BANK OF SLOVENIA EUROSYSTEM MONTHLY BULLETIN. April 2011 Vol 20 No. 4

Transcription

1 MONTHLY BULLETIN April 2011 Vol 20 No. 4

2 Published by: 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. Damjan KOZAMERNIK, Analysis and Research Mr. Tomaž KOŠAK, Financial Stability Mr. Ernest ERMENC, Accounting Mr. Neven BORAK, Advisor to the Governor Mrs. Danica PRELOVŠEK, Advisor to the Governor Mr. Franc DRENOVEC, Analysis and Research Printed by: Tiskarna Radovljica d.o.o. 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 (print) ISSN X (online) Ta publikacija je na voljo tudi v slovenščini. 2 Monthly Bulletin, April 2011

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

4 4 Monthly Bulletin, April 2011

5 TABLE OF CONTENTS REPUBLIC OF SLOVENIA: General Information I. ECONOMIC AND FINANCIAL DEVELOPMENTS 1. International Environment 2. Economic Activity and Labour Market 3. Price Developments 4. Balance of Payments 5. Public Finance 6. Banking System 7. Domestic Financial Markets II. STATISTICAL TABLES Money and 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: * / 0 1,2,3,... n.a. no occurence not available provisional or estimated corrected data average value less than 0.5 footnote, explained in Notes Methology 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. Monthly Bulletin, April

6 REPUBLIC OF SLOVENIA: GENERAL INFORMATION Measured in: Date or period of data: Area 20,273 km Population 2,046,976 number Population growth 0.14 % Population density number / km Population of City Community Ljubljana 279,653 number Origin of value added: 2009 Agriculture 2.1 % Industry 23.8 % Construction 7.6 % Services 66.5 % % GDP real annual change 1.2 % 2010 Industrial production annual change 7.7 % February, 2011 employment annual change -1.7 % February, 2011 Unemployment rate (ILO definition) 7.8 % Oct. - Dec., 2010 Annual inflation rate 1.7 % April, 2011 General government: revenue 43.5 % BDP 2010 surplus/deficit -5.5 % BDP 2010 Trade balance mio EUR February, 2011 BOP current account mio EUR February, 2011 International reserves mio EUR Foreign exchange reserves mio EUR Net foreign debt 11,492 mio EUR Gross foreign debt 41,922 mio EUR Currency unit since January 2007: Euro (EUR) 1EUR = SIT 6 Monthly Bulletin, April 2011

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

8 ECONOMIC AND FINANCIAL DEVELOPMENTS I.-2 Monthly Bulletin, April 2011

9 According to the IMF s April forecasts, global economic growth is expected to reach 4.4% this year, which is above the long-term average. The developing countries will account for just over 70% of the growth. The IMF raised its economic growth forecast for the euro area to 1.6%, primarily as a result of higher growth in Germany. For the US, where economic growth slowed significantly in the first quarter, the forecast was reduced to 2.8%, largely due to an increased need for fiscal consolidation and the ongoing uncertainties surrounding the labour market and the real estate market. There are significant risks on the downside to the global growth related to a worsening of the fiscal crisis in the peripheral euro area countries, high growth in commodity prices and the overheating of certain major developing economies. Inflation reached 2.8% in the euro area in April. In line with its medium-term price stability target the ECB raised its key interest rate to 1.25%. This contributed to the appreciation of the euro against other major currencies. Growth in industrial production and transportation in Slovenia remained relatively high in February. At the same time certain indicators show a positive growth in household consumption, although it remains low. Year-on-year growth in industrial production stood at 7.7% in February. The growth of more than 10% in the production of capital goods was related to the high growth in imports and exports of these goods, and the relatively low capacity utilisation. With merchandise trade growing, turnover in transport services continued to grow rapidly. The favourable movements in certain indicators of foreign demand point to a continuation of growth in export-oriented sectors at the beginning of the second quarter. The movements in turnover in the majority of trade segments and in certain other service sectors show growth in household consumption in the first quarter, although it remains low as a result of adverse situation in the labour market. Activity in the construction sector continues to decline, with high fluctuation in growth in residential construction. Amid the continuation of a slow economic recovery, the economic sentiment indicator is showing a gradual increase in confidence. In March the number of registered unemployed decreased slightly from the previous month to reach 113,900. The rate of registered unemployment stood at 12.3% in February, whereas the seasonally adjusted survey rate stood at 8.0%. The workforce in employment in the public and private sectors in February recorded no significant change from January. Year-on-year growth in employment in the public sector has been declining since December, and employment in the public administration sector was down 1.1% in year-on-year terms in February, in line with the need for fiscal consolidation. The future employment expectations indicator has for some time shown an increase in optimism in manufacturing, while in the construction sector pessimism still prevails. Year-onyear growth in the average gross wage stood at 4.3% in February, up 1 percentage point from January, primarily as a result of bonus payments in the pharmaceutical industry. Despite a rise in prices of goods and services in April relative to the previous month, year-on-year growth in prices declined by 0.4 percentage points to 2.0%. This was largely the result of base effects. The government continued to reduce excise duties on motor fuels in April, thus mitigating the pass-through of higher oil prices on global markets. The core inflation indicators fell by 0.2 percentage points in April. The current account deficit widened in the early part of this year. It stood at EUR 171 million over the first two months of the year, primarily as a result of a deficit in merchandise trade. Since the final quarter of last year domestic demand has been strengthening alongside foreign demand, which is being reflected in slightly higher growth in imports of capital goods and consumer goods. With the surplus of trade in services declining, the net outflows in factor income and transfers also contributed to the deficit. The cumulative current account deficit over the last 12 months stood at EUR 433 million in February or 1.2% of estimated GDP. In line with the Stability Programme this year s general government deficit according to the ESA 95 will stand at 5.5% of GDP, similar to last year. Of this, 0.7% of GDP is the result of the recapitalisation of NLB. In light of the planned measures on the expenditure side and given the adoption of the planned structural reforms, the deficit is expected to fall below 3% of GDP by 2013 in line with the Stability and Growth Pact. The general government debt is planned to reach 43.3% of GDP by the end of the year. The wording of the Economic and Financial Developments section was approved by the Governing Board of the Bank of Slovenia on 3 May 2011.

10 ECONOMIC AND FINANCIAL DEVELOPMENTS 1 International Environment Global economic growth in the first quarter of the year remained primarily under the influence of rapid growth in emerging and developing economies. The IMF s April forecasts were for global economic growth of 4.4% this year and 4.5% next year. Growth in emerging and developing economies is expected to stand at 6.5% in both years. The euro area is expected to record growth of 1.6% this year, and 1.8% in The forecast for both years was up 0.1 percentage points on January s forecasts, primarily as a result of faster growth in Germany. There is nevertheless a significant risk of lower growth in the euro area, as the required yields on government bonds in the periphery countries again increased sharply in April, and Portugal asked the EU and the IMF for financial assistance. Under the influence of weakness on the labour market and the real estate market, and the need for fiscal consolidation, the IMF cut its economic growth forecast in April for the US in 2011 by 0.2 percentage points relative to the January forecast to 2.8%, while raising the forecast for 2012 by 0.2 percentage points to 2.6%. Rising inflationary pressures, particularly high growth in commodity prices and food prices, could lower global economic growth Economic activity forecasts for 2011 annual GDP growth, % Consensus USA Consensus Eastern Europe Consensus Euro Area IMF - USA IMF - Euro Area Source: : Consensus Economics, IMF The latest available figures for industrial production in the euro area and the US confirm the continuing recovery of the largest economies. Industrial production in the euro area in February was up 0.4% on January, non-durable consumer goods recording the highest growth, while industrial production in the US in March was up just under 1% on February. The largest year-onyear growth in both economies was recorded by capital goods and business equipment, an indication of the renewal and increase of corporate production capacity. The volume of retail trade in the euro area remained practically unchanged in February, while real retail sales in the US was unchanged in March in monthly terms, the year International Environment projections for 2011 GDP y-o-y growth, % q-o-q growth, % Euro area Q4 10* 0.3 Q4 10* 1.6** USA Q1 11* 0.4 Q1 11* 2.8** Commodities, USD prices: Primary, total Apr.11 - industrial Apr.11 Food Apr.11 Oil (Brent, USD/barrel) Apr.11 Inflation Euro area Apr.11 USA Mar.11 Central banks' interest rates % at the end of period Euro area Apr.11 USA Apr.11 Sources: Bloomberg, Consensus, The Economist (Bank of Slovenia calculations for Commodities, USD prices), Eurostat, Bureau of Economic Analysis (BEA). Notes: *Seasonally adjusted data Eurostat for the euro area and for the US, **IMF, April I.-2 Monthly Bulletin, April 2011

11 ECONOMIC AND FINANCIAL DEVELOPMENTS Commodities oil North Sea Brent (in USD; left) commodities (index 2000 = 100) of which: industry (index 2000 = 100) food (index 2000 = 100) y-o-y in % Inflation euro area euro area core* USA USA core** * excl. energy and unprocessed food ** excl. energy and food Source: The Economist, Bloomberg. Source: Eurostat, U.S. Department of Labor. on-year rate of growth standing at just over 4%. A decline in growth in final consumption was the main reason for the slowdown in quarterly economic growth in the US from 0.8% in the final quarter of 2010 to 0.4% in the first quarter of this year. The construction output in the euro area recorded a year-on-year increase in February for the first time since June The economic sentiment indicator in the euro area remains above its long-term average, while consumer confidence in the US rose again. The economic sentiment indicator calculated by the European Commission declined in all its sub-components in April, with the exception of construction. After falling sharply in March, consumer confidence rose in the US rose in April, primarily as a result of slightly better employment expectations. The unemployment rate remains high: in March it remained unchanged in the euro area at 9.9%, but fell to 8.8% in the US. Monthly Bulletin, April 2011 Year-on-year inflation stood at 2.8% in the euro area in April, up 0.1 percentage points on the previous month, and at 2.7% in the US in March, up 0.6 percentage points on February. There was a sharp yearon-year rise in energy prices in both economies in March, the rate exceeding 10%. Core inflation in March stood at 1.5% in the euro area, up 0.4 percentage points on the previous month, and at 1.2% in the US, up 0.1 percentage points on February. Under the influence of higher energy prices, producer prices also rose, recording yearon-year growth of 6.6% in the euro area in February and 5.8% in the US in March. Prices of oil and other commodities rose again in April. The price of a barrel of Brent crude rose in April under the influence of continuing political unrest in several countries in North Africa and the Middle East. It averaged USD during the month, up 3.2% on March. The continuing uncertainty in the euro area periphery countries and the anticipated bailout for Portugal were the main factors in gold reaching record heights. Other precious metals and commodities also rose in price. Prices of primary commodities and food prices rose again in April after recording a temporary fall in March: commodity prices were up 40.0% in year-on-year terms, while EUR/USD exchange rate and central banks' interest rates ECB main refinancing operations (%, left) Fed Funds (%, left) EUR/USD (right) Source: ECB, Federal Reserve I.

12 ECONOMIC AND FINANCIAL DEVELOPMENTS food prices were up 45.2%. The ECB raised its key interest rate in April, which led to the euro rising against other major currencies. At its April meeting the ECB raised its key interest rate for the first time in almost two years by 0.25 percentage points to 1.25% in the light of upside risks to price stability. The Federal Reserve left its key interest rate unchanged in April, while the Chinese central bank raised it again by 0.25 percentage points. The euro averaged USD 1.44 in April, having appreciated by 3.2% on March Export orders *y-o-y growth rate in %, **seasonally adjusted balance real new orders in industry non domestic market* expected export order-books** export order-books** Economic Real sector Activity and Labour Market After declining in January, industrial production increased by 1.7% in monthly terms in February, the demand indicators suggesting further increases in the next few months. All of the components contributed to February s increase in industrial production. As a result of the higher basis compared with January, year-on-year growth declined to just under 8%. Monthly growth continued to slow in the early part of this year, which given the strong dependence on foreign demand was in line with the lower growth in imports and industrial production in the EU27. This year s rise in the survey indicators of export orders and export expectations and the growth in the -80 Source: SORS real value of new orders suggest stronger foreign demand in the second quarter. The real value of orders from domestic market has begun to slowly increase since the final quarter of last year. Growth in industrial production in Slovenia has been faster in tracking industrial production in Germany than has the EU27 average since the second half of last year. As a result of the successful exploitation of rising international trade, by February industrial production in Germany had risen by a quarter from its low point during the crisis in April Slovenia followed with an increase of 18% over the same period, which outpaced overall growth in industrial production in the EU27 by 4 percentage points. The main factor in this was the faster -80 Volume of production and employment in industry Industrial production volume real indices, 2005 = 100* persons in employment, rhs industry total manufacturing activities electricity, gas, steam in thousand y-o-y in %; 3-month moving averages *seasonally and working days adjusted data Slovenia EU27 Germany Source: SORS. Source: Eurostat, Bank of Slovenia calculations. I.-4 Monthly Bulletin, April 2011

13 ECONOMIC AND FINANCIAL DEVELOPMENTS Construction y-o-y in %; 3-month moving averages *Real value of construction put in place Source: SORS, Bank of Slovenia calculations. persons in employment, rhs residential buildings* non-residential buildings* total construction* civil engineering works* Real value of construction put in place y-o-y in %; seasonally adjusted Slovenia -30 EU Source: Eurostat, Bank of Slovenia calculations growth since the second half of last year, when the positive difference in year-on-year rates of growth has averaged around 1.3 percentage points. Economic Activity After relatively favourable monthly developments in December and January, the crisis in the construction sector deteriorated again in February. After two months of recording growth of 5%, the value of construction put in place in February was down 8% in real terms on the previous month, one of the largest monthly declines since the outbreak of the crisis. The decline in activity was particularly pronounced in the construction of residential buildings, at almost 60%, where the large fluctuations in growth reflect the high uncertainty in this segment. In the other segments of the construction sector activity also declined in monthly terms in February, albeit significantly less than in the residential segment. According to seasonally adjusted figures, the value of construction put in place in the first two months of the year was down around 12% in year-on-year terms, while it stagnated in the EU27. Nominal turnover in the private sector services increased significantly in January, the rate of growth outpacing the EU27 average since the second half of last year. Turnover was up 5.5% on December, and up Jan.-Feb. Jan.-Feb. Feb. Feb. annual real growth in % Industrial production * Inventories Productivity in manufacturing Construction: total ** Buildings Civil engineering Trade (turnover) retail trade Retail trade except automotive fuel Food, beverages, tobacco Non-food (except automotive fuel) Retail trade and repair of motor vehicles Tourism (overnights) 1.8*** Sources: SORS, Eurostat, Bank of Slovenia calculations. Notes: Differences from official numbers are due to rounding. Data are unadjusted for seasonal and working days effects. * Volume of industrial production. ** Real value of construction put in place. *** Old methodology. Monthly Bulletin, April I.

