Ivica Chačaturianová Gabriel Hinzeller Association of Financial Intermediaries and Financial Advisors 30. April 2008, CIFA - VI. International Forum
Base Factors Market - Maastricht criteria - Euro expectations and fears - reforms (necessity & challenge) Economy - change of interest rates - earnings growth - tax benefits - strengthening of Slovak crown - increase of real estate prices 2
Financial Market Development Banking - increase of motgages - higher risk products - specialised banking products Investment - euro-convergent funds - longer terms investments - savings plans - guaranteed products - real estates 3
Financial Market Development Insurance - unit linked products - bankassurance - effects of demonopolisation of MTPL (2002) - effects of pension reform in life assurance Financial services - improving the quality through education - competition - higher requirements of clients - responsibility 4
Slovak Pension Reform ( ) very well managed, now changes of terms experience (legislation, business, professionalism,...) II.pillar is not a cure-all raise of consumer responsibility better consumer financial literacy improvement of other life/pension products 5
Consumer Behaviour higher consumer literacy modern ways of thinking experience from abroad long term regular savings indebtedness role of financial advisors and distributors drawbacks and speed 6
Structure & use of incomes... 7
Assets Assets & liabilities of households Liabilities 8
Loans to households (% of GDP) Structure of loans Breakdown of loans 9
Market share of financial institutions on assets in % 10
Sources of information (National Bank) (Finance Ministry) (economic weekly) (economic daily)... 11
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KD Investments, správ. spol., a.s. Gabriel Hinzeller Laurinská Bratislava, Slovakia Tel.: Fax: