Annex A. Structure of the Czech financial ecosystem
This Annex describes the main stakeholders in the Czech financial ecosystem, which is composed of traditional incumbent financial intermediaries (banks, insurance companies, pension funds and investment funds) and BigTechs. A description of the local financial infrastructure including the payment system and capital markets is also included.
A rapid digitalisation trend in financial services, customer demands for a faster and more efficient delivery of financial products and services, as well as the recent COVID-19 pandemic have accelerated the global trend of fast-paced development of FinTech activity, including in the Czech market. Apart from FinTechs, platform-oriented firms, which are intrinsically technological and data-oriented, also have started providing payments and credit services, usually under the umbrella of accelerator labs focusing mostly in the payment services area. From the demand-side, both retail consumers and SMEs have contributed to increasing demand for digital financial services.
Source: CNB (2022[1]), Regulated institutions and registered financial market entities lists, https://apl.cnb.cz/apljerrsdad/JERRS.WEB07.INTRO_PAGE?p_lang=en.
The Czech financial system is largely dominated by banks, accounting for almost the totality of financial sector assets (Table A A.1).
The banking sector is rather concentrated, with the largest four banks accounting for almost two-thirds of assets (as of 31 March 2022, (CNB, 2022[2])). Foreign banks have established branches in the Czech Republic (22 foreign bank branches as of 31 December 2021, Table A A.2, Figure A A.3).
Source: CNB (2022[3]) Financial Market Supervision Report 2021 (in Czech), www.cnb.cz.
The Czech banking sector is well-capitalised and increasingly profitable. The total capital ratio, as a key factor in the sector’s resilience, remained close to its long-term high of 23.5% in 2021. Pre-tax profit grew by almost 50% to EUR 3.46 bn (CZK 85.9 bn), up by EUR 1.14 bn (CZK 28.4 bn) year-on-year,1 and is thus significantly closer to the levels achieved before the COVID-19 pandemic, mainly due to a decline in impairment losses in the context of a renewed decline in the share of non-performing loans. The Czech banking sector is almost 50% more profitable than the average EU banking sector, and such differential is especially notable when compared to Eurozone countries’ banking sectors (MFCR, 2022[4]).
The possible drivers of bank dominance in the Czech Republic are public trust; customer loyalty and overall client satisfaction. Customers are used to choose primarily banks to satisfy all of their financial needs. Customer satisfaction in also high in terms of diversity of services offered by banks, with 66% of Czechs reporting that the banking system can satisfy all of their financial needs. There is also quite high level of trust in the banking system among Czech citizens, especially among university students, tradesmen, and in particular among residents of the capital city, Prague (MFCR, 2020[5]).
Ownership of banking sector
The Czech banking system is dominated by foreign-owned banks. Only about one-third of Czech banks is Czech owned (Table A A.2). All top three of the largest Czech banks (ČSOB, Česká spořitelna and Komerční banka) are foreign-owned (Olga Skalková, 2022[6]; Jana Divinová, 2022[7]).2 There are two state-owned banks (Czech Export Bank and the Czech-Moravian Guarantee and Development Bank). 22 foreign bank branches are active in the Czech banking market as of 31 December 2021. Border services in the Czech Republic can also be provided by around 450 foreign banks operating in the EU’s single internal market. Furthermore, there are two multination institutions active in the Czech market – European Investment Bank and European Bank for Reconstruction and Development. Czech banks co-operate with them and use their products such as loans and guarantees within the framework of InvestEU.
There are 41 insurance companies operating on the Czech financial market (as of March 2022, (CNB, 2022[2])). The majority of them focus their activities in the non-life insurance sector and most of them are either owned by foreign entities or constitute branches of foreign-owned institutions (Table A A.3). The insurance sector has been growing steadily over the last five years, with the highest growth in the non-life segment, while life insurance continued its downward trend. The total number of insurance contracts in the Czech Republic was 30.4 m and the aggregate amount of premiums from all clients in 2021 was EUR 7.22 bn (CZK 179.6 bn) [EUR 2.08 bn (CZK 51.7 bn) in life insurance and EUR 5.14 bn (CZK 127.9 bn) in non-life insurance). The balance sheet total of the insurance sector was EUR 21.17 bn (CZK 526.2 bn) in 2021 (MFCR, 2022[4]).3
The first pillar of the pension system in the Czech Republic is the mandatory, defined-benefit, funded on a running basis (‘Pay As You Go’) public pension scheme. The system is universal and provides for all economically active individuals. It consists of an earnings-related component and a basic, flat-rate component. A second voluntary pillar, which is common in EU, meant for retirement savings, and based on employee-employer contributions was introduced in 2013, but shortly discontinued three years later (OECD, 2020[8]).
