251, ,487 1,513,318 5,731 1,896 7,627 1,728, Apr. 4,110 2,255,302 2,259, ,935 1,535,280 6,482 2,054 8,537 1,764, May 4,636 2,419,314 2,423, ,513 1,571,733 4,944 2,067 7,011 1,795, Jun. 1,202 2,424,901 2,426, ,706 1,598,746 3,564 1,767 5,331 1,824, Jul. 4,855 2,329,382 2,334, ,074 1,595,562 3,630 2,233 5,863 1,813, Aug. 5,805 2,366,307 2,372, ,255 1,594,882 5,667 2,090 7,756 1,812, Sep. 7,504 2,441,511 2,449, ,126 1,605,718 4,812 2,077 6,890 1,825, Oct. 10,927 2,447,280 2,458, ,990 1,590,416 5,978 1,880 7,858 1,812, Nov. 2,780 2,481,238 2,484, ,629 1,607,985 4,488 1,872 6,360 1,811, Dec. 3,738 2,649,902 2,653, ,771 1,694,551 5,048 1,345 6,393 1,873, Jan. 1,848 11,361 13,209 2,709 6, , Feb. 2,838 11,527 14,365 2,684 6, , Mar. 3,359 11,394 14,753 2,689 6, , Apr. 3,490 12,610 16,100 2,721 6, , May 3,538 12,634 16,172 2,737 7, , Jun. 3,509 13,138 16,647 2,769 7, , Jul. 3,561 13,428 16,989 2,801 7, , Aug. 3,566 13,916 17,482 2,787 7, ,989 II.-4 Monthly Bulletin, September 2007

29 MONEY AND MONATARY FINANCIAL INSTITUTIONS BANKA SLOVENIJE Assets Claims on domestic non-mfis Claims of other MFIs on other non-mfis Non-financial corporations Non-monetary fin.institutions Households and nonprofit institutions Loans Securities serving households Loans Securities Remaining Assets = = = ,051,525 81, , ,207 41,004 3,117,703 3,908, ,093 6,237,152 2,495, ,683 1,025, ,533 51,319 3,877,666 4,698, ,393 7,476,228 3,083, ,357 1,289, ,165 58,911 4,893,554 5,711, ,295 8,513,508 2,671, ,711 1,080, ,656 50,434 4,133,597 4,941, ,902 7,742,504 2,737, ,493 1,108, ,864 47,216 4,254,313 5,068, ,418 7,810,776 2,760, ,842 1,134, ,739 46,325 4,323,205 5,143, ,929 8,004,658 2,799, ,545 1,157, ,005 47,987 4,391,785 5,206, ,667 8,046,420 2,833, ,667 1,180, ,163 48,327 4,456,795 5,271, ,300 8,005,409 2,867, ,905 1,203, ,308 50,193 4,525,220 5,340, ,543 8,066,497 2,936, ,439 1,229, ,528 52,974 4,629,521 5,449, ,424 8,222,718 2,990, ,136 1,252, ,436 54,274 4,735,971 5,566, ,462 8,323,743 3,024, ,012 1,277, ,332 55,985 4,830,491 5,656, ,797 8,376,581 3,083, ,357 1,289, ,165 58,911 4,893,554 5,711, ,295 8,513,508 13, ,428 1, ,068 24,428 3,524 39,661 13, ,488 1, ,301 24,695 3,525 40,800 13, ,633 1, ,867 24,986 3,682 42,173 14, ,748 1, ,651 25,572 3,851 43,694 14, ,892 1, ,065 25,814 3,797 43,584 15, ,015 1, ,714 26,354 3,831 44,020 15, ,157 1, ,465 27,048 3,703 44,717 16, ,323 1, ,126 27,647 3,775 45,573 Liabilities Banknotes and coins and instruments up to 2 years Deposits with agreed maturity Deposits at the Bank of Slovenia Banknotes and coins and deposits up to 2 years Deposits at other MFIs Deposits reedemable at notice up to 3 months Debt securities, units/shares of money market funds and repos Long-term financial obligations to non- MFIs (central government excluded) Remaining liabilities Excess of inter- MFI liabilities = = = ,742, ,812 3,270,923 19,366 3,290, ,032 1,277,249 4,496 6,237, ,687, ,355 3,524,612 9,545 3,534, ,292 1,377,822-34,406 7,476,228-1,746, ,485 3,817,641 8,114 3,825, ,374 1,581,540-54,801 8,513, ,736, ,601 3,628,901 9,415 3,638, ,824 1,403,056-40,207 7,742, ,669, ,980 3,606,841 9,666 3,616, ,081 1,474,344-35,569 7,810, ,688, ,760 3,653,170 9,087 3,662, ,479 1,467,795-44,824 8,004, ,678, ,786 3,683,280 6,692 3,689, ,481 1,462,650-47,786 8,046, ,710, ,954 3,690,725 7,003 3,697, ,353 1,494,104-43,014 8,005,409-1,692, ,486 3,676,573 7,653 3,684, ,079 1,531,153-47,073 8,066,497-1,734, ,738 3,743,423 7,253 3,750, ,573 1,532,767-34,314 8,222,718-1,728, ,566 3,725,584 7,527 3,733, ,142 1,647,845-39,563 8,323,743-1,744, ,385 3,744,479 7,935 3,752, ,863 1,670,843-37,557 8,376,581-1,746, ,485 3,817,641 8,114 3,825, ,374 1,581,540-54,801 8,513,508-7, , ,035 1,542 7, ,661-7, , ,984 1,567 7, ,800-7, , ,235 1,521 7, ,173-7, , ,208 1,500 8, ,694-7,578 1,087 18, ,557 1,494 7, ,584-7,694 1,133 18, ,899 1,460 7, ,020-7,967 1,171 19, ,316 1,455 7, ,717-8,209 1,224 19, ,487 1,452 7, ,573 Monthly Bulletin, September II.

30 1.3. Balance Sheet of the Bank of Slovenia MONEY AND MONETARY FINANCIAL INSTITUTIONS Until Assets in Claims on foreign sectors (foreign assets) mio SIT from in mio EUR Gold Receivable from IMF Foreign cash Loans, deposits Securities Other claims Column Code = Dec. 18,646 23, ,184 1,340,730 5,205 1,553, Dec. 16,873 12, ,094 1,297,370 5,511 1,637, Dec. 18,793 8, ,681 1,034,539 5,343 1,290, Mar. 18,837 10, ,883 1,281,667 5,446 1,646, Apr. 19,976 9, ,400 1,220,422 5,458 1,619, May 19,984 9, ,226 1,222,425 5,502 1,610, Jun. 18,319 9, ,765 1,203,673 5,478 1,561, Jul. 19,574 9, ,911 1,161,629 5,454 1,467, Aug. 18,766 9, ,173 1,144,048 5,441 1,406, Sep. 18,415 9, ,443 1,118,848 5,404 1,402, Oct. 17,910 8, ,516 1,096,254 5,401 1,422, Nov. 18,255 8, ,274 1,067,888 5,402 1,390, Dec. 18,793 8, ,681 1,034,539 5,343 1,290, Jan , , Feb ,226 3, , Mar ,102 3, , Apr ,081 3, , May ,809 3, , Jun ,672 3, , Jul ,841 3, , Aug ,940 3, ,392 Until in mio SIT from in mio EUR Banknotes and coins (after ECB key) Overnight Other MFIs Domestic currency With agreed maturity Foreign currency Liabilities Deposits Domestic sectors Overnight General government Domestic currency With agreed maturity Foreign currency Column Code = = Dec. 197,738 97, ,255 1, ,638 2, ,725 49, , Dec. 217, , ,990 2, ,602 2,682-66,730 69, Dec. 172,771 95, , ,465 1,296-96,992 98, Mar. 207,487 95, ,490 2, ,279 1,888-70,366 72, Apr. 220,935 94, ,490 2, ,832 2,046-65,774 67, May 216,513 85, ,490 2, ,955 2,059-44,539 46, Jun. 220, , ,990 2, ,487 1,759-60,798 62, Jul. 212,074 87, ,490 3, ,139 2,225-63,398 65, Aug. 210,255 98, ,490 2, ,790 2,081-68,656 70, Sep. 213,126 84, ,490 12, ,519 2,065-59,007 61, Oct. 213, , ,240 15, ,879 1,722-60,004 61, Nov. 197, , ,360 15, ,676 1,707-71,504 73, Dec. 172,771 95, , ,465 1,296-96,992 98, Jan. 2, Feb. 2, Mar. 2, , Apr. 2, May 2, Jun. 2, Jul. 2, Aug. 2, II.-6 Monthly Bulletin, September 2007

31 MONEY AND MONATARY FINANCIAL INSTITUTIONS BANKA SLOVENIJE Assets Claims on domestic sectors (domestic assets) Claims on domestic MFIs Claims on central government Loans Other claims Claims on other domestic sectors Remaining assets = = , ,381 39,872 1,620,105 17, ,883 42,151 1,697,742 16,591 1, ,442 57,375 1,366,151 17,122 1, ,616 38,495 1,704,005 16,931 1, ,790 37,201 1,675,015 16, ,351 37,824 1,665,990 16, ,315 38,618 1,617,011 16, ,321 37,995 1,522,649 16, ,331 36,632 1,460,063 16, ,356 36,570 1,456,754 16, ,313 37,587 1,477,021 16,840 4, ,831 38,112 1,450,673 16,591 1, ,442 57,375 1,366, ,342 7, ,419 7, ,473 8, ,432 8, ,487 8, ,455 8, ,483 8, ,469 8,065 Liabilities Deposits Securities issued Domestic sectors Other domestic sectors Non-financial corporations Non-monetary financial institutions Foreign sectors Domestic currency Foreign currency SDR Allocation Capital and reserves Remaining liabilities = = , ,622 1, , ,757 6, ,526 28,010 1,620,105-3, ,282 2, , ,927 7, ,291 34,316 1,697,742-5, ,335 3, ,381 32,449 6, ,473 35,049 1,366,151-6, ,738 1, , ,120 7, ,657 24,711 1,704,005-6, ,570 4, , ,377 7, ,677 25,807 1,675,015-5, ,207 4, , ,546 7, ,984 21,900 1,665,990-4, ,086 1, , ,322 7, ,581 24,553 1,617,011-4, ,851 4, , ,891 7, ,398 24,917 1,522,649-6, ,677 5, , ,852 7, ,439 26,708 1,460,063-5, ,917 7, , ,875 7, ,897 28,856 1,456,754-6, ,054 10, , ,635 7, ,511 34,193 1,477,021-5, ,950 2, ,841 76,401 7, ,532 31,463 1,450,673-5, ,335 3, ,381 32,449 6, ,473 35,049 1,366, ,387 1, , , , ,369 3, , ,340 3, , , , , , , , , ,065 Monthly Bulletin, September II.

