Full text of Act No. 286 / 2006 Coll.
Full text of Act No. 6 / 1993 Coll., on the Czech National Bank, as seen from later amendments
Valid
Declared full text
Text versions:
13.06.2006
Contents
ČÁST PRVNÍ
§ 1
§ 2
§ 3
§ 3a
ČÁST DRUHÁ
§ 4
§ 5
§ 6
§ 7
§ 8
ČÁST TŘETÍ
§ 9
§ 10
§ 11
ČÁST ČTVRTÁ
§ 12
§ 13
§ 14
§ 15
§ 16
§ 17
§ 18
§ 19
§ 20
§ 21
§ 22
ČÁST PÁTÁ
§ 23
§ 24
§ 25
§ 26
§ 26a
ČÁST ŠESTÁ
§ 27
§ 28
§ 29
§ 29a
§ 30
§ 31
§ 31a
§ 32
§ 33
§ 34
ČÁST SEDMÁ
§ 35
§ 36
ČÁST OSMÁ
§ 37
§ 38
§ 39
§ 40
§ 41
§ 42
§ 43
ČÁST DEVÁTÁ
§ 44
§ 45
§ 45a
§ 45b
§ 45c
§ 45d
§ 46
§ 46a
§ 46b
§ 46c
§ 46d
§ 46e
§ 46f
ČÁST DESÁTÁ
§ 47
§ 48
ČÁST JEDENÁCTÁ
§ 49
§ 49a
§ 49b
§ 50
ČÁST DVANÁCTÁ
§ 51
§ 52
§ 53
§ 54
§ 55
§ 56
§ 57
§ 58
§ 59
§ 60
§ 60a
§ 61
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286
PRESIDENT OF THE GOVERNMENT
Announces
the full text of Act No. 6 / 1993 Coll., on the Czech National Bank, as follows from the amendments made by Act No. 60 / 1993 Coll., Act No. 15 / 1998 Coll., Act No. 442 / 2000 Coll., the Constitutional Court found under Act No. 278 / 2001 Coll., Act No. 482 / 2001 Coll., Act No. 127 / 2002 Coll., Act No. 257 / 2004 Coll., Act No. 377 / 2005 Coll., Act No. 57 / 2006 Coll. and Act No. 62 / 2006 Coll.
THE LAW
concerning the Czech National Bank
The Czech National Council decided on this law:
BASIC PROVISIONS
(1) The Czech National Bank is the central bank of the Czech Republic and the financial market supervisor.
(2) The Czech National Bank is a legal entity having the status of a public body based in Prague; is not entered in the Commercial Register.
(3) The Czech National Bank is entrusted with the powers of the administrative authority to the extent provided for by this Act and the special legislation1).
(4) The Czech National Bank operates separately with professional care with the property entrusted to it by the State.
(1) The main objective of the Czech National Bank is to care for price stability. Without prejudice to its main objective, the Czech National Bank supports the general economic policy of the government leading to sustainable economic growth. The Czech National Bank acts in accordance with the principle of an open market economy.
(2) In line with its main objective Czech National Bank
(a) determine monetary policy;
(b) issue banknotes and coins;
(c) manage the circulation, payment and settlement of banks, branches of foreign banks and savings and credit cooperatives and ensure their continuity and economy and contribute to the security, reliability and effectiveness of payment systems and their development;
d) oversees persons active in the financial market, analyses the development of the financial system, ensures the safe functioning and development of the financial market in the Czech Republic and contributes to the stability of its financial system as a whole;
(e) carry out other activities under this law and under specific legislation.
(3) In carrying out its tasks, the Czech National Bank is working with the central banks of other States, the supervisory authorities of the financial markets of other States, and international financial organisations and international organisations involved in the supervision of banks, electronic money institutions and financial markets.
(1) The Czech National Bank is required to report on monetary developments to Parliament's Chamber of Deputies at least twice a year. If the Chamber of Deputies decides on this, the Czech National Bank will present an extraordinary report on monetary developments within 30 days at the latest. The resolution of the Chamber of Deputies must state what the extraordinary report contains.
(2) The report on monetary developments is presented to the Chamber of Deputies by the Governor of the Czech National Bank, who is entitled to attend the meeting of the Chamber of Deputies in this case and must be given the verb 1c).
(3) The Chamber of Deputies will take note of the report on monetary developments or will require its completion.
(4) If the House requests a supplement to the report, the Czech National Bank is obliged to submit a report completed in accordance with the request of the Chamber of Deputies within 6 weeks.