The third pillar, consisting of voluntary funded pension arrangements has been in place since 1994 and tough it covers 52% of the working age population, the assets under management for this part represent only 9% of GDP as of 2020 (OECD, 2020[8]). There are currently 4.44 million persons participating in the third pillar and the total volume of participants’ funds is EUR 22.8 bn (CZK 566.7 bn) (MFCR, 2022[4]).4,5 These savings are managed by private pension companies. Until 2013, the supplementary pension insurance scheme required pension funds to guarantee a non-negative return on annual basis, which was cancelled thereafter. The legacy funds are now called transformed funds. The Czech market of pension management companies is moderately concentrated; as of March 2022 there were only nine pension management companies in the Czech market (CNB, 2022[2]). At the end of 2019, the pension management companies were managing assets in 36 pension funds, of which 28 participating funds and eight transformed funds. In addition, the two largest companies managed 45% of the assets for 46% of the participants (OECD, 2020[8]).
Competition level among pension managers does not seem to be strong; pension management companies usually charge the maximum allowed by law with few exceptions, switches are uncommon, pension management companies have increasing profits due to higher fee income. Three of the pension management companies are subsidiaries of banks and use the banks’ network for the distribution of their funds (OECD, 2020[8]).
Investment returns on funded schemes have been mostly declining in the Czech Republic over the years, both in nominal and real terms due to conservative investment strategy; in international comparison, the Czech Republic is among the OECD countries with the lowest average performance over the 5-15 years ending in 2018. The young age of the contributory system, low contribution levels and low performance all contribute to the overall low ranking of the Czech Republic complementary pension system in terms of assets under management to GDP among the OECD (OECD, 2020[8]).
On average in OECD countries, people older than 65 have a disposable income equal to 87% of the total population; The Czech Republic is well below that with 74%, with old-age pension being the most important component of old-age income (OECD, 2020[8]).
Compared to 2020, the volume of assets under management in investment funds increased significantly to EUR 35.78 bn (CZK 889.5 bn),6 although it still remains a very small part of total [financial assets] in the system. The recent increase may be driven by the growth in asset prices on global markets over the year 2021 and the increase in investment inflows by clients (MFCR, 2022[4]).
In the Czech Republic, there are ordinary collective investment funds, in which anyone can invest, and qualified investor funds, in which investors must meet specific conditions. Collective investment funds can be set up in two forms, either as mutual funds in which the unitholder owns a unit certificate or as a joint stock company that collects funds from the public by issuing shares and then invests them, based on a risk-spreading investment strategy. The essence of collective investment is the pooling of funds from individual ‘retail’ investors. Collective investment funds dominate the sector and the volume of funds in collective investment funds increased by 20% year-on-year to an all-time high of EUR 28.46 bn (CZK 707.6 bn) in 2021, of which EUR 17.69 bn (CZK 439.7 bn) (62.1%) were domestic funds and EUR 10.77 bn (CZK 267.9 bn) (37.9%) were foreign funds7 (MFCR, 2022[4]).
Only qualified investors who meet one of two requirements may invest in the qualified investor fund. These requirements are to either invest at least EUR 125 000 in the fund and at the same time declare that the investor has sufficient knowledge of the investment instruments used by the fund and understands all the risks involved, or by making an investment exceeding EUR 40 225.26 (CZK 1 000 000) if the investor proves to the fund administrator that the investment is appropriate to his/her financial background, investment objectives and professional knowledge and experience. These funds then have, for example, looser investment limits compared to collective investment funds or allow investment in a wider range of investment instruments. Qualified investor funds are also subdivided into open-end and closed-end funds, which represent a narrower group of investors and do not accept new deposits. The volume of money under management in a Qualified Investor Fund increased by almost a quarter year-on-year to EUR 7.3 bn (CZK 181.9 bn)8 in 2021, which amounts to about one-fifth of the assets under management of the entire investment sector (MFCR, 2022[4]).
