June 2014 Vol. 23 No.: 6

Transcription

1 MONTHLY BULLETIN June 2014 Vol. 23 No.: 6

2 Published by: BANKA SLOVENIJE Slovenska 35, 1000 Ljubljana Slovenija tel.: +386 (1) fax.: +386 (1) SWIFT: BSLJ SI 2X Editorial Board: Mr. Janez FABIJAN, Vice Governor Mr. Matjaž NOČ, Financial Statistics Mr. Tomaž KOŠAK, Financial Stability Mr. Ernest ERMENC, Accounting Mr. Neven BORAK, Advisor to the Governor Mrs. Danica PRELOVŠEK, Banking Operations Mr. Franc DRENOVEC, Analysis and Research Publication and other public use of data from this publication is permitted subject to statement of the source. Publication is available on the Web. ISSN X (online) Ta publikacija je na voljo tudi v slovenščini. 2

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. 3

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5 TABLE OF CONTENTS REPUBLIC OF SLOVENIA: General Information I. ECONOMIC AND FINANCIAL DEVELOPMENTS 1. International Environment 2. Economic Activity 3. Labour Market 4. Price Developments 5. Selected Competitiveness Indicators 6. Public Finances 7. Current Account 8. Capital and Financial Account 9. Banking System 10. Domestic Financial Markets II. STATISTICAL TABLES Money and 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 Legend: - no occurence... not available. provisional or estimated * corrected data / average 0 value less than 0.5 1,2,3,... footnote, explained in Notes Methology n.a. not applicable Sums of part figures may differ from totals due to roundings. The data in euros and the data in tolars are separated with line. 5

6 REPUBLIC OF SLOVENIA: GENERAL INFORMATION Measured in: Date or period of data: Area 20,273 km Population 2,061,085 število Population growth 0.11 % Population density število / km Population of City Community Ljubljana 285,857 število Origin of value added: 2013 Agriculture 2.9 % Industry 25.7 % Construction 5.7 % Services 65.7 % % GDP real annual change -1.1 % 2013 GDP real change 1.9 % Jan. - Mar Nominal GDP 35,274 mio EUR 2013 GDP per capita 17,128 EUR 2013 Industrial production annual change 3.1 % April, 2014 employment annual change 0.5 % April, 2014 Unemployment rate (ILO definition) 10.8 % Jan. - Mar Annual inflation rate 0.7 % May, 2014 General government: revenue 44.7 % BDP 2013 surplus/deficit % BDP 2013 debt 71.7 % BDP BOP current account 2,279 mio EUR 2013 Trade balance 653 mio EUR 2013 Gross foreign debt 43,373 mio EUR Net foreign debt 12,434 mio EUR Currency unit since January 2007: Euro (EUR): 1EUR = SIT 6

7 ECONOMIC AND FINANCIAL DEVELOPMENTS I. ECONOMIC AND FINANCIAL DEVELOPMENTS I. ECONOMIC AND FINANCIAL DEVELOPMENTS 1. International Environment 2. Economic Activity 3. Labour Market 4. Price Developments 5. Selected Competitiveness Indicators 6. Public Finances 7. Current Account 8. Capital and Financial Account 9. Banking System 10. Domestic Financial Markets 1 - I.

8 ECONOMIC AND FINANCIAL DEVELOPMENTS I. - 2

9 Executive Summary The economic situation in the euro area continues to improve, but there are also indications of slowing growth in the majority of other major global economies. The Consensus forecasts for the euro area remain stable, while the monthly developments in activity and confidence indicators were also positive in April and May. At the same time the Consensus and OECD forecasts suggest a slowdown in expected growth in the US, Japan and the BRIC countries, which is increasing the risk associated with growth in foreign demand. Recent events in Ukraine and Iraq have led to a sharp increase in US dollar oil prices, which alongside the simultaneous fall in the euro could increase the import component of inflation, with an adverse impact on growth in private consumption. A gradual economic recovery has also continued this year in Slovenia. During the first quarter of this year, value-added was up in the vast majority of sectors, while the quarterly decline in GDP of 0.3% was solely the result of a lower estimate of taxes on products. Growth in investment in the public infrastructure continued, which in turn continues to facilitate rapid growth in the construction sector. In the context of favourable developments on the labour market and low inflation, activity is also recovering in the majority of private-sector services, while the increase in value-added in public services was the result of a slight increase in employment. At the same time growth in value-added in industry was weak, and below expectations compared with growth in exports. Growth in exports remains high, and is maintaining the current account surplus at just under 6% of GDP. According to the available monthly indicators, the gradual economic recovery continued in the second quarter of this year. In April the workforce in employment was up in year-on-year terms for the first time since the outbreak of the crisis at the end of 2008, primarily on account of certain service sectors. The labour market figures remained favourable in May, as inflows into unemployment continued to fall and outflows from unemployment into employment continued to increase. Gradual growth in nominal wages continues, which is contributing positively to household purchasing power as inflation remains low. As measured by the HICP, year-on-year inflation stood at 1.0% in May, up 0.5 percentage points on April. The largest contributions to higher inflation came from energy prices, a rise in excise duties on tobacco and alcohol, and changes in administered prices. Despite rising, core inflation remains low and is largely attributable to government and administrative measures. For the moment, the consolidated general government deficit is narrowing this year as a result of relatively high growth in revenues. This is only partly a reflection of the more favourable economic situation, revenues having increased in year-on-year terms in part due to past rises in certain tax rates and a halt to cuts in the corporate income tax rate. The payment of concession fees for mobile telephony radio frequencies had a positive impact on revenues in May. Investments co-financed by European funds were up on the expenditure side, while the interest servicing burden on past borrowing continues to rise. By the middle of June, the required yield on Slovenian long-term bonds had fallen to around 3%. The banking system s total assets declined in March and April. The main factors in the April s decline in total assets were the early repayment of liabilities to the Eurosystem from 3-year LTROs and debt repayments to the rest of the world. The contraction in loans to non-financial corporations continued, albeit at a slower pace. Since the transfer of certain non-performing claims to the Bank Asset Management Company (BAMC) last December, the banking system s net interest margin has improved significantly this year. Impairment and provisioning costs are sharply down on the same period last year. The banks recorded a pre-tax profit of EUR 88 million over the first four months of The wording of the Economic and Financial Developments section was approved by the Governing Board of the Bank of Slovenia on 24 June 2014.

10 BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM ECONOMIC AND FINANCIAL DEVELOPMENTS I. - 4

11 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM 1 International Environment In the first quarter of 2014, the situation on the labour market improved again as the gradual economic recovery continued. Consumer confidence and the economic sentiment are rising, and are above their longterm averages, while monthly developments in retail, industry and construction are also favourable. With economic activity strengthening in individual core euro area countries, the situation in individual periphery countries has continued to stabilise. Consensus s June forecasts confirm the expectation of continuing recovery in the euro area, but the expectations for economic growth in a number of other major economies have deteriorated slightly, which is increasing the risk to growth in foreign demand. The euro again fell against the US dollar in May, while events in Ukraine and Iraq brought a sharp rise in oil prices in June, which could increase the import component of inflation. Economic sentiment Economic sentiment in the euro area improved in May, while consumer confidence rose again as a result of favourable developments on the labour market. In the first quarter, employment in the euro area was up 0.1% in quarterly terms and 0.2% in year-on-year terms. The unemployment rate continued its gradual fall in April. It reached 11.7%, the lowest figure since November The gradual improvement in the situation on the labour market had a positive impact on consumer confidence, which rose again in May for the third consecutive month. After declining in April, the economic sentiment indicator rose in May, reaching its highest level since the second half of Confidence improved in all sectors of the economy other than retail, where it remained unchanged. The aggregate PMI for the euro area declined slightly in May, but nevertheless remained high. The main factors in the decline in the index measured by Markit were slowdowns in growth in activity and growth in orders in industry. The services index rose again, reaching its Confidence indicators euro area seasonally adjusted balances in % overall confidence indicator (rhs)* consumers construction industry retail trade other services Source: European Commission in %, seasonally adjusted euro area core periphery highest level since June The developments varied from country to country. The most notable rises in the PMI were in Germany, Spain and Italy, while it declined again in France as a result of a fall in new orders in the service sector. Economic activity and forecasts *long-term average = 100 Harmonisedunemploymentrate European union Note: The Euro area core is the average of data for AT, BE, DE, FI, FR, LU, NL, weighted by the active population size. The Euro area periphery is the weighted average of data for CY, ES, GR, IE, IT in PT. Sources: Eurostat, Bank of Slovenia's calculations. In the early part of the second quarter, economic developments in the euro area were again relatively favourable. In April, turnover in the retail sector was up for the fourth consecutive month, by 0.4% in monthly terms and by 2.4% in year-on-year terms. Turnover in France and Spain was up 1.1% and 2.4% respectively in monthly terms and 0.8% and 2.3% respectively in year-on I.

12 BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM ECONOMIC AND FINANCIAL DEVELOPMENTS Euro area: volume turnover in retail trade, real value of construction put in place and industrial production volume y-o-y in %* *working days adjusted data industry construction (3-month m. a.) retail trade Source: Eurostat, Bank of Slovenia calculations. -year terms, a reflection of the gradual recovery in private consumption in these countries. Developments in industry were also favourable in April, as industrial production rose by 0.8% in monthly terms, primarily as a result of strong growth in production of intermediate goods. Industrial production in April was also up in year-on-year terms, by 1.4%, which alongside the relatively strong growth in production of intermediate goods and consumer nondurables was also attributable to a 1% increase in the production of consumer durables. Alongside Germany, activity in industry increased in the majority of the periphery countries. Activity in the construction sector was up just under 1% in monthly terms and up 8% in year-onyear terms, the largest increase this year. The release of the economic figures for the first quarter of this year did not result in a change in the forecast for the pace of the economic recovery in the euro area, while the forecasts for other major economies were revised slightly downwards. According to Consensus s June forecasts, euro area GDP is expected to increase by 1.1% this year, unchanged from the May forecast. At the same time Consensus lowered its forecasts for economic growth in the US and eastern Europe, and again raised its economic growth forecast for the UK. Of Slovenia s main trading partners, Consensus reduced its forecasts for this year s economic growth for Russia, Italy and Austria, and raised its forecasts for Germany, Projections of GDP growth in Slovenia's main trading partners for the year annual growth in % Austria Germany Italy Russia Croatia France Serbia Source: Consensus Economics Commodities oil North Sea Brent (in USD; left) oil North Sea Brent (in EUR; left) commodities (index 2005 = 100) of which: industry (index 2005 = 100) food (index 2005 = 100) Source: The Economist, Bloomberg, Bank of Slovenia calcuations. the Czech Republic and Hungary. In its spring forecasts, the OECD reduced its forecasts for this year s economic growth for Brazil, China, Japan and India. 1 In June, the World Bank reduced its forecast for this year s global economic growth from 3.2% in January to 2.8%. Euro exchange rate and commodity prices The euro again fell against the US dollar in May. Events in Ukraine brought a rise in the price of Brent crude, while after rising for a quarter food prices fell. The euro s average exchange rate against the US dollar fell in May, largely as a result of the ECB s statements In its spring report the OECD revised its economic growth forecasts downwards from last autumn s report, by 1.8 percentage points for Russia, 0.8 percentage points for China, 0.4 percentage points for Brazil, and 0.3 percentage points for Japan and India. I. - 6

13 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM about the introduction of additional stimulus measures. The euro also fell against the majority of major global currencies, recording sharper falls against the Japanese yen and the Russian ruble. The deepening political tensions in Ukraine led to the largest monthly rise in US dollar prices of Brent crude this year. 2 The crisis in Ukraine also led to a rise in the price of gold at the beginning of the month, which then fell sharply in the second half of the month as supply increased on the market. After rising sharply in the previous three months, prices of primary commodities on global markets fell in May. This was attributable to the fall in food prices caused by increased supply of major agricultural products. Industrial commodity prices, metals in particular, rose again. 2 The rising tensions in Iraq brought a further rise in oil prices in June (the price of a barrel of Brent crude had reached USD 115 by 20 June). 7 - I.

14 BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM ECONOMIC AND FINANCIAL DEVELOPMENTS 2 Economic Activity 2 1 in p.p., seasonally and working days adjusted data 2 1 Contributions of production components to quarterly growth in GDP In the first quarter of this year, value-added in the Slovenian economy increased in quarterly terms, the vast majority of sectors contributing to the increase. The construction sector was most prominent, as investment in public infrastructure with the help of EU funds saw high growth continue. Growth in value-added in industry was relatively weak and lower than expected, in light of the growth in exports and stable domestic private consumption. Quarterly growth in total valueadded stood at 0.6%, while GDP declined by 0.3% as a result of a low estimate of direct taxes on products. Inventories were the main factor in the decline in domestic consumption, and investment in machinery and equipment remained weak in line with the high uncertainty in the economy. According to the available monthly indicators at least, the gradual economic recovery continued in the second quarter of this year. Gross domestic product Value-added was up in the vast majority of sectors during the first quarter of this year. Quarterly growth in total value-added stood at 0.6%, while the decline of 0.3% in GDP was solely the result of a lower estimate of taxes on products. Growth in value-added in industry slowed significantly, which was in contrast to the high growth in exports and stable domestic private consumption. Growth in value-added in construction remained high, at more than 4% in quarterly terms. The main factor in the continuing recovery in construction is the increased investment in public infrastructure with the help of EU funds. Activity in the service sector also continued to gradually increase. Value-added in private-sector and public services increased by 0.3% in quarterly terms. The most significant contribution to this growth from privatesector services was made by transportation and storage in connection with export growth. Relative to the previous quarters there was a notable change in the dynamics of value-added in the financial and insurance activities sector, which coincided with the recovery and resolution of Source: ECB. the banking system. Value-added in the financial sector was up 0.3% in quarterly terms. The main factor in the growth in value-added in public services was a small rise in employment. GDP in the first quarter was up 1.9% in year-on-year terms, with comparable contributions from industry, construction and the service categories of wholesale and retail trade, transportation and storage, and accommodation and food service activities. There was also a notable contribution from the forestry sector, as a result of the clear-up of the effects of the ice storms. In contrast to the final quarter of last year, net taxes on products made a negative contribution of 0.3 percentage points to year-on-year growth in GDP. Aggregate demand services public admin., education, health and soc. work construction industry excluding construction agriculture, hunting, fishing net taxes on products GDP, q-o-q in % In the first quarter of this year, the significant quarterly decline in domestic demand was primarily the result of changes in inventories. After a recovery last year, domestic demand declined by just under 2% in the first quarter of this year. This was primarily the result of a decline of more than 9% in gross investment, most notably inventories. Gross fixed capital formation was down just 0.3%. Within the latter, investment in machinery and equipment continued to decline, primarily as a result of the continuing uncertainty in the economy and the constraints on access to financing. At the same time, at 80% production capacity utilisation in manufacturing is now approaching its level of the period of balanced economic growth before Growth in investment in transport I. - 8

15 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM equipment was high at almost 20%, as there were notable imports of aircraft, although these figures fluctuate sharply between quarters. Investment into residential construction continued to decline in line with expectations, while there was renewed high growth in investment in other buildings and structures in connection with the public infrastructure investments. The quarterly decline in final consumption was small at just 0.2%, and was the result of the government s continuing austerity policies. Household consumption has stabilised in recent quarters in line with developments in the real wage bill, in which low inflation and the easing of the situation on the labour market were the main factors. Exports remain the main engine of economic growth. The contribution made to quarterly GDP growth by net trade stood at 1.2 percentage points in the first quarter, while the contribution made to year-on-year GDP growth stood at 2 percentage points. real exports increased again by 1% in quarterly terms; growth in merchandise exports has been the sole contributory factor in this increase since the second quarter of last year. Merchandise exports are increasing rapidly as a result of stronger demand on EU markets. At the same time, exports of services have seen a significant downturn, which according to balance of payments figures was caused primarily by a decline in exports of intermediation services. In the first quarter of this year, imports were down in quarterly terms, while due to low domestic demand import growth was also slightly outpaced by export growth in year-onyear terms. Imports of services have otherwise increased significantly in the last two quarters. Alongside imports of construction services, other significant factors in this growth were imports of business services and, in part, imports in connection with the recovery and resolution of the domestic banking system. Monthly indicators of activity Monthly growth in total industrial production was weak in April, although the outlook for future months is improving. industrial production was up 0.3% on March, as a result of growth in the energy sector and a pronounced increase in estimated stocks in the mining sector. Output in the manufacturing sector declined by 0.5%. industrial production was up 3% in year-on Source: ECB Contributions of expenditure components to quarterly growth in GDP in p.p., seasonally and working days adjusted data changes in inventories external trade balance gross fixed capital formation final consumption expenditure of general government final consumption expenditure of households GDP y-o-y in %, contribution in percentage points contribution of net exports to GDP growth (lhs) exports of goods exports of services imports of goods imports of services Source: SORS - national accounts Foreign trade Survey indicators of current and expected demand in manufacturing activities balance of answers in %, seasonally adjusted current level of export orders current level of total orders expected export orders* expected total demand* -40 * in the next three months Source: SORS I.

16 BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM ECONOMIC AND FINANCIAL DEVELOPMENTS year terms in April, but only as a result of a significant increase in the production of intermediate goods, demand for which is increasing on the domestic and foreign markets according to sales revenue figures. Industrial production is expected to continue growing gradually over the coming months, as firms anticipate further growth in exports, while the domestic market is also expected to continue its recovery. After a small decline in the first quarter, turnover in the retail sector increased in monthly terms in April, although the gradual decline in turnover in vehicles continued. Real turnover in the retail sector (excluding vehicles) was up 1.4% on March, but only as a result of increased sales of motor fuels, which fluctuate sharply between individual months. At the same time sales of food products and non-food products declined by just under 2%. Turnover in the retail sector (excluding vehicles) was also up in year-on-year terms in April for the first time since June 2012, by just under 2%, but again solely as a result of turnover in fuels. Turnover in the trade and repair of motor vehicles has mostly been declining this year. After declining by just under 2% in the first quarter, turnover recorded a similar monthly decline seasonally and working days adjusted indices, 2010 = 100 Source: SORS. Volume turnover in trade retail trade including fuel automotive fuel in sprecialised stores trade and repair of motor vehicles total retail trade, trade and repair of motor vehicles in April. Year-on-year growth in turnover in vehicles had also slowed to just over 2% by April. Nominal turnover in most categories of private-sector services other than trade increased in monthly terms in March. turnover in services was up 2.6% on February, largely as a result of transportation and storage, in line with the growth in merchandise exports. After several months of decline, there was a notable reversal, at least temporarily, in turnover in professional, scientific and Economic Activity m. to Apr.14 Mar.14 Apr. Apr. y-o-y in % Industrial production: - total * manufacturing Construction: - total ** buildings civil engineering Trade (volume turnover) retail trade Retail trade except automotive fuel food, beverages, tobacco non-food (except automotive fuel) Retail trade and repair of motor vehicles Private sector services *** Transport and storage Sources: SORS, Eurostat, Bank of Slovenia calculations. Notes: Data are working days adjusted. * Volume of industrial production. ** Real value of construction put in place. *** Excluding trade and financial services. + Nominal turnover. ++: 3-month moving average compared to the corresponding average 3 months earlier. Data are seasonally and working days adjusted (except forconstruction where data are seasonally adjusted). ++ I. - 10

17 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM technical activities. Growth in information and communication activities was slightly weaker, while activity in administrative and support service activities is continuing to decline. Year-on-year growth in total turnover reached just under 6% in March, which was partly attributable to a low basis. The high growth was primarily the result of the high level of activity in the transportation and storage sector. The rapid growth in the amount of construction put in place continued in April. activity was up almost 7% on March, which alongside further rapid growth in the amount of civil engineering work put in place was also attributable to a sharp increase in residential construction, despite the frozen housing market. The amount of residential construction put in place fluctuates hugely, and in light of its very low level is very much subject to the intensity of reporting by construction firms. Activity was up in year-on-year terms in all segments of construction in April, although civil engineering work was notable for its increase of almost 70% in the amount put in place Nominal turnover in private sector services excluding trade seasonally and working days adjusted indices, 2010 = services excluding trade - total 80 transportation and storage information and communication 75 professional, scientific and technical activities 70 administrative and support service activities Source: SORS. Source: SORS. trend-cycle (total) residential buildings non-resid. buildings civil engineering total Construction seasonally adjusted volume indices, 2010 = 100* *value of construction put in place I.

18 BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM ECONOMIC AND FINANCIAL DEVELOPMENTS 3 Labour Market Developments on the labour market remain more favourable than in the same period last year. Inflows into unemployment are continuing to decline in year-onyear terms, while outflows from unemployment into work remain up in year-on-year terms. This is producing monthly falls in the number of registered unemployed. The indicators of labour demand are also gradually improving. In April, the workforce in employment was up in year-on-year terms for the first time since the outbreak of the crisis at the end of Nominal wages in the private sector are continuing to rise gradually, which in light of the low inflation is contributing positively to household purchasing power. Unemployment, labour market flows and workforce in employment In May, the number of registered unemployed continued to fall more quickly than in the same month last year. By the end of the month, the number of registered unemployed reached 119,700, down 3.2% on April and up just 0.9% on last May. The registered unemployment rate stood at 13.4% in April, down 0.5 percentage points on March. The structure of flows on the labour market remains favourable. In May, the number of people newly registering as unemployed was again down in year-on-year terms, by almost 12%. The number of deregistrations for reason of new hires was up 17% in year-on-year terms, and accounted for the largest proportion of deregistrations from the Employment Service. Just over a year since the introduction of severance pay for temporary employees, the number of people newly registering as unemployed for reason of the loss of temporary employment is down around 10% on a year earlier. The number of deregistrations for reasons other than employment is continuing to decline sharply in year-on-year terms. Of the indicators of demand for labour, the main year-onyear increases were recorded by capacity utilisation in Inflows, outflows and changes in the number of unemployed persons y-o-y changes in thousands, 3-month moving avg. in % change in the number of registered unemployed persons outflows from reg. unemployment inflows into reg. unemployment Source: Employment Service of Slovenia. y-o-y change* (right axis) registered unemployment rate ILO unemployment rate y-o-y differences Sources: SORS. Unemployment Note: * Number of registered unemployed persons, y-o-y change. Source: Employment Service of Slovenia, SORS, Bank of Slovenia calculations. Business tendency in manufacturing capacity utilisation shortage of labour in general shortage of skilled labour I. - 12

19 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM Contributions to y-o-y growth in the number of people in employment in percentage points public sector services private sector services construction industry agriculture, forestry, fishing people in employment* *y-o-y in % Structure of labour force in thousands labour force (lhs) employed (lhs) unemployed (rhs) Source: SORS, Bank of Slovenia calculations. Source: SORS. manufacturing and the indicator of the shortage of skilled workers, while the indicator of the shortage of all workers remains unchanged. Labour market The workforce in employment in April was up in yearon-year terms for the first time since the outbreak of the crisis at the end of The long-lasting year-onyear fall in the workforce in employment thus came to an end, as April saw a year-on-year increase of 0.5%. The 12 m. to Apr.14 Apr.13 Mar.14 Apr.14 May.14 EUR Average gross wage annual growth in % Average net wage Average gross wage Private sector (excl. O..Q)* Public sector (O..Q)* Real wage** Unemployment rate - Unemployment rate (Eurostat) in % Registered unempl. rate (SORS) thousands Registered unemployed persons Persons in employment Persons in paid employment annual growth in % Registered unemployed persons Persons in employment Private (excl. O..Q)* Public (O..Q)* Persons in paid employment Self-employed Sources: Statistical Office of the Republic of Slovenia, Bank of Slovenia calculations. Notes: Data are not seasonally or working days adjusted. * Sections of NACE Rev. 2 classification. ** CPI deflator I.

20 BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM ECONOMIC AND FINANCIAL DEVELOPMENTS workforce in employment in the private sector increased by 0.4%. The workforce in employment was up on March in the majority of sectors, agriculture recording the largest increase of almost 4,900, which neutralised around twothirds of the impact of the downward revision in the estimated number of farmers on the year-on-year change in the total workforce in employment. The largest increase in the workforce in employment in other sectors was recorded by construction, where it was actually down in year-on-year terms owing to even more pronounced increase last April. The workforce in employment in public services also increased in year-on-year terms, by 0.6%. The workforce in employment in public administration was down 0.8% in year-on-year terms, while the workforce in employment in the education sector and the health sector increased by more than 1% wage bill and average gross wage per employee y-o-y in % nominal gross wage per employee real gross wage per employee* nominal wage bill real wage bill* *HICP deflator Note: Wage bill is calculated as the product of average gross monthly wages for employees of legal persons who received pay and the total number of employees of legal persons. Source: SORS, Bank of Slovenia calculations. Wage developments Moderate growth in the average wage has continued. The average nominal gross wage per employee stood at EUR 1,531 in April, up 0.9% on last April, and up 0.3% on March. Year-on-year growth in the nominal gross wage in the private sector stood at 1.4% in April. The highest rates of growth were recorded by the mining sector (7.2%), information and communication activities (3.6%), financial and insurance activities (2.8%) and manufacturing (2.5%). The largest year-on-year decline was the 2% recorded by the other service activities sector. 3 Wages in public services were down just 0.3% in year-on-year terms in April. The decline was largest in the human health and social work sector at 0.8%, while the public administration, defence and compulsory social security sector actually recorded an increase of 0.5% in wages. In addition to the positive nominal developments, low inflation meant that the average real gross wage was up 0.5% in year-on-year terms in April, while the rise in employment entailed an increase of 1.1% in the real gross wage bill. 3 The other service activities sector includes activities of membership organisations, repair of computers and personal and household goods, and other personal service activities. I. - 14

21 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM 4 Price Developments As measured by the HICP, year-on-year inflation stood at 1.0% in May, up 0.5 percentage points on April. The largest contribution to the rise in inflation came from energy prices, which after falling for several months were up again in year-on-year terms as a result of developments in euro oil prices. The other factors in May s rise in inflation were mostly of a non-market nature: the higher growth in prices of processed food was largely the result of a rise in excise duties on alcohol and tobacco, while the higher growth in services prices was the result of changes in administered prices. These factors produced a rise in core inflation indicators, despite an increased year-on-year fall in prices of non-energy industrial goods. Core inflation nevertheless remains low, and was primarily positive because of government and administrative measures, while there are no significant upward pressures on the demand side or the supply side. Headline inflation and structure of inflation As measured by the HICP, year-on-year inflation was up 0.5 percentage points in May at 1.0%, primarily as a result of higher growth in energy prices and a rise Price Developments unprocessed food non-energy industrial goods services Contribution to inflation y-o-y growth in %; contributions in p.p. processed food energy HICP Source: Eurostat, Bank of Slovenia calculations. in excise duties on alcohol and tobacco. After slowing for several months, year-on-year growth in energy prices increased to 1.1% in May, primarily as a result of a rise in euro oil prices on global markets. Year-on-year growth in services prices also increased slightly, to 2.3%, sewage charges having risen sharply. Prices of accommodation and food services also rose, while passenger air transport prices fell after rising sharply for several months. Year-onyear growth in prices of processed food increased, by 1.1 percentage points to 2.7%, as a result of the rise in excise duties on alcohol and tobacco. The year-on-year fall in prices of unprocessed food deepened by 1.6 percentage points to 3.3% in May, as prices of vegetables fell HICP services industrial goods excluding energy food energy Core inflation indicators excluding energy excluding energy, food, alcohol, tobacco PPI Mar.14 Apr.14 Apr.13 Apr.14 total domestic non-domestic Sources: SORS, Eurostat; Bank of Slovenia calculations. Note: Figures may not sum up to official figures due to rounding. Average of last Apr.14 May.14 May.13 May months y-o-y growth, % monthly growth, % I.

22 BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM ECONOMIC AND FINANCIAL DEVELOPMENTS again. The year-on-year fall in prices of non-energy industrial goods also deepened slightly, to 0.5%, primarily as a result of a more pronounced year-on-year fall in prices of sports equipment, telephone and other equipment, and falls in prices of new cars. In contrast to Slovenia, year-on-year inflation across the euro area fell in May, by 0.2 percentage points to 0.5% y-o-y growth in % HICP growth rates Core inflation and inflation trends 0 0 Core inflation rose slightly in May as a result of nonmarket factors, but remains low. Year-on-year growth in the HICP excluding energy, food, alcohol and tobacco rose by 0.1 percentage points in May to 1.1%. This was the result of a year-on-year rise in services prices in sectors with limited competition, while prices of non-energy industrial goods fell further. Higher year-on-year growth in prices of processed food, primarily as a result of higher excise duties on alcohol and tobacco, was an additional factor in the rise of 0.3 percentage points in core inflation as measured by the HICP excluding energy and unprocessed food to 1.4%, while core inflation as measured by the HICP excluding energy remained virtually unchanged. In the absence of inflationary pressures on the supply side, and in light of the weak growth in private consumption and high unemployment, no major rise in core inflation can be expected in the future. The narrowest core inflation indicator in the euro area fell to 0.7% as a result of lower year-on-year growth in services prices Slovenia excluding energy, food, alcohol and tobacco euro area excluding energy, food, alcohol and tobacco Source: SORS, Eurostat, Bank of Slovenia calculations I. - 16

23 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM 5 Public Finances In the first quarter of the year, consolidated general government revenues and expenditure were up in year -on-year terms, while the deficit narrowed. The proportion of expenditure accounted for by interest is rising, while expenditure on investment has been increasing since the middle of last year, contributing to economic growth. Revenues were also up according to the figures for the first five months of the year. The increase in revenues is a reflection of the rise in certain tax rates and tax increases last year, more favourable settlements of corporate income tax, May s payment of the concession fees for mobile telephony radio frequencies, and, in part, the slight improvement in the economic situation. The required yield on Slovenian long-term bonds continued to fall, and had reached approximately 3% by the middle of June. The interest rates achieved on treasury bills in the June auctions were lower than those in the previous month. Consolidated general government revenues and expenditure In the first quarter, the consolidated general government deficit was narrower in year-on-year terms as a result of high growth in revenues, the position improving further in April and May. Over the first three months of the year, the consolidated general government deficit amounted to EUR 658 million, EUR 59 million narrower in year-on-year terms. The state budget figures reveal a further significant year-on-year improvement in the position in April (improved corporate income tax settlements) and May (payment of the concession fees for mobile telephony radio frequencies). Over the first five months of the year, the state budget deficit amounted to EUR 707 million, EUR 431 million narrower in year-onyear terms. Over the first four months of the year, the position of the Health Insurance Institute was approximately balanced, an improvement of EUR 34 million compared with the same period last year. During the first quarter, local government recorded a surplus of EUR General government revenue contributions to y-o-y growth in p.p., 12-months moving sums -4-6 other receipts from the EU budget -8 corporate taxes on income and profit -10 individual taxes on income and profit domestic taxes on goods and services -12 social security contributions revenue, y-o-y in % Source: Ministry of Finance, Bank of Slovenia calculations. Note: Cash flow methodology Fiscal position in % of GDP, 12-month moving sums national methodology*... primary deficit* ESA 95 ESA 95 - excl. bank recap. * cash-flow methodology Source: SORS, Ministry of finance, Bank of Slovenia calculations. General government expenditure contributions to y-o-y growth in p.p., 12-month moving sums other interest capital expenditures and transfers transfers to individuals and households goods and services wages and social contributions expenditure, y-o-y in % Sources: Ministry of Finance, Bank of Slovenia calculations. Note: Cash flow methodology I.

