Heršpická Brno. Tel.: Fax: VOLKSBANK CZ.

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1 VOLKSBANK CZ Heršpická Brno Tel.: Fax:

2 4 Dan Trantina (1965) Watcher 25 x 40 cm, oil-painting on canvas, 1999

3 CONTENT ANNUAL REPORT 1 Foreword from the Board of Directors 8 Key Figures in Summary 9 The Volksbank Group 10 Governing Bodies 11 Economic Environment 14 Lines of Business 16 Balance Sheet 28 Profit and Loss Account 31 Notes to the Financial Statements 34 Quantitative Indices 91 Risk Management 92 Report on Relationships 95 Independent Auditor s Report 96 Report of the Supervisory Board 98 SERVICE 101 International Desks 102 Our Network 104

4 6 Dan Trantina (1965) He is not afraid 40 x 40 cm, oil-painting on canvas, 1999

5 02 CZECH REPUBLIC A N N U A L R E P O R T Austria Bosnia and Herzegovina Croatia Hungary Italy Malta Romania Slovakia Slovenia France

6 Foreword from the Board of Directors Ladies and Gentlemen, Dear Clients, Business Partners and Colleagues, For the sixth time we are delighted to be able to announce in the Introduction to the Annual Report that Volksbank CZ again achieved excellent annual results. These excellent results are due above all to growth in deposits and lending as well as the expansion of our branch network and the increase in our staff numbers. The rapid growth in our branch network in 2002 started in January, when the Plzeň branch was opened to support business activity in western thereby exceeding CZK 8 bil. Loan assets also registered substantial increases: compared to the year 2001 the value of loans provided increased by 44% and reached CZK 12.3 bil. The number of Bank staff had to be increased during the year so that the Bank would be able to provide appropriate timely and quality services to its increasing number of clients and business partners. The steady expansion in the range of banking products we offered meant that our staff continually received training both in the form of seminars in the Bank and international training programmes (Volksbanken Academy). 8 Bohemia. At the beginning of the second quarter the Znojmo branch started its activities with the advantage of its location near to the Austrian border enabling the establishment of cross-border business contacts. Although our branch expansion plans were optimistic, one thing which we could not foresee or control was the force of nature in the form of the one-hundred-year flood. Our branch and regional centre in Karlin, Prague, which had scarcely been opened for a year, were so severely damaged that we were forced to move our operations from there to new representative premises in Lazarská street. Thanks to the dedicated efforts of our staff this move was completed very rapidly and efficiently. Presently, the branch serves mainly corporate clients. At the end of the year a fifteenth branch was opened in an elegant historic building in Hradec Králové near to Velké náměstí. The opening of four further branches is planned for 2003: when we start doing business in Ostrava in northern Moravia this will represent entry into a new region for Volksbank CZ. Furthermore our market presence in Prague will be further strengthened by the opening of three new offices there. This expansion would be unthinkable without appropriate financial results. Total assets as per 31 December 2002 exceeded CZK 16.2 bil. representing an increase of more than a third over the previous year. The dynamic growth in the area of business activities was supported by the increase in the Bank s share capital by CZK 100 million to CZK 750 million Compared to the previous year clients deposits increased by a respectable 28% The achievement of successful results was based particularly on two target groups: small and medium-sized enterprises, and municipalities. The International Desk activity has also substantially contributed to our achievements. In 2002 the Bank continued to have as its main aim to offer all of its clients those products and services which complement their interests and diverse needs. In this respect we consider it important to mention our co-operation with the Victoria-Volksbanken Pojišťovna, a.s. insurance company, where the yearon-year increase in insurance policies concluded amounted to 60% which resulted in us exceeding a bold plan for the year The co-operation with Českomoravská stavební spořitelna, with the yearon-year increase in the number of policies signed of almost 20%, was also important. The Bank s development picture would be incomplete without mentioning new products, especially consumer loans and a new version of electronic banking. Thanks to the simplification of a number of administrative procedures we are also able to place more emphasis on communication with our clients. With regard to the above data and permanent effort to increase service quality we expect optimistic development in the year In addition, next year we will most probably become a Bank with an EU banking licence. Thanks to the speed, flexibility and traditional lending risk policies Volksbank CZ is and will continue to be a safe, strong and growth-oriented bank. Reflecting this, we would like to thank you, our esteemed business partners, clients and friends, as well as our employees and our shareholders, for the trust provided and the excellent co-operation we have. Václav Vitha Johann Lurf Herbert Skok