14 ECONOMIC AND FINANCIAL DEVELOPMENTS nominal turnover in private sector's services Confidence indicators 35 y-o-y in %; seasonally adjusted Slovenia (services G..N according to NACE Rev. 2)* EU27 (services G..N according to NACE Rev. 2)* 20 * services required by STS regulation Source: Eurostat, Bank of Slovenia calculations points of balance, seasonally adjusted total economy consumers manufacturing activities retail trade services construction Source: SORS % in year-on-year terms as a result of the low basis. Turnover in wholesale trade recorded relatively high growth in the early part of this year, in connection with the increase in merchandise trade. The latter is bringing rapid growth in turnover in transport services, growth in which is strongly outpacing the EU27 average. The year-onyear rates of growth were also positive in the majority of services that depend primarily on domestic demand. Quarterly growth in volume turnover in retail trade remained low in the first quarter of this year. It stood at just under 1%, primarily as a result of a 3% monthly decline in March. Turnover in trade with non-foodstuffs other than motor fuels continued to stagnate, while trade in motor fuels again recorded high growth. The latter was seasonally and working days adjusted indices, 2005 = 100 total retail trade total retail trade (except automotive fuel) non-food (except automotive fuel) trade, repair of motor vehicles and motorcycles Source: SORS. Volume turnover in trade sectors partly related to the continuing expansion of transport services. With the number of new vehicle registrations rising, turnover in the trade and repair of motor vehicles continued to record pronounced growth, the year-on-year rate exceeding 14% in the first quarter. Turnover in trade is indicating that growth in household consumption remains low, under the influence of the real decline in the gross wage bill. The economic sentiment indicator is showing a gradual increase in confidence in the economy. In April it was up 2 percentage points on the previous month. Business confidence increased in the manufacturing and service sectors. It also increased in the retail sector, where its fluctuations have been unusually large this year. The indicators of foreign demand in the manufacturing sector remained relatively high, and demand also increased in the service sector. In the retail sector there was a sharp rise in the sales indicator, which has fluctuated markedly this year. The consumer confidence and construction confidence indicators remain strongly negative. Labour market Although the number of registered unemployed fell slightly in March, the fall was small compared with the usual seasonal trend. The total number of registered unemployed stood at 113,900 in March, down 1.4% on February, compared with the average March fall of 2.4% in the eight years before the crisis. Inflows from unemployment into employment recorded the largest I.-6 Monthly Bulletin, April 2011

15 ECONOMIC AND FINANCIAL DEVELOPMENTS increase: they stood at 6,800 in March, having stood at 4,900 in February. Despite the encouraging employment figures the number of new hires of unemployed people reached a record level in March it should be noted that this intensive employment largely reflects the high number of registered unemployed. The proportion of unemployed people moving into employment in March stood at 6.0%, comparable to the pre-crisis level, and up around 1 percentage point on last March. This March s inflows into unemployment were similar to last March in absolute terms. The registered unemployment rate stood at 12.3% in February, while the seasonally adjusted surveyed unemployment rate stood at 8.0%. The workforce in employment in the private sector in February remained practically unchanged from the previous month, the year-on-year decline slowing slightly to reach 2.3%. The workforce in employment in construction continued its fall, the year-on-year decline accelerating from 13.3% in January to 13.9% in February. Among the other major sectors, the year-on-year decline in % Registered unemployment y-o-y change (right axis) registered unemployment rate Source: Employment Service of Slovenia, Bank of Slovenia calculations. remains relatively large in accommodation and food service activities (3.7%) and manufacturing (3.0%), although the latest figures for the workforce in employment in February showed a slight increase from January. By contrast, the workforce in employment continues to record strong year-on-year growth in professional, scientific and techni Labour Market Mar Feb.11 Feb. Jan. Feb. Mar. EUR Average gross wage 1,391 1,439 1,495 1,504 1,431 1,496 1, annual growth in % Average net wage Average gross wage Private sector (excl. O..R)* Public sector (O..R)* Real wage** Unemployment rate - Unemployment rate (Eurostat) Registered unempl. rate (SORS) thousands Registered unemployed persons Persons in employment Persons in paid employment annual growth in % Registered unemployed persons Persons in employment Persons in paid employment Sectors: - Private (excl. O..R)* Public (O..R)* Sources: Statistical Office of the Republic of Slovenia, Bank of Slovenia calculations. Notes: * Sections of NACE Rev. 2 classification. ** CPI deflator. Monthly Bulletin, April I.

16 ECONOMIC AND FINANCIAL DEVELOPMENTS Advertised and filled job vacancies, new registered unemployed cal activities (3.2% in February), and slightly lower growth in information and communication activities (1.1% in February). The employment expectations indicator suggests an improvement in the situation in manufacturing, but remains very low in the construction sector. Employment expectations have deteriorated in recent months in the service sector, but have improved in the retail sector. The workforce in employment in the public sector in February was up by 0.3% on January, the year-on-year rate of growth declining by 0.2 percentage points to 0.5%. Here the most notable development was in the workforce in employment in public administration, which after a long y-o-y growth rates in % Expected employment seasonally adjusted balances; 3-month moving averages Source: SORS. job vacancies (3-month m. a.) filled vacancies (3-month m. a.) new unemployed (seas. adj.) Source: Employment Service of Slovenia, Bank of Slovenia calculations. manufacturing services construction retail trade wage bill and average monthly gross wage per employee y-o-y growth in % private sector wage bill* public sector wage bill (O..R)* average private sector gross wage average public sector gross wage (O..R) *The wage bill is calculated as the product of the average gross wage for employees of legal persons who received pay and the total number of employees of legal persons. Source: SORS, Bank of Slovenia calculations. period of increase has begun to fall: the year-on-year decline stood at 1.1% in February, 0.5 percentage points more than in January. The average gross wage per employee in February was up 4.3% in year-on-year terms at EUR 1,494. The average gross wage in the private sector was up 5.7% in February, while the average gross wage in the public sector 1 increased by 0.4%. The increase in the private sector was primarily the result of high wages in the pharmaceutical sector, where the bonus payments typically made in March were paid in February this year. This resulted in the sector recording extremely high year-on-year growth of 81.0% in the average gross wage. Under the influence of these bonus payments, the average gross wage in manufacturing increased by 10.1%. The average gross wage in construction was also up sharply in yearon-year terms. This was most likely the result of job losses primarily among low-paid workers with low qualifications: with the workforce in employment in construction down 14% in year-on-year terms, the average gross wage was up 6.4%. According to the calculation covering all corporate employees, year-on-year growth in the total wage bill in February stood at 2.4% in the private sector, and 0.7% in the public sector The public sector and private sector are distinguished according to the standard classification of economic activities. Thus the public sector includes public administration, education, health and culture. The weakness in this indicator is that it includes legal entities that do not fall within the public sector. I.-8 Monthly Bulletin, April 2011

17 ECONOMIC AND FINANCIAL DEVELOPMENTS Selected competitiveness indicators The harmonised index of the nominal effective exchange rate rose in March in monthly terms for the second consecutive month, which led to a slight reduction in the year-on-year depreciation. The harmonised index of the nominal effective exchange rate in March was up 0.4% on the previous month. The euro rose 2.6% against the US dollar, 1.5% against the Japanese yen and 2.4% against the pound sterling, but fell 0.8% against the Swiss franc. The euro s rise against the majority of other major currencies was influenced by the expectations of a rise in the ECB s key interest rate and the release of favourable economic and commercial results in certain euro area countries. As a result of the monthly appreciation and a base effect, the year-on-year depreciation in the nominal effective exchange rate declined from 1.1% in February to 0.3% in March Harmonised price competitiveness indicator (40 countries and rest of euro area countries) y-o-y growth, % HCIs are deflated with HICP for EU countries and CPI for all other countries. Source: ECB. Slovenia Austria Italy Germany France Monthly appreciation in the harmonised index of the real effective exchange rate in March, as measured by consumer prices, was the result of the movement in the nominal effective exchange rate, while the effect of domestic prices was negligible. As a result of the monthly appreciation and a base effect, the year-onyear depreciation declined from 1.9% in February to just under 1% in March. The slower year-on-year growth in domestic prices than in the basket of foreign prices contributed 0.6 percentage points, while the year-on-year depreciation in the nominal effective exchange rate contributed the remaining 0.3 percentage points. According to the harmonised indicator, the gap by which Slovenia s price competitiveness trails that of its main euro area trading partners narrowed slightly in early The harmonised index of price competitiveness in March was up 0.4% on the previous month, 0.3 percentage points less than the average monthly change in the main euro area trading partners. In March, Slovenia s price competitiveness indicator depreciated by just under 1% year-on-year, compared with an average year-on-year depreciation of 1.5% in the main euro area trading partners. Price competitiveness is being maintained best in Germany, where the index was down by 2.0% in year-on-year terms in March Harmonised competitiveness indicators (40 countries and rest of euro area countries) Harmonised price competitiveness indicator (40 countries and rest of euro area countries) y-o-y growth in % Source: ECB. difference in price growth nominal real HICP index 1999 Q1 = 100 Source: ECB. HCIs are deflated with HICP for EU countries and CPI for all other countries. Slovenia Austria Italy Germany France Monthly Bulletin, April I.

18 ECONOMIC AND FINANCIAL DEVELOPMENTS Real harmonised competitiveness indicator GDP deflator (20 countries and rest of euro area countries) y-o-y growth rates in % Slovenia Germany France Austria Italy Source: ECB Real harmonised competitiveness indicator ULC total economy (20 countries and rest of euro area countries) y-o-y growth rates in % Slovenia Germany France Austria Italy Source: ECB The harmonised competitiveness indicator as measured by the GDP deflator, which reflects the general level of prices in the economy, depreciated last year in Slovenia, but less than in the main euro area trading partners. 2 Slovenia s competitiveness as measured by this indicator improved by just over 2% on average. The indicator in the final quarter was down just 0.1% on the previous quarter, the smallest quarterly decline last year. In the main trading partners the indicator in the final quarter was up 0.6% on average from the previous quarter. This reduced the gap by which Slovenia's competitiveness measured in this way trails that in the other Real harmonized competitiveness indicator - GDP deflator (20 countries and rest of euro area countries) index 1999 Q1=100 Slovenia Germany France Austria Italy countries. The indicator in the final quarter was also down in year-on-year terms, by 2.9%, the largest decline in any quarter last year. The average year-on-year decline in the indicator in the main euro area trading partners in the final quarter of last year was 3.9%. The aforementioned competitiveness indicator recorded a year-on-year depreciation in the final quarter of 4.4% in Italy, 2.0% in Austria, 5.6% in Germany and 3.7% in France. Slovenia s cost competitiveness improved last year, although by less than the average improvement in the main euro area trading partners. The harmonised indicator of cost competitiveness as measured by unit Real harmonized competitiveness indicator - ULC total economy (20 countries and rest of euro area countries) index 1999 Q1=100 Slovenia Germany France Austria Italy Source: ECB Source: ECB. 2 The European Commission also publishes price and cost competitiveness indicators (( db_indicators8642_en.htm). These differ from those of the ECB because of methodological differences resulting from the countries covered, the different sources for the deflators and the data conversion methods. I.-10 Monthly Bulletin, April 2011

19 ECONOMIC AND FINANCIAL DEVELOPMENTS labour costs in the total economy recorded a depreciation of 1.4% in Slovenia last year, compared with an average depreciation of 2.7% in the main trading partners. The aforementioned indicator in the final quarter recorded a depreciation of 0.8% relative to the previous quarter in Slovenia, compared with an average appreciation of 0.9% in the main trading partners. As a result of the quarterly depreciation and a base effect, the indicator recorded a year-on-year depreciation of 2.5% in the final quarter. The depreciation averaged 3.8% in the main trading partners. The significant fall in employment in certain sectors of the economy and the rise in labour productivity in the context of higher economic activity brought a sharp reduction in nominal unit labour costs in Slovenia last year, but by less than the average in the main trading partners. 3 Price Developments Year-on-year inflation as measured by the HICP in April was down 0.4 percentage points on the previous month at 2.0%, primarily as a result of a fall in prices of manufactured goods and services. After diminishing for two months, the year-on-year fall in prices of non-energy industrial goods increased again in April by y-o-y growth in % HICP growth rates Slovenia excluding energy, food, alcohol and tobacco euro area excluding energy, food, alcohol and tobacco Source: SORS, Eurostat; Banka of Slovenia calculations. 0.2 percentage points to 1.3%. The main reason was in the smaller monthly rise in prices of clothing and footwear compared with last April. Energy prices in April were up 1.1% on the previous month, as a result of movements in oil prices on global markets. Year-on-year growth nevertheless declined by 1.4 percentage points to 10.0% as a result of base effects. The government continued to reduce excise duties on motor fuels in April, thus mitigating the pass-through of higher oil prices on global markets. The year-on-year fall in services prices stood at 0.4% in April, 0.2 percentage points more than in March. This was primarily the result of a fall in prices of telephone and internet services and healthcare prices. Year-on-year Price Developments Average of last Mar.11 Apr.11 Apr.10 Apr months y-o-y growth, % monthly growth, % HICP services industrial goods excluding energy food energy Core inflation indicators excluding energy excluding energy, food, alcohol, tobacco PPI Feb.11 Mar.11 Mar.10 Mar.11 total domestic non-domestic Sources: SORS, Eurostat; Bank of Slovenia calculations. Note: Figures may not sum up to official figures due to rounding. Monthly Bulletin, April I.

