Financial market supervision
Supervision of the financial market in Slovakia has been integrated since 2006, when the central bank, Národná banka Slovenska (NBS), took over the supervision of financial market participants in the banking, capital market, insurance and pension fund sectors. General rules of procedure for supervision of the financial market are laid down in the Financial Market Supervision Act.
NBS is a party to the European System of Financial Supervision (ESFS), which was established on 1 January 2011 and is in charge of ensuring the supervision of the EU's financial system.
Since June 2013 NBS has been authorised to conduct macroprudential policy as part of its supervision of the financial market. Its task in this regard is to identify, monitor and mitigate systemic risks to the financial system and thereby support the stability of the financial system as a whole.
NBS participates in the Single Supervisory Mechanism (SSM), which entered into operation in November 2014 as the first pillar of the EU banking union. The banking union project was instigated in response to the global economic and financial crisis.
As from January 2015, Národná banka Slovenska:
- is the competent authority for consumer protection in the Slovak financial market, and as such it oversees the protection of the rights of financial consumers so as to support the secure and sound functioning of the financial market;
- provides expertise to and supports the Resolution Council, which is the national resolution authority for institutions in Slovakia's financial sector and part of the Single Resolution Mechanism (the second pillar of the banking union).
The Bank Board of Národná banka Slovenska at its meeting held on 4 April 2017 discussed and approved the Analysis of the Slovak Financial Sector - 2016 (in Slovak language only)
Summary of NBS's most frequent recommendations to improve the quality of Own Risk and Solvency Assessment (ORSA) Reports, made after assessing the ORSA reports submitted by insurance undertakings in 2016
The Bank Board of Národná banka Slovenska at its meeting held on 31 January 2017 discussed and approved the Quarterly Commentary on Macroprudential Policy - January 2017. Based on decision of the Bank Board of Národná banka Slovenska taken on 31 January 2017, the countercyclical capital buffer rate remains at 0.5% level that enters into force on 1 August 2017.
The Bank Board of Národná banka Slovenska at its meeting held on 22 November 2016 discussed and approved the Financial Stability Report - November 2016