Act of the Czech National Council No. 6 / 1993 Coll.
Act of the Czech National Council on the Czech National Bank
Valid
Effective from 01.01.1993
Contents
ČÁST PRVNÍ
§ 1
§ 1a
§ 2
§ 2a
§ 3
§ 3a
§ 3b
ČÁST DRUHÁ
§ 4
§ 5
§ 6
§ 7
§ 8
ČÁST TŘETÍ
§ 9
§ 10
§ 11
ČÁST ČTVRTÁ
§ 12
§ 13
§ 14
§ 15
§ 16
§ 19
§ 20
§ 21
§ 22
ČÁST PÁTÁ
§ 23
§ 24
§ 25
§ 26
ČÁST ŠESTÁ
§ 30
§ 31
§ 31a
§ 32
§ 33
§ 33a
§ 34
§ 34a
ČÁST SEDMÁ
§ 35
ČÁST OSMÁ
§ 37
§ 38
§ 38a
§ 39
§ 40
ČÁST DEVÁTÁ
HLAVA I
§ 41
HLAVA II
§ 42
§ 43
§ 43a
§ 43b
§ 43c
§ 43d
§ 43e
§ 43f
§ 43g
ČÁST DESÁTÁ
§ 44
§ 44a
§ 44aa
§ 44b
§ 44c
§ 45
§ 45a
§ 45b
§ 45c
§ 45d
ČÁST JEDENÁCTÁ
§ 46
§ 46a
§ 46b
ČÁST DVANÁCTÁ
§ 46c
§ 46d
§ 46e
§ 46f
ČÁST TŘINÁCTÁ
§ 47
§ 47a
§ 48
ČÁST ČTRNÁCTÁ
§ 49
§ 49a
§ 49b
§ 49c
§ 49d
§ 49e
§ 49f
§ 49g
§ 49h
§ 50
§ 50a
§ 50b
ČÁST PATNÁCTÁ
§ 51
§ 52
§ 53
§ 54
§ 55
§ 57
§ 58
§ 60
§ 61
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6
THE LAW
Czech National Council
of 17 December 1992
concerning the Czech National Bank
The Czech National Council decided on this law:
BASIC PROVISIONS
(1) The Czech National Bank is a central bank of the Czech Republic, a financial market supervisor and a resolution authority.
(2) The Czech National Bank is a legal person governed by public law based in Prague.
(3) The Czech National Bank is entrusted with the powers of the administrative authority to the extent provided for by this Act and other legislation.
The Czech National Bank is part of the European System of Central Banks under the Treaty on the Functioning of the European Union20) and under the Protocol on the Statute of the European System of Central Banks and of the European Central Bank (hereinafter referred to as the Statute) 21) and contributes to the objectives and tasks of the European System of Central Banks.
(1) The main objective of the Czech National Bank's activities is the care of price stability. The Czech National Bank also ensures financial stability and the safe functioning of the financial system in the Czech Republic. Without prejudice to its main objective, the Czech National Bank supports the general economic policy of the government leading to sustainable economic growth and general economic policy in the European Union with the aim of contributing to the achievement of the European Union's objectives. The Czech National Bank acts in accordance with the principle of an open market economy.
(2) The Czech National Bank shall carry out the following tasks:
(a) determine and implement monetary policy;
(b) issue banknotes and coins;
(c) manage the cash flow, payment and settlement of banks, foreign banks engaged in banking activities in the Czech Republic through their branch (hereinafter referred to as the branch of the foreign bank) and savings and credit cooperatives, ensure their continuity and economy and contribute to the security, reliability and effectiveness of payment and settlement systems and their development;
(d) oversees persons operating in the financial market (Paragraph 44 (1));
(e) recognise, monitor and assess risks to the stability of the financial system and, in order to prevent or reduce such risks, contribute through its powers to the resilience of the financial system, reduce the increase in systemic risks and maintain financial stability, thereby creating a macroprudential policy; cooperate, where necessary, in the development of a macro-prudential policy with the authorities of the State concerned by that policy;
(f) carry out other activities under this law and other legislation.
(3) In carrying out its tasks, the Czech National Bank is working with the central banks of other States, the foreign financial market supervisory authorities, the foreign resolution authorities, international financial institutions and international financial market supervision authorities, and other foreign and international authorities which perform similar tasks as the Czech National Bank, and negotiate with them within its scope the relevant agreement.