(5) The Czech National Bank is obliged to inform the public at least once every three months of monetary developments.
The Czech National Bank is required to provide A report on financial stability to the Chamber of Deputies at least once a year.
ORGANISATION OF THE CZECH NATIONAL BANK
The Czech National Bank
(a) headquarters located in Prague;
(b) branches;
(c) special purpose organisational units.
(1) The highest managing body of the Czech National Bank is the Banking Board of the Czech National Bank (hereinafter the "Banking Board"). The Banking Board determines the monetary policy and the instruments for its implementation and decides on the key monetary policy measures of the Czech National Bank and financial market supervision measures.
(2) In particular, the Bank Board
(a) establish the principles of the activities and transactions of the Czech National Bank;
b) Approves the budget of the Czech National Bank;
c) establish the organisational arrangements and responsibilities of the Czech National Bank's organisational units;
(d) specify the types of funds of the Czech National Bank, their amount and their use;
e) exercise the rights and obligations arising from employment relations with employees of the Czech National Bank. Such acts may be entrusted to other staff members,
f) Grants approval to the business of employees of the Czech National Bank,
(g) determine the salary and other benefits of the Governor; the remuneration and other benefits of the Vice-Governors and other members of the Bank Board shall be determined by the Governor,
h) Decommissioning decisions against decisions of the Czech National Bank at first instance.
(1) The Bank Board is seven members. Its members are the Governor of the Czech National Bank, 2 Vice-Governors of the Czech National Bank and 4 other members of the Banking Board of the Czech National Bank.
(2) The Governor, the Vice-Governors and the other members are appointed and withdrawn by the President of the Republic.
(3) repealed.
(4) No one may serve as a member of the Bank Board more than twice.
(5) The members of the Banking Board are appointed for a term of 6 years.
(6) The membership of the Bank Board shall be incompatible with the function of a legislator, a member of the Government and a member of the governing, supervisory and supervisory bodies of other banks and business entities and the pursuit of self-employment, with the exception of the activities of scientific, literary, publicist, artistic and pedagogical, and the management of own property. Membership of the Banking Board is further incompatible with any activity which may cause a conflict of interest between the conduct of that activity and the membership of the Banking Board.
(7) A citizen of the Czech Republic may be appointed as a member of the Banking Board, who
(a) is fully eligible for legal action;
(b) has completed a university education;
(c) is righteous;
(d) is a recognised and experienced person in monetary and financial market matters.
(8) For the purposes of this law, a natural person who has not been convicted of a criminal offence shall be entitled to the right of defence.
(9) The members of the Bank Board are employees of the Czech National Bank.
(10) The term of office of a member of the Bank Board shall end:
(a) the expiry of his term of office;
(b) on the day immediately following the date of service of the written appeal from the office or the written resignation of the post, or at a later date specified in the notice of revocation or resignation.
(11) The President of the Republic shall withdraw a member of the Banking Board
(a) in breach of paragraph 6 or paragraph 7 (c);
(b) the date on which he became legally competent in a judgment which deprived him of legal capacity or limited his legal capacity.
(12) The President of the Republic may withdraw a member of the Banking Board if he is not in office for more than 6 months.
(13) The Governor shall be dismissed by the President of the Republic if he no longer fulfils the conditions required for the performance of his duties or if he is guilty of serious misconduct. The President of the Republic may also dismiss the Governor if he does not perform his duties for more than 6 months. The requested Governor or the Governing Council of the European Central Bank may request a review of the decision to remove the Governor from office before the European Court of Justice, if they consider that this decision has infringed the Treaty establishing the European Community or any other law adopted to implement it.
(1) The meeting of the Banking Board shall be chaired by the Governor, the Vice-Governor in his absence. The Bank Board shall take its decisions by simple majority. The Bank Board shall have a quorum, if the Governor or the Vice-Governor appointed by him is present, and at least three other members thereof. In the event of a tie, the chairman shall vote.
(2) The Rules of Procedure of the Banking Board shall be approved by the Banking Board.
On behalf of the Czech National Bank, the Governor acts externally. At the time of his absence, he is represented by the deputy governor.
RELATIONS TO GOVERNMENTS AND OTHER INSTITUTIONS
(1) The Czech National Bank and the Banking Board may not take or require instructions from the President of the Republic, Parliament, government, administrative offices or any other body in the pursuit of the main objective of the Czech National Bank and other activities.
(2) The Czech National Bank and the Government inform each other of monetary and economic policy principles and measures.
