Response to today’s announcement by KBC and ČSOB

Today the KBC group of Belgium published information on the revaluation of certain investments and the impact thereof on its profit for 2008 Q3. The Czech National Bank had been informed about this step and its timing in advance by both the Belgian regulator and ČSOB.

Given the situation on foreign financial markets, the Czech National Bank had anticipated this step of KBC. All statements published by the Czech National Bank regarding the stability of the domestic financial market had already taken into account the situation described in the announcement made today by ČSOB and KBC. ČSOB is a stable bank that complies with all regulatory requirements pursuant to the Act on Banks and the relevant regulatory rules.

Pavel Zúbek, CNB Communications Department