20 ECONOMIC AND FINANCIAL DEVELOPMENTS growth in food prices in April declined by 0.2 percentage points to 5.0%, as a result of a decline of 0.5 percentage points in growth in prices of processed food to 4.3%. At the same time growth in prices of unprocessed food increased by 0.4 percentage points to 6.5%, because of prices of fruit and fish, prices of vegetables and meat having fallen. The adverse situation in the macroeconomic environment is still resulting in a low level of core inflation via low consumption and the impact on cost factors. All the core inflation indicators were down 0.2 percentage points in year-on-year terms in April. Core inflation excluding energy, food, alcohol and tobacco fell to -0.8% in April. Core inflation excluding energy and core inflation excluding energy and unprocessed food fell to 0.7% and 0.2% respectively. The decline in the real gross wage bill is continuing to bring low household consumption. This has resulted in volume turnover in the retail sector remaining low, which is limiting retailers possibilities of raising prices, and is acting to curb the core inflation trend. The main factors in March s increase in year-on-year inflation were rises in prices of cultural services, sports equipment and meat. The contribution made by energy prices declined again. Prices of cultural services in March returned to their level of January, as the effect of the one-off cut in the prices of radio and TV subscription. This led to an increase in year-on-year growth in prices of cultural services to 34.4%, taking their contribution to inflation to 0.4 percentage points. After falling for three months, prices of sports equipment rose in March, by 18.8%, the largest monthly rise since November The rise in food prices on global markets is also being reflected in meat prices. Their contribution to year-on-year inflation rose from zero to 0.1 percentage points in March. The largest contribution to inflation continued to come from energy prices, prices of fuels and lubricants and prices of liquid fuels in particular. With year -on-year growth in energy prices declining for the second consecutive month, their contribution to inflation again declined by 0.1 percentage points, to stand at 1.5 percentage points in March. The fall was the result of base effects, and the adjustment in excise duties on motor fuels. However, prices of heating oil rose slightly, despite cuts in excise duties. After peaking in January, prices of fruit and vegetables fell in monthly terms for the second consecutive month. Year-on-year growth in vegetables showed a particular decline, by 3.3 percentage points to 8.2%, largely as a result of a fall in import prices in Slovenia s main food trading partners, Italy and Croatia. At the same time seasonal prices of food in Slovenia are much more volatile than in comparable countries. Retailers raised their prices of clothing and footwear in March as new collections were introduced, but by less than in the same month last year. Year-on-year growth in prices of clothing and footwear was thus down 1.3 percentage points and 4.3 percentage points respectively. The yearon-year fall in car prices has been slowing this year, reaching 8.0% in March year-on-year growth, % HICP energy services other goods food - unprocessed food - processed food Individual price categories Source: SORS, Bank of Slovenia calculations Producer prices on domestic market year-on-year growth rates in % total intermediate goods capital goods consumer goods energy Source: SORS, Banka of Slovenia calculations I.-12 Monthly Bulletin, April 2011

21 ECONOMIC AND FINANCIAL DEVELOPMENTS Industrial producer prices on the domestic market rose in monthly terms in March, although the year-on -year rate of growth remained unchanged. Industrial producer prices on the domestic market in March were up 0.5% on February, primarily as a result of rises in commodity prices on global markets. The highest growth was thus recorded by prices of consumer goods and commodities. The sectors recording the highest price rises were the manufacture of coke and refined petroleum products, the manufacture of leather and related products and the manufacture of basic metals. The largest monthly price falls were recorded by the manufacture of computer, electronic and optical products. Year-on-year growth in industrial producer prices remained unchanged in March at 4.8%. 4 Balance of Payments Current account The current account deficit has widened in the early part of this year. It reached EUR 130 million in February, and together with January s deficit of EUR 40 million, it meant that the seasonally high deficit in the final quarter of last year had already been surpassed. The cumulative current account deficit over the 12 months to February stood at EUR 433 million, or 1.2% of estimated GDP. The largest factor in the current account deficit during the first two months of the year was the merchandise trade deficit, which was larger than the surplus of trade in services. The trend monthly growth in merchandise trade seen in the final quarter of last year peaked this January, and slowed in February. The trend monthly growth in merchandise trade was around 30% annualised in January, but slowed to just fewer than 20% in February. The annualised trend growth in merchandise imports outpaced growth in merchandise exports by just over 5 percentage points. With the trend rates slowing, year-onyear growth in merchandise trade also declined slightly in February. The increase in foreign demand last March brought a sharp increase in growth in merchandise trade, thus raising the basis for the year-on-year comparison. Year-on-year growth in merchandise trade will therefore gradually decline from March. As a result of the low basis from last year, year-onyear growth in merchandise imports and exports was still relatively high in February, at more than 20%. Merchandise exports amounted to EUR 1,596 million in February, up 20.3% in year-on-year terms, while imports were up 20.6% at EUR 1,707 billion. The result of these movements in merchandise trade was a deficit of EUR y-o-y in % balance, mio EUR exports, y-o-y in % imports, y-o-y in % Goods trade Source: Bank of Slovenia. Current account components in % BDP, 3-month moving sums Source: Bank of Slovenia. current account goods services factor income current transfers mio EUR According to the SORS figures (fob for exports, cif for imports), and excluding any adjustments in coverage (explained in the Methodological Notes appendix to the bulletin), the trade deficit in February stood at EUR 135 million. Monthly Bulletin, April I.

22 ECONOMIC AND FINANCIAL DEVELOPMENTS 111 million. 3 The cumulative deficit over the 12 months to February stood at EUR 1,039 million or 2.9% of GDP, compared with 2.1% of GDP a year earlier. The movements in the survey indicators of export orders and export expectations suggest a continuation of the positive trend growth in merchandise trade. The seasonally adjusted indicator of export orders in manufacture stood at -2 percentage points in the first quarter, compared with -10 percentage points in the final quarter of last year. In March it was positive for the first time since January 2008, and increased further in April. Further evidence of the favourable movements in merchandise exports comes from the export expectations indicator, where the percentage of surveyed companies expecting merchandise exports to rise was up 4 percentage points on the final quarter of 2010 at 29 percentage Balance of Payments points, and remained at a relatively high level in April. The gap by which growth in merchandise exports to EU Member States is outpacing growth in merchandise exports to non-eu countries also narrowed in February. Merchandise exports to EU Member States during the first two months of the year were up 22.5% in year-on-year terms, while exports to non-eu countries were up 22.0%. On the import side, merchandise imports from EU Member States are picking up pace, the gap by which the rate trails growth in imports from non-eu countries declining to just under 1 percentage point in the early part of this year. Merchandise imports were up 23.1% in year-on-year terms overall, as imports from EU Member States were up 22.9%, and imports from non-eu countries were up 23.7%. The overall merchandise trade deficit in the first two months of the year stood at EUR last months. Jan.-Feb. Jan.-Feb. Feb. Feb. flows in EUR millions Current account % of GDP Goods and services % of GDP Openness coefficient Exports 20,468 22,744 23,367 3,138 3,761 1,612 1,901 % of GDP Goods 16,167 18,381 18,953 2,555 3,127 1,327 1,596 Services 4,301 4,363 4, Tourism 1,800 1,743 1, Transportation 1,059 1,149 1, Imports -20,053-22,660-23,354-3,097-3,791-1,634-1,953 % of GDP Goods -16,866-19,354-19,992-2,663-3,300-1,416-1,707 Services -3,187-3,306-3, 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.-14 Monthly Bulletin, April 2011

23 ECONOMIC AND FINANCIAL DEVELOPMENTS 206 million. The merchandise trade deficit with EU Member States stood at EUR 209 million, while merchandise trade with non-eu countries generated a small surplus. Alongside the growth in exports of intermediate goods, exports of capital goods and consumer goods have also been rising since the final quarter of last year. Exports of intermediate goods during the first two months of the year were up 26.7% in year-on-year terms, while exports of consumer goods were up 17.4%, and exports of capital goods were up 16.2%. Growth in exports of intermediate goods to EU Member States remains high at over 29%, while exports of consumer goods and capital goods to non-eu countries increased sharply. Exports of capital goods were up just over 29% in year-on-year terms, while exports of consumer goods were up just under a quarter. Similarly to the export side, the breakdown of merchandise imports by economic purpose has also altered in the early part of this year. The largest year-onyear increase was recorded by imports of intermediate goods, at 24.2%, as a result of the high import component in exports. This was followed by imports of capital goods, which were up 22.0% in year-on-year terms, while the slower recovery in final consumption meant that imports of consumer goods recorded growth of 20.9%. The year-on-year increase in imports of capital goods and consumer goods from non-eu countries exceeded the increase in imports from EU Member States by just over a third Source: Bank of Slovenia The gap by which year-on-year growth in merchandise trade is outpacing growth in services widened slightly in February. In the first two months of this year exports of services grew by 8.8% in year-on-year terms, and imports by 13.0%. With imports of services growing faster than exports, the surplus of trade in services declined by EUR 5 million in year-on-year terms to EUR 144 million. Transport services are growing faster than services overall, but are nevertheless being outpaced by growth in the merchandise trade. Transport services were up 13.5% in year-on-year terms on the revenue and expenditure sides, the surplus increasing by EUR 7 million to EUR 62 million. Growth in trade in communication services remains high: revenues were up 27.2%, while expenditures were up 41.1%. Despite a year-on-year contraction in revenues from construction services and a simultaneous increase of almost 20% in expenditures, there remained a small surplus over the first two months of the year, at EUR 5 million. Fast year-on-year growth in expenditures on intellectual property rights continued in February. Expenditures during the first two months of the year were up 33.6%, and were one of the fastest-growing service expenditures alongside expenditures on imports of communication services. Tourism trade increased in the early part of the year. Revenues were up 7.2% in year-on-year terms, while expenditures were up 2.2%. The surplus of trade in tourism services increased in year-on-year terms to EUR y-o-y in % Trade in services balance, mio EUR exports, y-o-y in % imports, y-o-y in % mio EUR Net interest payments on loans, bonds and debentures net interest payments in EUR mio loans commercial banks bonds and debentures government bonds and debentures commercial banks Source: Bank of Slovenia Monthly Bulletin, April I.

24 ECONOMIC AND FINANCIAL DEVELOPMENTS million, thereby accounting for the majority of the total surplus of trade in services. The increase in tourism revenues was a reflection of the year-on-year increase of 4.7% in the number of arrivals and overnight stays by foreign guests during the first two months of the year. The deficit in factor income over the first two months of the year widened by just under a fifth in year-onyear terms to EUR 125 million. The cumulative deficit over the 12 months to February stood at EUR 614 million or 1.7% of GDP, up 0.4 GDP percentage points on a year earlier. The surplus in labour income stood at EUR 18 million, while the net outflow of capital income stood at EUR 143 million. The smallest year-on-year increase was recorded by net outflows from direct investments, which at EUR 88 million accounted for two-thirds of the deficit in capital income. Net reinvested and undistributed earnings accounted the vast majority (EUR 76 million) of direct investments deficit. Net interest payments on loans from the rest of the world increased slightly, primarily as a result of the renewed rise in interest rates, to stand at EUR 30 million. Slovenia has been restructuring its external debt since the outbreak of the economic and financial crisis. Loans from the rest of the world have been declining, and issued government and bank debt securities have been increasing. Because the majority of the issued bonds are purchased by non-residents, net outflows from investments in securities have been increasing since the final quarter of They amounted to EUR 68 million last year, and to EUR 25 million in the first two months of this year. After recording a balanced position in January, official transfers recorded a larger net outflow in February. The net outflow in current transfers amounted to EUR 16.5 million over the first two months of this year, compared with EUR 79.1 million in the same period last year. There was a small surplus in private transfers and transfers related to the state budget s net position against the EU budget. This year s overall deficit in transfers was generated by official transfers not related to the EU budget. Capital and financial account After two months of relatively high net financial outflows, the private sector recorded a net financial inflow in February in the amount of EUR 436 million. While the net outflow in the private sector s liabilities and claims stood at EUR 1,420 million in January, both items contributed to the net financial inflow in February. Liabilities increased by EUR 264 million, while claims declined by EUR 172 million. The largest factor in the decline in the private sector s claims against the rest of the world in February was a decline in currency and deposits, while on the liability side there was an increase in all items other than loans to domestic banks. The government sector recorded a net financial inflow of EUR 149 million in February, while the Bank of Slovenia recorded a net financial outflow of EUR 358 million in January. In contrast to January, when the private sector s claims against the rest of the world increased sharply, in February they declined as a result of a fall in banks holdings of currency and deposits in the rest of the world. The private sector reduced its claims against the rest of the world by EUR 172 billion in February. This was the result of a decline of EUR 379 million in banks holdings of currency and deposits, while households holdings of currency and deposits in the rest of the world increased by EUR 71 million. The increase of EUR 209 million in domestic investments in foreign securities also acted to increase the private sector s claims in February. The increase was larger on the side of debt securi Financial claims* on the rest of the world - February 2011 flows in EUR billion, private sector +: outflow -: in flow foreign direct investments portfolio investments commercial credits last 12 months last 3 months loans households Source: Bank of Slovenia. I.-16 Monthly Bulletin, April 2011

25 ECONOMIC AND FINANCIAL DEVELOPMENTS ties than on the equities side. The contribution to the decline in claims made by trade credits and loans was small, at EUR 78 million. After declining in December and January, the private sector s liabilities increased by EUR 264 million in February as a result of an increase in foreign banks holdings of currency and deposits and foreign loans to domestic corporates. The contribution made by currency and deposits was EUR 318 million, while the contribution made by long-term corporate loans raised in the rest of the world was EUR 155 million. The latter have been increasing overall in the last six months. The domestic banks continued to make debt repayments in February, repaying EUR 253 million of loans from the rest of the world. The loan repayments at banks in the last six months have nevertheless been lower than in the same period a year earlier, as debt repayments were down EUR 244 million. Non-residents investments in securities of domestic issuers increased somewhat, as did trade credits, an indication primarily of the recovery in international trade and the financial markets. Financial liabilities to the rest of the world - February flows in EUR billion, private sector 1.5 +: inflow -: outflow last 12 months last 3 months -3.0 foreign direct investment portfolio investment trade credits loans bank deposits Source: Bank of Slovenia. Financial and Capital Account Slovenia s net external debt stood at EUR 11.4 billion at the end of February, up EUR 133 million on the previous month. Gross external claims and the gross external debt both declined in February, but the decline in claims was larger, thereby the net external debt increased. The main factor in the decline in the gross exterlast 12 last months months Jan.-Feb. Feb. flows in EUR million 1. Private sector -3, Claims -1, Capital transfers Outward FDI Portfolio investments Trade credits Loans Currency and deposits -1, Households Banks , Enterprises Other claims Liabilities -1, Capital transfers Inward FDI Portfolio investments 1, Trade credits Loans -2, , Enterprises Banks -2, , Deposits at banks Other liabilities Government 2,842 1,577 1,555 1,410 1, Bank of Slovenia 562-1,319-1,163-1, Source: Bank of Slovenia. Signs: inflows or increases in liabilities (+), outflows or increases in claims (-). Monthly Bulletin, April I.