24 BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM ECONOMIC AND FINANCIAL DEVELOPMENTS million, slightly less than in the same period last year. Local government saw an increase in revenues as a result of disbursements of EU funds from the state budget, while on the expenditure side there was an increase in funding for investment. In the first quarter, consolidated general government revenues were up 6.2% in year-on-year terms as a result of more favourable developments in revenues from taxes and contributions, which continued to record significant growth up to and including May. For the first five months of the year, the figures indicate that growth in revenues from taxes and contributions remained similar to the first quarter. According to the available figures, it stood at 6.8%, taxes and contributions having increased by just over EUR 340 million in year-onyear terms. Approximately half of the increase in revenues was attributable to more favourable final settlements of corporate income tax. They were negative last year in the amount of EUR 148 million, but were positive this year in the amount of EUR 20 million. Higher taxation (VAT, lottery tax, tax on financial services) and rises in certain health insurance contributions were also factors in the year-on-year increase in revenues. During the first five months of the year, VAT revenues were up almost a tenth in year-on-year terms, while income tax revenues were up just under 5% and social security contributions were up 2.3%. Of the major categories of taxes, only excise duties recorded a decline, the level of excise duties on fossil fuels, which account for the majority of excise duties, having declined in year-on-year terms. In May, non-tax revenues increased significantly as a result of the payment into the budget of the concession fees for mobile telephony radio frequencies in the amount of EUR 149 million. During the first five months of the year, net revenues from the EU budget amounted to EUR 130 million, up slightly on the same period last year. In the first three months of the year, consolidated general government expenditure was up 3.7% in yearon-year terms, largely on account of interest and expenditure on investment, while expenditure on goods and services kept falling. The largest year-on-year increase was recorded by interest, as a result of the recent Consolidated general government last 12 months to Mar.14 (GG) balance* Jan.-Mar. Jan.-Mar. Jan.-Mar.14 EUR millions % GDP y-o-y, % EUR millions y-o-y growth, % Revenue Tax revenue goods and services social security contributions personal income corporate income From EU budget Other Expenditure Current expenditure wages and other personnel expenditure (incl. contributions) - purchases of goods, services interest Current transfers transfers to individuals and households Capital expenditure, transfers To EU budget GG surplus/deficit Source: Ministry of finance, Bank of Slovenia calculations. Note: * Consolidated central government budget, local government budgets and social security funds (pension and disability insurance fund and health insurance fund) in cash accounting principle. I. - 18

25 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM increase in general government debt. Expenditure on investment has been increasing in year-on-year terms since last summer. In the first quarter of this year, it was up more than a third, as both the state budget and the local government sector increased their investment expenditure. The increase in expenditure on wages was related to the first instalment of the wage settlement on the basis of the Supreme Court judgement (in connection with the elimination of the third quarter of wage disparities for civil servants). The second half of the settlement will be made by next January. In the first quarter, expenditure on goods and services was down approximately 5%, while expenditure on social transfers to individuals and households also declined. Developments within this category nevertheless varied. There was an increase in pension expenditure, which accounts for two-thirds of the aggregate figure, as a result of a rise in the number of pensioners. Expenditure on unemployment benefits has continued to decline, but transfers for social welfare (financial social assistance) began rising in the final quarter of last year. Financing of the state budget Spreads on 10-year government bonds as compared to Germany in bps Portugal Italy Austria Spain France Ireland Slovenia Sources: Bloomberg, Bank of Slovenia calculations. Note: Spread is calculated as a difference between yield of 10-year government bond and the yield of reference German bond on a daily basis and is used as a measure of country's credit risk. *In the picture, SLOREP 09/24 is used after 1. January In the first five months, state budget borrowing of the year amounted to EUR 5.1 billion, and was primarily executed via bond issues, although the stock of issued treasury bills also increased. Bond issues in February and April increased the debt by around EUR 4.6 billion (EUR 2.6 billion of which was in February). The remaining borrowing relates to the issue of treasury bills of various maturities. EUR 138 million worth of treasury bills were issued in June. The largest proportion again comprised 12-month treasury bills, the interest rates on which were lower than in the previous auctions. The interest rate on the 12-month treasury bills was 0.65%, and the nominal value of the issue was EUR 100 million. The current stock of principal of issued treasury bills amounts to just over EUR 1.9 billion, although principal of 18- month treasury bills in the amount of just over EUR 1.0 Financing of consolidated general government balance last 3 March Jan.-Mar. Jan.-Mar. months 2014 Gen. govt. surplus/deficit Gen. govt. lending/repayments and net aquisitions of equity Gen. govt. borrowing and amortisation of debt Borrowing Domestic* of which: issues of securities External of which: issues of securities Amortisation of debt domestic external Changes in cash and deposits Source: Ministry of Finance. Note: *All bond issues disbursed on domestic market are counted under domestic borrowing, despite of the residency of buyers I.

26 BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM ECONOMIC AND FINANCIAL DEVELOPMENTS billion matures in October, and represents the majority of the debt maturing by the end of the year. State budget debt of EUR 1.8 billion was repaid during the first five months of the year. The government increased its deposits at banks by EUR 2.5 billion during the first five months of the year. After the interest rate cut and announcement of additional measures by the ECB, the required yield on 10- year Slovenian government bonds fell to around 3% by mid-june. The average yield in the first half of June was down approximately 0.3 percentage points on May. After the announcement of additional measures by the ECB, the yields on other countries government bonds also fell. I. - 20

27 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM 6 Current Account The current account surplus remained high in April. It amounted to EUR 256 million, down just EUR 15 million in year-on-year terms. The surplus of trade in services continued its rapid decline, largely as a result of high growth in imports of services. Favourable demand from EU Member States has simultaneously brought an even sharper increase in the merchandise trade surplus. The surplus in transfers also widened in yearon-year terms in April. Another factor alongside services holding back the widening current account surplus is the faster growth in the deficit in capital income caused by the increase in net payments of interest on the government s external debt and the coverage of losses on outward FDI. Following the revision of the figures for 2012 and 2013, the cumulative 12-month current account surplus narrowed. It remained at around 5.7% of GDP over the first four months of this year % BDP, 12-month moving sums current account goods services factor income current transfers Current account components Source: Bank of Slovenia y-o-y in % *3-month moving sums Goods trade* mio EUR Merchandise trade Year-on-year growth in merchandise exports in April was down significantly on March, while growth in imports also slowed slightly. Year-on-year growth in merchandise exports was down just over 3 percentage points on March at 2.2%, partly as a result of the high basis. At the same time, growth in merchandise imports slowed by 0.4 percentage points to 1.8%. The merchandise trade surplus thus remained relatively high, at EUR 143 million. The cumulative merchandise trade surplus over the last 12 months reached EUR 870 million or 2.4% of GDP in April, 1.6 percentage points more than a year earlier. The widening surplus is being generated by trade with EU Member States outside the euro area and by a narrowing deficit in trade with the euro area. merchandise exports are continuing to rise as a result of exports to the EU, most notably those Member States with their own currencies. According to SORS figures, total merchandise exports in the first four Source: Bank of Slovenia. balance, mio EUR exports, y-o-y in % imports, y-o-y in % months of the year increased by 5.4% in year-on-year terms, as a result of an increase of 8% in exports to EU Member States. As the economic recovery continued, there was a sharp increase of more than 10% in exports of capital goods and intermediate goods to the EU during the first quarter. At the same time, average year-on-year growth in exports of consumer goods has remained relatively weak. Year-on-year growth in merchandise exports to EU Member States outside the euro area has notably been increasing since the second half of last year, exceeding 15% in the first quarter of this year. Of these EU Member States, exports to Croatia and Hungary saw the most notable growth. Exports to non-eu countries have been declining since last June, and were down just under 21 - I.

28 BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM ECONOMIC AND FINANCIAL DEVELOPMENTS 1% in the first quarter of this year. Only consumer goods continued to record growth in exports. According to SORS figures, merchandise imports were down just under 1% in year-on-year terms. The largest year-on-year decline was in imports of capital goods, primarily as a result of the high basis caused by last year s imports of equipment for the energy sector. Despite the ongoing recovery in industry, nominal imports of intermediate goods were down in year-on-year terms, which was probably attributable to price factors. Imports of consumer goods alone were up in year-on-year terms Goods exports according to groups of countries y-o-y in %, 3-month moving sums EU member states with own currencies euro area other countries Source: Bank of Slovenia. -10 Balance of Payments last Current account months. Jan.-Apr. Jan.-Apr. Apr. Apr. flows in EUR millions Current account % of GDP Goods and services % of GDP Openness coefficient Exports % of GDP Goods Services Tourism Transportation Imports % of GDP Goods Services Tourism Transportation Labour income Investment income Current transfers nominal year-on-year growth in % Exports of Goods and Services Imports of Goods and Services Exports of Goods Imports of Goods Exports of Services Imports of Services Source: Bank of Slovenia. I. - 22

29 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM Trade in services The year-on-year decline in exports of services came to an end in April, while growth in imports remained high. Exports of services were up 3.8% in year-on-year terms in April, while year-on-year growth in imports of services remained close to its level of the first quarter at almost 9%. The surplus of trade in services is thus continuing to narrow. The surplus over the first four months of this year was EUR 103 million narrower in year-on-year terms at EUR 560 million, taking the cumulative surplus over the last 12 months to 5.2% of GDP. Exports of transport services continued to increase in April while imports remained unchanged. Exports of transport services in April were up just under 6% in yearon-year terms, while the figure for the first four months of the year was up 7.4% in year-on-year terms. There was a sharp increase in exports of freight transport services by air, rail and road. Passenger road transport services also increased sharply in March and April, by more than 60% on average. Imports of transport services in April were up merely 0.2%, while the figure for the first four months of the year was up more than 5%. Imports of road and maritime freight transport services were down in year-on-year terms, while imports of rail freight transport services have increased sharply in the last two months. Over the first four months of the year, the surplus of trade in transport services was up EUR 21 million in year-on-year terms at EUR 226 million. Exports of travel services were unchanged in April, while the year-on-year decline in imports of travel services deepened further. Although there was a rise of more than 15% in the number of arrivals and the number of overnight stays by foreign tourists in Slovenia in April, exports were merely unchanged in year-on-year terms according to the current balance of payments figures. The increase in exports was also relatively weak in the first four months of the year, at just 1.7%. Imports of travel services remain profoundly affected by lower purchasing power. They were down more than 6% in year-on-year terms in April, comparable to the decline in the first four months of the year. The surplus of trade in travel services thereby widened by EUR 20 million in year-on-year terms to just under EUR 400 million balance, mio EUR exports, y-o-y in % imports, y-o-y in % Source: Bank of Slovenia y-o-y in % Trade in services Services exports y-o-y in %, 3-month moving averages mio EUR Source: Bank of Slovenia. total transport travel other In the first four months of the year, developments in trade in other services were unfavourable. After declining in year-on-year terms in the first quarter, exports of other services (excluding transport and travel services) increased by 5.8% in year-on-year terms in April. This growth was attributable to high growth in exports of communication services, financial and insurance services, and services related to intellectual property rights. Exports of intermediation services declined again. Imports of other services were up more than 17% in year-on-year terms in April, as a result of an increase in imports of insurance and other business services. Trade in other services was practically balanced in April, compared with the surplus of EUR 15 million recorded last April. Trade in I.

30 BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM ECONOMIC AND FINANCIAL DEVELOPMENTS other services recorded a deficit of EUR 63 million over the first four months of this year, compared with a surplus of EUR 80 million in the same period last year. Factor income and current transfers The deficit in net factor income has been widened this year by interest payments on general government debt and a deficit in net income from FDI. The deficit in capital income over the first four months of the year widened by EUR 180 million in year-on-year terms to EUR 406 million. The main factor in this year s widening deficit has been increased net payments of interest on government bonds, where the deficit widened by EUR 100 million in year-on-year terms to EUR 168 million. The deficit in net income from FDI over the first four months of the year amounted to EUR 193 million, EUR 82 million wider than in the same period last year. 4 In contrast to the government sector, as a result of its debt repayments and the low interest rates the private sector s net payments of interest to the rest of the world declined by EUR 4 million to EUR 45 million. Over the first four months of the year, the surplus in labour income was unchanged in year-onyear terms at EUR 125 million. At the same time, the deficit in net factor income amounted to EUR 281 million, taking the deficit over the last 12 months to more than 2% of GDP. A large surplus in March and April meant that the deficit in current transfers in the first four months of the year narrowed to EUR 53 million. After increasing in March, the surplus in current transfers also widened in year-on-year terms in April, to EUR 30 million. There was a net inflow in government transfers in the amount of EUR 32 million in April, primarily as a result of funds in the amount of EUR 67 million received from the EU budget for implementing the common agricultural and fishery policies, while the private sector s deficit was significantly narrower in year-on-year terms mio EUR, 3-month moving sum other investment net portfolio investment net reinvested earnings net direct investment - total net compensation of employees Source: Bank of Slovenia. Net factor income The net outflow of reinvested earnings accounted for three-quarters of the widening of the deficit from FDI, while net payments of dividends and profits to the rest of the world accounted for the remainder. I. - 24

31 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM 7 Capital and Financial Account The trend of net outflows from the private sector to the rest of the world continued in April, when it amounted to EUR 0.4 billion, primarily as a result of an increase in claims. Claims thus increased by EUR 1.5 billion over the first four months of the year, most notably from currency and deposits, but also partly from investments in securities and trade credits granted. Liabilities declined by EUR 0.5 billion, largely on account of the repayment of loans and a decline in short-term trade credits; the sole increase was recorded by FDI. The government sector recorded net borrowing of EUR 3.9 billion over the same period, EUR 1 billion of which was in April. The net external debt amounted to EUR 12.4 billion at the end of April, more or less unchanged from the end of 2013, while the gross external debt was up EUR 3.8 billion at EUR 43.4 billion. Private sector s claims The private sector s claims against the rest of the world increased by EUR 1.5 billion over the first four months of the year, EUR 0.5 billion of which was in April alone. The largest increases in April were recorded by holdings of currency and deposits abroad (EUR 174 million), and investments in securities and derivatives (EUR 153 million), mostly on account of debt securities of banks and other sectors. Trade credits granted also increased (by EUR 98 million), as to a lesser extent did FDI (by EUR 40 million). Loans granted remained at the March level. The trend of increase in total claims against the rest of the world has continued in 2014: the increase in the first four months of the year was just over half of the total increase in the last 12 months. The largest outflows were recorded by currency and deposits (EUR 0.7 billion), trade credits (EUR 337 million) and investments in securities and derivatives (EUR 386 million) Private sector's financial claims on the rest of the world flows in EUR billion (12-month moving sums) +: outflow -: inflow currency and deposits loans trade credits portfolio investments foreign direct investments Source: Bank of Slovenia Private sector's financial liabilities to the rest of the world flows in EUR billion (12-month moving sums) Source: Bank of Slovenia : inflow -: outflow EUR billion External debt net external debt claims on the rest of the world liabilities to the rest of the world bank deposits loans trade credits portfolio investments foreign direct investments Private sector s liabilities The private sector reduced its liabilities to the rest of the world by EUR 0.5 billion over the first four Source: Bank of Slovenia I.

