Changes and additions to banks' reporting in 2004

At its 32nd meeting on 21 August 2003, the CNB Bank Board approved a proposal for changes and additions to banks' reporting in 2004. The main change for next year will be the introduction of new interest rate statistics in line with the European Central Bank's methodology. The monetary statistics will thus in principle be harmonised with the standards applied in the euro area countries. The compiling and submitting of the basic financial statements (balance sheets and profit-and-loss accounts) for the purposes of banking supervision by the CNB and oversight by the Czech Securities Commission will be rationalised. Starting from the first quarter of 2004, banks will send their statements (the content of which will be revised to meet the needs of both regulators) to the CNB only. The CNB will then pass them on to the Securities Commission. This practical solution agreed upon by the regulators will reduce costs and simplify banks' reporting. It is one of the manifestations of the effective co-operation between the supervisory institutions under the new trilateral Memorandum of Understanding signed by the Czech National Bank, the Securities Commission and the Ministry of Finance in February 2003.

Alice Frisaufova, CNB spokesperson