BMI View: We have a positive outlook for Slovakia's financial services sector over our forecast period through 2026. We note that Slovakia's financial system is dominated by banks rather than other financial services firms. In particular, the stock exchange and asset management industries are relatively small compared to most peers, in which we see potential for growth and room to catch up. Asset quality in Slovakia's banking system is extremely strong, with a non-performing loan ratio of just 3.5% of total loans in early 2017. In combination with additional countercyclical buffers required by the National Bank of Slovakia, we believe the sector is not significantly exposed to domestic systemic risks.