32 BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM ECONOMIC AND FINANCIAL DEVELOPMENTS months of the year, despite an increase of EUR 49 million in April. The largest increase in April was recorded by liabilities from FDI, at EUR 271 million (almost half of which comprised a contribution of equity to a major domestic firm by an Austrian firm). The largest declines were in liabilities from trade credits (EUR 69 million), deposits at banks (EUR 62 million), and liabilities from investments in domestic securities and derivatives (EUR 53 million). Over the first four months of the year there were loan repayments in the amount of EUR 393 million, while liabilities from trade credits declined by EUR 244 million and non-residents deposits at banks declined by EUR 192 million. FDI was the sole instrument to record an increase in debt over the first four months of the year (by EUR 344 million), EUR 162 million of which comprised an increase in equity. External debt The net external debt stood at EUR 12.4 billion at the end of April, more or less unchanged over the first four months of the year. The gross external debt increased by EUR 3.8 billion this year to EUR 43.4 billion, while gross external claims increased by approximately the same amount to EUR 30.9 billion. The government sector accounted for by far the largest proportion of the net external debt at the end of April at EUR 17.7 billion (up EUR 8.9 billion on a year earlier). The next largest figure was recorded by the banking sector, at EUR 0.4 billion (down EUR 2.9 billion on a year earlier). Other sectors increased their net external debt to EUR 1.8 billion by the end of April (up EUR 0.9 billion on a year earlier), while capital affiliates held net debt of EUR 2.3 billion to the rest of the world, up EUR 0.4 billion on a year earlier. Balance of Payments last 12 last Financial and Capital Account months months Jan.-Apr. Jan.-Apr. Mar. Apr. flows in EUR million 1. Private sector Claims Capital transfers Outward FDI Portfolio investments and financial derivatives Trade credits Loans Currency and deposits Households Banks Enterprises Other claims Liabilities Capital transfers Inward FDI Portfolio investments and financial derivatives Trade credits Loans Enterprises Banks Deposits at banks Other liabilities Government Bank of Slovenia Source: Bank of Slovenia. Signs: inflows or increases in liabilities (+), outflows or increases in claims (-). I. - 26

33 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM 8 Banking System * The banking system s total assets declined slightly in April. The main factors in the decline in total assets were the early repayment of liabilities to the Eurosystem from the 3-year LTROs and debt repayments to the rest of the world. Government deposits increased temporarily as a result of a rise in overnight placements with banks. After recording a relatively sharp increase in the first two months of the year, household deposits declined slightly in March and April. The yearon-year rate of growth nevertheless remained positive. Loans to non-financial corporations continued to decline, albeit at a slower pace, while bank lending activity to households was unchanged. The banking system s net interest margin has improved significantly this year. Impairment and provisioning costs are sharply down on the same period last year. The banking system recorded a pre-tax profit of EUR 88 million over the first four months of the year. assets The banking system s total assets declined in March and April. assets declined by EUR 60 million in April to end the month at EUR 40 billion. The year-onyear decline in total assets stood at 12.2% in April. April s contraction was the result of the ongoing partial early repayments of 3-year LTROs and a decline in the banks liabilities to the rest of the world. April s debt repayments to the rest of the world were at the level of this year s average. There was an increase in government deposits, but solely as a result of a renewed increase in overnight placements. On the asset side, loans to non-financial corporations continued to decline, while loans to households also declined slightly. The largest decline on the asset side was recorded by financial assets and securities, while the largest increase was temporarily recorded by liquid assets, cash at the central bank and, to a lesser extent, claims against banks year-on-year, % credits to nonbanks securities total assets Investment activity Source: Bank of Slovenia. Growth in bank assets Lending activity to the non-banking sector declined again in April. Loans to the non-banking sector (NBS) declined by EUR 60 million in April, taking the decline over the first four months of the year to EUR 400 million. The year-on-year decline in loans was slightly slower than the previous month, at 20.6%. The year-on-year decline in loans to the NBS reached 10.1%, if the effects of the transfer of loans to the BAMC, the additional impairments created after the AQR and the two banks undergoing the orderly wind-down process are excluded. All sectors other than non-residents recorded a contraction in loans in April. The contraction in loans to non-financial corporations (NFCs) has continued, albeit more slowly than in previous months. The stock of loans to NFCs declined by EUR 36 million in April. The year-on-year contraction in loans to NFCs was slightly smaller than in March, at 29.8%. The decline in loans to corporates (NFCs and OFIs) would have stood at 11.5% if the aforementioned effects were excluded. Only the banks under majority foreign ownership recorded an increase in loans to NFCs in April, although the year-on-year rates of growth also improved at the large domestic banks. The trend of positive growth in loans to NFCs continued at the * This section uses data from the banks that report to the Bank of Slovenia in accordance with the Guidelines for implementing the regulation on reporting by monetary financial institutions. Because of methodological differences, these figures differ from the published statistics I.

34 BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM ECONOMIC AND FINANCIAL DEVELOPMENTS savings banks in April, where it approached 30% in yearon-year terms, although the proportion of the banking system that they account for is relatively low; loans to NFCs at the savings banks have increased by EUR 9.4 million this year. Bank lending activity to households stagnated in April. While the stock of household loans recorded a small decline of EUR 9 million, the year-on-year contraction remained close to 4% for the fourth consecutive month. Household loans contracted by EUR 75 million over the first four months of this year, the banks under majority foreign ownership recording the largest decline of EUR 50 million. As was the case for corporate loans, the savings banks were notable for recording positive growth in loans to households. Household loans at savings banks increased by EUR 4.8 million in April, and were up 12.7% in year-on-year terms. Consumer loans declined by 9.7% across the banking system in April, while housing loans continued to record low positive growth (0.8%). Financial assets and securities declined by EUR 281 million in April. Government debt securities held to maturity, most notably RS65 Slovenian government bonds, accounted for half of this decline. The proportion of the banking system s total assets accounted for by securities remains relatively high at a fifth. Funding The banks again reduced their liabilities to the Eurosystem in April, having continued making partial early repayments of 3-year LTROs. Liabilities to the Eurosystem declined by EUR 286 million in April, as they had in March, taking the overall decline in the first four months of the year to EUR 994 million. The banks continued to make repayments of these liabilities in May and June. The debt repayments to foreign banks in April were slightly higher than this year s average. Liabilities to foreign banks declined by EUR 124 million, most evidently at the banks under majority foreign ownership. Net repayments of liabilities to banks in the rest of the world have amounted to EUR 452 million this year, just over half of the net repayments made in the same period last year. The banks under majority foreign ownership accounted for just over a half of the repayments. The banks made debt repayments of EUR 82 million via issued debt securities over the first four months this year. The banks net debt repayments via wholesale funding amounted to EUR 0.5 billion over the first four months of the year. Deposits by the non-banking sector increased in April, as a result of the increase in government deposits. April s increase of EUR 542 million in deposits by the non-banking sector was the result of an increase of EUR 474 million in government deposits, and more particularly an increase of EUR 387 million in overnight placements by the Ministry of Finance at the end of April, the latter figure having amounted to just EUR 39 million in the previous month. The year-on-year contraction in deposits by the non-banking sector thus slowed by 3.2 percentage points to 2.0%. There was still a moderate increase in deposits by OFIs and non-residents, while other sectors recorded a decline in deposits. Growth in household deposits stalled in March and April, although the year-on-year rate of growth nevertheless remained positive. The stock of household deposits was down EUR 11 million on the previous month, although the increase in household deposits over the first four months of the year remained relatively solid: the cumulative total of EUR 242 million is equivalent to half of last year s outflow of household deposits from the banking system. The year-on-year rate of growth turned positive, improving from -1.7% in March to 0.1% in April. This was partly the result of a base effect from last year, household deposits having declined by EUR 422 million in March and April last year owing to the developments in Cyprus, and the general instability and speculation that Slovenia would seek a bailout. The main factor in April s relatively small outflow of deposits was the decline of EUR 17 million in deposits at the large domestic banks. The year-on-year rate of growth is nevertheless improving: at the end of April it was 5 percentage points up on December at -3.4%. The outflow of deposits at the small domestic banks was again the result of a decline at the two banks undergoing the orderly wind-down process. The savings banks increased their stock of household deposits by EUR 7 million in April, and by 32% in year-on- I. - 28

35 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM year terms, while similarly the banks under majority foreign ownership have continued to record very solid growth, the year-on-year rate standing at close to 10% in April. Banking system s P&L account The Slovenian banking system ended the first four months of 2014 with a profit. Growth in net interest and net non-interest income is continuing to increase the banking system s gross income, which was up 11% on the same period last year. The year-on-year increase of 6.9% in net interest was the result of a larger decline in interest expenses (33%) than in interest income (14%). The main factors in the decline in interest income were the contraction in lending activity and the fall in interest rates, while the main factors in the decline in interest expenses were the fall in interest rates and the decline in funding. The banks also realised very solid growth in noninterest income, which was up a fifth on the same period last year, partly as a result of the realisation of revaluation gains. Having improved sharply as a result of the transfer of claims to the BAMC last December, the interest margin on interest-bearing assets during the first four months of the year stood at 2.2%, up 0.4 percentage points on the same period last year and 0.5 percentage points higher than the overall figure for Operating costs were down just over 6% on the same period last year. Impairment and provisioning costs were down sharply on the same period last year, by 39%. They nevertheless still account for more than a quarter (27%) of the disposal of the banks gross income. The banking system s pre-tax profit increased slightly in April to EUR 88 million % (1-4) 2014 (1-4) Banking performance indicators ROA ROE operating expenses/ Source: Bank of Slovenia. assets * on average interest-bearing assets net interest margin* 29 - I.

36 BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM ECONOMIC AND FINANCIAL DEVELOPMENTS 9 Financial Markets in % Slovenian stock market indices SBI TOP Unit value of mutual funds The SBI TOP breached the 800 mark after more than three years, hitting 813 points in May. The market capitalisations of shares and bonds on the Ljubljana Stock Exchange are returning to their levels before the onset of the declining trend in mid-2011, at EUR 6,419 million and EUR 15,307 million respectively. The positive trend has also seen the volume of trading in securities on the Ljubljana Stock Exchange reach its level of the first half of The positive mood on the stock exchange is the result of the announcement of the privatisation of several companies under majority government ownership. After leaping in April, non-residents interest in investing in Slovenian securities remains positive. Slovenian residents made investments in foreign securities in April, although households mostly recorded sales, primarily of euro area shares and bonds. There were inflows of EUR 4 million into mutual funds in April, which brought a rise of 1.3% in the average unit price. The mood on the global financial markets improved, which brought a rise in indices in Europe and the US. Developments on the Ljubljana Stock Exchange The SBI TOP rose again in May, by 8.9% to 813 points, thereby breaching the 800 mark for the first time since the beginning of The year-on-year change stood at +32.9%. At the same time the market capitalisation of shares on the Ljubljana Stock Exchange rose by 8.4% to EUR 6,419 million, its highest level since the first half of The rises in the SBI TOP and the market capitalisation of shares indicate a restoration of confidence in the domestic capital markets, but are also a reflection of the announcement of the sell-off of listed companies under majority government ownership. The volume of trading in shares is also growing as a consequence: the figure of EUR 45.9 million was the highest since the first quarter of 2011 with the exception of this Source: Ljubljana Stock Exchange, Securities Market Agency, Bank of Slovenia calculations The Ljubljana Stock Exchange: Market capitalisation and turnover ratio* EUR billion, ratio (right) market cap. shares TR total (right) market cap. bonds TR shares (right) Source: Ljubljana Stock Exchange. * TR turnover ratio; turnover of last 12 monhts divided by market capitalisation in that period. April. The volume of trading was up 155.6% in year-onyear terms. Krka and Zavarovalnica Triglav, both listed on the prime market, accounted for just half of the total volume of trading in shares. The dividend yield on the prime market stood at 3.3% in May. The largest volume of trading on the standard market was recorded by Letrika, still under the influence of the binding bid submitted by investors for the 54% interest in the government-owned company, and by Aerodrom Ljubljana and Žito, both on the list of 15 companies identified for privatisation. The largest volume of trading on the entry market was recorded by Cinkarna Celje, which is also one of the 15 companies listed for privatisation, while shares in Helios also remain I. - 30

37 ECONOMIC AND FINANCIAL DEVELOPMENTS BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM in demand, primarily as a result of the takeover bid submitted by Austria s Ring International Holding for the remaining 22% interest. The market capitalisation of bonds on the Ljubljana Stock Exchange remained approximately unchanged in May at EUR 15,307 million, up 0.7%. The volume of trading in bonds amounted to EUR 4.4 million, again the lowest figure this year. More than half of the volume was in 68 th -issue Slovenian government bonds. The three most heavily traded bonds accounted for 76.7% of the total volume. In the middle of the month KD Group issued its KDH3 bonds with a total nominal value of EUR 4.3 million and a fixed annual yield of 6%. The Ministry of Finance did not issue bonds or money-market instruments on the domestic or foreign capital markets in May. Inward investments by non-residents EUR million Net foreign investments in Slovenia in shares in bonds Source: Central Securities Clearing Corporation, Bank of Slovenia calculations EUR million Source: Bank of Slovenia. Net Slovenian investments abroad in shares in bonds Non-residents made net purchases of EUR 29.8 million in Slovenian bonds and EUR 0.6 million in Slovenian shares in May. The largest net purchasers of bonds were residents of Luxembourg (EUR 67.3 million), while residents of France recorded net purchases of half this amount (EUR 33.3 million). The largest net sellers of Slovenian bonds were residents of the UK and Belgium, with sales of EUR 33.7 million and EUR 30.2 million respectively. Non-residents made purchases and sales of both short-term and long-term debt securities. The largest net purchasers of Slovenian shares were residents of Croatia, whose purchases of EUR 8.4 million were primarily the result of the acquisition of EUR 7.9 million worth of shares in Zavarovalnica Triglav. By contrast, residents of Cyprus made net sales of EUR 11.5 million in Slovenian shares, Zavarovalnica Triglav accounting for EUR 9.3 million of this. The next largest figures were recorded by residents of Montenegro and Hungary, whose respective net sales of EUR 8.4 million and net purchases of EUR 7.8 million in Slovenian shares were largely attributable to the sale of EUR 8.4 million worth of shares in AG to Hungarian residents. Non-residents recorded their largest net purchases of shares in Krka and Gorenje in the total amount of EUR 3 million, and net sales of shares in Telekom Slovenije and Zavarovalnica Triglav in the total amount of EUR 2.1 million. The proportion of market capitalisation on the Ljubljana Stock Exchange accounted for by non-residents fell to 16.5% in May. Outward investments by residents Slovenian residents made net purchases of EUR million in foreign debt securities and EUR 20 million in foreign equities in April. The largest net purchasers of foreign bonds were the banks (EUR 88.8 million), followed by insurance corporations (EUR 57.9 million). Households recorded the largest net sales of foreign bonds, at EUR 2.5 million, while pension funds also made significant sales in the amount of EUR 1.8 million. The banks also recorded the largest net purchases of 31 - I.

38 BANKA SLOVENIJE BANK OF SLOVENIA EUROSYSTEM ECONOMIC AND FINANCIAL DEVELOPMENTS foreign shares, at EUR 11.2 million, while households were the largest net sellers of foreign equities, a reflection of the negative mood on foreign financial markets in the last two months. Households primarily recorded net sales of euro area shares and US bonds, while the banks mostly made net purchases of euro area securities Net inflows into mutual funds EUR million equity balanced bond registered foreign MF domestic MF total Domestic mutual funds The domestic mutual funds assets under management increased to EUR 1,893 million in April, as the average unit price rose by 1.3% and net inflows amounted to EUR 4 million, the largest figure since September The largest net inflows of EUR 5.6 million were recorded by equity funds, which recorded a rise of 1.5% in the average unit price, while balanced funds recorded net withdrawals of EUR 3.8 million, although the average unit price nevertheless rose by 1.8%. The largest investors in mutual funds were other financial intermediaries (EUR 3.6 million) and households (EUR 3.5 million). Slovenian investments were primarily favoured, as a result of the privatisation in progress at 15 companies under majority government ownership and the resulting anticipated rise in share prices. The proportion of the domestic mutual funds assets under management accounted for by liquid assets 5 increased to 10.5% in April Source: Securities Market Agency, Bank of Slovenia. growth in the euro area. They fell again at the end of the month in response to the favourable election results. The largest monthly rises were recorded by Russia s RTSI (12.1%) and Hungary s BUX (10.5%). The MSELEMEE index for eastern Europe also recorded a high rise of 7.4%. The largest rise in the western European indices was the 3.5% recorded by Germany s DAX. In the US the NASDAQ was up 3.1%, the S&P 500 up 2.1% and the Dow Jones up 0.8%. The S&P reached a record high of 1,923 points. The majority of indices in the former Yugoslav republics fell. Global financial markets The mood on the global financial markets remained positive in May. The majority of stock market indices in Europe and the US rose in May, the European indices approaching their highest levels of the last six years. The rise was primarily the result of expectations of stimulus measures by the ECB and increased corporate M&A activity. The market yields on German and US government bonds fell, particularly over the longer part of the yield curve, owing to the rhetoric of the ECB and the Fed, the adverse political situation in Ukraine and the expected results of the European elections. The premiums on government bonds in the euro area periphery over German benchmark government bonds reached record lows at the beginning of the month, but then rose as a result of the deterioration in the provisional figures for economic 5 Liquid assets include cash, deposits, money-market instruments and government bonds. I. - 32

39 STATISTICAL TABLES II. STATISTICAL TABLES a b a b MONEY AND 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 Liabilities of Other Monetary Financial Institutions by Sector Balance Sheet of the Bank of Slovenia - instruments Investment funds assets according to the type of fund Investment funds liabilities according to the type of fund 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 on Outstanding Amounts in Domestic Currency Monetary Financial Institutions - Interest Rates and Volumes on New Deposits in Domestic Currency Monetary Financial Institutions - Interest Rates and Volumes on New Loans to Households in Domestic Currency Monetary Financial Institutions - Interest Rates and Volumes on New Loans to Non-financial corporations in Domestic Currency Government Securities Rates 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 TARGET2 and SEPA internal credit transfer (SEPA IKP) transactions Payment Cards Other Payment Instruments and Innovative Payment Schemes Electronic Banking Credit Transfers Debit Transfers Network of Commercial Banks BALANCE OF PAYMENTS AND EXTERNAL POSITION Balance of Payments Balance of Payments Current Account by countries Capital and Financial Account by countries Trade in goods by countries International Investment Position International Investment Position by countries - Assets International Investment Position by countries - Liabilities 1 - II.