This section describes the infrastructure of the payment systems in the Czech Republic: this comprises the settlement system – the Czech Express Real-Time Interbank Gross Settlement system CERTIS, instant payments and payments per contact.
CERTIS
The CERTIS is a payment system operated by the CNB through which the Czech domestic payments are intermediated. This excludes cases where the payer’s and payee’s accounts are held within the same bank, in which case the payment is settled within the bank’s own system. CERTIS does not provide interbank payments in foreign currency. For this purpose, banks use foreign payment settlement systems or correspondent banking mechanisms. The CNB maintains the accounts for banks, branches of foreign banks, savings and credit co-operatives, which are the only financial institutions allowed to participate directly in CERTIS. Other non-bank providers of payment services are not allowed to participate in CERTIS9 (CNB, 2022[9]).
Instant payments
Instant payments were introduced to the Czech financial market in 2019 and have been widely used since then. The instant payments infrastructure is operated by the CNB via the CERTIS system, and the services are provided to customers by banks who have voluntarily joined the service. Instant payments enable customer to transfer Czech Crowns at any time and the median processing time between the time at which the payer’s bank sends an instruction to CERTIS to execute the payment and the time at which the payee’s bank receives the instant payment from CERTIS is 0.5 seconds (CNB, 2022[10]). As of 1 January 2022, this service was provided by 13 Czech banks and one-in-five transactions is currently performed in instant payment mode.
Payment per contact
The most recent initiative which will be provided by the CNB is the so-called Payments per Contact. It will allow payments to be executed based on the phone number of the recipient instead of the corresponding bank account number. That service will be possible due to the pairing of the register of account numbers with the mobile numbers of their owners. After the payment has been made, the sender’s bank will obtain the recipient’s bank account from the contact registry and send the payment.
The CNB is currently working on this project with the Czech banking Association and started the testing of this project during the summer of 2022. In the meantime, nine banks have so far signed up for offering this service, however, if the customer wants to receive payments through this method, they must specifically sign up for it through their bank and link their phone number to their account number. The full implementation of the payments per contract is expected in 2023 (CNB, 2022[11]).
BigTech increasingly leverage their free access to vast amounts of customer data that feed into AI-driven models to provide financial services across OECD and non-OECD economies. Practically all banks in the Czech Republic also offer Google Pay or Apple Pay.10 In fact, according to industry sources, almost 25% of all card payments in the Czech Republic are intermediated through Apple or Google Pay (Mobil Mania, 2022[12])
The use of customer data by BigTech raises risks around data privacy and concerns over ways in which the collection, storage and use of personal data that are exploited for commercial gain. Access to customer data by BigTech gives them a clear competitive advantage over smaller FinTech and start-ups, and possible even over conventional financial services providers. This advantage is likely to be further reinforced with their use of AI, which offers possibilities for novel, customised and more efficient service provision by these players. The dominance of BigTech in certain areas of the market could lead to excessive market concentration and increase the dependence of the market to few large BigTech players, with possible systemic implications depending on their scale and scope (OECD, 2021[13]). It should be highlighted that BigTech can use their data advantage to build monopolistic positions, both in relation to client acquisition (for example through effective price discrimination) and through the introduction of high barriers to entry for smaller players. Another related risk has to do with anti-competitive behaviours and market concentration in the technology aspect of the service provision (e.g. cloud services).
The government of the Czech Republic has concluded that the capital market in the Czech Republic is underdeveloped and not sufficiently fulfilling its main function (i.e. to efficiently redistribute free financial resources from savers and investors (households) to entrepreneurs who need to finance their development). One of the likely reasons for that is that traditional bank financing such as deposits or loans prevails, while there is also a strong reliance on EU subsidies (but not necessarily in the FinTech sector) (MFCR, 2019[14]). This bias toward bank finance is supported by conservative asset allocation of households (Figure A A.4) low savings for old age on top of the mandatory pension provisions, low awareness among entrepreneurs of the possibilities of financing business and research through the capital market, and a small range of domestic investment instruments available to retail investors compared to Western Europe. Due to the fact that exchange-traded stocks and bonds do not play a significant role in corporate financing in the Czech Republic, small and medium-sized enterprises in particular are heavily dependent on financing through retained earnings and bank loans (MFCR, 2019[15]).
