Financial Stability Review 2/2006

SUMMARY: Macroeconomic and external environment; Corporate financial behaviour and risks; Financial behaviour of households and related risks; Banking market; Securities market and other financial intermediaries; Payment systems; Conclusions and financial stability risks
I GLOBAL ECONOMY AND ESTONIAN ECONOMY
EXTERNAL ENVIRONMENT: Global economic cycle; International financial markets
ESTONIAN ECONOMIC GROWTH AND MACROECONOMIC RISKS: Economic growth, external balance and inflation; Corporate business situation

Confidence

Industrial sales

New companies and bankruptcies

Corporate investment and economic indicators

Economic situation of households

Confidence and household budget surveys

Labour market

Wages

Real estate financing by domestic banks

Real estate investments as savings

Household debt and loan-servicing capability

Level and growth of debt

Housing loans

Consumer credits

DOES THE INCREASE IN REAL ESTATE PRICES AFFECT PRIVATE CONSUMPTION?: Households' loan-servicing capability and risks
ASSESSING THE DEVELOPMENT OF THE FINANCIAL SECTOR AND FINANCIAL DEEPENING
III BANKING SECTOR STABILITY AND RISKS: Strategic development of the banking sarket; Quality of assets; Capital adequacy
CAPITALISATION OF BANKS: Liquidity

Funding of banks

Liquid assets

Efficiency and profitability
IV MONEY AND SECURITIES AND MONEY MARKET: Money market; Bond market; Stock market
V OTHER FINANCIAL MARKETS: Investment funds; Pension funds and insurance; Life insurance; Non-life insurance
VI PAYMENT SYSTEMS: Settlement system of interbank payments; Payment intermediation

Payment environment

Payments via credit institutions

Use of payment cards

Assessment by the overseer of the payment systems

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