Methodological notes

This section contains methodological notes explaining compilation of data sets of MFI balance sheet statistics (A. Statistics of monetary developments in the Czech Republic), MFI interest rates statistics (B. MFI average interest rates in the Czech Republic), national monetary statistics (C. National monetary statistics), statistics of other financial institutions (D. Other financial institutions), payment statistics (E. Payment statistics), Banking statistics and statistics on Long-term interest rates for convergence purposes (LTIR).

Monetary statistics

A. CNB's balance sheet statistics according to the methodology of the European central bank

Monetary financial institutions (MFIs) which are resident in the Czech Republic supply balance sheet data in accordance with the Regulation (EU) 2021/379 of the European Central Bank of 22 January 2021 on the balance sheet items of credit institutions and of the monetary financial institutions sector (recast) (ECB/2021/2). The aggregated balance sheet of the MFI sector is the sum of the harmonised balance sheets of all the MFIs resident in the Czech Republic (the MFIs balance sheets). The consolidated balance sheet of the MFI sector is obtained by netting the aggregated balance sheet positions between MFIs in the Czech Republic. The consolidated balance sheet provides the basis for the regular analysis of monetary aggregates and counterparts (the definition of monetary aggregates).

There are two types of data in the monetary statistics. Stock data refer to the last day of the period (the last calendar day). The flows for the current period are calculated by adjusting the difference between the stock at the end of the current period and the stock at the end of the previous period for effects that do not arise from transactions, such as reclassifications, foreign exchange revaluations and other revaluations (the flow data definition). Stock and flow data are the basis for calculation of growth rates (the growth rate definition).

  • Methodological sheets of the balance sheet statistics of the data base system ARAD (stocks, flows).

B. MFI interest rates statistics

MFI interest rates statistics cover those interest rates that domestic monetary financial institutions (MFIs) apply to CZK-denominated deposits and loans by resident non-financial sectors (except government). The main objective of the statistics is to provide high quality data needed to analyse the monetary transmission mechanism and also for other monetary policy analysis. The data may also be successfully used for monitoring structural and financial stability developments in the banking sector.

MFI interest rates statistics methodology is in accordance with the requirements of the Regulation (EU) No 1072/2013 of the European Central Bank concerning statistics on interest rates applied by monetary financial institutions to deposits and loans vis-à-vis households and non-financial corporations (ECB/2013/34). Covered are interest rates on amounts outstanding as well as on new business and all interest rates are converted to annual basis.

C. National monetary statistics

Monetary Base

The monetary base (i.e. the reserve money) includes currency in circulation and reserves which commercial banks and credit unions hold in their accounts with the central bank. Both the items represent the use of the monetary base. The monetary base expresses the relations of the central bank towards the other sectors of the economy. The counterparts of the monetary base represent the external sector, the government sector, the banking sector and the non-banking sector. These factors influencing the level of the monetary base are designated as the sources of the monetary base.

  • Methodological sheet of the monetary base of the data base system ARAD (MB)

National Monetary Survey (compiled until 2016)

Monetary survey is a concise balance sheet of monetary financial institutions (MFIs) providing the users with basic overview of the MFIs' sector position vis-a-vis other resident and nonresident sectors. The compilation of the national monetary survey is based on the consolidated balance sheet of the MFIs (the MFIs balance sheets), yet the structure and the definition of the aggregate items fit the needs of the CNB's monetary analysis under Czech conditions. Monetary survey comprises stocks of assets and liabilities, year-on-year changes (as quotients of stocks) and annual growth rates based on flow data (the growth rate definition).

  • Methodological sheet of the national monetary survey of the data base system ARAD (MP)
  • Methodological sheet of the historical national monetary survey (MP-history)

D. Other financial institutions

Investment funds other than money market funds

In line with the Regulation (EU) No 1073/2013 of the European Central Bank concerning statistics on the assets and liabilities of investment funds (ECB/2013/38), Guideline (EU) 2021/831 of the European Central Bank of 26 March 2021 on statistical information to be reported on financial intermediaries other than monetary financial institutions (ECB/2021/12, external link) and Decree No. 314 Coll., concerning the submitting of information and documents to the Czech National Bank by entities belong to the financial institutions sector, investment funds report their balance sheet assets and liabilities broken down by sector for the purposes of monetary analyses. In the Czech Republic, investment funds comprise resident collective investment funds and qualified investors funds pursuant to the Act No. 240/2013 Coll., on Management Companies and Investment funds. Collective investment funds raise capital from the public.