32 1.4. Balance Sheet of Other Monetary Financial Institutions MONEY AND MONETARY FINANCIAL INSTITUTIONS Until in mio SIT from in mio EUR Cash Claims on the Bank of Slovenia Accounts and deposits at the Bank of Slovenia, other claims Securities of the Bank of Slovenia Loans Assets Claims on domestic sectors (domestic assets) Claims on other MFIs Debt securities Shares and other equity Loans Claims on non-mfis Debt securities Shares and other equity Column Koda = Dec. 30, , , ,314 32,352 32,135 3,333, , ,626 5,127, Dec. 31, , , ,494 78,119 46,846 3,864, , ,062 6,120, Dec. 39, , , ,601 90,011 25,769 4,839, , ,221 6,893, Mar. 29, , , ,872 86,145 57,338 4,118, , ,846 6,446, Apr. 33, , , ,364 84,390 31,050 4,221, , ,912 6,496, May 30, , , ,961 83,704 31,595 4,285, , ,518 6,599, Jun. 33, , , ,185 84,164 34,562 4,353, , ,051 6,636, Jul. 32, , , ,968 86,522 36,696 4,410, , ,433 6,580, Aug. 28, , , ,882 88,207 36,995 4,471, , ,689 6,587, Sep. 29, , , ,840 88,474 39,018 4,560, , ,914 6,713, Oct. 34, , , ,554 89,331 40,755 4,666, , ,773 6,850, Nov. 34, , , ,590 93,062 25,349 4,735, , ,557 6,918, Dec. 39, , , ,601 90,011 25,769 4,839, , ,221 6,893, Jan , ,540 2, , Feb , ,879 2, , Mar , ,287 2, , Apr , ,021 2,453 1,030 27, May , ,686 2, , Jun , ,335 2, , Jul , ,030 2, , Aug , ,651 2, ,210 Until in mio SIT from in mio EUR Deposits, loans from the Bank of Slovenia Obligations to MFIs Deposits, loans from other MFIs Debt securities issued Obligations to domestic sectors (domestic liabilities) Overnight Liabilities Deposits in domestic currency With agreed maturity Obligations to non-mfis Reedemable at notice Deposits in foreign currency Debt securities issued Column Code = Dec ,213 34, ,708 1,358, ,115 1,206, ,537 3,854, Dec ,645 65, ,327 1,438, ,195 1,269, ,573 4,195, Dec ,042 88,766 1,161,185 1,471, ,476 1,374, ,254 4,609, Mar. 1, ,728 80, ,554 1,464, ,030 1,305, ,636 4,314, Apr. 1, ,225 77,575 1,002,895 1,465, ,060 1,290, ,539 4,303, May ,886 77,331 1,027,820 1,464, ,956 1,333, ,118 4,371, Jun ,619 77,663 1,057,278 1,447, ,537 1,336, ,145 4,430, Jul ,957 82,785 1,054,150 1,470, ,113 1,351, ,720 4,433, Aug ,225 83,797 1,048,690 1,494, ,652 1,339, ,474 4,450, Sep ,102 82,764 1,059,581 1,533, ,959 1,352, ,362 4,539, Oct ,756 83,720 1,057,765 1,579, ,064 1,337, ,552 4,569, Nov. 4, ,342 90,012 1,072,919 1,566, ,084 1,360, ,761 4,593, Dec ,042 88,766 1,161,185 1,471, ,476 1,374, ,254 4,609, Jan. 7 1, ,626 8,897 1, , Feb. 50 1, ,589 9, , Mar. 86 1, ,617 8,902 1, , Apr. 75 1, ,667 9,074 1, , May 116 1, ,794 8,918 1, , Jun , ,936 8,887 1, , Jul , ,002 9,187 1, , Aug , ,868 9,498 1, ,999 II.-8 Monthly Bulletin, September 2007

33 MONEY AND MONATARY FINANCIAL INSTITUTIONS BANKA SLOVENIJE Claims on MFIs Assets Claims on foreign sectors (foreign assets) Claims on non-mfis Cash Loans Debt securities Shares and other equity Loans Debt securities Shares and other equity Remaining assets = = , ,968 48,768 19, ,636 35,771 11, , ,231 5,863,500 13, ,789 90,238 51, , ,453 14, , ,536 7,219,724 18, , ,235 52, , ,509 17,542 1,182, ,935 8,349,186 11, ,586 97,706 53, , ,349 16, , ,877 7,565,292 12, ,043 97,681 53, , ,518 13, , ,177 7,569,689 13, , ,389 53, , ,649 14, , ,560 7,813,048 13, , ,435 53, , ,707 14, , ,170 7,875,058 15, , ,608 54, , ,431 15, , ,088 7,804,788 16, , ,733 54, , ,662 14,444 1,020, ,046 7,871,394 13, , ,383 56, , ,265 14,991 1,070, ,486 8,035,129 13, , ,667 53, , ,149 14,606 1,029, ,644 8,136,417 14, , ,471 53, , ,365 15,301 1,030, ,301 8,198,495 18, , ,235 52, , ,509 17,542 1,182, ,935 8,349, , ,232 1, ,433 1,238 35, , ,325 2, ,293 1,117 36, ,888 1, ,492 2, ,518 1,224 36, ,369 1, ,557 2, ,287 1,432 37, ,004 1, ,697 3, ,362 1,330 37, ,894 1, ,815 3, ,449 1,387 38, ,907 1, ,053 2, ,551 1,224 39, ,116 1, ,149 2, ,758 1,315 40,284 Liabilities Obligations to foreign sectors (foreign liabilities) Deposits Obligations to MFIs Debt securities issued Obligations to non-mfis Deposits Debt securities issued Capital and reserves Remaining liabilities = = ,015,376 57,636 88, ,161, , ,098 5,864,500 1,872,623 87, , ,062, , ,597 7,219,724 2,439,177 99, , ,649, , ,922 8,349,186 2,063,850 87,610 97, ,249, , ,131 7,565,292 2,069,842 87,608 97, ,255, , ,990 7,569,689 2,232,111 87,623 99, ,419, , ,328 7,813,048 2,240,015 87,626 97, ,424, , ,655 7,875,058 2,137,952 87, , ,329, , ,572 7,804,788 2,166,425 87, , ,366, , ,041 7,871,394 2,248,463 87, , ,441, , ,774 8,035,129 2,242,552 99, , ,447, , ,497 8,136,417 2,274,150 99, , ,481, , ,796 8,198,495 2,439,177 99, , ,649, , ,922 8,349,186 10, ,361 3,064 1,967 35,893 10, ,527 3,142 1,803 36,059 10, ,394 3,185 1,943 36,106 11, ,610 3,233 1,912 37,480 11, ,634 3,272 1,918 37,887 12, ,138 3,267 1,980 38,510 12, ,428 3,314 1,868 39,166 12, ,916 3,336 2,032 40,284 Monthly Bulletin, September II.

34 1.5. Selected Assets of Other Monetary Financial Institutions by Sector MONEY AND MONETARY FINANCIAL INSTITUTIONS Until in mio SIT from in By currency Loans Domestic currency Foreign currency Consumer credit Claims on domestic sectors (domestic assets) Debt securities By purpose Lending for house Domestic currency Foreign currency Other lending Shares and other equity mio EUR purchase Column Code = dec. 2,382,894 1,383, , ,232 3,134, , , ,713 5,096, dec. 2,099,189 2,199, , ,736 3,499,410 1,203, , ,907 6,089, dec. 2,298,192 3,148, , ,689 4,430,534 1,096, , ,989 6,853, mar. 2,124,050 2,462, , ,853 3,743,396 1,285, , ,184 6,416, apr. 2,131,913 2,538, , ,176 3,812,971 1,276, , ,962 6,463, maj. 2,114,139 2,617, , ,837 3,850,358 1,334, , ,113 6,568, jun. 2,149,862 2,712, , ,058 3,952,960 1,245, , ,613 6,603, jul. 2,121,791 2,743, , ,553 3,940,198 1,193, , ,129 6,548, avg. 2,136,051 2,810, , ,219 4,003,717 1,170, , ,684 6,559, sep. 2,152,586 2,891, , ,683 4,080,168 1,220, , ,932 6,683, okt. 2,200,909 2,987, , ,664 4,205,227 1,219, , ,528 6,815, nov. 2,223,651 3,044, , ,091 4,266,202 1,223, , ,906 6,884, dec. 2,298,192 3,148, , ,689 4,430,534 1,096, , ,989 6,853, jan. 21,761 1,048 2,297 1,982 18,530 4,017-1,038 27, feb. 21,634 1,100 2,295 2,020 18,419 3,598-1,064 27, mar. 21,726 1,160 2,346 2,078 18,462 3,201-1,098 27, apr. 22,297 1,248 2,382 2,144 19,018 2,846-1,146 27, maj. 23,089 1,335 2,430 2,222 19,773 2, , jun. 23,558 1,456 2,488 2,289 20,237 2, , jul. 24,146 1,560 2,532 2,361 20,813 2, , avg. 24,892 1,638 2,588 2,429 21,514 2, ,010 MFIs (S.121, S.122) dec. 378,567 54, , , ,070 32,135 1,214, dec. 345,097 88, , , ,295 46,846 1,408, dec. 511,086 96, , ,995 41,846 25,769 1,158, mar. 353, , , , ,721 57,338 1,491, apr. 352,854 96, , , ,643 31,050 1,411, maj. 345, , , , ,115 31,595 1,441, jun. 394, , , , ,121 34,562 1,414, jul. 366,145 88, , , ,676 36,696 1,293, avg. 374, , , , ,384 36,995 1,235, sep. 372, , , , ,381 39,018 1,251, okt. 400, , , , ,144 40,755 1,265, nov. 411, , , ,744 86,560 25,349 1,244, dec. 511,086 96, , ,995 41,846 25,769 1,158, jan. 2, ,269 1, , feb. 1, , , mar. 1, , , apr. 1, , , maj. 1, , , jun. 1, , , jul. 1, , , avg. 1, , ,431 Non-MFIs (S.123, S.124, S.125) dec. 38,952 83, ,207 1, , , dec. 39, , ,533 2,419 1,799 47, , dec. 46, , ,165 2, , , mar. 37, , ,656 2,505 1,667 46, , apr. 42, , ,864 2,519 1,460 43, , maj. 47, , ,739 2,294 1,408 42, , jun. 42, , ,005 2,426 1,411 44, , jul. 41, , ,163 2,181 1,409 44, , avg. 42, , ,308 2,159 1,407 46, , sep. 42, , ,528 2,193 1,409 49, , okt. 42, , ,436 2,198 1,431 50, , nov. 45, , ,332 2,201 1,431 52, , dec. 46, , ,165 2, , , jan. 1, , , feb. 1, , , mar. 1, , , apr. 1, , , maj. 1, , , jun. 1, , , jul. 1, , , avg. 1, , ,083 II.-10 Monthly Bulletin, September 2007