(4) The Czech National Bank will consider the possible impact of its decision on the stability of the financial system of another Member State of the European Union in the context of the supervisory exercise referred to in paragraph 2 (d), taking into account the facts available at the time of its issue and, in particular, in cases where there is an emergency situation which could affect the functioning of the financial systems.
(1) The Czech National Bank is part of the European System of Supervision for Financial Markets (17) and cooperates with the European Systemic Risk Board and the European Financial Market Supervisors (19).
(2) The Czech National Bank informs the European Systemic Risk Board of significant risk mitigation measures that could jeopardise the stability of the financial system in the Czech Republic.
(1) The Czech National Bank is required to report on monetary developments to the 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 submitted 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 and must be given the floor. 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 in a way that allows remote access.
The Czech National Bank is required to provide A report on financial stability to the Chamber of Deputies at least once a year. This report also includes a strategy for macro-prudential policy. This report is also published by the Czech National Bank in a way that allows remote access.
(1) In the performance of its tasks, the Czech National Bank may issue recommendations, warnings or warnings to the public, the authorities of the Czech Republic or individual or species designated persons.
(2) If publication of recommendations, warnings or warnings could jeopardise the performance of the tasks of the Czech National Bank, they cannot be provided under the law governing free access to information.
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 Bank Board shall determine monetary and macro-prudential policies and instruments for their implementation. It decides on key monetary and macro-prudential policy measures, financial market supervision and financial market resolution.
(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 the employees of the Czech National Bank; other staff members may be entrusted with such acts,
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) No one may serve as a member of the Bank Board more than twice.
(4) The members of the Bank Board are appointed for a term of 6 years.
(5) 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 with the exception of 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.
(6) 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 recognised and experienced in monetary matters or in the field of the financial market.
(7) 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.
(8) The members of the Bank Board are employees of the Czech National Bank.
(9) The term of office of a member of the Banking 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.
(10) A member of the Bank Board may be removed from office only if he no longer fulfils the conditions required for his or her performance or if he / she has committed a serious misconduct (22). The decision to dismiss the Governor shall also be served on the Governing Council of the European Central Bank.
(11) If the post of Governor is not filled, the Bank Board shall entrust one of the Vice-governors to act as Governor until a new Governor is appointed. The authorised Vice-Governor shall act as Governor in full capacity and responsibility.
(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.
The Governor acts externally on behalf of the Czech National Bank, who also signs the laws and acts issued by the Czech National Bank and published in the Collection of Laws and International Treaties. The Governor shall be represented in full by the Vice-Governor appointed by him.
RELATIONS TO GOVERNMENTS AND OTHER INSTITUTIONS
(1) Neither the Czech National Bank, the Banking Board nor any member of the Banking Board may, in the exercise of the powers and duties conferred on them by the Treaty on European Union, the Treaty on the Functioning of the European Union and the Statute and in the conduct of other activities, require or take instructions from the President of the Republic, Parliament, the Government and other institutions of the Czech Republic, the institutions, bodies, offices or agencies of the European Union, the Governments of the Member States of the European Union or from any other subject23).
(2) The Czech National Bank and the Government inform each other of monetary, macro-prudential 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 performs advisory functions towards the Government in matters of a monetary policy nature, macro-prudential policy and the 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 take part in the 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 banknotes and coins (hereinafter "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 banknotes and coins and coins in special design intended for collecting purposes may be sold at prices different from their nominal value.
(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 made may not be less than five years, unless otherwise provided by another 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.
(1) The Czech National Bank has the exclusive right to issue commercial coins called Czech ducats. Paragraph 15 shall apply mutatis mutandis to them.
(2) Business coins are coins issued by the Czech National Bank, which are not legal money and have no nominal value.
(1) No one may produce, import, offer, sell or otherwise expand medals, tokens or similar objects which by their execution are capable of misleading their holders that they are coins issued by the Czech National Bank.
(2) No one shall use the word "coin" when marking or describing a chip, medal or similar item in connection with their offering, selling or other expansion.
(1) The Czech National Bank shall establish by decree:
(a) denominations, dimensions, weight, material, appearance and other features of banknotes and coins and their release into circulation;
(b) the expiry of banknotes and coins and the manner and duration of their exchange for other banknotes and coins.
(2) The Czech National Bank shall determine by decree whether it is issued as a single Czech ducat or multiple, the dimensions, weight, material, appearance, its additional formalities and the date of issue.
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 law and other laws, and determines the types of such transactions and counterparties of the Czech National Bank in them.
