The following Banking & Finance guidance note Produced in partnership with Schoenherr provides comprehensive and up to date legal information covering:
The Czech banking sector is oriented towards traditional banking based on deposit-taking and lending. According to the Czech National Bank (CNB), the banking sector has shown a positive development in the year 2016. It has increased its profitability, sustained relatively high capitalisation and favourable liquidity, and has further increased its credit portfolio quality. The performance of the banking sector was positively affected by the strong economic recovery. Bank loans to non-financial corporations are constantly rising.
As of 1 January 2014, a brand new legislation governing the private law sector became effective being the biggest change to the Czech legal environment over last decades.
Therefore, all contractual relations established after this date shall be governed by this new legislation, while any contractual relations established before 1 January 2014 shall still be governed by the old law even after this date. In this regard the lender must be aware of both the new and the old law concepts for the transitional period which can last for several years.
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