26 ECONOMIC AND FINANCIAL DEVELOPMENTS EUR billion Source: Bank of Slovenia. External debt net external debt claims on the rest of the world liabilities to the rest of the world nal debt was the Bank of Slovenia, which recorded a notable decline in currency and deposits. The banking sector reduced its stock of short-term and long-term loans from the rest of the world, but recorded a significant increase in currency and deposits, which meant that banks made a positive overall contribution to the gross external debt. The other sectors recorded an increase of EUR 169 million in their gross external debt, which was primarily a reflection of an increase in the stock of long-term loans from the rest of the world. Gross external claims declined by EUR 197 million in February, primarily as a result of a decline in the banking sector s claims According to the ESA 95 methodology, a general government deficit of 5.5% of GDP is forecast for this year in the update to the Stability Programme, similar to last year s deficit. The general government debt is expected to reach 43.3% of GDP by the end of the year. The government adopted a new medium-term public finance framework at the end of March, and an update to the Stability Programme in mid-april. The medium-term framework stipulates that the general government deficit will fall to below 3% of GDP by the end of 2013, a balanced structural position will be achieved over the economic cycle, and the debt during consolidation will not exceed 45% of GDP. The update to the Stability Programme gives details of how the targets from the medium -term public finance framework and the deficit and debt targets are to be achieved by The reduction of the deficit is to be based on fiscal consolidation focusing on measures to reduce expenditure. One of the most important changes on the revenue side is the announced introduction of real estate tax. The general government deficit target for this year is 5.5% of GDP, similar to last year. However 0.7% of GDP of this is the result of the recapitalisation of NLB bank. The general government debt is expected to rise to 43.3% of GDP this year. For the implementation of long-term fiscal consolidation, according to the Stability Programme the key is structural reforms (pensions in particular), and the promotion of economic growth and employment via an improvement in business conditions. The consolidated general government deficit in the first two months of the year was up EUR 65 million in year-on-year terms. It stood at EUR 503 million. The state budget deficit in March was less than in the two previous months, at EUR 78 million, as a result of higher revenues and also lower expenditure. The deficit of the Health Insurance Institute during the first three months of the year stood at EUR 35 million (compared with EUR 24 million in the same period last year), while the local government deficit during the first two months of the year 5 Public Finance year-on-year growth in % 12-month moving sum * national methodology Public finance developments balance (in % GDP)* revenues* expenditures* balance, ESA 95 (in % GDP)** **sum of quarterly public finance balances in last 12 months Source: SORS, Ministry of Finance; Bank of Slovenia calculations I.-18 Monthly Bulletin, April 2011

27 ECONOMIC AND FINANCIAL DEVELOPMENTS stood at EUR 7 million, down significantly on the same period last year when there was more intensive investment activity. Growth in consolidated general government revenues has continued to strengthen in the early part of this year. Consolidated general government revenues during the first two months of the year were up 3.7% or EUR 83 million in year-on-year terms, compared with last year s growth of 2.7%. The main year-on-year increases were in revenues from the EU budget (EUR 53 million), non-tax revenues (EUR 32 million), social contributions (EUR 23 million), excise duties and personal income tax. Revenues from VAT and corporate income tax were each down around EUR 30 million. Inflows of taxes and social contributions during the first three months of the year were up 5.5% in year-on-year terms. An improvement was seen in all major categories of tax and social contribution other than corporate income tax, where inflows are still down on the last year. Growth in consolidated general government expenditure accelerated in the first two months of the year. Having stood at 2% last year, the year-on-year rate increased to 5.5% in the first two months of This brought a year-on-year increase of EUR 148 million in consolidated general government expenditure. The main factors behind it were increases in interest expenditure (EUR 60 million), transfers to individuals and households (EUR 52 million, of which pensions accounted for EUR 23 million and transfers to the unemployed for EUR 11 million), and expenditure on goods and services (EUR 36 million). Investment and payments into the EU budget were down on last year. The main factor in the increase in expenditure on pensions is a rapid rise in the number of pensioners. The number of old-age pensioners during the first three months of the year was up 4.8% in year-onyear terms, while the average gross old-age pension was up 0.3%. At the same time the number of people paying pension insurance in the early part of the year was down just over 2% in year-on-year terms. In the same period Consolidated general last 12 months to Feb.11 government (GG) balance* Jan.-Feb. Jan.-Feb. Jan.-Feb.11 Jan.-Feb.11 ** Jan.-Mar.11 ** EUR millions % GDP y-o-y, % EUR millions y-o-y growth, % Revenue 14,794 14, ,241 2, Tax revenue 12,848 12, ,048 2, goods and services 4,781 4, social security contributions 5,234 5, personal income 2,039 2, corporate income From EU budget Other 1,221 1, Expenditure 16,693 16, ,679 2, Current expenditure 6,960 7, ,152 1, wages and other personnel expenditure (incl. contributions) - purchases of goods, services 3,912 2,512 3,922 2, interest Current transfers 7,629 7, ,230 1, transfers to individuals and households Capital expenditure, transfers 6,278 1,707 6,331 1, , , To EU budget GG surplus/deficit -1,899-1, Source: Ministry of finance, except: ** Public Payments Administration of the Republic of Slovenia, Report on classified general government revenues and coverage (B-2); 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. Monthly Bulletin, April I.

28 ECONOMIC AND FINANCIAL DEVELOPMENTS last year the increase in the number of pensioners was around 1 percentage point less, and the number of people paying pension insurance was also falling at a lower rate (of around 1% in year-on-year terms). One factor in this year s increased pace of retirement is the uncertainty in relation to the introduction of pension reform, which will be the subject of a referendum in early June. Irrespective of the outcome of the referendum, controlling expenditure on pensions is of key importance to the sustainability of public finances. By the end of the first quarter the government had already carried out the majority of this year s required borrowing. The financing required for the general government deficit and the repayment of maturing debt principal amounted to EUR 942 million during the first two months of the year. Borrowing by the general government sector during this period was larger, at EUR 1,538 million. The surplus over the requisite funds was invested mostly in the form of deposits at domestic banks. According to the figures available till March, when this year s second bond issue was held, the amount of borrowing this year is slightly in excess of EUR 3 billion. According to the financing programme for this year, this is expected to cover the projected state budget liabilities. As approved, the financing programme allows for additional borrowing, which may not exceed a total of EUR 4.2 billion this year Spread on 10-year government bond as compared to Germany in bps Greece 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 01/21 is used after 11. January The premiums on the 10-year bonds of the periphery 4 countries and on Slovenian government bonds rose in mid-april. The increased spread over the German bond was the result of concerns surrounding the possible restructuring of Greek sovereign debt. The premium on Slovenian RS69 bonds over the German benchmark rose temporarily to 142 basis points in mid-april. The average premium on Slovenian 10-year government bonds over the German benchmark rose to 131 basis points in April, having fluctuated somewhat above 120 basis points in the previous months. Financing of consolidated general government balance last 3 February Jan.-Feb. Jan.-Feb. months 2011 in EUR million Gen. govt. surplus/deficit -1,960-1, Gen. govt. lending/repayments and net aquisitions of equity Gen. govt. borrowing and amortisation of debt 4, ,167 1,134 1, Borrowing 4,938 2,659 1,572 1,538 1,589 2 Domestic* 4,938 2,659 1,572 1,538 1,589 2 of which: issues of securities 4,739 2,525 1,550 1,522 1,522 0 External of which: issues of securities Amortisation of debt 887 1, domestic 462 1, external Changes in cash and deposits 1,828-1, Source: Ministry of Finance. Note: *All bond issues disbursed on domestic market are counted under domestic borrowing, despite of the residency of buyers. 4 Of the euro area periphery countries, it is only Italy whose premium on 10-year government bonds over the German benchmark is similarly low to that of Slovenia. The premium on Italian bonds averaged 140 basis points in April. Spain had a premium of 202 basis points, Portugal 570 points, Ireland 650 points and Greece 1,064 points. I.-20 Monthly Bulletin, April 2011

29 ECONOMIC AND FINANCIAL DEVELOPMENTS 6 Banking System* The banking system s total assets increased by EUR 1,239 million in March, year-on-year growth reaching 1.8%. The main factors in the increase were an increase of EUR 1,044 million in government deposits and the issue of debt securities by SID banka with a nominal value of EUR 350 million. The increase in funding was reflected on the asset side in an increase in the most liquid forms of investment: cash and claims against the central bank increased by EUR 621 million, claims against banks by EUR 455 million, and securities by EUR 178 million. Debt repayments continued to be made to banks in the rest of the world in March. Loans to nonbanking sectors declined again. Year-on-year growth in loans to non-banking sectors stood at 0.5% in March. The main factor in the decline of EUR 35 million in the stock of loans was a decline in lending to non-financial corporations and OFIs. There was no significant change in the maturity breakdown of the loans. The proportion of the stock of loans accounted for by long-term loans stood at 73% in March. There was a decline of EUR 57 million in loans to NFCs. Year-on-year growth remained negative at -3%. The banks under majority foreign ownership recorded a decline of EUR 59 million in loans, and were also notable for their year-on-year decline of 7.5% in lending to corporates. The proportion of the stock of loans to NFCs accounted for by long-term loans stood at two-thirds in March. After declining in January and stagnating in February, lending to households in March was slightly above last year s average at EUR 68 million. The yearon-year rate of growth stood at 7.5% in March. The largest increase in the stock of loans to households was recorded by the large domestic banks, in the net amount of EUR 44 million. Only long-term loans to households recorded a net increase in March. The main factors in March s increase in total assets were an increase in government deposits at banks and an increase in issued debt securities. The banks again made net debt repayments to banks in the rest of the world. After declining by EUR 443 million in February, government deposits increased by EUR 1,044 million in March, following the issue of government bonds worth EUR 1.5 billion. The largest increase in government deposits was recorded by the large domestic banks, which accounted for two-thirds of the total increase in deposits in the banking system. Household deposits declined by EUR 84 million in March, the year-on-year rate of growth declining to 2.4%. The banks made net debt year-on-year, % Source: Bank of Slovenia. Growth in bank assets credits to nonbanks securities total assets % Banking performance indicators ROA ROE operating expenses/ assets Source: Bank of Slovenia (1-3) 2011 (1-3) * on average interestbearing assets net interest margin* * The book figures for banks are used in this section, and differ in methodological terms from the published statistics. Monthly Bulletin, April I.

30 ECONOMIC AND FINANCIAL DEVELOPMENTS repayments of EUR 285 million in the rest of the world in March. This time it was mainly the banks under majority foreign ownership that reduced their liabilities to banks in the rest of the world. The banking system s issued debt securities recorded a net increase of EUR 301 million. The banking system returned to profitability in the first quarter of Net interest income in the first quarter was down 0.5% on the same period last year, while non-interest income was down 3.6%. The banking system s gross income thus declined. Impairment and provisioning costs in the first quarter were no higher than in the first two months of the year. The banking system thus returned to profitability in the first quarter, recording a pre-tax profit of EUR 46 million The Ljubljana Stock Exchange: Market capitalisation and turnover ratio* EUR billion, ratio (right) market cap. shares market cap. bonds TR total (right) TR shares (right) Source: Ljubljana Stock Exchange. * TR turnover ratio; monthly turnover divided by market capitalisation at the end of period Domestic Financial Markets The market capitalisation of bonds on the Ljubljana Stock Exchange rose by 9.7% in March. The monthly volume of trading stood at EUR 6.8 million, up 19.0% on February. The largest proportion of trading volume was accounted for by 2 nd -issue Slovenska odškodninska družba bonds, whose trading volume of EUR 3.1 million represented 4.8% of the total. The proportion of total in % Slovenian stock market indices SBI TOP unit value of mutual funds Source: Ljubljana Stock Exchange, Securities Market Agency, Bank of Slovenia calculations. stock exchange volume accounted for by bonds stood at 10.6%. The volume of trading bonds is likely to have increased in April, the new 15-year RS70 government bonds, with a nominal value of EUR 1.5 billion, having begun trading on the MTS Slovenia market on 31 March. Including the RS70, there are now ten Slovenian government bonds with maturities of 2 to 15 years listed on the MTS Slovenia market. The market capitalisation of shares on the Ljubljana Stock Exchange rose by 0.4% in March. The monthly volume of trading increased to EUR 52.8 million, the highest since October The monthly volume of trading in shares increased gradually throughout the first quarter, investor confidence in the Slovenian stock market thereby increasing. The proportion of total stock exchange volume accounted for by shares increased to 82.9% in March. Shares in Krka and Petrol accounted for more than half of this volume. The SBITOP did not respond excessively to the releases of corporate results for 2010, which brought more bad news than good, and ended March at 832, up 1.7%. The year-on-year change in the SBITOP remained negative, at -13.8%. The P/E ratio in the prime market stood at 34.5 at the end of March. The proportion of the market capitalisation of shares on the Ljubljana Stock Exchange accounted for by non-residents stood at 11.2% in March. Non-residents made net purchases of EUR 1.4 billion in Slovenian I.-22 Monthly Bulletin, April 2011

31 ECONOMIC AND FINANCIAL DEVELOPMENTS Net foreign investments in Slovenia Net Slovenian investments abroad EUR million in shares in bonds EUR million Source: Central Securities Clearing Corporation, Bank of Slovenia calculations. bonds in March. This increase was facilitated by the RS70 government bonds issued at the end of March, foreign investors purchasing 92% of the issue. Given their heavier investment in bonds, non-residents reduced their net purchases of shares to EUR 9.5 million in March. In terms of geographical distribution, the largest net sellers of bonds were residents of France (EUR 1.7 billion), while the largest net purchasers were residents of the UK (EUR 1.8 billion). The largest purchasers on the share market were residents of Austria, who made purchases of EUR 24.4 million, while the largest net sellers were again residents of the UK, in the amount of EUR 14.1 million. Residents made net purchases of EUR 24.3 million in bonds of foreign issuers and EUR 57.7 million in foreign shares in March. The largest net purchases of foreign shares in March were recorded by insurance corporations and pension funds, in the amount of EUR 37.6 million; the majority of their investments were in the euro area. The largest net purchases of foreign debt securities were made by banks, in the amount of EUR 29.3 million, which was also mostly invested in the euro area. Slovenian households primarily purchased equities from the US and debt securities from the euro area. The domestic mutual funds assets under management declined by 1.4% in March to EUR 2,036.2 million, as a result of a decline of 24% in payments into -400 in shares in bonds Source: Bank of Slovenia. mutual funds and a fall of 0.9% in the average unit price. The year-on-year change in the average unit price has been declining since the beginning of 2010, and stood at just +0.3% in March. There was no change in the distribution of net inflows from investors into the different types of mutual fund in the first quarter. Equity funds recorded net inflows of EUR 3.9 million, money-market funds net inflows of EUR 2.3 million and bond funds net inflows of EUR 1.2 million. Investors made net withdrawals of EUR 5.2 million from balanced funds. The largest net inflows into the domestic mutual funds came from insurance corporations and pension funds in the amount of EUR 8.1 million, while households recorded net withdrawals of EUR 6.3 million. For the first time in two years corporates recorded net inflows into mutual funds, in the amount of EUR 0.6 million. The proportion of the domestic mutual funds assets accounted for by liquid assets 5 declined to 8.1% at the end of March. March saw varying changes in the value of the mutual funds investments, although almost all recorded positive year-on-year changes. The DJ EuroStoxx 50 index for western Europe fell by 2.6%, while the S&P 500 for the US stock market fell by 0.1%. China s Hang Seng rose by 0.8%. Despite the monthly volatility, the year-on-year changes in the aforementioned indices were positive in March, at +2.7% for the DJ EuroStoxx, +13.4% for the S&P 500 and +10.8% for the Hang Seng. The sole rise in the former 5 Liquid assets include cash, deposits, money-market instruments and government bonds. Monthly Bulletin, April I.