35 MONEY AND MONATARY FINANCIAL INSTITUTIONS BANKA SLOVENIJE Claims on foreign sectors (foreign assets) Loans Debt securities Domestic currency Foreign currency Domestic currency Foreign currency Shares and other equity = , ,791 15,568 68,971 30, ,677 11, ,811 12, ,748 66, ,279 20, ,683 14, ,984 70,203 1,164,076 9, ,437 14, ,336 70, ,917 15, ,528 14, ,844 67, ,554 8, ,549 14, ,743 68, ,959 12, ,172 14, ,864 68, ,080 19, ,659 14, ,659 69, ,665 15, ,589 14, ,996 68,630 1,003,492 24, ,080 14, ,231 71,098 1,056,922 19, ,199 14, ,392 68,212 1,015,405 9, ,170 14, ,418 69,083 1,015,831 20, ,683 14, ,984 70,203 1,164,076 2, , ,412 3, , ,277 2, , ,498 3, , ,265 3, , ,342 3, , ,426 3, , ,524 3, , ,735 MFIs (S.121, S.122) 2, ,401 15,367 33,400 19, ,182 10, ,050 12,742 77,495 51, ,981 18, ,510 12, ,364 52, ,387 8, ,928 13,010 84,696 53, ,660 15, ,857 12,449 85,231 53, ,053 7, ,039 12,390 95,999 53, ,229 11, ,428 12,380 94,055 53, ,197 18, ,931 12,479 97,129 54, ,317 15, ,221 12,497 95,236 54, ,320 23, ,524 12,516 96,867 56, ,620 18, ,935 12, ,139 53, ,886 9, ,510 12, ,952 53, ,004 18, ,510 12, ,364 52, ,387 1, ,140 2, ,572 1, , ,169 2, , ,721 1, , ,393 1, , ,303 1, , ,392 1, , ,705 Non-MFIs (S.123, S.124, S.125) - 23,125-1,473 4,194 28,792-29,770-17,340 5,854 52,965-75,559 1,492 26,809 6, ,556-42,994-23,958 8,306 75,257-44,670-23,592 5,363 73,625-46,702-21,315 5,397 73,414-47,923-22,094 5,740 75,757-50,420-22,479 6,361 79,260-52,336-20,671 6,275 79,281-54,409-24,105 6,373 84,887-60,055-25,392 6,326 91,773-66,861 1,500 25,711 6, ,461-75,559 1,492 26,809 6, , Monthly Bulletin, September II.

36 1.5. Selected Assets of Other Monetary Financial Institutions by Sector (continued) MONEY AND MONETARY FINANCIAL INSTITUTIONS Until Claims on domestic sectors (domestic assets) in Loans Debt securities mio SIT from By currency By purpose Shares and other in Lending for house Domestic currency Foreign currency equity Domestic currency Foreign currency Consumer credit Other lending mio EUR purchase Column Code = Non-financial corporations (S.11) dec 1,029,457 1,022, ,051,525 7,692 3,082 70,873 2,133, dec. 956,334 1,538, ,495,187 28,724 18,999 77,960 2,620, dec. 927,775 2,155, ,083,689 28,541 14, ,919 3,236, mar. 964,520 1,706, ,671,256 28,949 18,179 81,584 2,799, apr. 962,612 1,774, ,737,127 29,415 18,403 97,674 2,882, maj. 944,900 1,815, ,760,388 29,499 18, ,895 2,910, jun. 938,138 1,861, ,799,994 27,220 18, ,902 2,951, jul. 936,256 1,897, ,833,262 27,203 17, ,696 2,988, avg. 935,938 1,931, ,867,135 27,316 16, ,062 3,025, sep. 954,902 1,981, ,936,332 28,475 16, ,541 3,096, okt. 963,795 2,027, ,990,795 27,603 16, ,129 3,157, nov. 954,907 2,069, ,024,418 27,603 16, ,204 3,214, dec. 927,775 2,155, ,083,689 28,541 14, ,919 3,236, jan. 12, , , feb. 13, , , mar. 13, , , apr. 13, , , maj. 14, , , jun. 14, , , jul. 14, , , avg. 15, , ,720 Central government (S.1311) dec. 272,259 29, , ,381 62, , dec. 108,217 32, , ,133 62, , dec. 110,035 21, , ,490 62, , mar. 111,524 28, , ,260 63, , apr. 106,514 29, , ,216 65, , maj. 106,427 28, , ,080 65, , jun. 109,471 28, , ,143 65, , jul. 106,759 27, , ,139 65, , avg. 106,808 26, , ,444 64, , sep. 100,824 22, , ,431 65, , okt. 107,318 22, , ,930 65, , nov. 107,489 21, , ,587 65, , dec. 110,035 21, , ,490 62, , jan , , feb , , mar , , apr , , maj , , jun , , jul , , avg , ,342 Other government sectors (S.1312, S.1313, S.1314) dec. 26,928 9, , , dec. 8,139 15, , , dec. 8,412 16, , , mar. 8,830 15, , , apr. 8,516 15, , , maj. 8,232 15, , , jun. 8,078 15, , , jul. 7,991 15, , , avg. 7,989 12, , , sep. 8,380 12, , , okt. 9,139 12, , , nov. 8,628 13, , , dec. 8,412 16, , , jan feb mar apr maj jun jul avg II.-12 Monthly Bulletin, September 2007

37 MONEY AND MONATARY FINANCIAL INSTITUTIONS BANKA SLOVENIJE Claims on foreign sectors (foreign assets) Loans Debt securities Domestic currency Foreign currency Domestic currency Foreign currency Shares and other equity = Non-financial corporations (S.11) ,420-32,265 6, , ,193-40,464 9, ,296 1, , ,084 10, , ,808 1,508 24,528 8, , ,275 1,705 23,878 8, , ,060 1,705 26,962 8, , ,438 1,697 31,776 9, , ,542 1,701 33,051 9, , ,748 1,702 35,846 8, , ,919 1,701 28,906 8, , ,452 1,696 32,827 8, , , ,488 8, ,339 1, , ,084 10, , , , ,276 1, ,365 1, ,445 1, ,518 1, ,655 1, ,804 Central government (S.1311) ,833-2, ,994-63,195-5, , , ,874-97, ,862-98, , , ,664-99, , , , ,922-2, , ,189-2, , ,870-4, , ,020-5, , , , , , , , , , , , , , , , , , ,569 Other government sectors (S.1312, S.1313, S.1314) ,454-2, ,281-2, ,281-2, ,293-2, ,274-2, Monthly Bulletin, September II.

38 1.5. Selected Assets of Other Monetary Financial Institutions by Sector (continued) MONEY AND MONETARY FINANCIAL INSTITUTIONS Until in mio SIT from in mio EUR By currency Loans Domestic currency Foreign currency Consumer credit Claims on domestic sectors (domestic assets) By purpose Lending for house purchase Other lending Domestic currency Debt securities Foreign currency Shares and other equity Column Code = Households and non-profit institutions serving households (S.14, S.15) Dec. 636, , , , , , Dec. 642, , , , , ,025, Dec. 694, , , , , ,289, Mar. 647, , , , , ,080, Apr. 658, , , , , ,108, May 661, , , , , ,134, Jun. 657, , , , , ,157, Jul. 663, , , , , ,180, Aug. 668, , , , , ,203, Sep. 673, , , , , ,229, Oct. 677, , , , , ,252, Nov. 696, , , , , ,277, Dec. 694, , , , , ,289, Jan. 4, ,297 1,982 1, , Feb. 4, ,295 2,020 1, , Mar. 5, ,346 2,078 1, , Apr. 5, ,382 2,144 1, , May 5, ,430 2,222 1, , Jun. 5, ,488 2,289 1, , Jul. 5, ,532 2,361 1, , Aug. 5, ,588 2,429 1, ,323 II.-14 Monthly Bulletin, September 2007

39 MONEY AND MONATARY FINANCIAL INSTITUTIONS BANKA SLOVENIJE Loans Claims on foreign sectors (foreign assets) Debt securities Domestic currency Foreign currency Domestic currency Foreign currency Shares and other equity = Households and non-profit institutions serving households (S.14, S.15) , , , , , , , , , , , , , , , , , , , , , , Monthly Bulletin, September II.