  • Methodological sheet of the harmonized statistics of collective investment funds of data base system ARAD (stocks).

Financial corporations engaged in lending (financial leasing, consumer credit, hire purchase factoring and forfaiting)

In accordance with Guideline (EU) 2021/831 of the European Central Bank of 26 March 2021 on statistical information to be reported on financial intermediaries other than monetary financial institutions (ECB/2021/12, external link) and Decree No. 314 Coll., concerning the submitting of information and documents to the Czech National Bank by entities belong to the financial institutions sector financial corporations engaged in lending submit their balance sheet in a sector breakdown for the purpose of monetary analysis, in particular monitoring of households' and non-financial corporations' indebtedness. Financial corporations engaged in lending are corporations which are predominantly engaged in granting credit or loans or entering into agreements of similar nature, for example financial leasing, factoring, consumer credit, hire purchase, etc., that are resident in the Czech Republic.

  • Methodological sheet of quarterly balance sheet of financial corporation engage in lending   is part of ARAD system (Stocks)

E. Payments statistics according to the methodology of the European central bank

Payment statistics cover information particularly about payment cards, the number of payment accounts, terminals, payments per type of payment service and payments per type of terminal. Besides monetary financial institutions, the actual reporting population consists of payment institutions and electronic money institutions. As of 1 January 2022, semi-annual data is also reported by small-scale payment service providers, small-scale electronic money issuers, payment account information administrators and postal licence holders. These entities are exempted from the reporting of quarterly and some semi-annual data under Regulation (EU) No 1409/2013 (ECB/2013/43) (ECB/2020/59).

The main objective of the statistics is to provide relevant data needed for macroeconomic forecasts, supervisory purposes, information on tourism and identification of trends in payments.

The payment statistics methodology has been harmonised with the requirements of Regulation (EU) No 2020/2011 of the European Central Bank of 1 December 2020 amending Regulation (EU) No 1409/2013 on payment statistics (ECB/2013/43 (external link) and ECB/2020/59 (external link)). In connection with this Regulation, the CNB issued Decree No. 401/2021 Coll. (pdf, 83 kB, available in Czech only) on the submission of certain payment statements in the payment system area to the Czech National Bank. In accordance with Regulation ECB/2020/59, the Czech National Bank publishes a list of institutions relevant for payment statistics. Besides the central bank and credit unions (see the list of MFIs), the list also includes payment institutions, electronic money institutions, small-scale payment service providers and small-scale electronic money issuers.

  • Methodological sheets of harmonised payments statistics of the data base system ARAD (MS)

Banking statistics

Banking statistics cover data for resident commercial banks, i.e. commercial banks and branches of foreign commercial banks resident in the Czech Republic, excluding their branches abroad. For more in-depth analyses of developments of banks' assets and liabilities it provides more detailed overview of the structure of the balance-sheet, client loans and other receivables, deposits and loans accepted from clients and held and issued securities. The data are broken down by sector, maturity, economic activity and type. Loans are also broken down by categorization.

  • Methodological sheets of banking statistics in the ARAD time series system (redirect to ARAD)

Long-term interest rates for convergence purposes (LTIR)

The fourth Maastricht criterion is based on the level of long-term interest rates. Article 4 of the Protocol on the convergence criteria, as referred to in Article 121 of the Treaty, states that compliance with the fourth convergence criterion "shall mean that, observed over a period of one year before the examination, a Member State has had an average nominal long-term interest rate that does not exceed by more than 2 percentage points that of, at most, the three best performing Member States in terms of price stability. Interest rates shall be measured on the basis of long-term government bonds or comparable securities, taking into account differences in national definitions."

The long-term interest rate statistics for the acceding countries refer to the monthly average interest rates for long-term government bonds issued by the acceding country, quoted as percentages per annum. The statistical framework for the definition of the long-term interest rates for the acceding countries follows the principles that were specified and implemented in conjunction with the European Commission as part of the preparations for Stage Three of Economic and Monetary Union (EMU) for the current EU Member States.

The LTIR calculation method was changed on 7 May 2008. More information is available in the document entitled “Change in the methodology for calculating the interest rate convergence criterion for the Czech Republic”. The LTIR time series was revised as from January 2004 at the same time.

  • Methodological sheet of long-term interest rates for convergence purposes of the data base system ARAD (LTIR).