40 STATISTICAL TABLES 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 Central budget debt FINANCIAL ACCOUNTS Non-consolidated financial assets - outstanding amounts Non-consolidated liabilities - outstanding amounts Net financial assets Non-consolidated transactions in financial assets Non-consolidated transactions in liabilities Net financial transactions 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 Industrial production index (growth rates) Turnover in industry Turnover 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 Nominal effective exchange rate and Real harmonised competitiveness indicators Consumer price index Consumer price index (growth rates) Industrial producer price index Industrial producer price index (growth rates) II. - 2

41 MONEY AND FINANCIAL INSTITUTIONS 1.1. Monetary Aggregates in mio EUR M1 (without currency in circulation) The contribution of Slovenia to monetary aggregates of EMU M2 (without currency in circulation) M3 (without currency in circulation) Currency in circulation (ECB key) Column Code Dec. 7,149 17,441 16,595 2, Dec. 6,886 18,341 18,065 2, Dec. 7,419 18,791 18,540 3, Dec. 8,420 19,095 18,984 3, Dec. 8,546 19,566 19,639 3, Dec. 8,918 19,381 19,367 3, Dec. 8,928 19,122 19,122 3, Mar. 6,838 18,675 18,462 3, Apr. 6,839 18,563 18,250 3, May. 7,184 18,711 18,713 3, Jun. 7,419 18,787 18,783 3, Jul. 7,135 18,613 18,370 3, Aug. 7,279 18,643 18,387 3, Sep. 7,340 18,701 18,445 3, Oct. 7,224 18,600 18,343 3, Nov. 7,330 18,664 18,434 3, Dec. 7,419 18,791 18,540 3, Jan. 7,449 18,856 18,677 3, Feb. 7,429 18,757 18,463 3, Mar. 7,617 18,917 18,653 3, Apr. 7,663 18,928 18,633 3, May. 7,976 19,184 18,884 3, Jun. 8,272 19,037 18,750 3, Jul. 8,190 19,071 18,885 3, Aug. 8,292 19,083 18,868 3, Sep. 8,233 18,962 18,777 3, Oct. 8,231 18,948 18,754 3, Nov. 8,363 19,115 18,979 3, Dec. 8,420 19,095 18,984 3, Jan. 8,482 19,086 18,969 3, Feb. 8,492 19,143 19,020 3, Mar. 8,424 19,008 18,883 3, Apr. 8,514 18,998 18,914 3, May. 8,553 19,207 19,149 3, Jun. 8,507 19,228 19,161 3, Jul. 8,554 19,405 19,343 3, Aug. 8,576 19,413 19,365 3, Sep. 8,540 19,455 19,397 3, Oct. 8,359 19,399 19,489 3, Nov. 8,687 19,480 19,577 3, Dec. 8,546 19,566 19,639 3, Jan. 8,731 19,658 19,732 3, Feb. 8,603 19,814 19,903 3, Mar. 8,504 19,863 19,838 3, Apr. 8,762 19,895 19,895 3, May. 8,761 19,909 19,875 3, Jun. 8,817 19,916 19,898 3, Jul. 8,883 19,830 19,906 3, Aug. 8,969 19,788 19,846 3, Sep. 8,921 19,477 19,600 3, Oct. 8,889 19,533 19,534 3, Nov. 8,964 19,682 19,681 3, Dec. 8,918 19,381 19,367 3, Jan. 8,897 19,531 19,532 3, Feb. 8,850 19,593 19,589 3, Mar. 8,836 19,850 19,825 3, Apr. 8,815 19,478 19,475 3, May. 8,975 19,508 19,503 3, Jun. 9,086 19,558 19,548 3, Jul. 9,133 19,647 19,619 3, Aug. 9,048 19,539 19,556 3, Sep. 8,872 19,416 19,368 3, Oct. 8,847 19,381 19,340 3, Nov. 8,955 19,275 19,264 3, Dec. 8,928 19,122 19,122 3, Jan. 9,012 19,441 19,435 4, Feb. 9,116 19,538 19,483 4, Mar. 9,320 19,703 19,642 4, Apr. 9,266 19,734 19,670 4, May. 9,468 19,850 19,760 4, II.

42 MONEY AND FINANCIAL INSTITUTIONS 1.2. Consolidated Balance Sheet of Monetary Financial Institutions Assets Claims on foreign sectors (foreign assets) Claims on domestic non-mfis Claims of other MFIs on general government in mio EUR Claims of the Bank of Slovenia Claims of other MFIs Claims of the Bank of Slovenia on central government Central government Other government Loans Securities Loans Securities Column 1 2 3= = Code Dec. 5,591 9,735 15, , , Dec. 5,350 9,280 14, , , Dec. 4,903 9,705 14, , , Dec. 5,077 7,645 12, , , Dec. 5,627 6,845 12, , , Dec. 5,538 5,797 11, ,131 3, , Dec. 4,771 5,165 9, ,083 5, , Apr. 5,608 6,138 11, ,127 4, , May 5,592 6,420 12, ,077 4, , Jun. 5,557 6,168 11, ,075 3, , Jul. 5,559 6,136 11, ,074 4, , Aug. 5,542 5,991 11, ,075 3, , Sep. 5,511 5,693 11, ,076 3, , Oct. 5,482 5,889 11, ,076 3, , Nov. 4,977 6,109 11, ,083 3, , Dec. 4,771 5,165 9, ,083 5, , Jan. 4,843 5,437 10, ,082 5, , Feb. 5,859 5,573 11, ,083 5, , Mar. 5,683 5,553 11, ,076 5, , Apr. 6,522 5,714 12, ,075 5, , May 6,534 5,721 12, ,075 5, ,838 in mio EUR Obligations to foreign sectors (foreign liabilities) Bank of Slovenia Other MFIs Banknotes and coins (after ECB key) Liabilities 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 other MFIs Overnight deposits at the Bank of Slovenia Non-monetary financial institutions Other government sector (Central government excluded) Column 1 2 3= =6+7 9=4+5+8 Code Dec. 3,560 16,217 19,777 2,947 7, , Dec. 3,603 17,879 21,482 3,255 6, , Dec. 3,361 16,673 20,034 3,536 7, , Dec. 2,126 16,904 19,030 3,686 8, , Dec. 2,754 14,551 17,306 3,893 8, , Dec. 4,450 10,802 15,252 3,997 8, , Dec. 1,054 8,241 9,294 4,189 8, , Apr. 5,041 10,394 15,436 3,951 8, , May. 3,014 10,086 13,100 3,968 8, , Jun. 3,270 9,762 13,033 3,994 8, , Jul. 3,801 9,357 13,158 4,025 9, , Aug. 3,577 9,264 12,841 4,030 8, , Sep. 3,638 9,003 12,641 4,027 8, , Oct. 3,572 8,774 12,347 4,051 8, , Nov. 1,816 8,659 10,475 4,064 8, , Dec. 1,054 8,241 9,294 4,189 8, , Jan. 1,362 8,104 9,466 4,286 8, , Feb. 65 7,952 8,017 4,293 9, , Mar. 7 7,890 7,896 4,318 9, , Apr. 6 7,734 7,740 4,362 9, , May. 23 7,601 7,624 4,384 9, ,796 II. - 4

43 MONEY AND FINANCIAL INSTITUTIONS Claims on domestic non-mfis Claims of other MFIs on other non-mfis Non-financial corporations Non-monetary fin.institutions Loans Securities Households and nonprofit institutions serving households Loans Securities Remaining Assets = = = , ,818 1, ,228 29,780 3,984 49,090 20, ,827 2, ,790 34,232 4,374 53,235 20, ,413 2, ,797 36,831 4,301 55,740 20, ,282 2, ,426 37,509 4,425 54,656 20, ,453 1, ,559 37,543 4,789 54,804 18, ,267 1, ,872 36,761 5,021 53,116 14, ,917 1, ,582 32,959 3,670 46,565 18, ,141 1, ,163 36,457 4,484 52,686 18, ,107 1, ,986 36,180 4,479 52,670 18, ,099 1, ,930 35,762 4,440 51,927 17, ,050 1, ,681 35,624 4,497 51,817 17, ,059 1, ,675 35,532 4,484 51,549 17, ,051 1, ,531 35,360 4,394 50,958 17, ,031 1, ,095 34,901 4,331 50,603 17, ,996 1, ,881 34,565 4,372 50,023 14, ,917 1, ,582 32,959 3,670 46,565 13, ,879 1, ,564 32,835 3,886 47,000 13, ,849 1, ,416 32,677 3,774 47,882 13, ,853 1, ,359 32,663 3,765 47,665 13, ,849 1, ,325 32,270 3,720 48,225 13, ,835 1, ,193 32,258 3,771 48,283 Banknotes and coins and instruments up to 2 years Banknotes and coins and deposits up to 2 years Deposits with agreed maturity Deposits at the Bank of Slovenia 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 = = = ,700 1,280 20, ,113 1,485 7, ,090-10,058 1,265 21, ,503 1,397 9, ,235-10, , ,243 1,738 12, ,740-10, , ,602 2,330 12,208-1,514 54,656-10, , ,281 2,346 13,606-1,735 54,804-10, , ,112 1,987 15,017-2,253 53,116-9, , ,157 1,498 15,783-3,168 46,565-10, , ,226 1,903 14,248-2,126 52,686-10, , ,257 1,880 16,538-2,104 52,670-10, , ,370 1,816 15,669-1,961 51,927-10, , ,482 1,805 15,420-2,049 51,817-10, , ,381 1,800 15,585-2,058 51,549-10, , ,290 1,761 15,435-2,168 50,958-10, , ,283 1,728 15,399-2,153 50,603-9, , ,182 1,691 16,818-2,142 50,023-9, , ,157 1,498 15,783-3,168 46, , , ,559 1,543 15,583-3,149 47, , , ,692 1,538 17,787-3,151 47, , , ,887 1,530 17,532-3,179 47, , , ,920 1,524 18,259-3,217 48, , , ,061 1,524 18,247-3,172 48, II.

44 MONEY AND FINANCIAL INSTITUTIONS 1.3. Balance Sheet of the Bank of Slovenia Assets Claims on foreign sectors (foreign assets) in mio EUR Gold Receivable from IMF Foreign cash Loans, deposits Securities Other claims Column =1+ +6 Code Dec ,635 3, , Dec ,165 4, , Dec , , Dec , , Dec , , Dec , , Dec , , Apr , , May , , Jun , , Jul , , Aug , , Sep , , Oct , , Nov , , Dec , , Jan , , Feb ,479 3, , Mar ,407 3, , Apr ,326 3, , May ,555 3, ,534 Liabilities Deposits in mio EUR Banknotes and coins (after ECB key) Overnight Domestic currency Other MFIs With agreed maturity Foreign currency Domestic sectors Overnight General government Domestic currency With agreed maturity Foreign currency Column = =6+7+8 Code Dec. 2, Dec. 3, Dec. 3,536 1, , Dec. 3, Dec. 3,893 1, , Dec. 3,997 1, , , , Dec. 4,189 1, , , , Apr. 3,951 1, , May 3,968 1, , , , Jun. 3,994 1, , , Jul. 4,025 1, , Aug. 4,030 1, , Sep. 4,027 1, , Oct. 4,051 1, , Nov. 4,064 1, , , , Dec. 4,189 1, , , , Jan. 4,286 1,066 1,029-2, , , Feb. 4,293 1,022 1,368-2, , , Mar. 4,318 1, , , , Apr. 4,362 1,127 1,073-2, , , May 4,384 1,082 1,010-2, , ,410 II. - 6

45 MONEY AND FINANCIAL INSTITUTIONS Claims on domestic sectors (domestic assets) Claims on domestic MFIs Assets Claims on central government Loans Other claims Claims on other domestic sectors Remaining assets = = ,590 8, , ,300 2,736 9, , ,349 2,795 10, ,683 8, , ,957 2,698 10, , ,208 2,835 12, , ,919 2,200 10, , ,148 2,432 12, , ,036 2,423 12, , ,015 2,395 11, , ,011 2,432 12, , ,003 2,433 11, , ,121 2,387 12, , ,121 2,310 11, , ,069 2,297 11, , ,919 2,200 10, , ,615 2,336 10, , ,509 2,317 11, , ,231 2,312 11, , ,912 2,316 11, , ,838 2,333 11,705 Deposits Liabilities 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 = = , , ,375 3, , ,603 3, , , ,260 2, , , ,103 2, , , ,452 4, , , ,912 1, , , ,327 5, , , ,197 3, , , ,862 3, , , ,428 3, , , ,612 3, , , ,610 3, , , ,543 3, , , ,718 1, , , ,912 1, , , ,382 1, , , , , , , , , , , , , , , II.

46 MONEY AND FINANCIAL INSTITUTIONS 1.4. Balance Sheet of Other Monetary Financial Institutions in mio EUR Cash Assets Claims on domestic sectors (domestic assets) Claims on the Bank of Slovenia Claims on other MFIs Claims on non-mfis Accounts and deposits at the Bank of Slovenia, other claims Securities of the Bank of Slovenia Loans Debt securities Shares and other equity Loans Debt securities Shares and other equity Column = Code Dec , ,716 2, , Dec , ,549 2, , Dec ,234-2, ,445 3, , Dec ,422 1, ,519 2, , Dec ,141-3, ,734 3, , Dec ,338-3, ,465 4, , Dec ,108-2, ,176 5, , Apr ,220-2, ,821 4, , May 225 1,739-2, ,617 4, , Jun ,789-2, ,547 4, , Jul ,807-2, ,304 4, , Aug ,000-2, ,300 4, , Sep ,141-2, ,188 4, , Oct ,064-2, ,758 4, , Nov ,732-2, ,520 4, , Dec ,108-2, ,176 5, , Jan ,094-2, ,148 5, , Feb ,390-2, ,972 5, , Mar ,970-2, ,901 5, , Apr ,200-2, ,839 5, , May 230 2,091-2, ,694 5, ,125 Liabilities Obligations to domestic sectors (domestic liabilities) Obligations to MFIs Obligations to non-mfis in mio EUR Deposits, loans from the Bank of Slovenia Deposits, loans from other MFIs Debt securities issued Overnight Deposits in domestic currency With agreed maturity Reedemable at notice Deposits in foreign currency Debt securities issued Column = Code Dec , ,882 10,202 1, , Dec. 1,230 2, ,597 11,930 1, , Dec. 2,115 2, ,178 15, , Dec , ,135 14, , Dec. 1,740 3, ,232 15, , Dec. 3,982 3, ,664 13, , Dec. 3,682 2, ,542 12, , Apr. 3,911 2, ,909 13, , May 3,799 2, ,796 14, , Jun. 3,778 2, ,906 14, , Jul. 3,774 2, ,111 14, , Aug. 3,767 2, ,037 14, , Sep. 3,886 2, ,799 14, , Oct. 3,886 2, ,831 14, , Nov. 3,832 2, ,715 14, , Dec. 3,682 2, ,542 12, , Jan. 3,372 2, ,769 12, , Feb. 3,265 2, ,058 12, , Mar. 2,982 2, ,969 12, , Apr. 2,699 2, ,267 12, , May 2,607 2, ,378 12, ,920 II. - 8