(1) The Czech National Bank takes an opinion on the proposals submitted for consideration to the Government which affect the competence of the Czech National Bank.
(2) The Czech National Bank has advisory functions towards the government in matters of a monetary policy nature and of a financial market.
(1) The Minister of Finance or any other authorised member of the Government shall be entitled to attend the advisory meeting of the Banking Board with the vote and may submit proposals to it for consideration.
(2) The Governor of the Czech National Bank or the Vice-Governor designated by him is entitled to attend an advisory meeting of the Government.
EMISSIONS BANKNOTES AND MINES
The Czech National Bank has the exclusive right to issue banknotes and coins, as well as commemorative coins ("banknotes and coins').
The money unit in the Czech Republic is a Czech crown, the abbreviation of the name is "CZK." The crown of Czech is divided into a hundred pennies.
The Czech National Bank manages the stocks of banknotes and coins and organises the supply of banknotes and coins from manufacturers in accordance with the requirements of money circulation.
The Czech National Bank negotiates banknote printing and coin stamping and oversees the protection and security of unpublished banknotes and coins and the preservation and destruction of printing plates, ramps and invalid and discarded banknotes and coins.
(1) Valid banknotes and coins issued by the Czech National Bank are legal money at their nominal value at all payments in the Czech Republic.
(2) Coins of precious metal, commemorative coins and coins in special design intended for collector's purposes may be sold at prices different from their nominal value.
(1) The Czech National Bank exchanges damaged banknotes and coins it has issued on request for undamaged banknotes and coins.
(2) The Czech National Bank may refuse to exchange banknotes or coins whose pattern or embossing is illegible or perforated, and the remains of banknotes less than a quarter of the original banknote area. Such banknotes and coins shall be collected without refund and destroyed by the sender; in justified cases, the Czech National Bank may exceptionally grant compensation.
(3) The Czech National Bank does not provide compensation for banknotes and coins that have been destroyed or lost. Banknotes whose appearance has been altered, in particular banknotes that have been described, painted, reprinted, printed, perforated or covered with paint, adhesive or other similar material, may be withdrawn without refund.
Banknotes and circulation coins The Czech National Bank takes them out of circulation, destroys them and replaces them with new banknotes and coins.
(1) The Czech National Bank may declare invalid and withdraw the banknotes and coins it has issued. They shall pay their nominal value in exchange for other newly issued banknotes and coins. The period during which the exchange may be carried out shall not be less than five years, unless otherwise provided in the special law.
(2) At the end of the period set for the exchange, the aggregate amount of banknotes and coins declared invalid but not submitted for exchange shall be deducted from the amount of money in circulation in the accounts of the Czech National Bank. This amount is the income of the Czech National Bank.
Any reproduction of banknotes, coins, cheques, securities or payment cards denominated in Czech or foreign currency (hereinafter referred to as "money symbols'), or objects by modification, may be made only under the conditions laid down by the Czech National Bank by law.
Counterfeit or amended banknotes and coins denominated in Czech or foreign currency, or banknotes and coins which are suspected to be counterfeit or amended ("counterfeit banknotes and coins') shall be collected by banks and legal entities (" legal entities') without compensation and transmitted to the Czech National Bank. Legal persons shall be entitled to require the person who has submitted counterfeit banknotes and coins to prove his identity in a credible manner. The removal of counterfeit banknotes and coins shall be notified by the legal person who removed them to the law enforcement authorities.
Czech National Bank
(a) denominations, dimensions, weight, material, appearance and other features of banknotes and coins and their release into circulation;
(b) the procedure for receiving and handling legal money by natural and legal persons, including the procedure for taking counterfeit banknotes and coins;
(c) the provision of compensation for incomplete and damaged banknotes and coins;
(d) the expiry of banknotes and coins and the manner and duration of their exchange for other banknotes and coins;
(e) the conditions under which money symbols may be reproduced or the production of objects imitating them.
INSTRUMENTS FOR THE MONETARY REGULATION OF THE CZECH NATIONAL BANK
The Czech National Bank sets interest rates, frameworks, maturities and other terms and conditions of the transactions it carries out under this Act and the Specific Laws (1).
Czech National Bank
(a) by the measure published in the Czech National Bank Bulletin, the rules governing the prudent business of banks, branches of foreign banks, savings and credit cooperatives, electronic money institutions) and branches of foreign electronic money institutions operating in the Czech Republic under a single licence,
(b) by decree, the rules governing the prudent business of other persons on the money market and the conditions under which the money market may be traded.
