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Headline: ICC Institute of World Business Law appoints nine new Council members

The ICC Institute of World Business Law elected nine new Council members on July 10, reflecting its commitment to diversity with its most gender-diverse membership since 1979. The Institute is ICC’s unique global think-tank providing research, training and information on international business law.

The post ICC Institute of World Business Law appoints nine new Council members appeared first on ICC – International Chamber of Commerce.

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Headline: Digitalisation for People, Planet and Prosperity

Information and communication technologies (ICTs) and digital technologies have a catalytic power to drive economic and social progress across areas as diverse as education, healthcare, governance, agriculture, finance, and environmental sustainability. Needling business innovation together with enabling policy and regulatory measures are a prerequisite to reap the full potential of digitalisation and ensure an equitable and sustainable future for everyone, everywhere.

The post Digitalisation for People, Planet and Prosperity appeared first on ICC – International Chamber of Commerce.

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Headline: ICC recommendations to the European Commission on the implementation of the Carbon Border Adjustment Mechanism

ICC has provided feedback to the European Commission (EC) on its proposed implementation Regulation of the Carbon Border Adjustment Mechanism (CBAM). What does it mean for businesses worldwide?

The post ICC recommendations to the European Commission on the implementation of the Carbon Border Adjustment Mechanism appeared first on ICC – International Chamber of Commerce.

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Headline: How does global trade and receivables finance mitigate against proliferation financing?

ICC addresses the challenges of dual-use goods in the financial services industry, providing guidance on implementing controls and risk-based approaches for identifying and managing associated risks in trade finance.

The post How does global trade and receivables finance mitigate against proliferation financing? appeared first on ICC – International Chamber of Commerce.

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Headline: Financial crime risk controls – Price checking of goods and services in trade transactions

ICC aims to provide an updated discussion on the implementation of controls related to price misrepresentation risks in trade finance, addressing the challenges faced by financial institutions in identifying and mitigating financial crime risks.

The post Financial crime risk controls – Price checking of goods and services in trade transactions appeared first on ICC – International Chamber of Commerce.

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Headline: Mid-year IMB report reveals rise in maritime piracy and armed robbery

The ICC International Maritime Bureau (IMB) has raised concern on the resurgence of reported incidents in the Gulf of Guinea waters and the increase in incidents in the Singapore Straits in its mid-year report for 2023, released today.

The post Mid-year IMB report reveals rise in maritime piracy and armed robbery appeared first on ICC – International Chamber of Commerce.

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Headline: New report and guide to drive thought leadership in dispute prevention and resolution   

New ICC ADR report and guide aim to prevent disputes and preserve relationships for all businesses and states.

The post New report and guide to drive thought leadership in dispute prevention and resolution    appeared first on ICC – International Chamber of Commerce.

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The CNB Bank Board decided today to lower the countercyclical capital buffer rate for exposures located in the Czech Republic to 2%, mainly because of a gradual reduction in the cyclical systemic risks in the banking sector’s balance sheet. Banks will be required to comply with the rate from 1 October 2023.

When making its decision, the Bank Board took into account the current position of the Czech economy in the financial cycle, the size of the credit risks accumulated in the banking sector’s balance sheet and the evolution of its vulnerability.

The countercyclical capital buffer is an important macroprudential policy instrument. Banks and credit unions create this buffer on the basis of the CNB’s instructions in periods of excessive growth in lending. This is because excessive lending growth usually increases financial imbalances and leads to a rise in systemic risk. By contrast, at times of falling economic activity, it is customary to release the buffer so that non-financial corporations and households have access to loans without excessively tight conditions.

More details on the Bank Board’s decision are available in the Provision of a general nature on setting the countercyclical capital buffer rate for the Czech Republic III/2023, which will be published on 15 September 2023.^[1]

The CNB has been deciding on the countercyclical capital buffer rate every quarter since 2014. The next decision will be made at the Bank Board meeting in November 2023.

Petra Krmelová
Director of the Communications Division and CNB Spokesperson

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^[1] NOTES FOR JOURNALISTS:

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At its meeting on 7 September 2023, the Bank Board decided to end the remuneration of minimum reserves with effect from 5 October 2023, the first day of the new reserve maintenance period.

The Czech National Bank took this step to lower the cost of implementing monetary policy while preserving its effectiveness. The European Central Bank adopted a similar decision in July 2023. Minimum reserves are not an instrument of CNB monetary policy.

What are minimum reserves?

Banks, foreign bank branches and credit unions (“banks”) are required to hold a proportion of their primary liabilities (2% since 1999) as reserves on an account with the CNB. The minimum reserves have not been a de facto monetary policy instrument for a long time, but they still act, among other things, as a liquidity buffer to ensure smooth interbank payments. Each bank’s demand for reserves for interbank payment purposes depends on many external factors and is therefore volatile and difficult to predict at the level of individual banks. The existence of reserve requirements can stabilise individual banks’ demand for reserves, because banks can use minimum reserves as a balancing tool (in an environment of a structural liquidity surplus). In the event of a sudden liquidity need caused by external factors, banks may face a short-term liquidity shortage, which, however, they will cover from the reserves they hold for compliance purposes. This is possible because the duty to maintain the required minimum reserves is based on averages over individual maintenance cycles.

For a detailed description, see:

Petra Krmelová
Director of the Communications Division and CNB Spokesperson

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On the morning of Friday 1 September, the Czech National Bank faced a targeted DDoS (Distributed Denial of Service) attack, which may cause the CNB website to slow down or become unavailable. The attack has not affected any internal information systems and no data have been breached.

The CNB is in contact with the National Cyber and Information Security Agency, which has provided maximum possible cooperation to resolve the situation. If the website becomes unavailable, the CNB will use its official X (Twitter) profile for communication with the public.

DDoS is a form of cyber attack in which attackers attempt to make a website, network or another online service unavailable by overloading it with a large amount of false requests until there is a drop in performance, or partial or complete outage.

Petra Krmelová
Director of the Communications Division and CNB Spokesperson