Financial Stability Review 1/2005

Financial Stability Review, May 2005

CONTENTS

SUMMARY
Macroeconomic and External Environment
Corporate Financial Behaviour and Risks
Financial Behaviour of Households and Their Risks
Banking Sector
Securities Market and Other Financial Intermediaries
Payment Systems
Summary and Financial Stability Risks
I GLOBAL ECONOMY AND ESTONIAN ECONOMY
External Environment
Global Economic Cycle
International Financial Markets
Estonian Economy and Macroeconomic Risks
Economic Growth, External Balance and Inflation
Corporate Business Situation
Confidence
Industrial Sales and Investments
New Companies and Bankruptcies
Corporate Profitability
Economic Situation of Households
Labour Market
Confidence and Household Budget Surveys
Structure of Financial Intermediation and Financial Deepening
II FINANCIAL BEHAVIOUR OF COMPANIES AND HOUSEHOLDS AND THEIR RISKS
Companies
Financial Position and Saving
Corporate Debt
Debt Intermediated by Domestic Financial Sector
Households
Financial Position and Saving
Household Debt and Loan-Servicing Ability
Level and Growth of Debt
Households' Loan-Servicing Ability
III BANKING SECTOR STABILITY AND RISKS
Strategic Development in the Banking Market
Quality of Assets
Capital Adequacy
Efficiency and Profitability
Solo Profitability of Banks
Consolidated Profitability
Liquidity
Funding of Banks
Liquid Assets
BACKGROUND INFORMATION
Funding of Banks and Financing of Branches Operating Abroad
IV SECURITIES AND MONEY MARKET
Money Market
Bond Market
Stock Market
V OTHER FINANCIAL MARKETS
Investment Funds
Pension Funds and Insurance
Insurance Companies
VI PAYMENT SYSTEMS
Settlement System of Interbank Payments
Payment Environment
Payments via Credit Institutions
Use of Payment Cards
BACKGROUND INFORMATION
Card Payments

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