Opinion of the European Central Bank of 14 September 2009 on Česká národní banka’s supervisory tasks relating to consumer credit (CON/2009/71)
Date: 2009-09-14
Institutions: European Central Bank
Subjects: Czechia, central bank, consumer credit, financial supervision, national law

EN 

OPINION OF THE EUROPEAN CENTRAL BANK 

of 14 September 2009 

on Česká národní banka’s supervisory tasks relating to consumer credit  

(CON/2009/71) 

Introduction and legal basis 

On  25  August  2009  the  European  Central  Bank  (ECB)  received  a  request  from  the  Czech  Ministry  of 

Industry  and  Trade  for  an  opinion  on  a  draft  law  on  consumer  credit  and  amending  certain  other  laws 

(hereinafter the ‘draft law’). 

The  ECB’s  competence  to  deliver  an  opinion  is  based  on  Article  105(4)  of  the  Treaty  establishing  the 

European Community and the third indent of Article 2(1) of Council Decision 98/415/EC of 29 June 1998 

on  the  consultation  of  the  European  Central  Bank  by  national  authorities  regarding  draft  legislative 
provisions1, as the draft law relates to Česká národní banka (ČNB). In accordance with the first sentence 

of  Article 17.5  of  the  Rules  of  Procedure  of  the  European  Central  Bank,  the  Governing  Council  has 

adopted this opinion. 

1.  

Purpose of the draft law 

The  purpose  of  the  draft  law  is  to  transpose  into  Czech  law  Directive  2008/48/EC  of  the  European 

Parliament  and  of  the  Council  of  23  April  2008  on  credit  agreements  for  consumers  and  repealing 
Council  Directive  87/102/EEC2.  Under  the  draft  law3,  the  supervision  of  compliance  with  consumer 

credit obligations is included in the supervisory tasks of ČNB with regard to those entities falling under 
its supervision4. Non-banking entities carrying out business activities on the basis of a trade licence will 
be supervised by the Czech Trade Inspectorate5.  

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4  

5  

OJ L 189, 3.7.1998, p. 42.  
OJ L 133, 22.5.2008, p. 66. 
See Article 21 and Part Five of the draft law. 
Pursuant  to  Article  44(1)  of  Law  No  6/1993  Coll.  on  Česká  národní  banka,  these  entities  include  banks,  foreign  bank 
branches,  cooperative  banks,  electronic  money  institutions,  capital  market  entities,  insurance  corporations  and  pension 
funds. 
The Czech Trade Inspectorate supervises compliance with the conditions laid down in the currently applicable consumer 
credit law, i.e. Law No 321/2001 Coll. on certain conditions of consumer credit and amending Law No 64/1986 Coll.    

 
 
 
 
                                                
 
 
2. 

Extension of ČNB’s supervisory tasks  

The ECB understands that the underlying reason for allocating the supervisory tasks relating to consumer 

credit  to  ČNB  is  the  fact  that  ČNB  already  has  overall  responsibility  for  the  supervision  of  the  Czech 

financial market. The ECB considers that the new tasks complement ČNB’s existing supervisory powers 

and thus contribute to the preservation of confidence in the marketplace. However, it should be ensured 

that ČNB has sufficient human and material resources to carry out these new tasks without affecting its 

capacity to carry out its ESCB-related tasks.  

This opinion will be published on the ECB’s website.  

Done at Frankfurt am Main, 14 September 2009. 

[signed] 

The President of the ECB 

Jean-Claude TRICHET 

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