(1) Banks, branches of foreign banks and savings and credit cooperatives are required to have a specified share of their resources in their account with the Czech National Bank as mandatory minimum reserves. Mandatory minimum reserves are maintained in Czech crowns and can be remunerated.
(2) Mandatory minimum reserves may amount to a maximum of 30% of the total liabilities of the person who is required to maintain the compulsory minimum reserves (hereinafter referred to as "the obliged person"), reduced by the obligations of that obliged person towards other obliged persons. If the monetary policy of the Czech National Bank so requires, the minimum reserve requirements may be set differently for the type-designated obliged entities.
If the obligor does not maintain the required minimum reserves, the Czech National Bank shall be entitled to charge interest on the amount by which the required minimum reserves are not filled at the rate corresponding to the average Lombardy Rate during the period during which the required minimum reserves were to be maintained plus 5 percentage points but not less than 5%.
Czech National Bank
(a) the amount of reserve requirements;
(b) the date from which the compulsory minimum reserves must be maintained by the obliged person;
(c) the period during which the reserve requirements are maintained;
(d) the range of commitments from which the mandatory minimum reserves are maintained and the sources of data on those commitments;
(e) the procedure for determining the fixed amount of the reserve requirements where the compulsory person does not submit the data from which the reserve requirements are set to the Czech National Bank.
TRADE IN THE CZECH NATIONAL BANK
Business with the Czech Republic
The Czech National Bank shall keep accounts in accordance with the budget regular 24).
The Czech National Bank places on sale under the Act governing the issuance of bonds (3) and, in an agreement with the Ministry of Finance, it is able, under its authority and agreed remuneration, to carry out activities related to the administration, repayment and transfer of government bonds, and to pay interest on those bonds or other required activities.
The Czech National Bank may, by agreement with the Ministry of Finance according to budget regulation24) negotiate transactions with investment instrument3b) or other transactions or carry out activities which the Ministry of Finance is entitled to carry out through the Czech National Bank in accordance with budget rules 24). This is without prejudice to Article 31.
Free market business and credit operations
(1) The Czech National Bank is entitled to carry out its tasks in financial market transactions, in particular:
(a) to keep accounts of banks, branches of foreign banks, savings and credit cooperatives and to receive their deposits;
(b) trading in investment instruments and other securities, foreign exchange values, precious metals, receivables and other assets in the form of purchases and sales, repurchase transactions, deposits, borrowing transactions, loans or fixed-term transactions;
(c) conduct credit operations.
(2) In carrying out credit operations, the Czech National Bank requires sufficient collateral.
(3) The Czech National Bank may exceptionally grant a short-term loan to a bank, a branch of a foreign bank or a savings and credit cooperative in order to maintain their liquidity with adequate collateral or to close a repurchase agreement for a maximum period of 3 months.
(1) The Czech National Bank may issue and trade securities.
(2) The Czech National Bank is entitled to keep records of securities representing the right to repayment of the amount due, issued by:
(a) the Czech Republic,
(b) the Czech National Bank,
(c) other issuers.
(3) The Czech National Bank is entitled to keep a record of the central securities account25).
(4) The Czech National Bank is entitled to operate a settlement system with irrevocability of settlement of the law governing business on the capital market26).
Providing emergency liquidity to the financial market guarantee system
(1) In an urgent case where the Financial Market Guarantee System does not have sufficient funds available to carry out its tasks arising from the rules governing the insurance of claims on deposits (43) and such a situation could jeopardise the stability of the financial market, the Czech National Bank may, upon request, grant it a short-term loan or enter into repurchase transactions with it for a maximum period of 3 months.
(2) Short-term credit must be secured by sovereign debt or other securities with a State guarantee owned by the Financial Market Guarantee System.
(3) Only securities referred to in paragraph 2 may be subject to repurchase agreements.
(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) For the implementation of the activities referred to in paragraph 1, the law governing the activities of the bank4 applies mutatis mutandis.
Prohibition of monetary financing
(1) The Czech National Bank, in accordance with the Treaty on the Functioning of the European Union27) and implementing the directly applicable European Union28), may not provide the possibility of overdraining the balance of bank accounts or any other type of credit to the institutions, bodies, offices or agencies of the European Union, central governments, regional or local authorities or other public authorities, other public bodies or public undertakings of the Member States of the European Union; direct purchase of their debt instruments by the Czech National Bank is also prohibited.