40 MONEY AND MONETARY FINANCIAL INSTITUTIONS 1.6. Selected Obligations of Other Monetary Financial Institutions by Sector Until in mio SIT from in mio EUR Overnight Obligations to domestic sectors (domestic liabilities) Deposits Domestic currency Foreign currency With agreed maturity Reedemable at With agreed maturity Overnight Short-term Long-term notice Short-term Long-term Reedemable at notice Debt securities issued Stolpec Koda = dec. 856,363 1,070, , , , , ,626 33, ,515 71,413 3,854, dec. 986,985 1,175, , , , , ,169 35, ,327 61,245 4,195, dec. 1,178,571 1,251, , , , , ,261 38, ,038 58,982 4,609, mar. 991,446 1,224, , , , , ,070 40, ,248 58,541 4,314, apr. 1,003,645 1,233, , , , , ,441 37, ,959 56,155 4,303, maj. 1,032,628 1,236, , , , , ,606 33, ,623 56,826 4,371, jun. 1,072,975 1,225, , , , , ,781 34, ,085 57,723 4,430, jul. 1,056,936 1,256, , , , , ,064 33, ,219 58,286 4,433, avg. 1,057,564 1,269, , , , , ,109 33, ,330 58,942 4,450, sep. 1,067,438 1,323, , , , , ,171 34, ,250 65,877 4,539, okt. 1,061,853 1,361, , , , , ,854 37, ,538 68,734 4,569, nov. 1,074,460 1,353, , , , , ,276 35, ,206 68,567 4,593, dec. 1,178,571 1,251, , , , , ,261 38, ,038 58,982 4,609,937 Domestic currency Foreign currency jan. 6,645 7,673 2,486 1, , , feb. 6,598 7,837 2, , , mar. 6,648 7,639 2,560 1, , , apr. 6,676 7,758 2,569 1, , , maj. 6,849 7,777 2,573 1, , , jun. 6,953 7,592 2,693 1, , , jul. 7,047 7,867 2,728 1, , , avg. 6,881 8,331 2,790 1, , ,999 MFIs (S.121,S.122) dec. 4,655 44,476 23,290 1,949 6,262 17,101 33, ,368 4, , dec. 6,658 26,368 20,605 1,641 10,605 17,442 49,437-62,759 3, , dec. 17,386 49,451 22,204 1,721 13,434 18,484 48,464-85,143 3, , mar. 10,891 34,815 18,402 1,305 11,707 34,050 48,687 4,000 77,047 3, , apr ,422 18,230 1,132 9,846 20,809 46,527-74,649 2, , maj. 4,809 38,723 17, ,090 26,437 45,348-74,404 2, , jun. 15,698 44,097 18,616 1,088 12,045 39,837 44,337-74,305 3, , jul. 2,786 50,547 19, ,399 16,187 44,779-79,428 3, , avg. 8,873 41,658 19, ,431 21,376 43,973-80,438 3, , sep. 7,856 53,867 22,913 1,095 14,938 21,945 44,638-78,144 4, , okt. 4,087 56,164 22,961 1,268 17,248 21,602 48,522-78,954 4, , nov. 1,541 53,410 24,659 1,239 24,224 16,559 48,311-85,247 4, , dec. 17,386 49,451 22,204 1,721 13,434 18,484 48,464-85,143 3, , jan , feb , mar , apr , maj , jun , jul , avg ,096 Non-MFIs (S.123,S.124,S.125) dec. 10,037 96, ,383 16,535 3,061 14,928 93, ,682 41, , dec. 10,513 73,011 75,832 18,349 5,086 11, , ,255 34, , dec. 21,978 86,140 55,483 36,869 18,536 10, , ,909 32, , mar. 17,389 93,772 66,820 22,401 11,288 11, , ,789 32, , apr. 17,387 92,288 65,165 29,716 6,590 6, , ,058 31, , maj. 21,832 87,326 62,564 29,850 12,576 17, , ,781 31, , jun. 22,122 87,998 59,399 35,062 9,593 9, , ,035 32, , jul. 25,959 85,890 57,110 29,812 7,368 19, , ,955 32, , avg. 24,095 84,416 58,411 30,018 8,633 8, , ,835 32, , sep. 38,060 88,814 55,681 30,990 17,649 15, , ,593 36, , okt. 26,323 88,996 55,195 31,504 10,955 9, , ,875 38, , nov. 28,325 89,085 53,933 31,046 13,811 6, , ,737 38, , dec. 21,978 86,140 55,483 36,869 18,536 10, , ,909 32, , jan , feb , mar , apr , maj , jun , jul , avg ,496 II.-16 Monthly Bulletin, September 2007

41 MONEY AND MONATARY FINANCIAL INSTITUTIONS BANKA SLOVENIJE Obligations to foreign sectors (foreign liabilities) Deposits Debt securities issued Domestic currency Foreign currency Domestic With agreed maturity Reedemable at With agreed maturity Reedemable at Foreign currency Overnight Overnight currency Short-term Long-term notice Short-term Long-term notice = ,836 16,311 36, , , ,825 1,060 1,350 56,314 1,161,434 21,896 42,339 55, , ,897 1,584, ,443 2,062,303 28,714 5,474 9, , ,813 2,153, ,093 98,766 2,649,902 21,480 88,255 68, , ,473 1,697, ,590 2,249,631 22,949 61,664 69, , ,565 1,709, ,579 2,255,302 21,011 39,132 72, , ,591 1,923, ,594 2,419,314 12,977 37,142 67, , ,800 1,957, ,597 2,424,901 15,452 35,476 67, , ,408 1,963, ,590 2,329,382 17,564 41,855 67, , ,072 1,965, ,587 2,366,307 41,827 37,700 67, , ,575 2,014, ,576 2,441,511 31,404 49,858 9, , ,808 2,082, ,556 2,447,280 18,368 23,795 9, , ,200 2,086, ,569 2,481,238 28,714 5,474 9, , ,813 2,153, ,093 98,766 2,649, , , ,117 8, , ,104 8, , ,201 9, , , , ,031 10, , ,215 10, , , ,420 10, , ,916 MFIs (S.121,S.122) 4,120 13,596 35,410-7, , ,210-1,350 56,286 1,004,012 14,836 38,958 54, , ,019 1,538, ,406 1,960,229 20,031 2,562 9,249-11, ,780 2,102,275-1,020 98,624 2,538,821 14,385 84,057 67,533-13, ,511 1,651, ,410 2,151,461 16,077 58,020 68,578-7, ,192 1,663, ,407 2,157,450 12,589 36,740 72,188-9, ,380 1,878, ,422 2,319,734 5,104 34,753 67,540-13, ,794 1,912, ,425 2,327,641 7,238 32,621 67,653-9, ,562 1,912, ,416 2,225,566 8,808 38,175 67,533-10, ,019 1,914, ,413 2,254,036 32,755 34,873 67,543-10, ,969 1,962, ,412 2,336,074 22,136 47,109 9,235-10, ,357 2,031, ,392 2,342,143 9,936 20,494 9,242-7, ,060 2,034, ,402 2,373,750 20,031 2,562 9,249-11, ,780 2,102,275-1,020 98,624 2,538, , , ,036 8, , ,022 8, , ,113 9, , , , , , ,137 10, , ,338 10, , ,348 Non-MFIs (S.123,S.124,S.125) Monthly Bulletin, September II.

42 MONEY AND MONETARY FINANCIAL INSTITUTIONS 1.6. Selected Obligations of Other Monetary Financial Institutions by Sector (continued) Until in mio SIT from in mio EUR Overnight Obligations to domestic sectors (domestic liabilities) Deposits Domestic currency Foreign currency With agreed maturity Reedemable at With agreed maturity Overnight Short-term Long-term notice Short-term Long-term Reedemable at notice Debt securities issued Stolpec Koda = Non-financial corporations (S.11) dec. 167, ,559 35,414 43,476 65,720 52,372 24,832 4,208 26,963 12, , dec. 185, ,159 34,773 51,807 85,077 53,414 22,685 6,835 26,714 11, , dec. 219, ,864 30,992 72,094 89,487 63,215 18,941 7,486 18,331 12, , mar. 178, ,467 34,673 54,455 96,073 53,222 19,990 7,022 26,904 10, , apr. 182, ,863 35,989 57,338 96,675 47,699 20,563 8,205 23,439 10, , maj. 171, ,352 35,450 52, ,472 59,446 20,370 4,034 22,654 11, , jun. 184, ,350 35,378 57,508 94,387 55,942 21,880 4,402 20,992 11, , jul. 183, ,771 34,803 53, ,587 54,387 21,790 3,389 24,223 11, , avg. 185, ,795 34,889 57, ,703 47,800 21,080 3,606 21,992 11, , sep. 193, ,751 32,690 66,814 97,312 45,951 22,028 4,422 21,287 13, , okt. 201, ,292 40,629 66, ,914 46,369 17,489 7,479 19,022 13, , nov. 192, ,572 30,616 70, ,750 49,761 17,086 5,821 18,103 12, , dec. 219, ,864 30,992 72,094 89,487 63,215 18,941 7,486 18,331 12, ,547 Domestic currency Foreign currency jan. 1,172 1, , feb. 1,130 1, , mar. 1,120 1, , apr. 1,181 1, , maj. 1,176 1, , jun. 1,199 1, , jul. 1,267 1, , avg. 1,195 1, ,836 Central government (S.1311) dec. 12,910 42,283 9,943 12,202 1, , ,232 7, , dec. 12,647 97,654 12,958 1, , ,106 5, , dec. 4, ,577 16,720 2,998 1, , ,347 4, , mar ,682 21,172 1, , ,693 5, , apr. 2, ,152 20,646 3, , ,550 4, , maj. 2, ,836 20,429 2, , ,300 5, , jun. 2, ,598 18,329 4, , ,300 4, , jul. 4, ,284 17,765 3, , ,601 5, , avg. 1, ,812 18,057 2, , ,080 5, , sep ,779 17,850 4,639 1, , ,691 5, , okt. 4, ,233 17,711 2,227 1, , ,191 5, , nov. 15, ,516 16,418 3,775 1, , ,611 5, , dec. 4, ,577 16,720 2,998 1, , ,347 4, , jan feb , mar apr , maj jun jul avg Other government sectors (S.1312,S.1313,S.1314) dec. 12,017 29,901 6,427 8, , dec. 18,488 37,244 8,257 18, , ,182 1,612 91, dec. 20,507 42,158 4,711 15, , ,243 2,284 95, mar. 17,731 51,799 10,817 16, ,404 1, ,595 1, , apr. 18,234 55,874 6,977 18, ,289 1,128-8,056 1, , maj. 19,223 62,436 7,017 20, ,527 1,008-8,302 1, , jun. 19,512 63,111 6,424 20, ,342 1,174-8,303 1, , jul. 19,442 61,422 6,332 19, ,753 1,145-7,883 1, , avg. 20,807 63,091 6,349 21, ,961 1,145-7,883 1, , sep. 15,412 74,591 6,252 15, ,725 1,056-7,584 1, , okt. 16,751 66,783 6,610 14, , ,584 2, , nov. 18,616 58,722 8,034 16, , ,634 2, , dec. 20,507 42,158 4,711 15, , ,243 2,284 95, jan feb mar apr maj jun jul avg II.-18 Monthly Bulletin, September 2007

43 MONEY AND MONATARY FINANCIAL INSTITUTIONS BANKA SLOVENIJE Obligations to foreign sectors (foreign liabilities) Deposits Debt securities issued Domestic currency Foreign currency With agreed maturity Reedemable at With agreed maturity Reedemable at Domestic currency Foreign currency Overnight Overnight Short-term Long-term notice Short-term Long-term notice = Non-financial corporations (S.11) ,734 1, ,820 1, ,864 1, ,016 1, ,955 3,768 1, ,458 1,075 1, ,839 1, , , ,832 2, ,888 1, ,995 1, , ,741 2,047 1, ,105 1, ,839 2,076 1, ,648 2, ,752 1,849 1, ,173 1, ,062 1,789 1, ,292 1, ,585 2,551 1, ,598 1, ,961 3,967 1, ,648 1, ,955 3,768 1, , Central government (S.1311) , , , , , , , , , , , , , , , , , , , , , , , , , , Other government sectors (S.1312,S.1313,S.1314) Monthly Bulletin, September II.