Source: OECD, Household financial assets (indicator).
Even though the Czech capital market is not as big and liquid as the markets of the countries that joined the EU before 2004, it ranks among the best compared to countries that joined EU in 2004 (both in terms of market cap to GDP adjusted for population size and in terms of trading volume). However, an observed decline in liquidity in recent years may jeopardise the interest of investors and issuers (MFCR, 2019[15]).
To tackle the issue of underdeveloped capital markets, the MFCR has prepared a Capital Market Development Conception (2019-30) which was approved by the government and apart from analysing the current state of the Czech financial market, it suggest four main actions (each targeted at a different group of stakeholders – households, businesses, market infrastructure and the public sector) (MFCR, 2019[15]). A progress report will be submitted on 31 December 2022, in particular with regard to some of the specific indicators monitored such as the market capitalisation of the Prague Stock Exchange and trading volumes on it, the way Czech businesses are financed and the composition of savings of Czech households in order to see the successfulness of the actions. The official roles of the MFCR in the field of capital market are to develop financial market policies, carry out its analysis, draft capital market laws, be a mandatory point of comment on legislation relating to the capital market area, and ensure a membership in international financial institutions and European Union bodies as regards the capital market area. The ministry has also launched an informational website called Capital Guide which is intended for SMEs looking for alternatives to bank financing for their business. On this website they can, for example, find out which financing instrument is best suited to their situation, find a relevant legal or financial advisor that can help with the process or experiences of other businesses that have been in the same position (MFCR and EU, 2022[16]).
The Structure of the local capital market
There are three trading platforms in the Czech Republic – Prague Stock Exchange, RM-SYSTÉM and the Czech Stock Exchange, two settlement system operators with the irrevocability of settlement (Central Securities Depository and the Czech National Bank as the operator of the Short-Term Bond System), one Central Depository (Central Securities Depository) and one administrator of benchmarks, namely the Prague Interbank Offered Rate – PRIBOR (Czech Financial Benchmark Facility).
Stock market
The largest stock exchange is the Prague Stock Exchange (PSE) which is a subsidiary of Wiener Börse and uses the same trading platform. It also fully meets the EU standards (such as trading hours or disclosure requirements, quarterly reporting etc.). There are 16 share issues on the Prime Market and Standard Market, nine share issues on the START market, 29 share issues on the Free Market, 32 issues of collective investment securities, 123 issues of bonds and stripped coupons 107 issues of investment certificates and warrants admitted to trading on the exchange at the end of 2021.11
PSE currently operates three venues in which companies’ shares are offered and traded. These are primarily the STANDARD and PRIME markets, while there is also the smaller START market intended for SMEs. To make it easier, faster, with lower cost, and in general more accessible for the companies to publicly offer their stocks, The Prague Stock Exchange came up with a special trading venue targeted at smaller, usually innovative companies with a minimum capitalisation of EUR 1.02 m (CZK 25 m) to maximum capitalisation of EUR 82 m (CZK 2 bn)12 which are looking to raise new capital. The venue is called START market and it might be also useful for business owners who want to fully or partially exit from the company (Prague Stock Exchange, 2022[17]). If the company wants to enter the START market is must meet the following conditions: registered as a joint-stock company (a. s.) or as a European company (SE), registered seat in the Czech Republic, audit covering most recent two or three years, or the entirety of the company’s existence, use Czech accounting standards, offer a large enough shareholding to create sufficient liquidity [ideally between EUR 1.02 m and 2.04 m (CZK 25 m and 50 m) 13] (MFCR and EU, 2022[18]). The process is then more affordable and faster because the issuer can submit only a simplified version of a prospectus. However, even though the requirements are lower (less costly/fewer requirements/require lower market cap?) than for the standard markets, the companies in START market still have flexible options for raising capital in future rounds. PSE also organises twice a year the so-called START Days during which market issuers, investors and representatives of companies that are planning to enter the START market meet a discuss business results or plans (MFCR and EU, 2022[18]).
