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December 4th, 2008
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Banking & Finance Headlines

August 9th, 2006 | Current Issue

Cashing in
Companies challenge banks by launching ATM networks

ČNB raises interest rates
Tůma: Inflationary pressure behind the quarter point hike

BRIEFS


  • LOANS -
    • Česká spořitelna has begun issuing mortgage loans of up to 6 million Kč ($270,392) to customers without requiring that the property be identified in advance or that the client present proof of income. Clients have six months to find a property and document their incomes. Hypoteční banka said it does not expect this product to bring the bank many new customers.

  • YOUTH -
    • The Cabinet voted Aug. 2 to allow youth loans of up to 300,000 Kč at 2 percent interest to be used toward paying for a cooperative apartment. Until now, cooperative buyers could only use subsidized housing loans for getting an existing unit.

  • DISPUTE -
    • Jack Stack, chief executive officer of Česká spořitelna, recently said privatization of the bank will not be finished until courts rule on 10 disputed loans. The Czech Consolidation Agency, the state's bailout bank, wants 500 million Kč in loans to be returned. The agency has similar disputes with Komerční banka.

  • RESERVES -
    • The forex reserves of the Czech National Bank (ČNB) increased $212 million (4.7 billion Kč) to $30.626 billion in July, the ČNB reported Aug. 7. Forex reserves in crowns and euros grew as well, according to the bank. Year on year, the reserves increased $751 million in July.

  • BRANCH -
    • Consumer loan company Cetelem opened a new branch office in Ústí nad Labem, north Bohemia, to expand its network of branches outside Prague, Ostrava and Brno. The new office will employ about 30 people. Cetelem has been on the Czech market since 1996 and is a subsidiary of Cetelem AS of France.

  • GDP -
    • The Finance Ministry said June 27 that gross domestic product (GDP) should grow 6.2 percent this year but is expected to drop to 5 percent growth in 2007 because of high oil prices. Inflation is forecasted at 2.6 percent this year, a slight increase from last year's figure, 1.7 percent.

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