44 MONEY AND MONETARY FINANCIAL INSTITUTIONS 1.6. Selected Obligations of Other Monetary Financial Institutions by Sector (continued) Until in mio SIT from in mio EUR Overnight Domestic currency Obligations to domestic sectors (domestic liabilities) Deposits Foreign currency With agreed maturity Reedemable With agreed maturity Overnight Short-term Long-term at notice Short-term Long-term Reedemable at notice Debt securities issued Stolpec Koda = Households and non-profit institutions serving households (S.14,S.15) Dec. 649, , ,017 31, , ,558 84,040 29,079 7,198 5,288 2,431, Dec. 752, , ,515 46, , , ,039 28,124 1,310 4,581 2,553, Dec. 894, , ,287 51, , , ,676 29,769 1,065 4,455 2,749,703 Domestic currency Foreign currency Mar. 766, , ,784 46, , , ,621 28,525 1,220 4,300 2,569, Apr. 781, , ,091 46, , , ,659 28,682 1,208 4,069 2,569, May 813, , ,536 46, , , ,598 28,722 1,182 4,083 2,597, Jun. 828, , ,038 47, , , ,230 29,097 1,149 4,103 2,632, Jul. 821, , ,716 47, , , ,622 29,131 1,129 4,140 2,635, Aug. 816, , ,404 48, , , ,581 29,145 1,102 4,343 2,630, Sep. 811, , ,479 49, , , ,673 29, ,470 2,638, Oct. 808, , ,061 50, , , ,599 29, ,473 2,639, Nov. 818, , ,619 50, , , ,713 29, ,581 2,664, Dec. 894, , ,287 51, , , ,676 29,769 1,065 4,455 2,749, Jan. 5,186 4,417 1, , Feb. 5,237 4,434 1, , Mar. 5,255 4,415 1, , Apr. 5,254 4,361 1, , May 5,389 4,353 1, , Jun. 5,511 4,396 1, , Jul. 5,478 4,486 1, , Aug. 5,407 4,515 1, ,238 II.-20 Monthly Bulletin, September 2007

45 MONEY AND MONATARY FINANCIAL INSTITUTIONS BANKA SLOVENIJE Domestic currency With agreed maturity Overnight Short-term Long-term Reedemable at notice 15 Obligations to foreign sectors (foreign liabilities) Deposits Overnight With agreed maturity Short-term Foreign currency Long-term Reedemable at notice Debt securities issued Domestic currency Foreign currency = Households and non-profit institutions serving households (S.14,S.15) 5,729 2, ,254 26,263 4, ,819 5,688 2, ,805 14,803 7, ,263 7,319 2, ,692 16,252 7, ,007 5,760 2, ,203 12,921 7, ,737 5,937 2, ,367 12,297 7, ,481 6,860 2, ,233 11,266 7, ,237 6,705 2, ,597 12,959 8, ,166 6,720 2, ,546 11,770 8, ,380 6,545 2, ,722 13,061 8, ,618 6,955 2, ,569 12,817 8, ,004 7,167 2, ,401 12,900 7, ,700 7,109 2, ,514 13,173 8, ,072 7,319 2, ,692 16,252 7, , Monthly Bulletin, September II.

46 MONEY AND MONETARY FINANCIAL INSTITUTIONS 1.7. Balance Sheet of the Bank of Slovenia - instruments Millions of EUR Assets Gold and gold receivables Claims on noneuro area residents Claims on euro area residents in foreign currency Lending to euro area credit institutionsrelated to monetary policy operations in euro Main refinancing operations Longer-term refinancing operations Fine-tuning reverse operations Structural reverse operations Marginal lending facility Other claims on euro area credit institutions in euro Claims on general government in euro Securities of euro area residents in euro Intra-Eurosystem claims Other assets Stolpec Koda Jan. 50 1, ,352 2, , Feb. 49 2, ,186 2, , Mar. 49 2, ,006 2, , Apr. 51 2, ,023 2, , May 51 2, ,936 2, , Jun. 49 1, ,861 2, , Jul. 49 2, ,730 2, , Aug. 49 2, ,606 2, ,079 II.-22 Monthly Bulletin, September 2007

47 MONEY AND MONATARY FINANCIAL INSTITUTIONS BANKA SLOVENIJE Millions of EUR Liabilities Banknotes in circulation Liabilities to noneuro area residents Liabilities to euro area residents in foreign currency Liabilities to euro area credit instiutions related to monetary policy operations in euro Current accounts (covering the minimum reserve system) Deposit facility Fixed-term deposits Fine-tuning reverse operations Debt certificates issued Column Code Jan. 2, , , , , Feb. 2, , , Mar. 2, , , Apr. 2, , , May 2, , , Jun. 2, , , Jul. 2, , , Aug. 2, , ,079 Other liabilities to euro area credit institutions in euro Liabilities to general government in euro Intra-Eurosystem liabilities Capital and reserves Other liabilities Monthly Bulletin, September II.

48 2.1. Bank of Slovenia Interest Rates FINANCIAL MARKETS AND PAYMENT SYSTEMS Lombard loan Repo (7-day) Banks' reserves Overnight deposit Longterm deposit Bank of Slovenia Bills In SIT In EUR In USD Number of days Number of days Number of days General legal penal rate n n n n n n n r r r r r r n Column Code Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Interbank Money Market Rates and Indexation Clause SIONIA / EONIA Interbank Market SITIBOR / EURIBOR 1 month 3 months 6 months 1 year Revaluation Clauses Tolar Indexation Clause Foreign Exchange Clauses TOM USD CHF Monthly Annualized Monthly Annualized Monthly Annualized Column Code Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug II.-24 Monthly Bulletin, September 2007

49 FINANCIAL MARKETS AND PAYMENT SYSTEMS 2.3. European Central Bank Interest Rates BANKA SLOVENIJE Deposit facility Main refinancing operations Marginal lending facility Column Code Dec Mar Jun Harmonised Long-term Interest Rates for Convergence Assessment Purposes Yield to maturity Column 1 Code Apr May 3.92 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 3.73 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 4.49 Jun Jul Aug Monthly Bulletin, September II.

50 FINANCIAL MARKETS AND PAYMENT SYSTEMS Monetary Financial Institutions Interest Rates - Outstanding Amounts in Domestic Currency Until on SIT after on EUR Column Code Time deposits Households Non-financial corporations Repos Up to 2 years Over 2 years Up to 2 years Over 2 years Up to 1 year Loans To households For house purchase For consumption Over 1 and up to 5 years Over 1 and up to 5 years To non-financial corporations Over 1 and up to 5 years Over 5 years Up to 1 year Over 5 years Up to 1 year Over 5 years 2004 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug II.-26 Monthly Bulletin, September 2007

51 FINANCIAL MARKETS AND PAYMENT SYSTEMS BANKA SLOVENIJE 2.4.2a. Monetary Financial Institutions Interest Rates - New Deposits in Domestic Currency Until on SIT after on EUR Households and non-financial corporations Column Code Overnight deposits Up to 1 year Households Time deposits with agreed maturity Deposits redeemable at notice Over 1 and up to 2 years Over 3 months Overnight deposits Time deposits with agreed maturity Over 2 years Up to 3 months Up to 1 year Over 2 years 6 Non-financial corporations Over 1 and up to 2 years Repos 2004 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Monthly Bulletin, September II.

52 FINANCIAL MARKETS AND PAYMENT SYSTEMS 2.4.2b.Monetary Financial Institutions - Volumes of New Deposits in Domestic Currency Until in mio SIT after in mio EUR Households Households and non-financial Non-financial corporations corporations Time deposits with agreed maturity Redeemable at notice Time deposits with agreed maturity Up to 1 year Over 1 and up to 2 years Over 1 and up Over 2 years Up to 3 months Over 3 months Up to 1 year to 2 years Over 2 years Repos Column Code 2004 Oct Nov Dec Jan Feb Mar Apr May 259,815 2,609 1,186 85,083 12, ,925 2,539 1,407 - Jun. 255,944 2, ,700 1, ,168 2,628 2,322 - Jul. 250,159 2, ,197 13, ,107 1, Aug. 261,575 2, ,400 12, ,372 2, Sep. 260,323 1, ,813 12, , Oct. 254,515 1, ,028 18, , Nov. 269,098 2, ,244 43, ,624 1, Dec. 293,799 2,590 1,122 53,059 44, , , Jan. 289,294 2, ,669 12, ,255 1,271 2,108 - Feb. 252,026 1, ,240 12, , ,572 - Mar. 276,882 2, ,597 11, , Apr. 255,245 1, ,715 12, , May 270,812 1, ,200 12, , Jun. 269,404 2,610 1,288 92,668 12, , Jul. 274,373 3,180 1,629 89,562 12, , Aug. 265,447 3,588 1,526 93,784 12, ,622 1, Sep. 251,653 4,189 1, ,410 12, ,323 1, Oct. 264,476 4, ,917 12, , Nov. 268,756 5, ,423 12, , Dec. 253,751 6, ,316 14, ,801 1, Jan. 1, , Feb. 1, , Mar. 1, , Apr. 1, , May 1, , Jun. 1, , Jul. 1, , Aug. 1, , II.-28 Monthly Bulletin, September 2007

53 FINANCIAL MARKETS AND PAYMENT SYSTEMS BANKA SLOVENIJE 2.4.3a. Monetary Financial Institutions Interest Rates - New Loans to Households in Domestic Currency Until on SIT after on EUR Bank overdraft Floating rate or up to 1 year rate fixation For consumption For house purchase Loans for other purposes Over 1 and up to 5 years rate fixation Over 5 years rate fixation APRC Floating rate or up to 1 year rate fixation Households Over 1 and up to 5 years rate fixation Over 5 and up to 10 years rate fixation Over 10 years rate fixation Column Code APRC Floating rate or up to 1 year rate fixation Over 1 and up to 5 years rate fixation Over 5 years rate fixation 2004 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Monthly Bulletin, September II.