(1) The Czech National Bank may require that banks, branches of foreign banks and savings and credit cooperatives have a specified share of their resources in their accounts with the Czech National Bank (hereinafter referred to as "compulsory minimum reserves").
(2) Mandatory minimum reserves may amount to no more than 30% of the total liabilities of an institution that has an obligation under paragraph 1, reduced by the liabilities of that institution towards other institutions that have an obligation under paragraph 1.
(1) If a bank, a branch of a foreign bank, or a savings and credit cooperative does not maintain a fixed minimum reserve, the Czech National Bank is entitled to charge it for an amount by which the fixed minimum reserve is not filled, an interest equal to twice the applicable Lombardy rate.
(2) When increasing the reserve requirement level, the Czech National Bank shall set a time limit within which the institutions subject to the obligation under Paragraph 25 must cope with the increase.
The rules for the fulfilment of the obligations set out in Sections 25 and 26 of the Czech National Bank are laid down by the measures published in the Czech National Bank Bulletin.
TRADE IN THE CZECH NATIONAL BANK
Business with banks
The Czech National Bank maintains bank accounts and accepts their deposits.
The Czech National Bank can buy or sell to banks
(a) notes due within six months of the date of purchase by the Czech National Bank and bearing at least two signatures, of which at least one signature per bank;
(b) sovereign debt or other securities with a State guarantee which may, however, be purchased for a maximum period of one year.
(1) The Czech National Bank may grant to banks, for a maximum period of three months, a loan secured by the securities referred to in Section 28, or, where appropriate, by sovereign bonds or other securities with a State guarantee or a stock list for bulk goods fully insured against loss and damage, as well as other property values.
(2) In order to maintain the bank's liquidity, the Czech National Bank may exceptionally grant a short-term loan to the bank for a maximum period of three months. When granting this loan, the Czech National Bank requires adequate collateral.
The business which the Czech National Bank carries out according to Part Six with banks may also be carried out with branches of foreign banks and savings and credit cooperatives.
Business with the Czech Republic
(1) The Czech National Bank maintains accounts according to the Act on budgetary rules and amending certain related laws.
(2) The Czech National Bank must not grant repayable funds or any other financial support to the Czech Republic or its bodies, local authorities, public bodies and legal entities under the control of the State, a local authority or a public body, with the exception of banks, even the purchase of bonds from such entities, if those entities are their issuers. Similarly, they may not conduct business with such entities which could result in claims by the Czech National Bank against them.
(1) The Czech National Bank has put on sale under the Special Act (3) and, in an agreement with the Ministry of Finance, it is able to carry out, under its authority and at the agreed remuneration, the management, repayment and transfer of government bonds, the payment of interest on those bonds, or other required activities.
(2) The Czech National Bank is entitled to keep records of securities issued by the Czech Republic and payable within one year, of securities issued by the Czech National Bank (§ 33) and of bonds with a maturity of up to one year and to operate a settlement system for such investment instruments.
The Czech National Bank may, at the request of the Ministry of Finance, negotiate transactions with investment instruments3b), in accordance with a special law governing budgetary rule 3a. This is without prejudice to Paragraph 31 (1).
Other Czech National Bank transactions
The Czech National Bank may buy and sell securities to direct the money market, unless otherwise provided for in this Act.
The Czech National Bank may issue and trade short-term securities with a maturity of up to six months.
(1) The Czech National Bank may, under the conditions usual in the banking sector, keep the accounts of its employees and provide them with additional banking services. It may also hold accounts and provide banking services to legal persons. The list of these legal entities is published by the Czech National Bank in the annual report on the outcome of the business.
(2) Specific law 4) applies mutatis mutandis to the implementation of the activities referred to in paragraph 1.
RIGHTS OF THE CZECH NATIONAL BANK IN THE DOVISED ECONOMY
Czech National Bank
(a) establish, after consultation with the government, a regime for the exchange rate of the Czech currency to foreign currencies, while not jeopardising the main objective of the Czech National Bank;
(b) declare the course of the Czech currency to foreign currencies;
(c) determine the price of gold in the banking operations of the Czech National Bank;
(d) keep and manage the currency reserves in and with gold and foreign exchange funds.
Czech National Bank
(a) trade in gold and foreign exchange values and conduct all types of banking transactions with domestic and foreign banks, savings and credit cooperatives and foreign-exchange payments;
(b) issue securities denominated in foreign currency.
