Report on Financial Market Developments in 2011

Contents

SUMMARY

1. MACROECONOMIC SITUATION
2. FUNDS FOR USE IN THE FINANCIAL MARKET
3. STRUCTURE OF HOUSEHOLD SAVINGS
4. FINANCIAL MARKET ENTITIES
   • 4.1. The banking sector
     4.1.1. Development of Interest Rates
     4.1.2. Deposits and loans
     4.1.3. Building societies
     4.1.4. Mortgage market
     4.1.5. Credit unions
   • 4.2. Capital market 
     4.2.1. Regulated markets
     4.2.2. Energy Exchange
     4.2.3. Investment firms and asset management
     4.2.4. Collective investment
   • 4.3. Insurance companies
   • 4.4. Supplementary Pension Insurance
     4.4.1. Reform of the pension system 
     Selected aspects of the new second pillar
     Selected aspects of the reformed third pillar
5. RELATION OF THE GOVERNMENT SECTOR TO THE FINANCIAL MARKET
   • 5.1. General government balance 
   • 5.2. State budget 
   • 5.3. Government debt
6. FOREIGN EXCHANGE MARKET
7. FINANCIAL MARKET ACTIVITIES OF THE MOF
   • 7.1. Ministry of Finance’s activities on an international level 
   • 7.2. Financial Market Legislation 
     7.2.1. Law of the European Union
     7.2.2. National Legislation 
   • 7.3. Consumer protection in the financial market
   • 7.4. Other activities of the Ministry of Finance

• LIST OF TABLES
• LIST OF CHARTS
• LIST OF ABBREVIATIONS

• APPENDIX 1: FINANCIAL MARKET LEGISLATION
  • P1.1. Cross‐sectoral regulations in the sphere of financial markets
  • P1.2. Legislation in the sphere of capital markets
  • P1.3. Legislation in the sphere of banking, building savings schemes and credit unions
  • P1.4. Legislation in the sphere of payments and market infrastructure 
  • P1.5. Legislation in the sphere of insurance and supplementary pension insurance
• APPENDIX 2: SUPPLEMENTARY TABLES

Source: MoF - Financial Market Analyses Unit