54 FINANCIAL MARKETS AND PAYMENT SYSTEMS 2.4.3b.Monetary Financial Institutions - Volumes of New Loans to Households in Domestic Currency Until in mio SIT after in mio EUR Bank overdraft Floating rate or up to 1 year rate fixation For consumption For house purchase Over 1 and up to 5 years rate fixation Over 5 years rate fixation Floating rate or up to 1 year rate fixation Households Over 1 and up to 5 years rate fixation Over 5 and up to 10 years rate fixation Over 10 years rate fixation Floating rate or up to 1 year rate fixation Loans for other purposes Over 1 and up to 5 years rate fixation Column Code 2004 Oct Nov Dec Over 5 years rate fixation 2005 Jan Feb Mar Apr May 68,599 14,263 8,291 5,746 3, , Jun. 66,991 9,680 7,690 5,686 2, , Jul. 69,245 10,030 8,207 5,263 1, ,268 5,572 1,810 Aug. 72,208 10,225 10,357 4,776 1, ,441 4,330 1,898 Sep. 73,809 10,491 8,895 5,106 1, ,969 6,890 3,383 Oct. 75,697 11,089 7,594 5,027 1, , Nov. 76,178 8,044 9,103 6,320 1, , Dec. 74,644 7,243 9,012 6,358 1, , Jan. 76,188 7,287 7,100 4,929 1, , Feb. 76,501 7,271 7,496 5,352 1, , Mar. 82,293 8,744 8,193 5,897 1, , Apr. 83,334 7,380 6,459 4,772 1, , May 80,065 7,468 7,972 6,018 1, , Jun. 76,074 6,942 7,261 5,842 1, , Jul. 80,204 6,644 6,988 5,569 1, , Aug. 83,668 7,067 7,181 5,893 1, , Sep. 85,206 7,679 7,605 6,791 1, , Oct. 86,072 7,180 7,512 6,642 2, , Nov. 87,816 8,205 7,350 6,678 2, , Dec. 82,529 6,534 7,355 4,992 3, , Jan Feb Mar Apr May Jun Jul Aug II.-30 Monthly Bulletin, September 2007

55 FINANCIAL MARKETS AND PAYMENT SYSTEMS 2.4.4a. Monetary Financial Institutions Interest Rates - New Loans to Non-financial corporations in Domestic Currency BANKA SLOVENIJE Until on SIT after on EUR Bank overdraft Floating rate or up to 1 year rate fixation Non-financial corporations Other loans up to an amount of EUR 1 million Over 1 and up to 5 years rate fixation Over 5 years rate fixation Other loans over an amount of EUR 1 million Floating rate or up to 1 year rate fixation Over 1 and up to 5 years rate fixation Over 5 years rate fixation Column Code Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Monthly Bulletin, September II.

56 FINANCIAL MARKETS AND PAYMENT SYSTEMS 2.4.4b. Monetary Financial Institutions - Volumes of New Loans to Non-financial corporations in Domestic Currency Until in mio SIT after in mio EUR Bank overdraft Floating rate or up to 1 year rate fixation Non-financial corporations Other loans up to an amount of EUR 1 million Over 1 and up to 5 years rate fixation Over 5 years rate fixation Other loans over an amount of EUR 1 million Floating rate or up to 1 year rate fixation Over 1 and up to 5 years rate fixation Over 5 years rate fixation Column Code Oct Nov Dec Jan Feb Mar Apr May 34,479 61,635 1, ,401 4,412 - Jun. 33,420 57,715 9,869 4,335 66,248 3, Jul. 33,243 40,276 1,786 1,476 33,145 2, Aug. 41,974 43,767 1, ,032 1,037 - Sep. 44,238 48,738 9,328 1,633 35,525 2,068 - Oct. 43,337 33, , ,292 Nov. 42,516 32, ,036 50,385 3,582 - Dec. 35,801 47,604 3,433 1,466 68,492 5,375 3, Jan. 39,550 29, , Feb. 42,214 23,571 1, ,384 1,503 - Mar. 45,424 36, ,721 3,533 - Apr. 46,296 32,396 1, ,404 2, May 44,276 34,308 1, ,597 1,240 1,700 Jun. 44,700 37,753 1, , Jul. 43,498 25,355 1, ,020 1, Aug. 44,763 21,627 1, ,554 3,350 - Sep. 44,581 30, ,186 2,802 - Oct. 43,612 27, ,007 4,660 1,075 Nov. 46,383 33,479 1, ,031 2,550 1,588 Dec. 36,707 30,048 1, ,605 3,435 9, Jan Feb Mar Apr , May Jun Jul , Aug II.-32 Monthly Bulletin, September 2007

57 FINANCIAL MARKETS AND PAYMENT SYSTEMS 2.5. Government Securities Rates BANKA SLOVENIJE Government security Issued Maturity Interest rate Issued capital Currency of the issue Indexation of the principal Currency of the payments Government securities RS % 50,000,000 EUR - EUR RS TOM + 1,00% 83,460,000 EUR - EUR RS % 40,000,000 EUR - EUR RS % 50,000,000 EUR - EUR RS % 55,000,000 EUR - EUR RS % 23,865,500 EUR - EUR RS % 127,166,004 EUR - EUR RS % 82,021,600 EUR - EUR RS TOM + 1,00% 125,100,000 EUR - EUR RS % 12,372,653 EUR - EUR RS % 60,000,000 EUR - EUR RS % 29,632,020 EUR - EUR RS % 57,159,600 EUR - EUR RS % 146,320,278 EUR - EUR RS % 82,193,900 EUR - EUR RS % 125,190,000 EUR - EUR RS % 202,023,193 EUR - EUR RS % 276,641,691 EUR - EUR RS % 359,390,862 EUR - EUR RS % 1,066,332,031 EUR - EUR RS % 368,623,416 EUR - EUR RS % 328,861,569 EUR - EUR RS % 390,540,053 EUR - EUR SLOVEN4 03/22/ % 1,000,000,000 EUR - EUR Eurobonds EUROBOND - EUR % 400,000,000 EUR - EUR EUROBOND - EUR % 500,000,000 EUR - EUR EUROBOND - EUR % 450,000,000 EUR - EUR TREASURY BILLS Treasury Bills - 3 months 106. issue % 50,000,000 EUR - EUR 107. issue % 50,000,000 EUR - EUR 108. issue % 50,000,000 EUR - EUR Treasury Bills - 6 months 44. issue % 29,210,482 EUR - EUR 45. issue % 50,000,000 EUR - EUR 46. issue % 50,000,000 EUR - EUR 47. issue % 50,000,000 EUR - EUR Treasury Bills - 12 months 38. issue % 29,210,524 EUR - EUR 39. issue % 29,210,482 EUR - EUR 40. issue % 29,210,482 EUR - EUR In case of dematerialised securities, the interest rate is applied from the day of issue. Monthly Bulletin, September II.

58 2.6. The Ljubljana Stock Exchange: Turnover by Market Segment and Type of Securities FINANCIAL MARKETS AND PAYMENT SYSTEMS Value until Turnover by Market Segment and by Type of Securities in mio SIT from Official Market Free Market Shares PIF Bonds Short-Term Securities in mio EUR Value Value % Value % Value % Value % Value % Value % Column Code ,092 61, , , , , ,004 64, , , , , ,296 62, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Feb. 26,383 14, , , , , Mar. 24,883 15, , , , , Apr. 21,130 12, , , , , May 18,641 12, , , , , Jun. 23,750 12, , , , , Jul. 22,607 12, , , , , Aug. 26,852 16, , , , , Sep. 28,892 17, , , , , Oct. 32,369 22, , , , , Nov. 30,996 21, , , , , Dec. 42,234 24, , , , , Jan. 32,911 20, , , , , Feb. 28,182 19, , , , , Mar. 36,194 22, , , , , Apr. 40,727 31, , , , , May 38,772 28, , , , , Jun. 26,560 17, , , , , Jul. 23,166 13, , , , , Aug. 25,918 16, , , , , Sep. 33,398 23, , , , , Oct. 26,295 15, , , , , Nov. 33,147 21, , , , , Dec. 51,382 26, , , , , Jan. 29,569 19, , , , , Feb. 45,215 35, , , , , Mar. 29,960 19, , , , , Apr. 33,057 24, , , , , May 35,975 25, , , , , Jun. 50,537 41, , , , , Jul. 27,878 20, , , , , Aug. 35,140 30, , , , Sep. 30,732 18, , , , , Oct. 22,977 15, , , , , Nov. 66,371 57, , , , , Dec. 33,436 19, , , , , Jan. 23,816 17, , , , , Feb. 24,841 16, , , , , Mar. 44,129 31, , , , , Apr. 43,824 31, , , , , May 39,685 31, , , , , Jun. 29,648 22, , , , , Jul. 38,159 26, , , , , Aug. 32,724 23, , , , , Sep. 38,696 31, , , , , Oct. 46,384 36, , , , , Nov. 32,675 23, , , , , Dec. 40,711 28, , , , , Jan Feb Mar Apr May Jun Jul Aug Source: The Ljubljana Stock Exchange and computations in BS. II.-34 Monthly Bulletin, September 2007