OTHER ACTIVITIES AND MANAGEMENT OF THE CZECH NATIONAL BANK
(1) The Czech National Bank submits to the Government proposals for legal adjustments in the field of currency, money circulation, money market, payment and legal arrangements concerning the jurisdiction and position of the central bank.
(2) The Czech National Bank, together with the Ministry of Finance, presents proposals to the Government for legal adjustments to the foreign exchange economy and regulation of electronic money issuance.
(3) The Czech National Bank is working with the Ministry of Finance to prepare proposals for legal adjustments in the financial market; The provisions of paragraphs 1 and 2 shall be without prejudice to this.
(1) The Czech National Bank is entitled to operate interbank payment systems. In addition to banks, savings and credit cooperatives v4a) and branches of foreign banks as well as persons performing the role of central counterparty, settlement agent or clearing house in the settlement system under the special legislation governing the business on the capital market (3b), or in the settlement system listed by the Commission of the European Communities, they shall be responsible for fulfilling their financial obligations arising from their obligations under that scheme. The account is held in the Czech National Bank system by a similar account of interbank payments pursuant to a special legal provision (4), provided that the Czech National Bank has concluded a contract with these persons to hold a payment account and to transfer interbank payment data.
(2) The contract referred to in paragraph 1 shall always include the place, manner and time of transmission of payment data, formalities, format and structure of payment data and the manner in which they are secured against abuse, the liability of the Contracting Parties, the conditions for remuneration of the payment account and the fixing of prices for the execution of interbank payment transactions.
(3) In order to ensure uniform payment and settlement, the Czech National Bank provides for a decree
(a) the way in which payments are made between banks, savings and credit cooperatives and branches of foreign banks and the settlement of accounts with banks, savings and credit cooperatives and branches of foreign banks;
(b) the use of means of payment by banks, savings and credit cooperatives and branches of foreign banks in payment transactions.
The Czech National Bank makes a registration of the representation of foreign banks and financial institutions carrying out banking activities (7), if they operate in the Czech Republic. A foreign bank or financial institution is required to register its representation before its commencement. The representation shall not take place and shall not be entered in the Commercial Register.
The Czech National Bank, within its jurisdiction under this Act, negotiates payment and other agreements with foreign banks, financial market supervisors and international financial institutions.
(1) The Czech National Bank coordinates the development of the banking information system in the Czech Republic. To this end, it lays down the principles of the banking information system.
Contents
ČÁST PRVNÍ
§ 1
§ 2
§ 3
§ 3a
ČÁST DRUHÁ
§ 4
§ 5
§ 6
§ 7
§ 8
ČÁST TŘETÍ
§ 9
§ 10
§ 11
ČÁST ČTVRTÁ
§ 12
§ 13
§ 14
§ 15
§ 16
§ 17
§ 18
§ 19
§ 20
§ 21
§ 22
ČÁST PÁTÁ
§ 23
§ 24
§ 25
§ 26
§ 26a
ČÁST ŠESTÁ
§ 27
§ 28
§ 29
§ 29a
§ 30
§ 31
§ 31a
§ 32
§ 33
§ 34
ČÁST SEDMÁ
§ 35
§ 36
ČÁST OSMÁ
§ 37
§ 38
§ 39
§ 40
§ 41
§ 42
§ 43
ČÁST DEVÁTÁ
§ 44
§ 45
§ 45a
§ 45b
§ 45c
§ 45d
§ 46
§ 46a
§ 46b
§ 46c
§ 46d
§ 46e
§ 46f
ČÁST DESÁTÁ
§ 47
§ 48
ČÁST JEDENÁCTÁ
§ 49
§ 49a
§ 49b
§ 50
ČÁST DVANÁCTÁ
§ 51
§ 52
§ 53
§ 54
§ 55
§ 56
§ 57
§ 58
§ 59
§ 60
§ 60a
§ 61
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Regulation Information
| Citation | Full text of Act No. 286 / 2006 Coll., Act No. 6 / 1993 Coll., on the Czech National Bank, as shown by later amendments |
|---|---|
| Regulation Type | Declared full text |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 13.06.2006 |
|---|---|
| Effective from | - |
| Effective until | - |
| Status | Valid |
Legal Areas:
Banking, Money
Taxes
Finance
Economic (State)
Currency
Commercial law
Commercial liabilities
Labour relations
Labour law
Administration of state (national) property
Administrative authorities
Administrative law
State (official) control
Accounting
Constitutional (state) law
Fundamental human rights
The regulation text is for informational purposes only.
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