47 MONEY AND FINANCIAL INSTITUTIONS Claims on MFIs Claims on foreign sectors (foreign assets) Assets Claims on non-mfis Cash Loans Debt securities Shares and other equity Loans Debt securities Shares and other equity Remaining assets = = ,753 1, ,511 2, ,735 1,397 43, ,221 1, ,995 2, ,280 1,641 49, ,930 1, ,961 2, ,705 1,480 53, , ,944 1, ,889 1,710 53, , ,847 1, ,216 2,080 52, , ,770 1, ,559 2,234 50, , ,530 1, ,833 1,455 46, , ,644 1, ,907 2,062 50, , ,629 1, ,202 2,062 50, , ,640 1, ,975 2,018 49, , ,626 1, ,979 2,040 49, , ,617 1, ,839 2,025 49, , ,613 1, ,660 2,009 49, , ,634 1, ,856 2,030 49, , ,628 1, ,078 2,071 48, , ,530 1, ,833 1,455 46, , ,529 1, ,095 1,520 46, , ,503 1, ,234 1,441 46, , ,456 1, ,227 1,431 46, , ,455 1, ,380 1,382 46, , ,440 1, ,378 1,421 45,924 Liabilities Obligations to foreign sectors (foreign liabilities) Obligations to MFIs Obligations to non-mfis Deposits Debt securities issued Deposits Debt securities issued Capital and reserves Remaining liabilities = = , ,217 3,700 1,849 43,493 16, ,879 4,118 2,102 49,010 13,436 2, ,673 4,414 2,396 53,404 11,774 3,254 1, ,522 4,254 3,241 53,016 9,470 3,153 1, ,175 4,136 4,069 52,423 7,113 1,462 1, ,381 3,889 5,481 50,787 4,538 1,200 2, ,824 3,906 6,641 46,315 6,321 1,652 1, ,997 3,906 5,511 50,404 5,949 1,648 1, ,688 3,818 5,518 50,859 5,946 1,335 1, ,364 3,684 5,728 49,993 5,538 1,335 1, ,963 3,662 5,735 49,823 5,448 1,333 1, ,870 3,577 5,834 49,707 5,305 1,278 1, ,608 2,940 6,414 49,352 5,079 1,277 1, ,379 2,941 6,420 49,006 4,889 1,241 2, ,264 2,946 6,439 48,456 4,538 1,200 2, ,824 3,906 6,641 46,315 4,414 1,182 2, ,686 3,993 6,663 46,487 4,253 1,186 2, ,534 4,085 6,648 46,652 4,222 1,189 2, ,473 4,091 6,685 46,148 4,097 1,132 2, ,317 4,126 6,607 46,099 3,978 1,134 2, ,184 4,163 6,657 45, II.

48 MONEY AND FINANCIAL INSTITUTIONS 1.5. Selected Assets of Other Monetary Financial Institutions by Sector in mio EUR Domestic currency By currency Foreign currency Loans 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 Dec. 26,555 1,990 2,743 2,668 23,134 2,562-1,008 32, Dec. 32,113 2,370 2,884 3,395 28,204 2, , Dec. 34,731 1,895 2,900 3,927 29,799 4,199-1,146 41, Dec. 35,994 1,843 2,833 4,837 30,168 4,305-1,040 43, Dec. 35,692 1,536 2,722 5,164 29,342 4, , Dec. 34,558 1,309 2,482 5,259 28,126 4, ,108 41, Dec. 29,620 1,097 2,213 5,307 23,196 6, , Apr. 33,765 1,236 2,407 5,239 27,355 5, ,025 41, May. 34,040 1,235 2,394 5,231 27,650 5, , Jun. 33,902 1,223 2,385 5,248 27,491 4, ,008 40, Jul. 33,612 1,203 2,363 5,247 27,204 4, ,003 40, Aug. 33,754 1,192 2,345 5,251 27,350 4, ,006 40, Sep. 33,705 1,177 2,335 5,257 27,290 4, , Oct. 33,198 1,152 2,321 5,252 26,777 4, , Nov. 32,569 1,144 2,236 5,313 26,164 4, , Dec. 29,620 1,097 2,213 5,307 23,196 6, , Jan. 29,594 1,090 2,205 5,298 23,180 5, , Feb. 29,706 1,075 2,212 5,292 23,277 5, ,008 37, Mar. 29,154 1,046 2,203 5,289 22,707 6, , Apr. 29,298 1,036 2,199 5,294 22,842 5, ,020 37, May. 29,017 1,025 2,185 5,300 22,556 5, ,025 36,895 MFIs (S.121, S.122) Dec. 1, , , Dec. 2, , , Dec. 4, , , Dec. 4, ,318 1, , Dec. 4, , , Dec. 4, , , Dec. 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. 4, , ,863 Non-MFIs (S.123, S.124, S.125) Dec. 1, , , Dec. 2, , , Dec. 2, , , Dec. 2, , , Dec. 1, , , Dec. 1, , , Dec. 1, , , Apr. 1, , , May. 1, , , Jun. 1, , , Jul. 1, , , Aug. 1, , , Sep. 1, , , Oct. 1, , , Nov. 1, , , Dec. 1, , , Jan. 1, , , Feb. 1, , , Mar. 1, , , Apr. 1, , , May. 1, , ,929 II. - 10

49 MONEY AND FINANCIAL INSTITUTIONS Loans Claims on foreign sectors (foreign assets) Debt securities Domestic currency Foreign currency Domestic currency Foreign currency Shares and other equity = (S.2) 4, , ,718 4, , ,263 5, , ,683 3, , ,869 3, , ,193 3, , ,536 3, , ,809 3, , ,879 3, , ,175 3, , ,944 3, , ,944 3, , ,810 3, , ,634 3, , ,834 3, , ,055 3, , ,809 3, , ,070 3, , ,209 3, , ,199 3, , ,348 3, , ,350 MFIs (S.2) 2, , ,522 1, , ,741 2, , ,473 1, ,910 1, , ,440 1, ,628 1, ,716 1, ,986 1, ,727 1, ,706 1, ,552 1, ,369 1, ,542 1, ,772 1, ,628 1, ,870 1, ,920 1, ,912 1, ,040 1, ,048 Non-MFIs (S.2) , , , , , , , , , , , , , , , II.

50 MONEY AND FINANCIAL INSTITUTIONS 1.5. Selected Assets of Other Monetary Financial Institutions by Sector (continued) in mio EUR Domestic currency By currency Foreign currency Loans 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 Non-financial corporations (S.11) Dec. 16, , , Dec. 19, , , Dec. 20, , , Dec. 20, , , Dec. 19, , , Dec. 18, , , Dec. 13, , , Apr. 17, , , May. 17, , , Jun. 17, , , Jul. 17, , , Aug. 17, , , Sep. 17, , , Oct. 17, , , Nov. 16, , , Dec. 13, , , Jan. 13, , , Feb. 13, , , Mar. 13, , , Apr. 13, , , May. 13, , ,429 Central government (S.1311) Dec , , Dec , , Dec , , Dec , , Dec , , Dec. 1, ,131 3, , Dec. 1, ,083 5, , Apr. 1, ,127 4, , May. 1, ,077 4, , Jun. 1, ,075 3, , Jul. 1, ,074 4, , Aug. 1, ,075 3, , Sep. 1, ,076 3, , Oct. 1, ,076 3, , Nov. 1, ,083 3, , Dec. 1, ,083 5, , Jan. 1, ,082 5, , Feb. 1, ,083 5, , Mar. 1, ,076 5, , Apr. 1, ,075 5, , May. 1, ,075 5, ,262 Other government sectors (S.1312, S.1313, S.1314) Dec Dec Dec Dec Dec Dec Dec Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May II. - 12

51 MONEY AND FINANCIAL INSTITUTIONS 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.2) 1, ,089 2, ,374 2, ,305 1, ,204 1, ,024 1, ,936 1, ,908 1, ,907 1, ,899 1, ,929 1, ,925 1, ,920 1, ,948 1, ,982 1, ,979 1, ,908 1, ,921 1, ,895 1, ,862 1, ,876 1, ,866 Central government (S.2) 20-2, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,372 Other government sectors (S.2) II.

52 MONEY AND FINANCIAL INSTITUTIONS 1.5. Selected Assets of Other Monetary Financial Institutions by Sector (continued) in mio EUR Domestic currency By currency Foreign currency Loans 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. 5,782 1,036 2,743 2,668 1, , Dec. 6,378 1,449 2,884 3,395 1, , Dec. 7,139 1,274 2,900 3,927 1, , Dec. 7,980 1,302 2,833 4,837 1, , Dec. 8,285 1,168 2,722 5,164 1, , Dec. 8,245 1,021 2,482 5,259 1, , Dec. 8, ,213 5,307 1, , Apr. 8, ,407 5,239 1, , May. 8, ,394 5,231 1, , Jun. 8, ,385 5,248 1, , Jul. 8, ,363 5,247 1, , Aug. 8, ,345 5,251 1, , Sep. 8, ,335 5,257 1, , Oct. 8, ,321 5,252 1, , Nov. 8, ,236 5,313 1, , Dec. 8, ,213 5,307 1, , Jan. 8, ,205 5,298 1, , Feb. 7, ,212 5,292 1, , Mar. 7, ,203 5,289 1, , Apr. 8, ,199 5,294 1, , May. 7, ,185 5,300 1, ,835 II. - 14

53 MONEY AND FINANCIAL INSTITUTIONS 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.2) II.

54 MONEY AND FINANCIAL INSTITUTIONS 1.6. Selected Liabilities of Other Monetary Financial Institutions by Sector in mio EUR Overnight Domestic currency Deposits Liabilities to domestic sectors 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 Domestic currency Foreign currency Column = Code Dec. 6,887 8,913 2,857 1, ,139-21, Dec. 6,605 10,971 4,157 1, ,293-24, Dec. 7,200 10,408 9, ,521-29, Dec. 8,155 8,193 10, ,768-28, Dec. 8,245 7,868 12, ,046-30, Dec. 8,678 7,056 13, , Dec. 8,558 6,689 11, , Apr. 8,919 7,148 13, , May. 8,806 7,712 13, , Jun. 8,923 7,626 13, , Jul. 9,124 7,652 13, , Aug. 9,055 7,696 13, , Sep. 8,812 8,260 12, , Oct. 8,861 8,222 12, , Nov. 8,729 8,110 12, , Dec. 8,558 6,689 11, , Jan. 8,779 6,730 11, , Feb. 9,066 6,888 11, , Mar. 8,979 6,893 10, , Apr. 9,278 7,215 10, , May. 9,390 7,088 10, ,920 MFIs (S.121,S.122) Dec , , Dec. 8 1,492 1, , Dec , , Dec. 20 1,001 3, , Dec , , Dec , , Dec , , Apr , , May , , Jun , , Jul , , Aug , , Sep , , Oct , , Nov , , Dec , , Jan , , Feb , , Mar , , Apr , , May , ,979 Non-MFIs (S.123,S.124,S.125) Dec , Dec , Dec , Dec , Dec , Dec , Dec , Apr , May , Jun , Jul , Aug , Sep , Oct , Nov , Dec , Jan , Feb , Mar , Apr , May ,381 II. - 16

55 MONEY AND FINANCIAL INSTITUTIONS Overnight Domestic currency Deposits Liabilities to foreign sectors 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 Domestic currency Foreign currency = (S.2) 257 2,573 11, , , ,087 12, , , ,722 10, , ,308-16, ,708 9, , ,288-16, , ,187-14, , ,566-10, , ,232-7, , ,756-9, , ,752-9, , ,433-9, , ,434-8, , ,432-8, , ,317-8, , ,314-8, , ,278-8, , ,232-7, , ,234-7, , ,238-7, , ,241-7, , ,184-7, , ,186-7,184 MFIs (S.2) 45 2,225 11, , , ,893 11, , , ,538 10, ,152-2,263-15, ,533 8, ,254-15, , ,153-12, , ,462-8, , ,200-5, , ,652-7, , ,648-7, , ,335-7, , ,335-6, , ,333-6, , ,278-6, , ,277-6, , ,241-6, , ,200-5, , ,182-5, , ,186-5, , ,189-5, , ,132-5, , ,134-5,111 Non-MFIs (S.2) II.

56 MONEY AND FINANCIAL INSTITUTIONS 1.6. Selected Liabilities of Other Monetary Financial Institutions by Sector (continued) in mio EUR Overnight Domestic currency Deposits Liabilities to domestic sectors 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 Domestic currency Foreign currency Column = Code Non-financial corporations (S.11) Dec. 1,301 1, , Dec. 1,250 1, , Dec. 1,372 1, , Dec. 1,748 1, , Dec. 1,657 1, , Dec. 1,830 1, , Dec. 1,950 1, , Apr. 1,832 1, , May. 1,885 1, , Jun. 1,909 1, , Jul. 1,943 1, , Aug. 1,923 1, , Sep. 1,851 1, , Oct. 1,944 1, , Nov. 1,974 1, , Dec. 1,950 1, , Jan. 1,925 1, , Feb. 1,892 1, , Mar. 2,084 1, , Apr. 2,002 1, , May. 2,090 1, ,428 Central government (S.1311) Dec , Dec. 8 1, , Dec. 71 1,722 1, , Dec , , Dec , , Dec , , Dec , Apr , , May ,592 1, , Jun ,508 1, , Jul ,594 1, , Aug ,711 1, , Sep ,855 1, , Oct ,783 1, , Nov ,848 1, , Dec , Jan , Feb , Mar , Apr , , May , ,824 Other government sectors (S.1312,S.1313,S.1314) Dec Dec Dec Dec Dec Dec Dec Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May II. - 18

57 MONEY AND FINANCIAL INSTITUTIONS Overnight Domestic currency Deposits Liabilities to foreign sectors 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 Domestic currency Foreign currency = Non-financial corporations (S.2) Central government (S.2) , , , , , , , , , , , , , , , ,028 Other government sectors (S.2) II.

58 MONEY AND FINANCIAL INSTITUTIONS 1.6. Selected Liabilities of Other Monetary Financial Institutions by Sector (continued) in mio EUR Overnight Domestic currency Deposits Liabilities to domestic sectors 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 Domestic currency Foreign currency Column = Code Households and non-profit institutions serving households (S.14,S.15) Dec. 5,244 4,942 1, , Dec. 5,103 5,495 1, , Dec. 5,501 5,526 2, , Dec. 6,003 4,371 4, , Dec. 6,185 4,029 4, , Dec. 6,240 3,918 4, , Dec. 6,242 3,617 4, , Apr. 6,165 3,809 4, , May. 6,241 3,718 4, , Jun. 6,292 3,720 4, , Jul. 6,281 3,741 4, , Aug. 6,247 3,714 4, , Sep. 6,244 3,672 4, , Oct. 6,152 3,671 4, , Nov. 6,194 3,648 4, , Dec. 6,242 3,617 4, , Jan. 6,271 3,624 4, , Feb. 6,426 3,635 4, , Mar. 6,449 3,581 4, , Apr. 6,440 3,560 4, , May. 6,551 3,497 4, ,927 II. - 20

59 MONEY AND FINANCIAL INSTITUTIONS Overnight Domestic currency Deposits Liabilities to foreign sectors 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 Domestic currency Foreign currency = Households and non-profit institutions serving households (S.2) II.

