CNB and CBA oppose disinformation

The Czech National Bank and the Czech Banking Association jointly oppose the disinformation being circulated which questions the stability of the Czech banking sector. This disinformation is entirely unfounded and intentionally misuses the specific situation of Sberbank to undermine confidence in the stability of the domestic banking sector. We would like to point out that spreading such disinformation may constitute the offence of spreading false news, with all its related consequences under criminal law.

The CNB has repeatedly pointed out that Sberbank was a specific case caused by geopolitical developments resulting in massive withdrawals of deposits from this bank. However, the financial system is prepared even for such cases. This is proven by the fact that today – the seventh working day following the CNB’s notification of the commencement of steps to revoke Sberbank’s licence – the Financial Market Guarantee System started to pay out insured deposits of up to CZK 2.5 million per client via branches of Komerční banka.

As the CNB declared in its statement (in Czech only) last week, domestic banks are stable, strong and sound and focus mainly on financing the Czech economy, Czech firms and citizens of the Czech Republic. They have negligible business in Russia, and any default on loans and investments there would have almost no effect on their financial situation. Their stability is significantly boosted by the fact that their capitalisation is above average even by European comparison. The CNB’s regular stress tests (pdf, 1,7 MB) also show that domestic banks are highly resilient to external shocks. This continues to hold true in the current geopolitical situation.

The Czech National Bank and the Czech Banking Association also assure the public that all channels of payment intermediation are working smoothly in the Czech Republic – both non-cash ones using payment cards and bank transfers, and cash ones. There is therefore no reason for engaging in non-standard behaviour, such as holding greater amounts of cash, in this situation in the Czech Republic.

Markéta Fišerová, Director of the Communications Division and CNB Spokesperson
Radek Šalša, Head of Communications, CBA