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1000 days after the euro introduction in Slovakia

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27.9.2011

On Wednesday 28 September, exactly 1000 days will elapse since the euro introduction in Slovakia. Slovenská sporiteľňa brings a brief summary of the most interesting facts the banking sector has gathered about the new currency so far.

Decline in foreign exchange services
After the euro introduction the number of foreign exchange transactions went down in Slovenská sporiteľňa to less than a half, from 200 thousand transactions (IHY 2008) to 80 thousand transactions (IHY 2011). While exchange of Slovak crowns for the euro accounted for almost 44% of all foreign exchange operations in 2008, in 2011, Slovaks most often exchanged the Czech crown (58% of all transactions). When it comes to USD transactions, even after the euro introduction their share on all foreign exchange transactions is comparable: 6 – 9% on average.

 
Cheaper payments
After the euro introduction the prices of cross-border payments in EUR within the European Economic Area became considerably cheaper. Now, the fee paid by Slovenská sporiteľňa clients for electronic cross-border payments* is at 98% cheaper than in 2008. Clients that realize at least one payment per month can save as much as tens or hundreds euro per year. Cheaper payments were then reflected in higher number of transactions which rose 120%. Compared to 50 thousand electronic transactions* realized by Slovaks in IHY 2008, in IHY 2011, the number of electronic transactions saw an increase to almost 110 thousand.
 
 
Fee
cost saving per one payment
2008
2011
 Payment* realized through electronic banking
€ 6.64
€ 0.15
€ 6.49
 Payment realized * at the branch
€ 16.60
€1.20
€ 15.40

* euro payments within the European Economic Area

More counterfeits in circulation
After the introduction of the euro in Slovakia, the occurrence of counterfeited banknotes in circulation posted significant increase. Compared to 2008, when only 12 counterfeited Slovak banknotes were detected by Slovenská sporiteľňa branches, almost 50 counterfeits of the euro banknotes and 190 pieces of counterfeited euro coins were intercepted in 2010. Such an increase can be attributed to the fact that, being an international currency, the euro can be put into circulation at any country of the euro area. This makes its counterfeiting even more attractive. Similarly, also foreign counterfeits were found in Slovakia.

 
Year
Number of counterfeits
 
banknotes
coins
together
 2008 / (Slovak koruna)
12
0
12
 2009 / (euro)
99
84
183
 2010 / (euro)
50
190
240
 
Card transactions show an upward trend
Card transactions also saw an increase after the euro adoption. Almost 74% growth was recorded in total number of card transactions. Compared to 17 million card transactions in 2008, in 2010, the total number of card transactions of Slovenská sporiteľňa clients was above 33 million. Hand in hand with this increase, a decrease in the amount of average merchant transaction was recorded, meaning, that clients pay also smaller amounts by their cards. Now, the Slovaks rather pay by their cards than withdraw cash as they were accustomed in the past.
 
Experience learnt by Slovenská sporiteľňa branches: retail clients and the euro
The majority of clients accepted the new currency without major problems. Having had previous international experience with the euro, mainly the young people adapted very quickly to the new currency. Rather older or mid-aged adults are thinking in old currency and still convert the euro into Slovak crowns. Slovaks living abroad mostly appreciate that currency conversion and the money transfer are now much more comfortable. On the other hand, transparent prices are what the people spending their holidays enjoy the most. Some people have already stopped converting and they are also a lot more benevolent when rounding the prices of goods and services. Overall, the payments are seen positive, mainly the euro payments within the European Economic Area have become much considerably cheaper.

Experience learnt by Slovenská sporiteľňa branches: entrepreneurs and the euro
Entrepreneurs have adapted to the euro a lot more quickly than the private individuals did, and doing business within the monetary union´ s international payments system is very comfortable for them since they need not bother about the exchange rate variances any more. Higher demand for euro coins was recorded only during the first months after the euro introduction, and entrepreneurs have adapted to new situation very soon. Now, they make full use of depositing 100 pieces of coins free of any charge. Now, they are mainly depositing the banknotes. Pharmacies, betting offices, newspaper shops, fuel stations and selected supermarket food chains create certain exception in this respect.

Slovenská sporiteľňa is with 2.5 million clients the largest commercial bank in Slovakia. Its only shareholder is the Austrian Erste Group Bank. Slovenská sporiteľňa has a long-term leading position in total assets, retail loans, client deposits, number of sales points and ATMs. It offers complex banking services in 291 sales points and 18 commercial centres in all regions of Slovakia.
 
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Currency Foreign
purchase		 Foreign
sale		 ECB rate
CHF 1.2154 1.1865 1.2011
CZK 25.608 25.000 25.294
USD 1.2902 1.2596 1.2768
GBP 0.8176 0.7982 0.80870
Prices for EUR 1 as of 22.05.2012 All
 

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