Bank of the Year reopened discussion about responsible indebtedness

​​The winners of the 7th year of the prestigious Bank of the Year awards were announced last week. One of the most interesting pieces of news was the new category of Loan of the Year 2008 partnered by CCB – Czech Credit Bureau, which manages both the banking and non-banking credit registers in the Czech Republic. The goal of the new category was not only to evaluate the current offers in the consumer loan market, but also to renew the debate on responsible borrowing.

 
“The main motivation was an attempt to reopen and intensify public discussion on a responsible approach to borrowing. It is a field which is more and more relevant with the increasing indebtedness of households, and we are therefore supporting it on a long-term basis”, stated Petr Kucera, Executive Director and Vice Chairman of the Board of Directors of CCB – the Czech Credit Bureau. 

People should always consider their current situation and possibilities objectively before taking on any kind of debt, according to Kucera. They should: be able to calculate how much the loan will really cost them and if they have sufficient financial resources; try to avoid impulsive loans for goods or services, for example during the Christmas or holiday season; and carefully choose the company from which they borrow money and under what conditions, etc.

The Bank of the Year Awards were also an opportunity to evaluate the contribution of both the banking and non-banking Credit Registers, which have already become an inseparable part of the Czech financial sector. Thanks to the credit registers, not only are there lower risks for financial institutions that are members of the registers, but loans are also more accessible to ordinary citizens, and the loan approval procedure is now faster. 

In the Loan of the Year 2008 category, the winner was Cool Card from Ceska sporitelna, who also defended the title of Most Trusted Bank of the Year. The winner of the main award, Bank of the Year 2008, was Raiffeisenbank. Banker of the Year 2008 was Jiri Kunert, Chairman of the Board of Directors and General Manager of UniCredit Bank, Czech Republic. Most Dynamic Bank of the Year 2008 was mBank, which entered the Czech market in November 2007. 

More information about award Bank of the Year can be found at: www.bankaroku.cz