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Czech Republic: Report on the Observance of Standards and Codes—Banking Supervision—Update

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  • International Monetary Fund

Abstract

The Czech government placed high priority on implementing and observing the international standards relevant for financial stability. The supervisory staff exhibited a high understanding of best international supervisory standards, policies, and practices. Nevertheless, the report noted significant weaknesses in laws governing debtor-creditor relations, inefficiencies in the judicial process, cumbersome administrative requirements, and low supervisory skills, and the need to audit computer-based systems and evaluate risk management systems. Enhancing the legal and regulatory framework is required to build up supervisory capacity, and to increase attention to supervisory coordination and cooperation.

Suggested Citation

  • International Monetary Fund, 2004. "Czech Republic: Report on the Observance of Standards and Codes—Banking Supervision—Update," IMF Staff Country Reports 2004/004, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2004/004
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