Financial Stability Review 2/2007

Financial Stability Review, November 2007

CONTENTS

SUMMARY
Financial behaviour of companies and households and related risks
Banking market
Securities market and other financial intermediaries
Payment and settlement systems
Conclusion and financial stability risks
I FINANCIAL BEHAVIOUR OF COMPANIES AND HOUSEHOLDS AND THEIR RISKS
COMPANIES
Corporate business situation
Corporate financial position and saving
Corporate debt
HOUSEHOLDS
Economic situation of households
Financial position and savings
Household debt and loan-servicing capability
DEVELOPMENTS IN THE REAL ESTATE MARKET
II BANKING SECTOR STABILITY AND RISKS
Strategic development of the banking sector
Quality of assets
Capital adequacy
Liquidity
Efficiency and profitability
III SECURITIES AND MONEY MARKET
International financial markets
Money market
Bond market
Stock market
GLOBAL LIQUIDITY AND CREDIT RISK
Sources of crises
Spread of crisis
Reactions of central banks and the International Monetary Fund
IV OTHER FINANCIAL MARKETS
Investment dunds
Pension funds and insurance
Insurance
V PAYMENT SYSTEMS
Interbank payment and settlement system
Payment intermediation
INTERNATIONAL COMPARISON OF THE ESTONIAN PAYMENT ENVIRONMENT AND THE USE OF VARIOUS PAYMENT INSTRUMENTS
General structure
Credit orders and direct debits
Payment cards and ATMs
Conclusion
OVERSEER'S ASSESSMENT OF PAYMENT AND SETTLEMENT SYSTEMS

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