32 ECONOMIC AND FINANCIAL DEVELOPMENTS Yugoslav republics was recorded by Croatia s CROBEX, at 2.2%. Serbia s BELEX 15 and Macedonia s MBI-10 recorded moderate falls, of 0.6% and 0.3% respectively. The year-on-year changes of the first two nevertheless remained strongly positive, at +10.7% and +6.9% respectively. The year-on-year change in the MBI-10 was -5.1% EUR million Net inflows into mutual funds bond balanced equity registered foreign MF domestic MF total Source: Securities Market Agency, Bank of Slovenia. I.-24 Monthly Bulletin, April 2011

33 STATISTICAL TABLES II. STATISTICAL TABLES 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 a b a b Financial Markets and Payment Systems Bank of Slovenia Interest Rates Interbank Money Market Rates and Indexation Clauses European Central Bank Interest Rates Harmonised Long-term Interest Rates for Convergence Assessment Purposes Monetary Financial Institutions - Interest rates 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 Monthly Bulletin, April II.

34 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 and new orders in industry Turnover and new orders in industry (growth rates) Business tendency and consumer surveys (part 1) Business tendency and consumer surveys (part 2) Employment by Labour Force Survey (ILO) Unemployment by Labour Force Survey (ILO) Average Wages and Salaries 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 Monthly Bulletin, April 2011

35 MONEY AND FINANCIAL INSTITUTIONS 1.1. Monetary Aggregates Until in mio SIT from in mio EUR Before the entry of Slovenia into EMU Monetary aggregates of Slovenia M1 M2 M3 After the entry of Slovenia into EMU The contribution of Slovenia to monetary aggregates of EMU M1 (without currency in circulation) M2 (without currency in circulation) M3 (without currency in circulation) Currency in circulation (ECB key) Column Code Dec. 1,370,415 3,239,945 3,980, Dec. 1,682,477 3,493,226 3,502, Dec. 1,834,106 3,778,032 3,786, Mar. 1,698,375 3,598,844 3,608, Apr. 1,730,934 3,573,024 3,582, May. 1,764,568 3,622,482 3,631, Jun. 1,791,682 3,650,179 3,656, Jul. 1,781,345 3,658,570 3,665, Aug. 1,784,442 3,648,121 3,655, Sep. 1,795,790 3,713,480 3,720, Oct. 1,777,451 3,690,771 3,698, Nov. 1,777,757 3,710,262 3,718, Dec. 1,834,106 3,778,032 3,786, Dec ,149 17,441 16,595 2, Dec ,886 18,341 18,065 2, Dec ,419 18,416 18,165 3, Dec ,420 19,094 18,983 3, Jan ,993 15,373 15,412 2, Feb ,955 15,353 15,276 2, Mar ,948 15,581 15,451 2, Apr ,974 15,520 15,422 2, May ,146 15,856 15,764 2, Jun ,287 16,157 16,073 2, Jul ,355 16,557 16,447 2, Aug ,240 16,740 16,552 2, Sep ,257 16,767 16,598 2, Oct ,028 17,106 16,686 2, Nov ,871 16,819 15,943 2, Dec ,149 17,441 16,595 2, Jan ,168 17,261 16,557 2, Feb ,862 17,201 16,425 2, Mar ,070 17,489 16,456 2, Apr ,944 17,641 16,500 2, May ,120 17,853 16,385 2, Jun ,341 18,083 16,589 2, Jul ,020 18,029 16,694 2, Aug ,986 17,999 16,669 2, Sep ,191 18,283 17,058 2, Oct ,880 17,921 16,836 2, Nov ,888 17,935 17,472 2, Dec ,886 18,341 18,065 2, Jan ,716 18,342 18,103 3, Feb ,712 18,560 17,949 3, Mar ,838 18,614 18,401 3, Apr ,839 18,473 18,161 3, May ,184 18,604 18,606 3, Jun ,419 18,656 18,652 3, Jul ,135 18,487 18,244 3, Aug ,279 18,493 18,237 3, Sep ,340 18,496 18,241 3, Oct ,224 18,334 18,077 3, Nov ,330 18,345 18,115 3, Dec ,419 18,416 18,165 3, Jan ,449 18,428 18,250 3, Feb ,429 18,296 18,001 3, Mar ,617 18,432 18,168 3, Apr ,663 18,422 18,127 3, May ,976 18,659 18,359 3, Jun ,272 19,037 18,750 3, Jul ,191 19,071 18,888 3, Aug ,292 19,083 18,868 3, Sep ,233 18,962 18,777 3, Oct ,231 18,948 18,754 3, Nov ,363 19,115 18,979 3, Dec ,420 19,094 18,984 3, Jan ,482 19,086 18,969 3, Feb ,492 19,143 19,020 3, Mar ,424 19,008 18,891 3,384 Monthly Bulletin, April II.

36 1.2. Consolidated Balance Sheet of Monetary Financial Institutions MONEY AND FINANCIAL INSTITUTIONS Until in mio SIT from in mio EUR Claims of the Bank of Slovenia Claims on foreign sectors (foreign assets) Claims of other MFIs Claims of the Bank of Slovenia on central government Assets Claims on domestic non-mfis Claims of other MFIs on general government Central government Other government Loans Securities Loans Securities Column Code 1 2 3= Dec. 1,637, ,375 2,486,083 17, , ,815 23, , Dec. 1,290,334 1,182,156 2,472,490 16, , ,754 24, , Dec. 5,591 9,735 15, , , Dec. 5,350 9,280 14, , , Dec. 4,903 9,705 14, , , Dec. 5,077 7,650 12, , , = Feb. 5,007 9,538 14, , , Mar. 4,924 9,531 14, , , Apr. 4,722 9,510 14, , , May 5,169 9,907 15, , , Jun. 5,035 9,599 14, , , Jul. 5,008 8,834 13, , , Aug. 5,066 9,247 14, , , Sep. 5,021 8,778 13, , , Oct. 5,025 8,506 13, , , Nov. 5,067 8,787 13, , , Dec. 5,077 7,645 12, , , Jan. 5,074 8,347 13, , , Feb. 5,108 8,085 13, , , Mar. 5,106 8,430 13, , ,949 Until in mio SIT from in mio EUR Bank of Slovenia Liabilities to foreign sectors 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 the Bank of Slovenia Overnight deposits at other MFIs Non-monetary financial institutions Other government sector (Central government excluded) Column Code 1 2 3= =6+7 9= Dec. 2,061 2,062,303 2,064, ,313 1,491,012 2,847 2,690 5,537 1,713, Dec. 3,738 2,649,902 2,653, ,771 1,694,551 5,048 1,345 6,393 1,873, 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 16,891 19,017 3,686 8, , Feb. 3,011 16,001 19,012 3,441 7, , Mar. 2,792 15,968 18,760 3,496 7, , Apr. 2,593 16,441 19,034 3,502 7, , May 3,128 16,734 19,861 3,535 7, , Jun. 3,105 17,280 20,385 3,565 8, , Jul. 2,731 17,078 19,809 3,602 8, , Aug. 3,062 17,068 20,130 3,574 8, , Sep. 2,781 17,321 20,102 3,572 8, , Oct. 3,099 16,897 19,996 3,580 8, , Nov. 2,982 17,045 20,027 3,588 8, , Dec. 2,126 16,886 19,012 3,686 8, , Jan. 2,265 16,592 18,857 3,598 8, , Feb. 1,939 16,646 18,585 3,593 8, , Mar. 1,321 16,656 17,977 3,612 8, ,986 II.-4 Monthly Bulletin, April 2011

37 MONEY AND FINANCIAL INSTITUTIONS Assets 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 = = = ,495, ,683 1,025, ,533 51,319 3,877,666 4,698, ,393 7,476,228 3,083, ,357 1,289, ,165 58,911 4,893,554 5,711, ,295 8,513,508 17, ,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, ,298 2, ,456 37,540 4,431 54,698 20, ,480 2, ,045 36,999 4,276 55,820 21, ,601 2, ,172 36,586 4,329 55,370 21, ,647 2, ,316 36,744 4,293 55,268 21, ,701 2, ,257 36,795 4,410 56,280 21, ,897 2, ,437 37,099 4,543 56,276 21, ,928 2, ,474 37,160 4,483 55,485 21, ,062 2, ,379 37,267 4,464 56,044 21, ,119 2, ,468 37,447 4,374 55,621 21, ,149 2, ,493 37,514 4,320 55,365 20, ,225 2, ,512 37,602 4,458 55,914 20, ,282 2, ,426 37,509 4,427 54,658 20, ,226 2, ,474 37,476 4,389 55,286 20, ,233 2, ,411 37,373 4,310 54,876 20, ,276 2, ,421 37,469 4,216 55,221 Liabilities 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 = = = ,687, ,355 3,524,612 9,545 3,534, ,292 1,377,822-34,406 7,476,228-1,746, ,485 3,817,641 8,114 3,825, ,374 1,581,540-54,801 8,513,508-8,700 1,280 20, ,113 1,485 7, ,090-10,058 1,265 21, ,503 1,397 9, ,235-10, , ,874 2,107 12, ,740-10, , ,602 2,329 12,230-1,481 54,698-9, , ,651 2,265 13, ,820-9, , ,848 2,363 12, ,370-9, , ,840 2,430 12, ,268-9, , ,094 2,500 12, ,280-10, , ,480 2,089 12,647-1,325 56,276-10, , ,533 2,106 12,346-1,309 55,485-10, , ,520 2,136 12,662-1,404 56,044-10, , ,382 2,167 12,387-1,417 55,621-10, , ,367 2,225 12,158-1,381 55,365-10, , ,527 2,275 12,523-1,437 55,914-10, , ,602 2,330 12,218-1,504 54,658-10, , ,500 2,364 13,071-1,506 55,286-10, , ,547 2,427 12,808-1,492 54,876-10, , ,443 2,424 13,985-1,607 55,221 Monthly Bulletin, April II.

38 1.3. Balance Sheet of the Bank of Slovenia MONEY AND FINANCIAL INSTITUTIONS Until in Assets Claims on foreign sectors (foreign assets) mio SIT from in mio EUR Gold Receivable from IMF Foreign cash Loans, deposits Securities Other claims Column Code = Dec. 16,873 12, ,094 1,297,370 5,511 1,637, Dec. 18,793 8, ,681 1,034,539 5,343 1,290, Dec ,635 3, , Dec ,165 4, , Dec , , Dec , , Feb , , Mar , , Apr , , May , , Jun , , Jul , , Aug , , Sep , , Oct , , Nov , , Dec , , Jan , , Feb , , Mar , ,106 Until in mio SIT from in mio EUR Banknotes and coins (after ECB key) Other MFIs Domestic currency Overnight With agreed maturity Foreign currency Liabilities Deposits Domestic sectors General government Domestic currency With agreed Foreign currency Overnight maturity Column Code = = Dec. 217, , ,990 2, ,602 2,682-66,730 69, Dec. 172,771 95, , ,465 1,296-96,992 98, Dec. 2, Dec. 3, Dec. 3,536 1, , Dec. 3, Feb. 3,441 1, , Mar. 3, , , Apr. 3, , , May 3, , Jun. 3,565 1, , Jul. 3, Aug. 3, Sep. 3, Oct. 3, Nov. 3, Dec. 3, Jan. 3, Feb. 3, Mar. 3,612 1, , II.-6 Monthly Bulletin, April 2011

39 MONEY AND FINANCIAL INSTITUTIONS Assets Claims on domestic sectors (domestic assets) Claims on central government Claims on domestic MFIs Loans Other claims Claims on other domestic sectors Remaining assets = = , ,883 42,151 1,697,742 16,591 1, ,442 57,375 1,366, ,590 8, , ,300 2,736 9, , ,349 2,795 10, ,682 8, , ,353 2,716 10, , ,312 2,767 10, , ,414 2,723 9, , ,424 2,777 10, , ,312 2,801 10, , ,434 2,813 9, , ,500 2,761 9, ,240 2,730 8, , ,351 2,686 9, , ,326 2,719 9, ,682 8, ,624 8, ,558 8, ,501 8,187 Liabilities Deposits Securities issued Domestic sectors Other domestic sectors Non-financial corporations Non-monetary financial institutions Foreign sectors Domestic currency Foreign currency SDR Allocation Capital and reserves Remaining liabilities = = , ,282 2, , ,927 7, ,291 34,316 1,697,742-5, ,335 3, ,381 32,449 6, ,473 35,049 1,366, , , ,375 3, , ,603 3, , , ,260 2, , , ,012 3, , , ,079 2, , , ,130 2, , , ,996 3, , , ,794 3, , , ,300 2, , , ,090 3, , , ,084 2, , , , , , , , , ,260 2, , , ,005 2, , , ,276 1, , , ,742 1, , ,187 Monthly Bulletin, April II.

