Šramko: Slovak banks won't significantly limit access to credit

Slovak banks won't significantly limit access to credit for the public and entrepreneurs despite the global financial crisis, central bank (NBS) governor Ivan Šramko said on the public-service Slovak Television politics talk show 'O 5 Minut 12' (5 Minutes to 12) on November 2.

Slovak banks won't significantly limit access to credit for the public and entrepreneurs despite the global financial crisis, central bank (NBS) governor Ivan Šramko said on the public-service Slovak Television politics talk show 'O 5 Minut 12' (5 Minutes to 12) on November 2.

He went on to say that Slovakia's adoption of the euro as of January 1 is the major reason for this.

"As of January 1, the competitive environment (among banks) will be even tougher, and I can't imagine banks putting the brakes on their businesses in Slovakia, as they could eventually pay a heavy price for doing so.

"We're monitoring what the financial sector might look like next year. The first signals we've got from the banks hint that they will grow. Therefore, we don't expect them to be pulling out in any way."

He added that the Slovak commercial banks recorded revenues of Sk17 billion (€564.3 million) over the first nine months of 2008. Slovakia's economic growth won't suffer significantly due to the crisis, he said.

"We've been expecting the economy to grow by 6.6 percent in the next year, but even if the growth is lower ... Slovakia will be able to create conditions for further economic development," he concluded. SITA

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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