59 FINANCIAL MARKETS AND PAYMENT SYSTEMS 2.7. The Ljubljana Stock Exchange: Market Capitalisation and Turnover Ratio BANKA SLOVENIJE Value until Market Capitalization and Turnover Ratio in mio SIT from Official Market Free Market Shares PIF Bonds in mio EUR Value Ratio Value Ratio Value Ratio Value Ratio Value Ratio Value Ratio Column Code , , , , , , , , , , , , , , , , , , , , , , , , , , , ,138, , , , , , ,379, , , , , , ,174, ,553, , ,233, , , ,441, ,696, , ,339, , , ,049, ,124, , ,705, , ,106, ,210, ,354, , ,604, , ,449, ,514, ,694, , ,758, , ,589, Feb. 1,949, ,333, , ,042, , , Mar. 1,964, ,346, , ,039, , , Apr. 1,984, ,374, , ,040, , , May 1,990, ,362, , ,062, , , Jun. 2,046, ,416, , ,044, , , Jul. 2,071, ,433, , ,022, , , Aug. 2,144, ,491, , ,083, , , Sep. 2,250, ,558, , ,173, , , Oct. 2,296, ,608, , ,210, , , Nov. 2,431, ,697, , ,310, , , Dec. 2,441, ,696, , ,339, , , Jan. 2,573, ,767, , ,444, , , Feb. 2,565, ,772, , ,451, , , Mar. 2,668, ,853, , ,530, , , Apr. 2,804, ,957, , ,615, , , May 2,691, ,889, , ,520, , , Jun. 2,727, ,917, , ,523, , , Jul. 2,788, ,965, , ,581, , , Aug. 2,830, ,989, , ,616, , , Sep. 2,896, ,031, , ,645, , ,016, Oct. 2,960, ,072, , ,678, , ,052, Nov. 2,983, ,087, , ,689, , ,054, Dec. 3,049, ,124, , ,705, , ,106, Jan. 3,102, ,148, , ,761, , ,093, Feb. 3,116, ,163, , ,731, , ,144, Mar. 3,067, ,129, , ,672, , ,163, Apr. 3,130, ,166, , ,631, , ,270, May 3,077, ,125, , ,548, , ,305, Jun. 3,024, ,140, , ,488, , ,371, Jul. 3,003, ,146, , ,529, , ,306, Aug. 3,001, ,149, , ,528, , ,307, Sep. 3,010, ,173, , ,492, , ,356, Oct. 3,101, ,257, , ,567, , ,373, Nov. 3,163, ,310, , ,612, , ,393, Dec. 3,210, ,354, , ,604, , ,449, Jan. 3,288, ,455, , ,651, , ,493, Feb. 3,240, ,420, , ,622, , ,476, Mar. 3,240, ,424, , ,621, , ,477, Apr. 3,443, ,598, , ,782, , ,513, May 3,513, ,663, , ,823, , ,542, Jun. 3,513, ,678, , ,816, , ,549, Jul. 3,578, ,732, , ,867, , ,552, Aug. 3,649, ,778, , ,938, , ,546, Sep. 3,766, ,879, , ,017, , ,577, Oct. 4,384, ,561, , ,595, , ,608, Nov. 4,365, ,556, , ,626, , ,580, Dec. 4,514, ,694, , ,758, , ,589, Jan. 20, , , , , Feb. 20, , , , , Mar. 20, , , , , Apr. 22, , , , , May 23, , , , , Jun. 24, , , , , Jul. 25, , , , , Aug. 26, , , , , , Source: The Ljubljana Stock Exchange and computations in BS. Monthly Bulletin, September II.

60 2.8. The Ljubljana Stock Exchange: Slovenian Stock Exchange Index and Bond Index FINANCIAL MARKETS AND PAYMENT SYSTEMS Slovenian Stock Exchange Index (SBI) Bond Index (BIO) SBI dt d% min max BIO dt d% min max Column Code , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Feb. 3, , , Mar. 3, , , Apr. 3, , , May 3, , , Jun. 3, , , Jul. 3, , , Aug. 3, , , Sep. 3, , , Oct. 3, , , Nov. 3, , , Dec. 3, , , Jan. 4, , , Feb. 4, , , Mar. 4, , , Apr. 4, , , May 4, , , Jun. 4, , , Jul. 4, , , Aug. 4, , , Sep. 4, , , Oct. 4, , , Nov. 4, , , Dec. 4, , , Jan. 5, , , Feb. 5, , , Mar. 4, , , Apr. 4, , , May 4, , , Jun. 4, , , Jul. 4, , , Aug. 4, , , Sep. 4, , , Oct. 4, , , Nov. 4, , , Dec. 4, , , Jan. 4, , , Feb. 4, , , Mar. 4, , , Apr. 4, , , May 5, , , Jun. 5, , , Jul. 5, , , Aug. 5, , , Sep. 5, , , Oct. 5, , , Nov. 6, , , Dec. 6, , , Jan. 7, , , Feb. 7, , , Mar. 7, , , Apr. 8, , , , May 9, , , Jun. 10, , , , Jul. 11, , , Aug. 12, , , Source: The Ljubljana Stock Exchange and computations in BS. II.-36 Monthly Bulletin, September 2007

61 FINANCIAL MARKETS AND PAYMENT SYSTEMS BANKA SLOVENIJE a. Selected Bank of Slovenia Exchange Rates - Average Rates to in SIT EUR GBP CHF USD JPY CZK HUF PLN SKK HRK Column Dode Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec b. Selected Bank of Slovenia Exchange Rates - End of Month Rates to in SIT EUR GBP CHF USD JPY CZK HUF PLN SKK HRK Column Code Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Monthly Bulletin, September II.

62 2.9.2.a. European Central Bank exchange rates - Average Rates FINANCIAL MARKETS AND PAYMENT SYSTEMS for EUR GBP CHF USD JPY CZK HUF PLN SKK DKK SEK HRK Stolpec Koda Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug b. European Central Bank exchange rates - End of Month Rates for EUR GBP CHF USD JPY CZK HUF PLN SKK DKK SEK HRK Stolpec Koda Dec Dec Dec Dec Dec Dec Dec Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug II.-38 Monthly Bulletin, September 2007

63 FINANCIAL MARKETS AND PAYMENT SYSTEMS TARGET and in Giro Clearing transactions BANKA SLOVENIJE Value TARGET Giro Clearing transactions1 until in mio SIT Domestic payments2 Cross-border payments3 Net Cash Flow from Number Gross Value Net Value Number Value Number Value in mio EUR in % Column Code ,270 15, , ,321 23, ,789,220 1, , ,039,796 22, ,837,077 2, , ,444,594 29, ,180,832 3, , ,351,429 40, ,486,456 4, , ,264,074 43, ,613,463 4, ,370,990 48, ,598,215 4, ,403,876 62, ,368,854 5, ,567,213 76, ,108,939 5, , Sep. 97,352 2, ,833, Oct. 105,884 3, ,173, Nov. 101,489 4, ,010, Dec. 117,581 4, ,390, Jan. 100,028 3, ,692, Feb. 91,032 3, ,515, Mar. 99,131 3, ,925, Apr. 108,147 3, ,033, May 100,805 3, ,825, Jun. 104,355 3, ,852, Jul. 111,305 4, ,053, Aug. 94,616 3, ,485, Sep. 106,744 3, ,849, Oct. 111,528 3, ,056, Nov. 106,227 3, ,871, Dec. 130,156 4, ,450, Jan. 103,874 3, ,641, Feb. 100,641 3, ,633, Mar. 117,561 4, ,255, Apr. 118,890 4, ,005, May 111,125 3, ,058, Jun. 111,652 4, ,149, Jul. 116,243 4, ,086, Aug. 107,083 3, ,818, Sep. 112,742 3, ,940, Oct. 112,971 4, ,051, Nov. 116,416 3, ,216, Dec. 141,792 5, ,741, Jan. 109,875 4, ,825, Feb. 98,588 3, ,556, Mar. 114,353 4, ,173, Apr. 115,548 5, ,031, May 114,367 4, ,156, Jun. 118,820 5, ,305, Jul. 113,932 4, ,071, Aug. 112,899 4, ,005, Sep. 118,642 5, ,097, Oct. 116,247 5, ,059, Nov. 125,488 5, ,393, Dec. 145,117 7, ,692, Jan. 120,912 6, ,084, Feb. 110,330 6, ,800, Mar. 129,225 6, ,506, Apr. 121,402 6, ,073, May 131,262 6, ,559, Jun. 132,498 6, ,556, Jul. 123,556 6, ,302, Aug. 120,691 5, ,106, Sep. 133,030 6, ,118, Oct. 138,658 6, ,425, Nov. 141,613 6, ,540, Dec. 164,036 7, ,035, Jan. 51,094 28, ,668 5, ,075,911 3, Feb. 46,793 24, ,585 4, ,021,948 3, Mar. 54,637 29, ,955 6, ,566,173 3, Apr. 57,919 27, ,607 4, ,402,528 3, May 61,593 30, ,651 5, ,614,810 3, Jun. 57,973 28, ,331 4, ,514,808 3, Jul. 62,686 31, ,497 4, ,606,517 3, Aug. 58,953 28, ,937 5, ,261,388 3, Sep. 60,475 29, ,582 4, ,130,289 3, Monthly Bulletin, September II.

64 2.11. Payment Cards FINANCIAL MARKETS AND PAYMENT SYSTEMS Number of cards in circulation - cards issued in Slovenia Debit cards 2 Domestic Under Issued by Issued by Personal Business cards licence banks enterprises cards cards Credit cards 1 Column =1+2,3+4,5+6 8 Code dec. 350, , , , ,145 83, , , dec. 374, , , , ,645 96, , , dec. 418, , , , , , ,071 1,392, dec. 443, , , , , , ,779 1,495, dec. 477, , , , , , ,450 1,707, dec. 522, , , , , , ,184 2,466, dec. 575, , , , , ,730 1,011,236 2,310, dec. 630, , , , , ,731 1,094,319 2,330, dec. 700, , , ,371 1,043, ,931 1,207,052 2,412, mar. 632, , , , , ,176 1,104,679 2,354, jun. 647, , , , , ,878 1,132,552 2,384, sep. 658, , , , , ,573 1,152,413 2,420, dec. 700, , , ,371 1,043, ,931 1,207,052 2,412, mar. 703, , , ,742 1,047, ,359 1,217,005 2,461, jun. 714, , , ,433 1,067, ,200 1,243,884 2,497,675 In thousands Column Code Debit cards 2 Volume of transactions in Slovenia Cards issued in Slovenia Domestic Under Issued by Issued by Personal Business cards licence banks enterprises cards cards Credit cards =1+2,3+4,5+6 8 Cards issued abroad ,543 5,717 18,419 5,841 21,315 2,945 24,260-1, ,981 9,017 23,114 7,884 27,106 3,892 30, , ,993 12,245 28,147 10,091 33,231 5,006 38,238 1,216 2,278 1, ,396 15,798 33,050 11,144 38,704 5,490 44,194 5,264 2,925 1, ,794 20,139 38,426 13,506 44,209 7,724 51,933 13,933 3,745 1, ,366 21,697 40,218 14,846 47,777 7,286 55,063 26,388 4,585 1, ,877 23,117 40,599 14,394 49,138 5,856 54,994 31,988 4,752 1, ,930 24,598 41,556 17,972 52,010 7,519 59,528 37,784 5,253 2, ,338 26,377 41,342 19,373 53,228 7,486 60,715 44,145 5,011 2, ,079 28,292 41,794 21,577 55,784 7,587 63,371 49,178 5,897 3, ,408 29,579 40,281 25,706 57,308 8,679 65,987 55,182 7,221 3, I 8,659 7,034 9,860 5,832 13,706 1,987 15,693 12,118 1, II 9,360 7,624 10,481 6,503 14,777 2,207 16,984 14,210 1, III 9,188 7,363 10,049 6,502 14,410 2,141 16,551 14,521 2,356 1,180 IV 9,202 7,557 9,890 6,868 14,414 2,344 16,759 14,333 1, I 8,825 6,647 8,828 6,643 13,062 2,409 15,471 13,864 1, II 8,997 7,168 9,316 6,850 13,896 2,270 16,166 15,313 1,974 1,152 9 Number of transaction abroad 4 10 Until in mio SIT from in mio EUR Domestic cards Value of transactions in Slovenia Cards issued in Slovenia Credit cards 1 Under Issued by Issued by Personal Business Debit cards 2 licence banks enterprises cards cards Cards issued abroad 3 Value of transaction abroad 4 Column =1+2,3+4, Code ,407 32,737 81,075 25,070 88,826 17, ,144-17,142 11, ,417 52, ,890 34, ,033 23, , ,565 17, ,565 73, ,320 46, ,454 32, ,651 6,890 33,552 22, ,134 97, ,751 56, ,451 39, ,695 30,034 42,727 27, , , , , ,942 75, ,860 92,982 58,499 28, , , , , ,814 68, , ,896 77,047 32, , , , , ,342 68, , ,688 86,323 35, , , , , ,674 76, , ,105 90,031 40, , , , , ,983 93, , ,100 81,157 51, , , , , , , , ,411 91,612 59, , , , , , , , , ,853 70, I 60,973 57,541 70,444 48,071 92,015 26, ,514 85,917 21,611 14,309 II 68,154 62,340 76,943 53, ,451 30, , ,904 26,842 16,968 III 68,435 61,464 74,239 55,659 99,335 30, , ,508 31,794 21,270 IV 69,350 63,921 75,347 57, ,076 31, , ,244 24,605 17, I II II.-40 Monthly Bulletin, September 2007