40 1.4. Balance Sheet of Other Monetary Financial Institutions MONEY AND FINANCIAL INSTITUTIONS Until in mio SIT from in mio EUR Cash Claims on the Bank of Slovenia Accounts and deposits at the Bank of Slovenia, other claims Securities of the Bank of Slovenia Loans Assets Claims on domestic sectors (domestic assets) Claims on other MFIs Debt securities Shares and other equity Loans Claims on non-mfis Debt securities Shares and other equity Column Code = Dec. 31, , , ,494 78,119 46,846 3,864, , ,062 6,120, Dec. 39, , , ,601 90,011 25,769 4,839, , ,221 6,893, Dec , ,716 2, , Dec , ,549 2, , Dec ,234-2, ,445 3, , Dec ,423 1, ,531 2, , Feb ,094-2, ,727 3,095 1,000 42, Mar , ,839 2, , Apr ,351 1, ,970 2, , May 224 1,024-3,349 1, ,098 2, , Jun ,426-3,184 1, ,233 2, , Jul ,084 1, ,333 2, , Aug ,117 1, ,378 2, , Sep ,082 1, ,494 2, , Oct ,022 1, ,539 2, , Nov ,428 1, ,556 3, , Dec ,422 1, ,516 2, , Jan ,411 1, ,559 2, , Feb ,325 1, ,505 2, , Mar ,532-3,401 1, ,467 3, ,101 Until in mio SIT from in mio EUR Deposits, loans from the Bank of Slovenia Liabilities to MFIs Deposits, loans from other MFIs Debt securities issued Liabilities Liabilities to domestic sectors Liabilities to non-mfis Deposits in domestic currency Overnight With agreed maturity Reedemable at notice Deposits in foreign currency Debt securities issued Column Code = Dec ,645 65, ,327 1,438, ,195 1,269, ,573 4,195, Dec ,042 88,766 1,161,185 1,471, ,476 1,374, ,254 4,609, Dec , ,882 10,202 1, , Dec. 1,230 2, ,597 11,930 1, , Dec. 2,115 2, ,178 14,410 1, , Dec , ,135 14, , Feb. 2,095 2, ,135 14,749 1, , Mar. 2,085 3, ,331 13,951 1, , Apr. 2,175 3, ,346 13,700 1, , May 2,172 3, ,714 13,533 1, , Jun. 2,063 3, ,946 14, , Jul. 1,185 3, ,894 14, , Aug. 1,249 3, ,974 14, , Sep , ,956 14, , Oct. 1,098 3, ,894 14, , Nov. 1,073 3,488 1,022 8,067 14, , Dec , ,135 14, , Jan , ,215 15, , Feb ,355 1,010 8,155 15, , Mar , ,771 15, ,296 II.-8 Monthly Bulletin, April 2011

41 MONEY AND FINANCIAL INSTITUTIONS Claims on MFIs Assets Claims on foreign sectors (foreign assets) Claims on non-mfis Shares and other Cash Loans Debt securities Loans Debt securities equity Shares and other equity Remaining assets = = , ,789 90,238 51, , ,453 14, , ,536 7,219,724 18, , ,235 52, , ,509 17,542 1,182, ,935 8,349, ,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, ,893 1,716 53, ,474 1, ,958 2, ,538 1,548 53, ,212 1, ,964 2, ,531 1,548 52, ,186 1, ,958 2, ,510 1,548 53, ,667 1, ,945 2, ,907 1,548 54, ,693 1, ,954 2, ,819 1,548 54, ,012 1, ,993 2, ,049 1,548 53, ,415 1, ,989 2, ,468 1,548 53, ,093 1, ,964 2, ,003 1,548 53, ,886 1, ,981 2, ,736 1,548 53, ,365 1, ,963 2, ,036 1,548 54, , ,944 1, ,890 1,548 53, ,012 1, ,939 2, ,594 1,548 53, ,613 1, ,923 2, ,339 1,548 53, ,966 1, ,910 2, ,691 1,548 54,537 Liabilities Liabilities to foreign sectors Liabilities to MFIs Liabilities to non-mfis Deposits Debt securities issued Deposits Debt securities issued Capital and reserves Remaining liabilities = = ,872,623 87, , ,062, , ,597 7,219,724 2,439,177 99, , ,649, , ,922 8,349,186 14, ,217 3,700 1,849 43,493 16, ,879 4,118 2,102 49,010 13,436 2, ,673 4,414 2,397 53,404 11,779 3,254 1, ,527 4,288 3,237 53,061 12,790 2, ,001 4,457 2,613 53,197 12,732 2, ,968 4,462 2,619 52,730 12,410 3, ,441 4,492 2,612 53,455 12,652 3,011 1, ,734 4,458 2,770 54,061 12,403 3,224 1, ,960 4,417 3,022 54,804 12,225 3,197 1, ,757 4,399 2,922 53,363 12,192 3,203 1, ,747 4,439 3,103 53,892 12,424 3,221 1, ,001 4,430 3,168 53,644 12,018 3,211 1, ,577 4,432 3,154 53,073 11,911 3,259 1, ,681 4,376 3,319 54,148 11,774 3,254 1, ,522 4,258 3,242 53,019 11,434 3,261 1, ,209 4,253 3,272 53,575 11,508 3,243 1, ,263 4,251 3,331 53,313 11,197 3,582 1, ,292 4,308 3,642 54,537 Monthly Bulletin, April II.

42 1.5. Selected Assets of Other Monetary Financial Institutions by Sector MONEY AND FINANCIAL INSTITUTIONS Until in mio SIT from in mio EUR Column Code Claims on domestic sectors (domestic assets) Loans Debt securities By currency By purpose Shares and other Domestic Lending for house Domestic currency Foreign currency equity Foreign currency Consumer credit Other lending currency purchase = Dec. 2,099,189 2,199, , ,736 3,499,410 1,203, , ,907 6,089, Dec. 2,298,192 3,148, , ,689 4,430,534 1,096, , ,989 6,853, 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. 36,006 1,844 2,833 4,837 30,179 4,305-1,062 43, Feb. 34,817 1,894 2,892 4,024 29,795 4,052-1,152 41, Mar. 34,893 1,887 2,906 4,110 29,764 3,589-1,134 41, Apr. 35,430 1,859 2,887 4,174 30,228 3,716-1,155 42, May. 35,620 1,852 2,887 4,251 30,333 3,744-1,075 42, Jun. 35,929 1,915 2,826 4,490 30,528 4,121-1,113 43, Jul. 35,493 1,860 2,813 4,537 30,003 4,086-1,026 42, Aug. 35,381 1,884 2,822 4,634 29,810 4,156-1,019 42, Sep. 35,616 1,828 2,818 4,672 29,953 4,230-1,033 42, Oct. 35,430 1,742 2,810 4,697 29,665 4,215-1,067 42, Nov. 35,931 1,777 2,850 4,740 30,117 4,391-1,053 43, Dec. 35,991 1,843 2,833 4,837 30,164 4,305-1,044 43, Jan. 35,989 1,760 2,816 4,820 30,113 4,257-1,012 43, Feb. 36,004 1,739 2,803 4,852 30,089 4,262-1,009 43, Mar. 36,709 1,691 2,803 4,880 30,716 4,402-1,073 43,874 MFIs (S.121, S.122) Dec. 345,097 88, , , ,295 46,846 1,408, Dec. 511,086 96, , ,995 41,846 25,769 1,158, Dec. 1, , , Dec. 2, , , Dec. 4, , , Dec. 4, ,319 1, , Feb. 3, , , Mar. 3, , , Apr. 4, ,319 1, , May. 4, ,373 1, , Jun. 4, ,611 1, , Jul. 3, ,020 1, , Aug. 3, ,887 1, , Sep. 3, ,950 1, , Oct. 3, ,632 1, , Nov. 4, ,152 1, , Dec. 4, ,318 1, , Jan. 4, ,190 1, , Feb. 4, ,239 1, , Mar. 4, ,933 1, ,504 Non-MFIs (S.123, S.124, S.125) Dec. 39, , ,533 2,419 1,799 47, , Dec. 46, , ,165 2, , , Dec. 1, , , Dec. 2, , , Dec. 2, , , Dec. 2, , , Feb. 2, , , Mar. 2, , , Apr. 2, , , May. 2, , , Jun. 2, , , Jul. 2, , , Aug. 2, , , Sep. 2, , , Oct. 2, , , Nov. 2, , , Dec. 2, , , Jan. 2, , , Feb. 2, , , Mar. 2, , ,371 II.-10 Monthly Bulletin, April 2011

43 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 = (S.2) 11, ,811 12, ,748 66, ,279 20, ,683 14, ,984 70,203 1,164,076 4, , ,718 4, , ,263 5, , ,683 3, , ,873 4, , ,517 4, , ,511 4, , ,486 4, , ,884 5, , ,793 4, , ,023 4, , ,442 4, , ,982 4, , ,718 4, , ,016 3, , ,870 4, , ,577 4, , ,319 4, , ,671 MFIs (S.2) 10, ,050 12,742 77,495 51, ,981 18, ,510 12, ,364 52, ,387 2, , ,522 1, , ,741 2, , ,473 1, ,910 2, , ,103 1, , ,930 1, , ,936 2, , ,442 2, , ,377 1, , ,583 1, , ,024 1, , ,651 1, , ,450 2, , ,928 1, ,910 1, , ,491 1, , ,167 1, , ,548 Non-MFIs (S.2) - 29,770-17,340 5,854 52,965-75,559 1,492 26,809 6, , , , , Monthly Bulletin, April II.

44 1.5. Selected Assets of Other Monetary Financial Institutions by Sector (continued) MONEY AND FINANCIAL INSTITUTIONS Until Claims on domestic sectors (domestic assets) in Loans Debt securities mio SIT from By currency By purpose Shares and other Domestic in Lending for house Foreign currency equity Domestic currency Foreign currency Consumer credit Other lending currency mio EUR purchase Column = Code Non-financial corporations (S.11) Dec. 956,334 1,538, ,495,187 28,724 18,999 77,960 2,620, Dec. 927,775 2,155, ,083,689 28,541 14, ,919 3,236, Dec. 16, , , Dec. 19, , , Dec. 20, , , Dec. 20, , , Feb. 20, , , Mar. 20, , , Apr. 20, , , May. 20, , , Jun. 20, , , Jul. 20, , , Aug. 20, , , Sep. 20, , , Oct. 20, , , Nov. 20, , , Dec. 20, , , Jan. 20, , , Feb. 20, , , Mar. 20, , ,774 Central government (S.1311) Dec. 108,217 32, , ,133 62, , Dec. 110,035 21, , ,490 62, , Dec , , Dec , , Dec , , Dec , , Feb , , Mar , , Apr , , May , , Jun , , Jul , , Aug , , Sep , , Oct , , Nov , , Dec , , Jan , , Feb , , Mar , ,409 Other government sectors (S.1312, S.1313, S.1314) Dec. 8,139 15, , , Dec. 8,412 16, , , Dec Dec Dec Dec Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar II.-12 Monthly Bulletin, April 2011

45 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) ,193-40,464 9, ,296 1, , ,084 10, ,354 1, ,089 2, ,374 2, ,305 1, ,205 2, ,307 2, ,321 2, ,309 2, ,272 1, ,237 2, ,243 1, ,242 1, ,233 2, ,231 2, ,249 1, ,205 1, ,203 1, ,168 1, ,164 Central government (S.2) ,994-63,195-5, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,983 Other government sectors (S.2) ,454-2, Monthly Bulletin, April II.

46 1.5. Selected Assets of Other Monetary Financial Institutions by Sector (continued) MONEY AND FINANCIAL INSTITUTIONS Until in mio SIT from in mio EUR Column By currency Loans Domestic currency Foreign currency Consumer credit Claims on domestic sectors (domestic assets) Debt securities By purpose Shares and Domestic Lending for house Foreign currency other equity Other lending currency purchase Code Households and non-profit institutions serving households (S.14, S.15) Dec. 642, , , , , ,025, Dec. 694, , , , , ,289, 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. 7,995 1,303 2,833 4,837 1, ,298 9= Feb. 7,214 1,267 2,892 4,024 1, , Mar. 7,323 1,278 2,906 4,110 1, , Apr. 7,388 1,259 2,887 4,174 1, , May. 7,450 1,252 2,887 4,251 1, , Jun. 7,574 1,322 2,826 4,490 1, , Jul. 7,650 1,278 2,813 4,537 1, , Aug. 7,748 1,314 2,822 4,634 1, , Sep. 7,849 1,270 2,818 4,672 1, , Oct. 7,932 1,217 2,810 4,697 1, , Nov. 7,969 1,256 2,850 4,740 1, , Dec. 7,980 1,302 2,833 4,837 1, , Jan. 7,981 1,246 2,816 4,820 1, , Feb. 7,988 1,245 2,803 4,852 1, , Mar. 8,065 1,211 2,803 4,880 1, ,276 II.-14 Monthly Bulletin, April 2011

47 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) 591 1, , , , Monthly Bulletin, April II.

48 1.6. Selected Liabilities of Other Monetary Financial Institutions by Sector MONEY AND FINANCIAL INSTITUTIONS Until in mio SIT from in mio EUR Column Liabilities to domestic sectors Deposits Debt securities issued Domestic currency Foreign currency Domestic With agreed maturity Reedemable at With agreed maturity Reedemable at Foreign currency Overnight Overnight currency Short-term Long-term notice Short-term Long-term notice = Code Dec. 986,985 1,175, , , , , ,169 35, ,327 61,245 4,195, Dec. 1,178,571 1,251, , , , , ,261 38, ,038 58,982 4,609, Dec. 6,887 8,913 2,857 1, ,139-21, Dec. 6,605 10,971 4,157 1, ,293-24, Dec. 7,200 9,779 9,688 1, ,521-29, Dec. 8,155 8,204 10, ,769-29, Feb. 7,139 9,479 10,260 1, ,489-30, Mar. 7,396 8,582 10,431 1, ,529-29, Apr. 7,351 8,347 10,894 1, ,512-29, May. 7,732 8,029 11,005 1, ,518-30, Jun. 7,976 8,377 11, ,771-30, Jul. 7,934 8,574 10, ,743-29, Aug. 8,041 8,621 10, ,754-29, Sep. 8,031 8,096 10, ,763-29, Oct. 7,926 8,100 10, ,758-28, Nov. 8,119 8,256 11, ,816-29, Dec. 8,155 8,192 10, ,768-28, Jan. 8,245 8,814 10, ,761-29, Feb. 8,179 8,483 10, ,779-29, Mar. 8,799 8,724 10, ,717-30,296 MFIs (S.121,S.122) Dec. 6,658 26,368 20,605 1,641 10,605 17,442 49,437-62,759 3, , Dec. 17,386 49,451 22,204 1,721 13,434 18,484 48,464-85,143 3, , Dec , , Dec. 8 1,492 1, , Dec , , Dec. 20 1,010 3, , Feb , , Mar , , Apr , , May , , Jun , , Jul , , Aug , , Sep , , Oct , , Nov , ,022-5, Dec , , Jan , , Feb , ,010-4, Mar , ,756 Non-MFIs (S.123,S.124,S.125) Dec. 10,513 73,011 75,832 18,349 5,086 11, , ,255 34, , Dec. 21,978 86,140 55,483 36,869 18,536 10, , ,909 32, , Dec , Dec , Dec , Dec , Feb , Mar , Apr , May , Jun , Jul , Aug , Sep , Oct , Nov , Dec , Jan , Feb , Mar ,880 II.-16 Monthly Bulletin, April 2011

49 MONEY AND FINANCIAL INSTITUTIONS Deposits Liabilities to foreign sectors Debt securities issued Domestic currency Foreign currency With agreed maturity Reedemable at With agreed maturity Reedemable at Domestic currency Foreign currency Overnight Overnight Short-term Long-term notice Short-term Long-term notice = (S.2) 21,896 42,339 55, , ,897 1,584, ,443 2,062,303 28,714 5,474 9, , ,813 2,153, ,093 98,766 2,649, ,573 11, , , ,087 12, , , ,714 10, , ,308-16, ,708 9, , ,288-16, ,214 10, , ,292-16, ,186 10, , ,292-15, ,381 10, , ,047-16, ,277 10, , ,058-16, ,597 10, , ,262-16, ,447 10, , ,233-16, ,388 10, , ,238-16, ,629 10, , ,256-17, ,437 10, , ,245-16, ,383 10, , ,294-16, ,708 9, , ,288-16, ,514 9, , ,295-16, ,329 10, ,057-3,277-16, ,286 9, ,025-3,615-16,292 MFIs (S.2) 14,836 38,958 54, , ,019 1,538, ,406 1,960,229 20,031 2,562 9,249-11, ,780 2,102,275-1,020 98,624 2,538, ,225 11, , , ,893 11, , , ,538 10, ,152-2,263-15, ,533 8, ,254-15, ,070 10, ,141-2,247-15, ,043 10, ,187-2,247-14, ,252 9, ,100-3,002-15, ,137 10, ,107-3,011-15, ,428 9, ,006-3,224-15, ,258 9, ,197-15, ,202 9, ,027-3,203-15, ,433 9, ,221-15, ,241 9, ,211-15, ,189 9, ,259-15, ,533 8, ,254-15, ,336 8, ,261-14, ,144 9, ,243-14, ,109 8, ,582-14,778 Non-MFIs (S.2) Monthly Bulletin, April II.