(2) Paragraph 1 shall not apply to banks, foreign banks and publicly owned savings and credit cooperatives to which the Czech National Bank provides the same treatment in respect of the provision of funds as banks, foreign banks and savings and credit cooperatives in private ownership (44).
POWER AND ACTIVITIES OF THE CZECH NATIONAL BANK IN THE DOVISED ECONOMY
Czech National Bank
a) sets out, after consultation with the government, the regime of the Czech currency exchange rate to foreign currencies, while the main objective of the Czech National Bank must not be compromised;
(b) declare the course of the Czech currency to foreign currencies;
(c) treat foreign exchange reserves in gold and foreign exchange values; and
(d) be entitled to make payments with foreign nationals.
OTHER ACTIVITIES AND MANAGEMENT OF THE CZECH NATIONAL BANK
(1) The Czech National Bank, together with the Ministry of Finance, is preparing and submitting to the Government proposals for legal adjustments in the field of currency and money circulation and proposals for legal adjustments regulating the status, scope, organisation and activity of the Czech National Bank, with the exception of financial market supervision, payment and electronic money issuance.
(2) The Czech National Bank is working with the Ministry of Finance to prepare proposals for legal adjustments in the field of the financial market, payment, electronic money issuance, foreign exchange economy and the introduction of a single currency euro in the Czech Republic.
(1) The Czech National Bank is entitled to operate payment systems. The conditions for the operation and participation in such payment systems shall be laid down in the law governing payment.
(2) The Czech National Bank will assign the payment code to the payment service provider that it intends to use for the accounts it maintains account numbers in accordance with the International Standardisation Rules (IBAN).
(3) The Czech National Bank sets out by decree the rules for the creation of account numbers in accordance with the rules of international standardisation (IBAN).
(4) The Czech National Bank maintains the list of payment codes and payment service providers to which it has allocated those codes; it shall publish the list in a way that allows remote access.
The Czech National Bank is entitled to request from the payment system operator, settlement system operator, payment service provider and electronic money issuer information relating to the operation of these systems and information relating to the provision of payment services and the issuance of electronic money and they are obliged to provide information to the Czech National Bank.
The Czech National Bank makes a registration of representatives of foreign banks and financial institutions engaged in banking activities, 7) if they are active 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.
(1) The Czech National Bank is entitled to conduct investment and business activities to the extent necessary to ensure its activities.
(2) In order to promote the performance of its tasks, the Czech National Bank may establish or acquire participation in a legal entity.
Contents
ČÁST PRVNÍ
§ 1
§ 1a
§ 2
§ 2a
§ 3
§ 3a
§ 3b
ČÁST DRUHÁ
§ 4
§ 5
§ 6
§ 7
§ 8
ČÁST TŘETÍ
§ 9
§ 10
§ 11
ČÁST ČTVRTÁ
§ 12
§ 13
§ 14
§ 15
§ 16
§ 19
§ 20
§ 21
§ 22
ČÁST PÁTÁ
§ 23
§ 24
§ 25
§ 26
ČÁST ŠESTÁ
§ 30
§ 31
§ 31a
§ 32
§ 33
§ 33a
§ 34
§ 34a
ČÁST SEDMÁ
§ 35
ČÁST OSMÁ
§ 37
§ 38
§ 38a
§ 39
§ 40
ČÁST DEVÁTÁ
HLAVA I
§ 41
HLAVA II
§ 42
§ 43
§ 43a
§ 43b
§ 43c
§ 43d
§ 43e
§ 43f
§ 43g
ČÁST DESÁTÁ
§ 44
§ 44a
§ 44aa
§ 44b
§ 44c
§ 45
§ 45a
§ 45b
§ 45c
§ 45d
ČÁST JEDENÁCTÁ
§ 46
§ 46a
§ 46b
ČÁST DVANÁCTÁ
§ 46c
§ 46d
§ 46e
§ 46f
ČÁST TŘINÁCTÁ
§ 47
§ 47a
§ 48
ČÁST ČTRNÁCTÁ
§ 49
§ 49a
§ 49b
§ 49c
§ 49d
§ 49e
§ 49f
§ 49g
§ 49h
§ 50
§ 50a
§ 50b
ČÁST PATNÁCTÁ
§ 51
§ 52
§ 53
§ 54
§ 55
§ 57
§ 58
§ 60
§ 61
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Regulation Information
| Citation | Act of the Czech National Council No. 6 / 1993 Coll., on the Czech National Bank |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 31.12.1992 |
|---|---|
| Effective from | 01.01.1993 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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