Apart from the START market, two other markets are offered by the Prague Stock Exchange. The STANDARD Market and the PRIME Market which are both intended for the trading of shares of large Czech and foreign companies and the issuers must meet either the more stringent conditions of the official securities market or the statutory requirements governing the regulated market. PSE also permits the listing of shares without the consent of the issuer if they are already traded on another regulated market within the EU. To trade on the STANDARD and PRIME markets, the issuers must have a market capitalisation of issue no less than EUR 1 m (CZK 24.4 m),14 free float (a portion of issue in the hands of public investors) of at least 25% and it must exist for at least three years (MFCR and EU, 2022[18]). The time to complete an IPO usually takes from six to nine months, the first Special purpose acquisition companies (SPAC) are therefore starting to emerge in the Czech financial market because through SPAC companies can enter the stock market only in about two months (Jiří Zatloukal, 2022[19]).
Bond markets
To issue a bond without a prospectus in a public offering, which might be especially useful for small and medium enterprises, is possible if the value of the offer does not exceed EUR 1 m [or an equivalent in Czech Crown (CZK 24.4 million)15 over a period of 12 months]. This possibility significantly reduces the bond placements costs. These offerings are typically worth between EUR 410 000 and EUR 820 000 (CZK 10 m and CZK 20 m).16 Bond issues above the abovementioned threshold cannot be issued to the public without publishing a prospectus. Alternatively, a private offering to accredited investors, or to no more than 149 natural persons, can be used. The law also limits the maximum volume of financial resources to be raised through the issuing of bonds to retail investors. When issuing bonds with a prospectus in cases where the offerings exceed EUR 1 m (CZK 24.4 m)17 in value, the prospectus must contain information about the terms of the issue, the sale and repayment of the bonds, the financial status of the issuer and the identification of potential risks of failure to repay the bonds issued (MFCR and EU, 2022[20]).
References
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Notes
← 1. Based on exchange rate as of 31 December 2021 which was CZK 24.860 for EUR 1
← 2. ČSOB by a Belgian company KBC Bank N.V., Česká spořitelna by an Austrian company Erste Group Bank AG and Komerční banka by a French company Société Générale S.A.
← 3. Based on exchange rate as of 31 December 2021 which was CZK 24.860 for EUR 1
← 4. The average monthly contribution of a participant was CZK 781 under the supplementary pension scheme and CZK 829 under the supplementary pension savings scheme in 2021 and the state support paid to the participants of the third pillar in the same year was CZK 7.6 bn. Employer can also contribute to the pension savings scheme.
← 5. Based on exchange rate as of 31 December 2021 which was CZK 24.860 for EUR 1
← 6. Based on exchange rate as of 31 December 2021 which was CZK 24.860 for EUR 1
← 7. Based on exchange rate as of 31 December 2021 which was CZK 24.860 for EUR 1
← 8. Based on exchange rate as of 31 December 2021 which was CZK 24.860 for EUR 1
← 9. A group of so-called “third parties” are allowed to submit “third party orders” in CERTIS under a special status and a bilateral agreements with CNB. This category is distinct from TTPs, third-party payment providers, mentioned in Section 2.2.4. It refers to non-bank financial infrastructure type of institutions, for example card payment clearing houses and the securities clearing and settlement. They have no interbank payment account with the CNB but, with the permission of the direct participants concerned, can submit payment orders to CERTIS to transfer funds between direct participants (e.g. to settle the summarised positions arising from the card payment clearing or payments relating to stock exchange transactions).
← 10. List of banks that offer Google Pay: https://pay.google.com/intl/cs_cz/about/banks/ and Apple pay: https://support.apple.com/cs-cz/HT206637
← 11. Response from the Czech Banking Association to the OECD questionnaire
← 12. Based on exchange rate as of 14 July 2022 which was CZK 24.4 for EUR 1
← 13. Based on exchange rate as of 14 July 2022 which was CZK 24.4 for EUR 1
← 14. Based on exchange rate as of 14 July 2022 which was CZK 24.4 for EUR 1
← 15. Based on exchange rate as of 14 July 2022 which was CZK 24.4 for EUR 1
← 16. Based on exchange rate as of 14 July 2022 which was CZK 24.4 for EUR 1
← 17. Based on exchange rate as of 14 July 2022 which was CZK 24.4 for EUR 1