50 1.6. Selected Liabilities of Other Monetary Financial Institutions by Sector (continued) MONEY AND FINANCIAL INSTITUTIONS Until in mio SIT from in mio EUR Column Code Liabilities to domestic sectors Deposits Debt securities issued Domestic currency Foreign currency Domestic With agreed maturity Reedemable at With agreed maturity Reedemable at Foreign currency Overnight Overnight currency Short-term Long-term notice Short-term Long-term notice = Non-financial corporations (S.11) Dec. 185, ,159 34,773 51,807 85,077 53,414 22,685 6,835 26,714 11, , Dec. 219, ,864 30,992 72,094 89,487 63,215 18,941 7,486 18,331 12, , Dec. 1,301 1, , Dec. 1,250 1, , Dec. 1,372 1, , Dec. 1,748 1, , Feb. 1,262 1, , Mar. 1,421 1, , Apr. 1,391 1, , May. 1,423 1, , Jun. 1,400 1, , Jul. 1,544 1, , Aug. 1,600 1, , Sep. 1,585 1, , Oct. 1,618 1, , Nov. 1,726 1, , Dec. 1,748 1, , Jan. 1,703 1, , Feb. 1,691 1, , Mar. 1,659 1, ,922 Central government (S.1311) Dec. 12,647 97,654 12,958 1, , ,106 5, , Dec. 4, ,577 16,720 2,998 1, , ,347 4, , Dec , Dec. 8 1, , Dec. 71 1,721 1, , Dec , , Feb. 8 1,848 1, , Mar. 28 1,037 1, , Apr , , May , , Jun , , Jul , , Aug , , Sep , , Oct , , Nov , , Dec , , Jan. 90 1,448 2, , Feb. 16 1,073 2, , Mar ,416 2, ,329 Other government sectors (S.1312,S.1313,S.1314) Dec. 18,488 37,244 8,257 18, , ,182 1,612 91, Dec. 20,507 42,158 4,711 15, , ,243 2,284 95, Dec Dec Dec Dec Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar II.-18 Monthly Bulletin, April 2011

51 MONEY AND FINANCIAL INSTITUTIONS Liabilities to foreign sectors Deposits Debt securities issued Domestic currency Foreign currency With agreed maturity Reedemable at With agreed maturity Reedemable at Domestic currency Foreign currency Overnight Overnight Short-term Long-term notice Short-term Long-term notice = Non-financial corporations (S.2) 1, ,864 1, ,016 1, ,955 3,768 1, , Central government (S.2) , , , , Other government sectors (S.2) Monthly Bulletin, April II.

52 1.6. Selected Liabilities of Other Monetary Financial Institutions by Sector (continued) MONEY AND FINANCIAL INSTITUTIONS Until in mio SIT from in mio EUR Column Code Liabilities to domestic sectors Deposits Domestic currency Foreign currency With agreed maturity Reedemable With agreed maturity Reedemable Overnight Overnight Short-term Long-term at notice Short-term Long-term at notice Households and non-profit institutions serving households (S.14, S.15) Debt securities issued Domestic currency Foreign currency = Dec. 752, , ,515 46, , , ,039 28,124 1,310 4,581 2,553, Dec. 894, , ,287 51, , , ,676 29,769 1,065 4,455 2,749, Dec. 5,244 4,942 1, , Dec. 5,103 5,495 1, , Dec. 5,501 5,008 2, , Dec. 6,003 4,371 4, , Feb. 5,634 4,735 3, , Mar. 5,640 4,506 3, , Apr. 5,709 4,308 3, , May. 5,948 4,141 3, , Jun. 5,995 4,542 3, , Jul. 5,963 4,548 3, , Aug. 5,985 4,483 3, , Sep. 5,966 4,451 3, , Oct. 5,889 4,447 3, , Nov. 5,933 4,386 4, , Dec. 6,003 4,371 4, , Jan. 6,083 4,328 4, , Feb. 6,109 4,331 4, , Mar. 6,078 4,260 4, ,940 II.-20 Monthly Bulletin, April 2011

53 MONEY AND FINANCIAL INSTITUTIONS Liabilities to foreign sectors Deposits Debt securities issued Overnight Domestic currency With agreed maturity Short-term Long-term Reedemable at notice Overnight With agreed maturity Short-term Foreign currency Long-term Reedemable at notice Domestic currency Foreign currency = Households and non-profit institutions serving households (S.2) 5,688 2, ,805 14,803 7, ,263 7,319 2, ,692 16,252 7, , Monthly Bulletin, April II.

54 1.7. Balance Sheet of the Bank of Slovenia - instruments MONEY AND FINANCIAL INSTITUTIONS Millions of EUR Assets Lending to euro area credit institutionsrelated to monetary policy operations in euro 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 , Apr. 71 1, May. 71 1, , Jun. 68 1, , Jul. 68 1, , Aug. 68 1, , Sep. 70 1, , Oct. 70 1, , Nov. 70 1, , Dec. 78 1, , Jan. 78 1, , Feb. 78 1, , Mar. 84 1, , Apr. 84 1, , May. 84 1, , Jun , , Jul , , Aug , , Sep. 98 1, Oct. 98 1, , Nov. 98 1, , Dec , Jan , Feb , Mar , Millions of EUR Banknotes in circulation Liabilities to non-euro area residents Liabilities to euro area residents in foreign currency Liabilities Liabilities to euro area credit instiutions related to monetary policy operations in euro Current accounts (covering the minimum reserve system) Deposit facility Fixed-term deposits Fine-tuning reverse operations Column Code Dec. 2, Dec. 3, Dec. 3, Dec. 3, Apr. 3, May. 3, Jun. 3, Jul. 3, Aug. 3, 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. 3, Dec. 3, Jan. 3, Feb. 3, Mar. 3, , II.-22 Monthly Bulletin, April 2011

55 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, , ,543 2, , , ,588 2, , , ,719 2, , , ,768 2, , , ,778 2, , , ,888 2, , , ,868 2, , , ,921 2, , , ,857 2, , , ,834 2, , , ,734 2, , , ,632 2, , , ,489 2, , , ,472 2, , , ,358 2, , , ,364 2, , , ,372 2, , , ,411 2, , , ,425 2, , , ,425 2, , , ,428 2, , , ,355 2, , , ,398 2, , , ,311 2, ,139 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 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,069 2, , ,066 2, , , , , , , , , , , , , , , , , , , , , , , , , , ,139 Monthly Bulletin, April II.

56 Investment funds assets according to the type of fund MONEY AND FINANCIAL INSTITUTIONS Domestic assets Outstanding amount to financial sectors 1 Outstanding amount to non-financial sectors 2 Deposits Debt securities Shares and other Shares and other Deposits Debt securities equity equity in mio EUR Column Code Dec Dec Assets Jul Aug Sep Oct Nov Dec Jan Feb Open-end equity funds Dec Dec Jul Aug Sep Oct Nov Dec Jan Feb Open-end bond funds Dec Dec Jul Aug Sep Oct Nov Dec Jan Feb Open-end mixed funds Dec Dec Jul Aug Sep Oct Nov Dec Jan Feb other funds (close-end equity and open-end other funds; money market funds excluded 3 ) Dec Dec Jul Aug Sep Oct Nov Dec Jan Feb II.-24 Monthly Bulletin, April 2011

57 MONEY AND FINANCIAL INSTITUTIONS Assets Deposits Outstanding amount to financial sectors 1 Debt securities Shares and other equity Foreign assets Deposits Outstanding amount to non-financial sectors 2 Debt securities Shares and other equity Other assets (including financial derivates) = , , , , , , , ,022 1, , ,036 1, , ,059 1, , ,002 1,091 1, , ,082 1, , ,003 1,096 1, ,277 Open-end equity funds , , , , , , , , , , , ,321 Open-end bond funds Open-end mixed funds other funds (close-end equity and open-end other funds; money market funds excluded 3 ) Monthly Bulletin, April II.

58 Investment funds liabilities according to the type of fund MONEY AND FINANCIAL INSTITUTIONS Liabilities Domestic liabilities Outstanding amount to financial sectors 1 Outstanding amount to non-financial sectors 2 Loans Investment fund Investment fund Loans shares/units shares/units in mio EUR Column Code Dec ,315 1,315 1, Dec ,450 1,450 2, Jul ,414 1,414 2, Aug ,394 1,394 2, Sep ,397 1,397 2, Oct ,412 1,412 2, Nov ,409 1,409 2, Dec ,429 1,429 2, Jan ,436 1,436 2, Feb ,429 1,429 2,232 Open-end equity funds Dec Dec , Jul , Aug , Sep , Oct , Nov , Dec , Jan , Feb ,302 Open-end bond funds Dec Dec Jul Aug Sep Oct Nov Dec Jan Feb Open-end mixed funds Dec Dec Jul Aug Sep Oct Nov Dec Jan Feb Other funds (close-end equity and open-end other funds; money market funds excluded 3 ) Dec Dec Jul Aug Sep Oct Nov Dec Jan Feb II.-26 Monthly Bulletin, April 2011

59 MONEY AND FINANCIAL INSTITUTIONS Liabilities Foreign liabilities Outstanding amount to financial sectors 1 Outstanding amount to non-financial sectors 2 Investment fund Loans Loans shares/units Investment fund shares/units Other liabilities (including financial derivates) = , , , , , , , , , ,277 Open-end equity funds , , , , , , , , ,321 Open-end bond funds Open-end mixed funds Other funds (close-end equity and open-end other funds; money market funds excluded 3 ) Monthly Bulletin, April II.

60 2.1. Bank of Slovenia Interest Rates (% p. a.) FINANCIAL MARKETS AND PAYMENT SYSTEMS Lombard loan Repo (7-day) Banks' reserves Overnight deposit Longterm deposit Bank of Slovenia Bills In SIT In EUR In USD Number of days Number of days Number of days General legal penal rate n n n n n n n r r r r r r n Column Code Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Interbank Money Market Rates and Indexation Clause (% p. a.) Column Code Interbank Market Revaluation Clauses Tolar Indexation Clause Foreign Exchange Clauses SIONIA / SITIBOR / EURIBOR TOM USD CHF EONIA 1 month 3 months 6 months 1 year Monthly Annualized Monthly Annualized Monthly Annualized Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar II.-28 Monthly Bulletin, April 2011

61 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 Harmonised Long-term Interest Rates for Convergence Assessment Purposes (% p. a.) Yield to maturity Column 1 Code May 4.76 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 3.82 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Monthly Bulletin, April II.

62 FINANCIAL MARKETS AND PAYMENT SYSTEMS Monetary Financial Institutions - Interest Rates on Outstanding Amounts in Domestic Currency (% p. a.) Until SIT after EUR Column Code Up to 1 year 1 For house purchase Over 1 and up to 5 years 2 Over 5 years 3 Households Up to 1 year 4 For consumption Over 1 and up to 5 years 5 Non-financial corporations Over 5 years Up to 1 year Over 1 and up to Over 5 years 5 years Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Loans 2007 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 II.-30 Monthly Bulletin, April 2011

63 FINANCIAL MARKETS AND PAYMENT SYSTEMS Deposits Deposits redeemable at notice 1,2 Households Non-financial corporations Households and non-financial corporations Repos Overnight Time deposits with agreed maturity Overnight Time deposits with agreed maturity Notice up to 3 months Notice over 3 months deposits Up to 2 years Over 2 years deposits Up to 2 years Over 2 years IR IR Until SIT after EUR Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec. Stolpec Koda 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 Monthly Bulletin, April II.

64 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 Column Code Households Households and non-financial corporations 1,2 Volume IR Volume IR Volume Time deposits with agreed maturity Deposits redeemable at notice Overnight 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 deposits Feb , , , ,535 Mar , , , ,216 Apr , , , ,497 May , , , ,471 Jun , , , , ,625 Jul , , , , ,316 Aug , , , , ,159 Sep , , , , ,400 Oct , , , ,847 Nov , , , ,674 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 , II.-32 Monthly Bulletin, April 2011

65 FINANCIAL MARKETS AND PAYMENT SYSTEMS Overnight deposits 1 Up to 1 year Non-financial corporations Time deposits with agreed maturity Over 1 and up to 2 years IR IR Volume IR Volume IR Over 2 years Volume , , Feb , Mar , Apr , May , Jun , Jul , , Aug , , Sep , Oct , Nov , , Dec. Repos Until SIT after EUR Column Code , 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 Monthly Bulletin, April II.

66 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 Column Code Households Bank overdraft 1 For consumption Floating rate or Over 1 and up to 5 years Over 5 years up to 1 year rate fixation rate fixation rate fixation IR Volume IR Volume IR Volume IR Volume IR Feb , , , , Mar , , , , Apr , , , , May , , , , Jun , , , , Jul , , , , Aug , , , , Sep , , , , Oct , , , , Nov , , , , Dec , , , , APRC 2007 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 II.-34 Monthly Bulletin, April 2011

67 FINANCIAL MARKETS AND PAYMENT SYSTEMS For house purchase Households Loans for other purposes Floating rate or Over 1 and up to 5 years Over 5 and up to 10years Over 10 years APRC Floating rate or Over 1 and up to 5 years Over 5 years up to 1 year rate fixation rate fixation rate fixation rate fixation up to 1 year rate fixation rate fixation rate fixation IR Volume IR Volume IR Volume IR Volume IR IR Volume IR Volume IR Volume Until SIT after EUR , , Feb , , Mar , , Apr , , May , , Jun , , Jul , , Aug , , Sep , , Oct , , Nov , , Dec. Column Code 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 Monthly Bulletin, April II.