65 FINANCIAL MARKETS AND PAYMENT SYSTEMS Other Payment Instruments and Innovative Payment Schemes BANKA SLOVENIJE Value until in mio SIT from in mio EUR Number of ATMs 1 ATMs Volume of transactions at ATMs in thousands Value of transactions at ATMs Number of EFT POS 1 POS terminals Volume of transactions at POS terminals in thousands 2 Value of transactions at POS terminals 2 Number of encashed cheques in thousands Column Code , ,010 11,361 26, ,650 1, , ,768 15,269 38, ,694 23, , , ,016 21,723 49, ,744 13, ,841 1, ,027 46, ,099 26,186 73, ,627 5,663 90, ,095 52, ,742 29,452 91, ,103 4,532 82, ,240 58, ,682 32, , ,572 2,967 51, ,389 63, ,207 34, , ,861 1,735 32, ,490 66, ,024 28, , ,676 1,350 27, ,522 64,160 1,010,028 29, , , , Cheques Value of transactions Travel cheques Value issued 2003 I 1,173 13, ,743 30,053 24, , , II 1,158 14, ,306 30,617 27, , , III 1,171 15, ,994 31,145 29, , , IV 1,240 15, ,639 32,035 29, , , I 1,272 15, ,576 32,496 27, , , II 1,322 15, ,299 33,321 28, , , III 1,354 16, ,242 34,302 27, , , IV 1,389 16, ,090 34,770 27, , , I 1,409 15, ,762 27,031 24, , , II 1,435 17, ,915 27,746 25, , , III 1,456 16, ,691 28,276 28, , , IV 1,490 16, ,656 28,817 31, , , I 1,499 15, ,180 28,587 26, , , II 1,510 16, ,363 29,148 30, , , III 1,522 16, ,059 29,259 29, , , IV 1,522 15, ,426 29,234 29, , , I 1,547 14,565 1,019 29,843 30,821 1, II 1,575 15,953 1,229 29,926 33,405 1, Monthly Bulletin, September II.

66 FINANCIAL MARKETS AND PAYMENT SYSTEMS Electronic Banking Value until in mio SIT from in mio EUR Natural persons, Sole proprietors Users Volume of transactions in thousands Value of transactions Volume of transactions in Natural persons, Sole proprietors legal persons Natural persons, Sole proprietors Legal persons thousand Legal persons Domestic transactions Cross border transactions Personal computer banking via Internet Domestic transactions Cross border transactions Domestic transactions Cross border transactions Domestic transactions Cross border transactions Domestic transactions Telebanking and mobile phone banking Cross border transactions Value of transactions Domestic transactions Cross border transactions Stolpec Koda ,082 1, , ,395 67, ,440 14,091 3, , , ,126, , ,669 34,094 7, , ,775 9,893 12,652,713 1,019, ,334 41,592 9, , ,965 19,988 17,715,548 1,485, ,560 45,008 12, , ,660 13,617 21,227,533 2,185, ,928 48,543 15, , ,221,006 22,556 22,884,609 3,042,587 1, , ,111 70,287 20, , ,454,449 28,684 25,790,907 3,876,749 1, ,193 4, I 105,110 38,128 2, , ,557 4,168 3,893, ,184 II 114,048 39,082 2, , ,324 4,285 4,279, ,404 III 122,873 40,374 2, , ,406 5,123 4,401, ,847 IV 142,334 41,592 2, , ,678 6,412 5,140, , I 157,712 42,480 2, , ,793 2,583 4,665, ,396 II 172,446 44,200 3, , ,161 2,876 5,162, , , III 182,565 43,294 3, , ,049 3,718 5,195, , , IV 192,560 45,008 3, , ,657 4,440 6,204, , , I 211,023 45,367 3, , ,724 4,863 5,191, , , II 234,471 47,653 3, , ,284 5,031 5,542, , , III 242,663 48,463 3, , ,358 5,281 5,577, , , IV 261,928 48,543 4, , ,640 7,381 6,573, , , I 303,573 54,486 4, , ,464 6,255 5,940, , , II 331,271 59,971 5, , ,152 7,577 6,249, , ,374 1,358 III 332,316 64,953 5, , ,269 7,305 5,847, , ,802 1,129 IV 351,111 70,287 5, , ,563 7,548 7,753,767 1,142, ,476 2, I 356,560 62,164 5, , , ,043 5, II 376,089 62,481 6, , , ,888 6, II.-42 Monthly Bulletin, September 2007

67 FINANCIAL MARKETS AND PAYMENT SYSTEMS BANKA SLOVENIJE Credit Transfers Value until in milliards SIT from in millions EUR Paper based payment Non-paper based payment Standing orders Direct credit Volume (in thousands) Value Of which domestic transactions Of which domestic transactions Volume (in thousands) Value Volume (in thousands) Value Of which domestic transactions Of which domestic transactions Of which domestic transactions Of which domestic transactions Volume (in thousands) Value Of which domestic transactions Of which domestic transactions Column Code ,508 86,757 16,277 11, ,484 4, ,434 16,429 6,111 6, ,004 91,124 23,496 18, ,963 3, ,050 18,049 6,736 6, I II 21,974 21,783 5,191 4, ,146 1, ,047 4,043 1,535 1,522.9 III 21,500 21,318 4,578 3, ,164 1, ,916 3,915 1,357 1,352.9 IV 23,013 22,818 5,096 4, ,207 1, ,114 4,113 1,397 1, I 20,457 20,284 3,837 3, ,259 1, ,637 3,636 1,386 1,380.7 II 22,478 22,282 4,153 3, ,238 1, ,310 4,309 1,542 1,535.8 III 22,279 22,091 5,124 3, ,268 4,267 1,614 1,607.6 IV 22,294 22,100 3,163 2, ,043 1, ,219 4,218 1,569 1, I 21,526 21,335 4,444 3, ,204 1, ,788 3,787 1,487 1,482.8 II 22,818 22,595 5,587 4, ,467 4,466 1,770 1,765.7 III 23,277 23,056 5,972 4, ,443 4,443 1,738 1,732.1 IV 24,382 24,138 7,493 6, ,353 5,352 1,742 1, I 18,337 18,204 28,737 26, , ,211 1, ,455 5,454 2,696 2,694.8 II 18,909 18,786 31,780 29, , ,112 1, ,535 5,535 2,971 2,967.5 Monthly Bulletin, September II.

68 FINANCIAL MARKETS AND PAYMENT SYSTEMS Debit Transfers and Simply book-entry Value until in milliards SIT from in millions EUR Stolpec Koda Direct debit Volume (in thousands) Value Of which domestic transactions Of which domestic transactions 5 Debit transfers Special money order Volume (in thousands) Value Of which domestic transactions Of which domestic transactions Volume (in thousands) ,934 35, ,746 22,688 5,820 5, ,237 40, ,219 28,144 6,499 6,007 Of which domestic transactions 9 10 Other debit transfers Value Of which domestic transactions Credit 13 Simple book entry Volume (in thousands) Value Debit 14 Credit 15 Debit I II 8,107 8, ,973 5,962 1,163 1, III 9,001 9, ,372 5,360 1,224 1, IV 9,424 9, ,671 5,658 1,330 1, I 8,228 8, ,305 5,292 1,251 1, II 9,121 9, ,667 5,653 1,340 1, III 9,207 9, ,670 5,654 1,459 1, IV 9,378 9, ,105 6,089 1,770 1, I 9,306 9, ,228 6,213 1,508 1, II 9,633 9, ,375 7,357 1,509 1, III 10,605 10, ,124 7,105 1,636 1, IV 10,694 10, ,491 7,470 1,846 1, I 9,959 9, ,580 2,869 3,680 19,140 5,081 2,152 II 9,971 9, ,757 3,050 4,791 20,499 4,783 1,936 II.-44 Monthly Bulletin, September 2007

69 FINANCIAL MARKETS AND PAYMENT SYSTEMS Network of Commercial Banks BANKA SLOVENIJE No. Region 2 Commercial banks (Head offices)1 Network 3 ( ) H.office Branch Agency 1 Pomurska Podravska Koroška Savinjska Zasavska Spodnjeposavska Jugovzhodna Slovenija Osrednjeslovenska Gorenjska Notranjsko-kraška Goriška Obalno-kraška TOTAL Number of employees in commercial banks ,317 10,417 10,386 10,445 10,929 11,258 11,543 11,397 11,534 11,632 11,714 A map of the regional density of the banking network on Monthly Bulletin, September II.