60 MONEY AND FINANCIAL INSTITUTIONS 1.7. Balance Sheet of the Bank of Slovenia - instruments Assets Lending to euro area credit institutionsrelated to monetary policy operations in euro Millions of EUR Gold and gold receivables Claims on non-euro area residents Claims on euro area residents in foreign currency Main refinancing operations Longer-term refinancing operations Fine-tuning reverse operations Securities Column Code Dec. 58 1, Dec. 64 1, , Dec. 78 1, , Dec , Dec , , , Dec , , , Dec. 89 1, , Sep , , , Oct , , , Nov , , , Dec , , , Jan , , , Feb , , , Mar , , , Apr , , , May , , Jun. 94 1, , Jul. 94 1, , Aug. 94 1, , Sep , , Oct , , Nov , , Dec. 89 1, , Jan. 89 1, , Feb. 89 1, , Mar. 96 1, , Apr. 96 1, , May. 96 1, , Liabilities Liabilities to euro area credit instiutions related to monetary policy operations in euro Millions of EUR Banknotes in circulation Liabilities to non-euro area residents Liabilities to euro area residents in foreign currency Current accounts (covering the minimum reserve system) Deposit facility Fixed-term deposits Fine-tuning reverse operations Column Code Dec. 2, Dec. 3, Dec. 3, Dec. 3, Dec. 3, Dec. 3, , Dec. 4, , Sep. 3, Oct. 3, Nov. 3, Dec. 3, , Jan. 3, , Feb. 3, , Mar. 3, , Apr. 3, , May. 3, , Jun. 3, , Jul. 3, , Aug. 3, , Sep. 3, , Oct. 3, , Nov. 4, , Dec. 4, , Jan. 4, , , Feb. 4, , Mar. 4, , Apr. 4, , , May. 4, , , II. - 22

61 MONEY AND FINANCIAL INSTITUTIONS Assets 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 ,103 2, , , ,442 2, , , ,857 2, , , ,428 2, , , ,279 2, , , ,676 2, , , ,269 2, , , ,543 2, , , ,589 2, , , ,577 2, , , ,676 2, , , ,723 2, , , ,623 2, , , ,532 2, , , ,454 2, , , ,466 2, , , ,403 2, , , ,459 2, , , ,487 2, , , ,528 2, , , ,508 2, , , ,295 2, , , ,269 2, , , ,188 2, , , ,080 3, , , ,109 3, , , ,038 4, , , ,975 4, ,634 Liabilities Debt certificates issued Other liabilities to euro area credit institutions in euro Liabilities to general government in euro Intra-Eurosystem liabilities Capital and reserves Other liabilities , , , , , , , , , , , , , ,023 4, , , ,714 1, , , , , ,722 4, , , ,124 4, , , ,023 4, , , , , , , , , , , , , , , ,371 3, , , , , , , , , , , , , , , , , , ,895 1, , , ,714 1, , , ,191 1, , , , , , , , , , , , , , II.

62 MONEY AND FINANCIAL INSTITUTIONS Investment funds assets according to the type of fund Assets Domestic assets Outstanding amount to financial sectors 1 Outstanding amount to non-financial sectors 2 in mio EUR Deposits Debt securities Shares and other equity Deposits Debt securities Shares and other equity Column Code Dec Dec Dec Dec Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Open-end equity funds Dec Dec Dec Dec Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Open-end bond funds Dec Dec Dec Dec Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Other funds (close-end equity, close-end mixed, open-end mixed and open-end other funds; money market funds excluded 3 ) Dec Dec Dec Dec Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr II. - 24

63 MONEY AND FINANCIAL INSTITUTIONS Assets Foreign assets Deposits Outstanding amount to financial sectors 1 Outstanding amount to non-financial sectors 2 Debt securities Shares and other equity Deposits Debt securities Shares and other equity Other assets (including financial derivates) = , , ,002 1,091 1, , , , ,006 1, , ,078 1, , ,027 1, , ,005 1, , ,037 1, , ,059 1, , ,083 1, , ,078 1, , ,036 1, , ,075 1, , ,091 1, , ,092 1, ,853 Open-end equity funds , , , , , , , , , , , , , , , , , , , , , , ,215 Open-end bond funds Other funds (close-end equity, close-end mixed, open-end mixed and open-end other funds; money market funds excluded 3 ) , II.

64 MONEY AND FINANCIAL INSTITUTIONS Investment funds liabilities according to the type of fund Liabilities Domestic liabilities Outstanding amount to financial sectors 1 Outstanding amount to non-financial sectors 2 in mio EUR Loans Investment fund shares/units Loans Investment fund shares/units Column Code Dec ,450 1,450 2, Dec ,429 1,429 2, Dec ,075 1,075 1, Dec ,068 1,068 1, Dec ,065 1,065 1, Jul ,038 1,038 1, Aug ,035 1,035 1, Sep ,045 1,045 1, Oct ,063 1,063 1, Nov ,076 1,076 1, Dec ,065 1,065 1, Jan ,030 1,030 1, Feb ,059 1,059 1, Mar ,070 1,070 1, Apr ,082 1,082 1,822 Open-end equity funds Dec , Dec , Dec , Dec , Dec , Jul , Aug , Sep , Oct , Nov , Dec , Jan , Feb , Mar , Apr ,199 Open-end bond funds Dec Dec Dec Dec Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Other funds (close-end equity, close-end mixed, open-end mixed and open-end other funds; money market funds excluded 3 ) Dec Dec Dec Dec Dec Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr II. - 26

65 MONEY AND FINANCIAL INSTITUTIONS Liabilities Foreign liabilities Loans Outstanding amount to financial sectors 1 Outstanding amount to non-financial sectors 2 Investment fund shares/units Loans Investment fund shares/units Other liabilities (including financial derivates) = , , , , , , , , , , , , , , ,853 Open-end equity funds , , , , , , , , , , , , , , ,215 Open-end bond funds Other funds (close-end equity, close-end mixed, open-end mixed and open-end other funds; money market funds excluded 3 ) , II.

66 FINANCIAL MARKETS AND PAYMENT SYSTEMS 2.1. Bank of Slovenia Interest Rates (% p. a.) 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 (% p. a.) SIONIA / EONIA Interbank Market SITIBOR / EURIBOR Tolar Indexation Clause TOM Revaluation Clauses Foreign Exchange Clauses 1 month 3 months 6 months 1 year Monthly Annualized Monthly Annualized Monthly Annualized Column Code Dec USD CHF 2013 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May II. - 28

67 FINANCIAL MARKETS AND PAYMENT SYSTEMS 2.3. European Central Bank Interest Rates (% p. a.) Deposit facility Main refinancing operations Marginal lending facility Column Code Dec Mar Jun Jul Oct Oct Oct Nov Dec Jan Mar Apr May Apr Jul Nov Dec Jul May Nov jun Harmonised Long-term Interest Rates for Convergence Assessment Purposes (% p. a.) Yield to maturity Column 1 Code Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May II.

68 FINANCIAL MARKETS AND PAYMENT SYSTEMS Monetary Financial Institutions - Interest Rates on Outstanding Amounts in Domestic Currency (% p. a.) Until SIT after EUR Up to 1 year For house purchase Over 1 and up to 5 years Over 5 years Households Up to 1 year Loans For consumption Over 1 and up to 5 years Over 5 years Up to 1 year Non-financial corporations Over 1 and up to 5 years Over 5 years Column Code 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 Sep 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 II. - 30

69 FINANCIAL MARKETS AND PAYMENT SYSTEMS Overnight deposits Deposits Deposits redeemable at notice 1,2 Households Non-financial corporations Households and non-financial corporations Repos Time deposits with agreed maturity Overnight Time deposits with agreed maturity Notice up to 3 months Notice over 3 months Up to 2 years Over 2 years deposits Up to 2 years Over 2 years IR IR Until SIT after EUR Column Code 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 Sep 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 II.

70 FINANCIAL MARKETS AND PAYMENT SYSTEMS Monetary Financial Institutions - Interest Rates and Volumes on New Deposits in Domestic Currency (% p. a., volumes in mio SIT/EUR) Until SIT after EUR Overnight deposits 1 Households Households and non-financial corporations 1,2 Time deposits with agreed maturity Deposits redeemable at notice Up to 1 year Over 1 and up to 2 years Over 2 years Notice up to 3 months Over 3 months IR Volume IR Volume IR Volume IR Volume IR Volume Column Code 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 , Sep , 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 II. - 32

71 FINANCIAL MARKETS AND PAYMENT SYSTEMS Overnight deposits 1 Non-financial corporations Time deposits with agreed maturity Up to 1 year Over 1 and up to 2 years Over 2 years IR IR Volume IR Volume IR Volume Repos Until SIT after EUR Column Code , 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 Sep 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 II.

72 FINANCIAL MARKETS AND PAYMENT SYSTEMS Monetary Financial Institutions - Interest Rates and Volumes on New Loans to Households in Domestic Currency (% p. a., volumes in mio SIT/EUR) Until SIT after EUR Revolving loans, overdrafts, convenience and extended credit card debt 1 For house purchase For consumption Revolving loans and overdrafts Extended credit card debt Floating rate or up to 1 year rate fixation Over 1 and up to 5 years rate fixation Over 5 and up to 10years rate fixation Over 10 years rate fixation APRC Floating rate or up to 1 year rate fixation IR Volume IR Volume IR Volume IR Volume IR Volume IR Volume IR IR Volume Column Code 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 Sep 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 II. - 34

73 FINANCIAL MARKETS AND PAYMENT SYSTEMS Over 1 and up to 5 years rate fixation For consumption Loans for other purposes Loans for other purposes: of which Sole proprietors Over 5 years rate fixation APRC Floating rate or up to 1 year rate fixation Over 1 and up to 5 years rate fixation Over 5 years rate fixation Floating rate or up to 1 year rate fixation Over 1 and up to 5 years rate fixation Over 5 years rate fixation Until SIT after EUR IR Volume IR Volume IR IR Volume IR Volume IR Volume IR Volume IR Volume IR Volume Column Code 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 Sep 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 II.

74 FINANCIAL MARKETS AND PAYMENT SYSTEMS Monetary Financial Institutions - Interest Rates and Volumes on New Loans to Non-financial corporations in Domestic Currency (% p. a., mio SIT/EUR) Until SIT after EUR Revolving loans, and overdraft 1 Floating rate or up to 3 months rate fixation Over 3 months and up to 1 year rate fixation Other loans up to an amount of EUR 0,25 million Over 1 year and up to 3 years rate fixation Over 3 years and up to 5 years rate fixation Over 5 years and up to 10 years rate fixation Over 10 years rate fixation Loans up to an amount of EUR 250,000, floating or up to 1 year rate fixation, original maturity over 1 year IR Volume IR Volume IR Volume IR Volume IR Volume IR Volume IR Volume IR Volume Column Code 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 , Sep , 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 II. - 36

75 FINANCIAL MARKETS AND PAYMENT SYSTEMS Loans over an amount of EUR 250,000 and up to EUR 1 million, floating or up to 1 year rate fixation, original maturity over 1 year Loans over an amount of EUR 1 million, floating or up to 1 year rate fixation, original maturity over 1 year Other loans up to 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 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 Until SIT after EUR IR Volume IR Volume IR Volume IR Volume IR Volume IR Volume IR Volume IR Volume Column Code , 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 Sep 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 II.

76 FINANCIAL MARKETS AND PAYMENT SYSTEMS 2.5. Government Securities Rates (% p. a.) Government Securities Issued Maturity Interest rate Amount outstanding Currency of the issue Indexation of the principal Currency of the payments Bonds RS21 1 Feb Mar 2015 TOM + 1,00% 34,057,005 EUR - EUR RS33 1 Jan Dec % 82,880,109 EUR - EUR RS38 19 Apr Apr % 217,815,700 EUR - EUR RS49 10 Jan Jan % 29,632,020 EUR - EUR RS53 8 Apr Apr % 79,290,900 EUR - EUR RS57 15 Mar Oct % 259,697,224 EUR - EUR RS59 17 Jan Feb % 1,120,403,262 EUR - EUR RS62 18 Jan Mar % 701,102,433 EUR - EUR RS63 6 Feb Feb % 1,090,950,000 EUR - EUR RS66 9 Sep Sep % 1,500,000,000 EUR - EUR RS67 26 Jan Jan % 1,619,589,000 EUR - EUR RS68 17 Mar Mar % 1,097,058,000 EUR - EUR RS69 18 Jan Jan % 1,605,866,000 EUR - EUR RS70 30 Mar Mar % 1,500,000,000 EUR - EUR RS71 8 Apr Apr % 1,000,000,000 EUR - EUR RS72 8 Apr Oct % 1,000,000,000 EUR - EUR Eurobonds SLOVEN /03/18 22 Mar Mar % 1,000,000,000 EUR - EUR SLOVEN /10/22 26 Oct Oct % 2,250,000,000 USD - USD SLOVEN /05/18 10 May May % 1,000,000,000 USD - USD SLOVEN /05/23 10 May May % 2,500,000,000 USD - USD SLOVEN /11/16 22 Nov Nov % 1,500,000,000 EUR - EUR SLOVEN /02/19 18 Feb Feb % 1,500,000,000 USD - EUR SLOVEN /02/24 18 Feb Feb % 2,000,000,000 USD - EUR Treasury Bills Treasury Bills - 3 months TZ150 (1. issue) 13 Mar Jun % 20,000,000 EUR - EUR TZ151 (1. issue) 10 Apr Jul % 3,000,000 EUR - EUR TZ152 (1. issue) 15 May Aug % 6,000,000 EUR - EUR TZ153 (1. issue) 12 Jun Sep % 20,000,000 EUR - EUR Treasury Bills - 6 months SZ67 (1.issue) 12 Dec Jun % 16,250,000 EUR - EUR SZ68 (1.issue) 12 Dec Jun ,449,000 EUR - EUR SZ69 (1.issue) 13 Feb Aug % 22,000,000 EUR - EUR SZ70 (1.issue) 13 Mar Sep % 10,000,000 EUR - EUR SZ71 (1 issue) 10 Apr Oct % 30,000,000 EUR - EUR SZ72 (1 issue) 15 May Nov % 23,000,000 EUR - EUR SZ73 (1 issue) 12 Jun Dec % 18,000,000 EUR - EUR Treasury Bills - 9 months DEZ01 (1. issue) 12 Dec Sep ,027,000 EUR - EUR Treasury Bills - 12 months DZ47 (1. issue) 13 Jun Jun % 52,135,000 EUR - EUR DZ48 (1. issue) 12 Sep Sep % 55,100,000 EUR - EUR DZ49 (1. issue) 10 Oct Oct % 43,785,000 EUR - EUR DZ50 (1. issue) 14 Nov Nov % 88,080,000 EUR - EUR DZ51 (1. issue) 13 Feb Feb % 152,275,000 EUR - EUR DZ52 (1. issue) 13 Mar Mar % 72,000,000 EUR - EUR DZ53 (1. issue) 10 Apr Apr % 94,750,000 EUR - EUR DZ54 (1. issue) 15 May May % 101,400,000 EUR - EUR DZ55 (1. issue) 12 Jun Jun % 100,250,000 EUR - EUR Treasury Bills - 18 months OZ2 (1.issue) 19 Apr Oct % 1,109,330,000 EUR - EUR In case of dematerialised securities, the interest rate is applied from the day of issue. II. - 38

77 FINANCIAL MARKETS AND PAYMENT SYSTEMS 39 - II.

78 FINANCIAL MARKETS AND PAYMENT SYSTEMS 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 II. - 40

79 FINANCIAL MARKETS AND PAYMENT SYSTEMS a. European Central Bank exchange rates - Average Rates for EUR GBP CHF USD JPY CZK HUF PLN SKK DKK SEK HRK Column Code Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May b. European Central Bank exchange rates - End of Month Rates for EUR GBP CHF USD JPY CZK HUF PLN SKK DKK SEK HRK Column Code Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May II.

