05/04/2021 | News release | Distributed by Public on 05/04/2021 02:30
For the purposes of monetary and financial statistics, monetary financial institutions (MFIs) mean the central bank, resident banks and all other resident financial institutions whose business is to receive deposits and/or close substitutes for deposits from entities other than MFIs and, for their own account (at least in economic terms), to grant loans and/or make investments in securities. The MFI sector in the Czech Republic is made up of the central bank, commercial banks, credit unions and money market funds.
The banks and foreign bank branches included in this list are subject to the duty to report to the Czech National Bank pursuant to Decree No. 346/2013 of 16 October 2013, on the submitting of statements by banks and foreign bank branches to the Czech National Bank, and Decree No. 314/2013 Coll. of 17 September 2013, on the submitting of information and documents to the Czech National Bank by entities that belong to the financial institution sector.
The European System of Central Banks (ESCB) has established procedures for continuously monitoring, checking and updating the list of the institutions which form the MFI sector. The aim is to ensure that the list of MFIs is up-to-date, accurate, as homogeneous as possible and sufficiently stable for the purposes of compiling statistics, satisfying the regular and ad hoc analytical needs of the ESCB in safeguarding financial stability, and pursuing the ECB's monetary and financial policy.
The list of MFIs covers not only the euro area countries, but also the non-euro area EU countries. The list is updated on a daily basis on the ECB's website (www.ecb.europa.eu) under the heading 'Monetary financial institutions' ('List of MFIs').