Financial Stability Review 1/2004

Financial Stability Review, May 2004

CONTENTS

SUMMARY
Macroeconomic and External Environment
Corporate Financial Conduct and Risks
Financial Conduct and Risks of Households
Banking Sector
Securities Market and Other Financial Intermediaries
Payment Systems
Summary. Financial Stability Risks
I GLOBAL ECONOMY AND ESTONIAN ECONOMY
External Environment
Global Economic Cycle
International Financial Markets
Estonian Economy and Macroeconomic Risks
Economic Growth and External Balance
Inflation
Corporate Business Situation
Confidence
Industrial Sales and Investments
New Companies and Bankruptcies
Corporate Profitability
Economic Situation of Households
Labour Market
Confidence and Family Budget Surveys
Structure of Financial Intermediation and Financial Deepening
BACKGROUND INFORMATION The Effect of Private Sector Debt Burden on Financial Stability
II CORPORATE AND HOUSEHOLDS' FINANCIAL BEHAVIOUR AND RELATED RISKS
Companies
Financial Position and Saving
Corporate Debt
Debt Mediated by Domestic Financial Sector
Households
Financial Position and Saving
BACKGROUND INFORMATION Household Saving
Households' Debt and Loan-Servicing Ability
BACKGROUND INFORMATION Growth in the Indebtedness of Estonian Households Compared to Other EU Countries
Loan Conditions
Households' Loan-Servicing Ability
III BANKING SECTOR STABILITY AND RISKS
Strategic Development in the Banking Market
Capital Adequacy
Asset Quality
Efficiency and Profitability
Solo Profitability of Banks
Profitability of Leasing Companies
Consolidated Profitability
BACKGROUND INFORMATION Profit Sensitivity Scenario Analysis
Liquidity
Interest Environment and Foreign Confidence
Financing the Banks
Liquid Assets
BACKGROUND INFORMATION Liquidity Risk and Management
IV MONEY AND SECURITIES MARKET
Money and Capital Market
Money Market
Bond Market
Stock Market
V OTHER FINANCIAL MARKETS
Investment Funds
Pension Funds and Insurance
Insurance Compnaies
VI PAYMENT SYSTEMS
Interbank Settlement System
Payment Mediation
Payment Environment
Payments via Credit Institutions
Use of Payment Cards
BACKGROUND INFORMATION Innovative Payment Methods

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