80 FINANCIAL MARKETS AND PAYMENT SYSTEMS 2.7. TARGET2 and SEPA internal credit transfer (SEPA IKP) transactions Value until TARGET 2 SEPA IKP transactions 1, in mio SIT Domestic payments 3 Cross-border payments 4 Net Cash Flow from Number Gross Value 5 Net Value 6 in % in mio EUR Number Value Number Value Column = (7/6)*100 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, , , , ,150 68, ,652,237 45, , , , ,700 * 84, * 55,908,926 49, , , , ,384 * 63, * 55,131,097 44, , , , , , ,131,105 45, , , , , , ,924,351 46, , , , , , ,960,937 51, , , , , , ,330,683 54, , Feb 48,056 58, ,601 3, ,148,419 3, Mar 56,674 50, ,019 5, ,911,927 3, Apr 52,344 37, ,640 4, ,614,480 3, May 53,496 42, ,006 5, ,839,029 3, Jun. 56,981 45, ,842 4, ,891,104 3, Jul. 54,722 38, ,364 5, ,758,748 3, Aug. 51,624 37, ,614 4, ,374,121 3, Sep. 53,331 34, ,360 4, ,553,532 3, Oct. 54,480 32, ,296 5, ,676,009 3, Nov. 53,687 35, ,864 7, ,832,386 3, Dec 61,577 50, ,631 7, ,308,478 4, Jan. 51,354 43, ,640 8, ,517,527 3, Feb 47,029 33, ,007 5, ,289,293 3, Mar 55,610 50, ,864 10, ,006,253 3, Apr 49,787 45, ,400 9, ,686,863 3, May 54,720 33, ,399 7, ,249,714 4, June 56,628 33, ,546 7, ,494,935 4, Jul. 52,082 33, ,751 7, ,031,280 3, Aug. 53,272 37, ,008 6, ,084,615 3, Sep. 55,137 38, ,389 6, ,271,059 3, Okt. 51,049 38, ,746 7, ,297,712 3, Nov. 56,771 48, ,488 7, ,800,430 4, Dec. 62,699 64, ,583 9, ,194,670 4, Jan. 53,082 50, ,005 5, ,428,356 4, , Feb. 49,590 50, ,934 6, ,046,749 3, Mar. 53,874 86, ,636 7, ,617,775 4, Apr. 49,695 56, ,461 4, ,488,464 4, , May. 50,947 67, ,253 4, ,054,195 4, , Jun. 48,475 69, ,483 4, ,695,414 4, , Jul. 49,616 58, ,551 6, ,137,313 4, , Aug. 46,834 31, ,920 5, ,297,997 4, Sep. 44,177 30, ,250 5, ,843,109 3, Okt. 48,512 30, ,940 4, ,851,988 4, , Nov. 46,355 58, ,167 8, ,213,383 4, , Dec. 46,562 52, ,922 8, ,286,194 4, , Jan. 45,768 41, ,583 8, ,945,246 4, , Feb. 41,821 44, ,641 7, ,358,205 4, , Mar. 42,829 50, ,971 7, ,642,725 4, , Apr. 49,433 41, ,554 7, ,555,167 4, , May 45,679 59, ,698 9, ,559,613 4, , Jun. 41,767 42, ,620 7, ,270,571 4, , Jul. 48,268 42, ,990 7, ,888,382 4, , Aug. 43,445 34, ,053 5, ,569,133 4, , Sep. 45,456 37, ,385 6, ,831,845 4, , Oct. 49,168 42, ,822 6, ,224,341 4, , Nov. 44,787 37, ,189 5, ,952,831 4, , Dec. 48,876 45, ,123 7, ,532,624 5, , Jan. 46,255 39, ,993 7, ,037,607 4, , Feb. 40,589 36, ,039 6, ,560,349 4, , Mar. 43,559 37, ,866 7, ,973,970 4, , Apr. 45,894 59, ,666 12, ,252,726 4, , May 42,584 42, ,496 7, ,441,514 4, , II. - 42

81 FINANCIAL MARKETS AND PAYMENT SYSTEMS 2.8. Payment Cards Number of cards in circulation - cards issued in Slovenia Credit cards 1,5 Debit cards 2 Domestic Under Issued by Issued by Personal Business cards licence banks enterprises cards cards Column =1+2,3+4,5+6 8 Code 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, dec. 738, , , ,876 1,098, ,363 1,284,864 2,486, dec. 787, , , ,891 1,158, ,448 1,378,743 2,626, dec. 849, , , ,540 1,223, ,841 1,461,416 2,611, dec. 888, , , ,363 1,301, ,891 1,531,465 2,742, dec. 943, , , ,496 1,358, ,795 1,588,462 2,502, dec. 950, , , ,983 1,388, ,323 1,606,520 2,534, dec. 1,043, , , ,787 1,459, ,757 1,682,981 2,541, mar. 1,074, , ,406 1,036,330 1,494, ,649 1,728,736 2,545,579 In thousands Volume of payments in Slovenia Cards issued in Slovenia Credit cards 1,5 Debit cards 2 Domestic Under Issued by Issued by Personal Business cards licence banks enterprises cards cards Cards issued abroad 3 Number of payments abroad 4 Column =1+2,3+4, Code ,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, ,909 27,942 35,975 26,876 53,848 9,003 62,851 59,496 7,642 4, ,725 28,711 35,688 25,748 53,310 8,125 61,435 64,520 8,911 4, ,800 28,611 34,069 23,342 51,162 6,248 57,411 68,016 7,814 5, ,747 29,910 33,927 23,730 51,688 5,968 57,656 72,833 8,561 6, ,871 30,180 33,108 23,943 51,539 5,512 57,052 77,028 9,342 7, ,565 31,249 33,798 23,017 51,300 5,514 56,814 82,067 10,170 8, ,111 31,347 34,510 21,947 51,363 5,095 56,458 85,993 9,449 10, I 6,334 7,609 8,323 5,619 12,629 1,313 13,943 21,174 2,025 2,409 Until in mio SIT from in mio EUR Value of payments in Slovenia Cards issued in Slovenia Credit cards 1,5 Debit cards 2 Domestic Under Issued by Issued by Personal Business cards licence banks enterprises cards cards Cards issued abroad 3 Value of payments abroad 4 Column =1+2,3+4, Code ,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, ,131 1,082 1, , ,212 1, ,243 1,243 1,294 1,191 1, ,486 2, ,084 1,280 1,230 1,134 1, ,365 2, ,126 1,360 1,247 1,239 1, ,486 2, ,142 1,348 1,211 1,280 1, ,491 2, ,148 1,332 1,211 1,269 1, ,480 2, ,060 1,279 1,236 1,104 1, ,339 2, I II.

82 FINANCIAL MARKETS AND PAYMENT SYSTEMS 2.9. Other Payment Instruments and Innovative Payment Schemes Value until in mio SIT from in mio EUR Number of ATMs 1 ATMs POS terminals Cheques Travel cheques Volume of transactions at ATMs in thousands Value of transactions at ATMs Number of EFT POS 1 Volume of transactions at POS terminals in thousands 2 Value of transactions at POS terminals 2 Number of encashed cheques in thousands Value of transactions Value issued 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, , , , 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, , , ,643 61,146 4,731 31, ,895 4, ,731 61,567 5,218 33, ,581 5, ,786 61,370 5,356 32, ,991 5, ,814 60,990 5,484 32, ,853 5, ,845 61,378 5,636 34, ,629 5, ,789 59,844 5,653 38, ,513 6, ,775 57,286 5,634 35, ,284 5, I 1,547 14,565 1,019 29,843 30,821 1, II 1,575 15,953 1,229 29,926 33,405 1, III 1,619 15,184 1,236 29,632 32,280 1, IV 1,643 15,444 1,246 31,529 33,388 1, I 1,648 14,536 1,164 31,748 32,496 1, II 1,685 16,040 1,353 32,581 35,316 1, III 1,697 15,275 1,342 33,017 33,238 1, IV 1,731 15,716 1,359 33,490 33,531 1, I 1,731 14,430 1,221 33,815 30,808 1, II 1,753 15,877 1,392 34,139 34,056 1, III 1,779 15,457 1,378 33,155 33,636 1, IV 1,786 15,606 1,365 32,883 34,492 1, I 1,793 14,283 1,247 31,236 31,908 1, II 1,797 15,835 1,424 32,092 35,469 1, III 1,798 15,242 1,410 32,249 35,018 1, IV 1,814 15,630 1,403 32,021 36,458 1, I 1,809 14,552 1,292 31,775 33,453 1, II 1,839 16,038 1,470 30,886 36,694 1, III 1,823 15,362 1,449 33,883 36,125 1, IV 1,845 15,426 1,424 34,167 36,357 1, I 1,829 14,623 1,321 34,082 35,632 1, II 1,807 15,547 1,464 34,974 37,919 1, III 1,789 14,933 1,456 35,794 37,060 1, IV 1,789 14,741 1,411 38,664 37,902 1, I 1,779 13,484 1,284 34,038 34,951 1, II 1,771 14,820 1,451 34,312 38,541 1, III 1,779 14,483 1,460 34,779 38,643 1, IV 1,775 14,499 1,439 35,592 39,149 1, I 1,766 13,537 1,320 35,256 36,980 1, II. - 44

83 FINANCIAL MARKETS AND PAYMENT SYSTEMS Electronic Banking Value until in mio SIT from in mio EUR Natural persons, Sole proprietors Personal computer banking via Internet Users Volume of transactions in thousands Value of transactions Natural persons, Sole proprietors legal persons Natural persons, Sole proprietors Legal persons Legal persons Domestic transactions Cross border transactions Domestic transactions Cross border transactions Domestic transactions Cross border transactions Domestic transactions Cross border transactions Stolpec Koda ,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, ,111 70,287 20, , ,454,449 28,684 25,790,907 3,876, ,210 61,955 24, , , ,711 22, ,337 81,816 27, ,096 1,176 8, ,101 28, ,572 96,401 29, ,585 1,116 8, ,477 21, , ,998 31, ,213 1,226 8, ,317 21, , ,478 32, ,732 1,498 8, ,125 26, , ,608 33, ,855 1,316 8, ,130 23, , ,205 34, ,365 1,366 8, ,831 25, III 592, ,431 8, , , ,041 6,514 IV 595, ,478 8, , , ,172 6, I 605, ,247 8, , , ,780 5,307 II 635, ,020 8, , , ,765 5,505 III 637, ,662 8, , , ,582 5,347 IV 654, ,608 8, , , ,064 7, I 645, ,373 8, , , ,117 5,280 II 658, ,834 8, , , ,563 8,481 III 673,594 99,989 8, , , ,462 5,752 IV 690, ,205 8, , , ,689 6, I 720, ,331 8, , , ,566 8,518 Telebanka in mobilni telefoni Vrednost do v mio SIT od v mio EUR Število transakcij v tisočih Plačilni promet doma Plačilni promet s tujino Vrednost transakcij Plačilni promet doma Plačilni promet s tujino Stolpec Koda , , , ,193 4, III IV I II III IV I II III IV I II.

84 FINANCIAL MARKETS AND PAYMENT SYSTEMS Credit Transfers Value until in milliards SIT from in millions EUR Paper based payment Non-paper based payment Volume (in thousands) Value Volume (in thousands) Value Of which domestic transactions Of which domestic transactions Of which domestic transactions Of which domestic transactions Column Code ,508 86,757 16,277 11, ,004 91,124 23,496 18, ,550 76, ,959 96, ,935 72,533 79,538 71, ,982 65,647 62,860 57, ,051 67,673 57,072 51, ,649 60,358 59,483 55, ,904 51,605 65,330 61, ,593 46,303 40,262 36, II 16,641 16,538 13,503 12, III 15,918 15,834 13,992 12, IV 16,091 15,997 14,137 12, I 15,257 15,173 16,070 15, II 15,556 15,484 12,841 11, III 15,259 15,191 14,171 13, IV 14,577 14,509 16,401 15, I 13,054 12,983 14,069 13, II 13,163 13,080 16,645 15, III 12,887 12,814 16,696 15, IV 12,801 12,728 17,919 16, I 11,749 11,678 12,310 11, II 11,980 11,903 9,836 8, III 11,571 11,501 8,923 8, IV 11,293 11,221 9,193 8, I 9,746 9,674 8,645 7, Value until in milliards SIT from in millions EUR Standing orders Direct credit Volume (in thousands) Value Volume (in thousands) Value Of which domestic transactions Of which domestic transactions Of which domestic transactions Of which domestic transactions Column Code ,484 4, ,434 16,429 6,111 6, ,963 3, ,050 18,049 6,736 6, ,624 4,624 2,105 2,060 21,284 21,284 12,249 12, ,199 4,199 1,977 1,932 21,037 21,037 12,116 12, ,188 4,188 2,611 2,595 20,784 20,784 12,024 12, ,818 3,817 8,881 8,875 20,679 20,679 12,123 12, ,611 3,611 11,831 11,822 19,921 19,921 10,789 10, ,312 3,310 11,345 11,344 9,501 9,501 6,464 6, ,283 2,281 14,210 14,209 3,317 3,317 2,846 2, II ,386 5,386 3,243 3,243 III ,357 1,356 5,289 5,289 3,014 3,014 IV ,875 5,873 5,074 5,074 2,823 2, I ,870 4,867 4,698 4,698 2,875 2,875 II ,413 2,412 5,239 5,239 2,033 2,033 III ,134 2,133 5,284 5,284 3,051 3,051 IV ,413 2,411 4,700 4,700 2,830 2, I ,900 2,900 2,509 2,509 1,678 1,678 II ,057 3,056 2,630 2,630 1,794 1,794 III ,817 2,817 2,608 2,608 1,744 1,744 IV ,571 2,571 1,752 1,752 1,249 1, I ,325 2, II ,522 3, III ,266 4, IV ,097 4, I ,255 4, II. - 46

85 FINANCIAL MARKETS AND PAYMENT SYSTEMS Debit Transfers Value until in milliards SIT from in millions EUR Debit transfers Direct debit Special money order 1 Other debit transfers Volume (in thousands) Value Volume (in thousands) Value Volume (in thousands) Value Of which domestic transactions Of which domestic transactions Of which domestic transactions Of which domestic transactions Of which domestic transactions Of which domestic transactions Stolpec Koda ,934 35, ,746 22,688 5,820 5, ,237 40, ,219 28,144 6,499 6, I II 8,107 8, ,973 5,962 1,163 1,084 III 9,001 9, ,372 5,360 1,224 1,127 IV 9,424 9, ,671 5,658 1,330 1, I 8,228 8, ,305 5,292 1,251 1,144 II 9,121 9, ,667 5,653 1,340 1,251 III 9,207 9, ,670 5,654 1,459 1,340 IV 9,378 9, ,105 6,089 1,770 1, I 9,306 9, ,228 6,213 1,508 1,378 II 9,633 9, ,375 7,357 1,509 1,493 III 10,605 10, ,124 7,105 1,636 1,489 IV 10,694 10, ,491 7,470 1,846 1, ,733 41,733 1,848 1, ,085 4,000 16,124 12, ,506 41,506 1,984 1, ,848 4,743 17,530 13, ,304 46,304 2,219 2, ,324 4,320 13,564 13, ,002 50,002 2,393 2, ,450 4,445 14,047 14, ,431 51,431 2,603 2, ,846 4,837 16,729 16, ,544 41,535 2,167 2, ,582 5,575 24,007 24, ,030 38,674 1,910 1, ,516 10,509 18,388 18, I 9,959 9, ,580 2,869 II 10,469 10, ,757 3,050 III 10,531 10, , ,244 3,350 IV 10,774 10, ,138 1,113 4,543 3, I 10,733 10, ,117 1,093 4,129 3,230 II 9,883 9, ,234 1,208 4,391 3,352 III 9,991 9, ,221 1,195 4,358 3,404 IV 10,898 10, ,276 1,248 4,651 3, I 11,211 11, ,139 1,137 3,144 3,144 II 10,965 10, ,091 1,090 3,048 3,047 III 12,087 12, ,042 1,041 3,668 3,668 IV 12,042 12, ,053 1,052 3,704 3, I 11,877 11, ,022 1,021 3,271 3,270 II 12,335 12, ,134 1,133 3,610 3,609 III 12,841 12, ,107 1,106 3,559 3,559 IV 12,950 12, ,187 1,186 3,608 3, I 12,331 12, ,136 1,135 3,134 3,134 II 12,772 12, ,215 1,211 3,301 3,300 III 12,924 12, ,212 1,210 4,922 4,921 IV 13,404 13, ,283 1,281 5,372 5, I 8,384 8, ,276 1,274 5,135 5,135 II 8,542 8, ,340 1,339 7,009 7,008 III 8,940 8, ,335 1,333 6,297 6,296 IV 8,231 8, ,631 1,630 5,566 5, I 10,549 10, ,544 2,542 5,798 5,797 II 9,687 9, ,644 2,642 4,071 4,070 III 9,421 9, ,658 2,656 3,949 3,948 IV 9,374 9, ,670 2,668 4,570 4, I 9,387 9, ,642 2,640 3,779 3, II.

86 FINANCIAL MARKETS AND PAYMENT SYSTEMS Network of Commercial Banks Commercial banks (Head offices) Network 2 ( ) No. Region 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 ,929 11,258 11,543 11,397 11,534 11,632 11,714 11,878 12,096 11,994 11,787 11,587 11,245 Density of the banking network by local comunities II. - 48