68 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 Column Code Non-financial corporations Other loans up to an amount of EUR 1 million Other loans over an amount of EUR 1 million Bank overdraft Floating rate or Over 1 and up to 5 Over 5 years Floating rate or Over 1 and up to 5 Over 5 years up to 1 year rate fixation years rate fixation rate fixation up to 1 year rate fixation years rate fixation rate fixation IR Volume IR Volume IR Volume IR Volume IR Volume IR Volume Feb , , , , Mar , , , Apr , , , , May , , , , ,700 Jun , , , Jul , , , , Aug , , , , Sep , , , Oct , , , ,075 Nov , , , , ,588 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 , II.-36 Monthly Bulletin, April 2011

69 FINANCIAL MARKETS AND PAYMENT SYSTEMS 2.5. Government Securities Rates (% p. a.) Government security Issued Maturity Interest rate Government securities RS21 1 Feb Mar 2015 TOM + 1,00% 34,057,005 EUR - EUR RS26 1 Jun Jun % 49,976,500 EUR - EUR RS29 15 Jan Jan % 55,000,000 EUR - EUR RS32 15 Jan Jan % 23,865,500 EUR - EUR RS33 1 Jan Dec % 127,166,004 EUR - EUR RS38 19 Apr Apr % 68,847,000 EUR - EUR RS44 8 Nov Nov % 4,443,536 EUR - EUR RS48 2 Dec Dec % 56,465,200 EUR - EUR RS49 10 Jan Jan % 29,632,020 EUR - EUR RS50 24 Feb Feb % 48,527,000 EUR - EUR RS53 8 Apr Apr % 79,290,900 EUR - EUR RS54 15 Oct Oct % 76,295,376 EUR - EUR RS57 15 Mar Oct % 259,697,224 EUR - EUR RS59 17 Jan Feb % 1,066,332,031 EUR - EUR RS62 18 Jan Mar % 390,540,053 EUR - EUR RS63 6 Feb Feb % 1,000,000,000 EUR - EUR RS64 5 Feb Feb % 1,000,000,000 EUR - EUR RS65 2 Apr Apr % 1,500,000,000 EUR - EUR RS66 9 Sep Sep % 1,500,000,000 EUR - EUR RS67 26 Jan Jan % 1,500,000,000 EUR - EUR RS68 17 Mar Mar % 1,000,000,000 EUR - EUR RS69 18 Jan Jan % 1,500,000,000 EUR - EUR RS70 30 Mar Mar % 1,500,000,000 EUR - EUR Eurobonds EUROBOND - EUR 11 Apr Apr % 450,000,000 EUR - EUR SLOVEN4 03/22/18 22 Mar Mar % 1,000,000,000 EUR - EUR TREASURY BILLS Treasury Bills - 3 months 130. issue 14 Jan Apr % 22,500,000 EUR - EUR 131. issue 14 Apr Jul % 23,900,000 EUR - EUR Treasury Bills - 6 months Treasury Bills - 12 months Amount outstanding Currency of the issue Indexation of the principal Currency of the payments In case of dematerialised securities, the interest rate is applied from the day of issue. Monthly Bulletin, April II.

70 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 Code 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.-38 Monthly Bulletin, April 2011

71 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 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 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 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Monthly Bulletin, April II.

72 2.7. TARGET2 and SEPA internal credit transfer (SEPA IKP) transactions FINANCIAL MARKETS AND PAYMENT SYSTEMS Value until in mio SIT from in mio EUR TARGET 2 SEPA IKP transactions 1,2 Domestic payments 3 Cross-border payments 4 Net Cash Flow Number Gross Value 5 Net Value 6 in % Number Value Number Value Column Code = (7/6)* ,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, , Apr. 115,548 5, ,031, May 114,367 4, ,156, Jun. 118,820 5, ,305, Jul. 113,932 4, ,071, Aug. 112,899 4, ,005, Sep. 118,642 5, ,097, Oct. 116,247 5, ,059, Nov. 125,488 5, ,393, Dec. 145,117 7, ,692, Jan. 120,912 6, ,084, Feb. 110,330 6, ,800, Mar. 129,225 6, ,506, Apr. 121,402 6, ,073, May 131,262 6, ,559, Jun. 132,498 6, ,556, Jul. 123,556 6, ,302, Aug. 120,691 5, ,106, Sep. 133,030 6, ,118, Oct. 138,658 6, ,425, Nov. 141,613 6, ,540, Dec. 164,036 7, ,035, , , ,150 68, ,652,237 45, , , , ,700 * 84, * 55,908,926 49, , , , ,384 * 63, * 55,131,097 44, , , , ,269 63, ,131,105 45, , Jun. 54,383 30, ,267 7, ,726,126 4, Jul. 57,759 31, ,922 8, ,800,452 4, Aug. 49,509 27, ,370 6, ,129,784 3, Sep. 56,835 32, ,897 7, ,671,409 4, Oct. 58,340 47, ,251 7, ,971,699 4, Nov. 52,394 40, ,630 5, ,577,907 3, Dec. 61,639 49, ,884 * 5, * 5,278,181 4, Jan. 48,686 41, ,423 * 4, * 4,278,032 3, Feb. 47,369 43, ,533 * 5, * 4,168,023 3, Mar. 55,653 35, ,767 * 5, * 4,765,206 3, , Apr. 54,281 38, ,658 * 6, * 4,648,154 3, , May 51,322 28, ,782 * 5, * 4,517,344 3, , Jun. 55,544 35, ,561 * 6, * 4,901,837 3, Jul. 58,681 42, ,002 * 5, * 4,808,170 3, Aug. 50,575 42, ,876 * 3, * 4,114,660 3, Sep. 56,692 50, ,831 * 6, * 4,459,772 3, Oct. 63,714 48, ,909 * 4, * 4,703,953 3, Nov. 59,677 39, ,873 * 4, * 4,602,323 3, Dec. 65,209 59, ,169 6, ,163,623 4, Jan. 50,259 65, ,032 3, ,222,872 3, 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, II.-40 Monthly Bulletin, April 2011

73 FINANCIAL MARKETS AND PAYMENT SYSTEMS 2.8. Payment Cards Number of cards in circulation - cards issued in Slovenia Debit cards 2 Domestic Under Issued by Issued by Personal Business cards licence banks enterprises cards cards Credit cards 1 Column =1+2,3+4,5+6 8 Code Dec. 350, , , , ,145 83, , , Dec. 374, , , , ,645 96, , , Dec. 418, , , , , , ,071 1,392, Dec. 443, , , , , , ,779 1,495, Dec. 477, , , , , , ,450 1,707, Dec. 522, , , , , , ,184 2,466, Dec. 575, , , , , ,730 1,011,236 2,310, Dec. 630, , , , , ,731 1,094,319 2,330, Dec. 700, , , ,371 1,043, ,931 1,207,052 2,412, 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. 888, , , ,363 1,301, ,891 1,531,465 2,742, Mar. 912, , , ,981 1,328, ,755 1,562,018 2,772,353 In thousands Column Code Debit cards 2 Volume of transactions in Slovenia Cards issued in Slovenia Domestic Under Issued by Issued by Personal Business cards licence banks enterprises cards cards Credit cards =1+2,3+4,5+6 8 Cards issued abroad 3 Number of transaction abroad ,993 12,245 28,147 10,091 33,231 5,006 38,238 1,216 2,278 1, ,396 15,798 33,050 11,144 38,704 5,490 44,194 5,264 2,925 1, ,794 20,139 38,426 13,506 44,209 7,724 51,933 13,933 3,745 1, ,366 21,697 40,218 14,846 47,777 7,286 55,063 26,388 4,585 1, ,877 23,117 40,599 14,394 49,138 5,856 54,994 31,988 4,752 1, ,930 24,598 41,556 17,972 52,010 7,519 59,528 37,784 5,253 2, ,338 26,377 41,342 19,373 53,228 7,486 60,715 44,145 5,011 2, ,079 28,292 41,794 21,577 55,784 7,587 63,371 49,178 5,897 3, ,408 29,579 40,281 25,706 57,308 8,679 65,987 55,182 7,221 3, ,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, IV 7,096 8,209 9,144 6,161 13,767 1,538 15,305 19,261 1,949 1, I 6,682 7,284 7,994 5,973 12,623 1,344 13,967 17,705 1,843 1, Until in mio SIT from in mio EUR Domestic cards Under licence Issued by banks Value of transactions in Slovenia Cards issued in Slovenia Credit cards 1 Issued by Personal Business Debit cards 2 enterprises cards cards Cards issued abroad 3 Value of transaction abroad 4 Column =1+2,3+4, Code ,565 73, ,320 46, ,454 32, ,651 6,890 33,552 22, ,134 97, ,751 56, ,451 39, ,695 30,034 42,727 27, , , , , ,942 75, ,860 92,982 58,499 28, , , , , ,814 68, , ,896 77,047 32, , , , , ,342 68, , ,688 86,323 35, , , , , ,674 76, , ,105 90,031 40, , , , , ,983 93, , ,100 81,157 51, , , , , , , , ,411 91,612 59, , , , , , , , , ,853 70, ,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, IV I Monthly Bulletin, April II.

74 2.9. Other Payment Instruments and Innovative Payment Schemes FINANCIAL MARKETS AND PAYMENT SYSTEMS Value until in mio SIT from in mio EUR Number of ATMs 1 ATMs Volume of transactions at ATMs in thousands Value of transactions at ATMs Number of EFT POS 1 POS terminals Volume of transactions at POS terminals in thousands 2 Value of transactions at POS terminals 2 Number of encashed cheques in thousands Column Code , ,010 11,361 26, ,650 1, , ,768 15,269 38, ,694 23, , , ,016 21,723 49, ,744 13, ,841 1, ,027 46, ,099 26,186 73, ,627 5,663 90, ,095 52, ,742 29,452 91, ,103 4,532 82, ,240 58, ,682 32, , ,572 2,967 51, ,389 63, ,207 34, , ,861 1,735 32, ,490 66, ,024 28, , ,676 1,350 27, ,522 64,160 1,010,028 29, , , , Cheques Value of transactions Travel cheques Value issued 2003 I 1,173 13, ,743 30,053 24, , , II 1,158 14, ,306 30,617 27, , , III 1,171 15, ,994 31,145 29, , , IV 1,240 15, ,639 32,035 29, , , I 1,272 15, ,576 32,496 27, , , II 1,322 15, ,299 33,321 28, , , III 1,354 16, ,242 34,302 27, , , IV 1,389 16, ,090 34,770 27, , , I 1,409 15, ,762 27,031 24, , , II 1,435 17, ,915 27,746 25, , , III 1,456 16, ,691 28,276 28, , , IV 1,490 16, ,656 28,817 31, , , I 1,499 15, ,180 28,587 26, , , II 1,510 16, ,363 29,148 30, , , III 1,522 16, ,059 29,259 29, , , IV 1,522 15, ,426 29,234 29, , , ,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, 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.-42 Monthly Bulletin, April 2011

75 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 ,082 1, , ,395 67, ,440 14,091 3, , , ,126, , ,669 34,094 7, , ,775 9,893 12,652,713 1,019, ,334 41,592 9, , ,965 19,988 17,715,548 1,485, ,560 45,008 12, , ,660 13,617 21,227,533 2,185, ,928 48,543 15, , ,221,006 22,556 22,884,609 3,042, ,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, II 439,655 67,678 6, , , ,554 7,162 III 449,207 70,565 6, , , ,980 7,180 IV 463,337 81,816 7, , , ,203 7, I 486,493 86,214 7, , , ,116 5,351 II 487,471 90,641 7, , , ,146 5,413 III 498,895 93,690 7, , , ,741 5,181 IV 509,572 96,401 7, , , ,473 5, I 512,337 97,060 7, , , ,020 4,640 II 523,818 98,507 7, , , ,604 5,312 III 534,325 99,899 7, , , ,469 5,526 IV 566, ,998 8, , , ,223 6, I 578, ,262 8, , , ,483 6,097 Value until in mio SIT from in mio EUR Telebanking and mobile phone banking Volume of transactions in Value of transactions thousand Domestic transactions Cross border transactions Domestic transactions Cross border transactions Stolpec Koda , , , ,193 4, II III IV I II III IV I II III IV I Monthly Bulletin, April II.

76 2.11. Credit Transfers FINANCIAL MARKETS AND PAYMENT SYSTEMS Value until in milliards SIT from in millions EUR Volume (in thousands) Paper based payment Of which domestic transactions Value Of which domestic transactions Non-paper based payment Volume (in thousands) Of which domestic transactions Value 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, I 18,337 18,203 28,025 25, II 18,908 18,785 30,377 28, III 18,925 18,834 25,171 23, IV 20,380 20,275 21,386 19, I 17,876 17,774 19,668 17, II 19,497 19,391 22,309 20, III 17,403 17,306 18,457 16, IV 18,159 18,062 19,104 16, I 16,481 16,393 16,362 15, II 16,852 16,766 16,014 14, III 16,065 15,987 15,582 14, IV 16,584 16,500 14,902 13, I 19,401 19,303 15,439 13, 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, Value until in milliards SIT from in millions EUR Volume (in thousands) Standing orders Of which domestic transactions Value Of which domestic transactions Volume (in thousands) Direct credit Of which domestic transactions Value 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, I 1,223 1, ,916 4,916 2,660 2,659 II 1,124 1, ,432 5,432 3,145 3,141 III 1,200 1, ,587 5,587 2,914 2,913 IV 1,076 1, ,349 5,349 3,530 3, I 1,020 1, ,741 4,741 2,891 2,889 II 1,023 1, ,666 5,666 3,253 3,253 III 1,067 1, ,381 5,381 2,861 2,861 IV 1,090 1, ,249 5,249 3,110 3, I 1,138 1, ,836 4,836 2,790 2,790 II 1,017 1, ,572 5,572 3,321 3,321 III 1,026 1, ,168 5,168 2,894 2,894 IV 1,008 1, ,209 5,209 3,019 3, I ,931 4,931 3,043 3,043 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.-44 Monthly Bulletin, April 2011

77 FINANCIAL MARKETS AND PAYMENT SYSTEMS Debit Transfers Value until in milliards SIT from in millions EUR Stolpec Koda Direct debit Debit transfers Special money order Volume (in thousands) Value Volume (in thousands) Of which Of which Of which domestic transactions domestic transactions domestic transaction ,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, 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 3,607 Value Of which domestic transactions 8 Other debit transfers Volume (in thousands) Value Of which Of which domestic transactions domestic transactions I 12,331 12, ,136 1,135 3,134 3,134 Monthly Bulletin, April II.

78 2.13. Network of Commercial Banks FINANCIAL MARKETS AND PAYMENT SYSTEMS Commercial banks (Head offices) No. Region 1 Network 2 ( ) 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 ,445 10,929 11,258 11,543 11,397 11,534 11,632 11,714 11,878 12, ,994 Density of the banking network by local comunities II.-46 Monthly Bulletin, April 2011