7 KEY FIGURES IN SUMMARY CZK Total assets 9,743,128 11,899,124 16,222,235 Customers liabilities 4,718,015 6,342,717 8,087,434 Receivables from customers 6,652,689 8,544,076 12,308,368 Income from financial transactions 470, , ,032 Administrative expenses 305, , ,517 Profit on ordinary activities before taxation 49,460 68,011 57,624 Number of employees Number of branches Number of organisational units TOTAL ASSETS (tsd. CZK) 18,000,000 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,

8 The Volksbank Group 10 Volksbank CZ has been successfully active on the Czech market since The bank s main shareholder is Volksbank International AG (100% subsidiary of Österreichische Volksbanken-AG, here in after referred to as ÖVAG). ÖVAG was founded in 1922 by commercial lending cooperatives. The bank is the central institute of one of the most important banking groups in Austria and is majority-owned by more than 60 independent Volksbanken. Today Österreichische Volksbanken-AG is an international commercial bank and a strong partner in Central and Eastern Europe. More than 10 years ago ÖVAG began its successful expansion into Central and Eastern Europe in Slovakia. To date ÖVAG has an international network comprising more than 100 offices in ten countries. ÖVAG s subsidiaries - with strategic shareholdings held by German, French, Italian and Turkish partner banks are located in Slovenia, Croatia, Bosnia-Herzegovina, the Czech Republic, Slovakia, Hungary and Romania. As per December 31, 2002 these subsidiaries had combined total assets of EUR 2.3 billion. In addition, in Italy ÖVAG has a branch in Verona as well as a subsidiary in Malta and a representative office in Paris. United in trust our motto clearly reflects the very special partnership which exists between us and our clients. The mutual trust which is so important, in particular in international business, is the result of joint planning and activities. This trust is the best basis for a long-lasting relationship and good long-term business. Shareholders Shares in % Volksbank International AG, Vienna Banque Fédérale des Banques Populaires, Paris DZ-Bank AG, Frankfurt 6.67 WGZ-Bank, Düsseldorf 3.33 Veneto Banca, Montebelluna 2.20 Banca Popolare dell Emilia Romagna, Modena 2.50 Banca Agricola Mantovana, Mantova 2.50 Banca Popolare di Vicenza, Vicenza 2.50 Niederösterreichische Landesbank-Hypothekenbank AG, St. Pölten 1.00 As at December 31, 2002 Via its co-operation with the Confédération Internationale des Banques Populaires, which has a network of 45,000 banking outlets in the member states in Europe, North Africa, Argentina, Canada and Japan, Volksbank CZ is able to offer its clients a presence in all major financial centres worldwide.

9 Governing Bodies SUPERVISORY BOARD CHAIRMAN GD KR Dr. THALHAMMER Klaus Chairman of the Supervisory Board Appointed on: Experience: bank experience - 35 years, managerial position - 19 years Membership in the bodies of other companies: Österreichische Volksbanken-AG: General Manager; ARZ Allgemeines Rechenzentrum GmbH: Member of council, Member of advisory committee; BP Investconsult GmbH: President of council for cooperation; CIBP (Confédération Internationale des Banques Populaires): Member of executive committee, Plate-Forme Internationale: Chairman; Industriellenvereinigung: full Member, Member of Landesgruppe Wien; Investkredit Bank AG: Member of Supervisory Board; Leasing- West GesmbH & Co KG: Member of advisory committee; Ľudová Banka, a.s., Slovakia: Chairman of Supervisory Board; Magyarországi Volksbank Rt., Budapest: Chairman of Supervisory Board; Niederösterreichische Landesbank-Hypothekenbank AG: Vice-chairman of Supervisory Board, Credit committee: Member; Österreichische Bankwissenschaftliche Gesellschaft: Member of Board of Directors; Österreichischer Genossenschaftsverband, Council of cooperative unions: Vicechairman, Executive committee for spool Fund: Vice-chairman; Raiffeisen Zentralbank Österreich AG: Member of Supervisory Board; Österreichische Kontrollbank: Member of Supervisory Board; Schulze-Delitzsch Haftungsgenossenschaft: Vice-chairman of Supervisory Board; VICTORIA- VOLKSBANKEN Versicherungs-AG: Vice-chairman of Supervisory Board; Volksbank CZ, a. s., Czech Republic: Chairman of Supervisory Board; Volksbank BH d.d., Sarajevo: Chairman of Supervisory Board; Volksbank d.d., Zagreb: Chairman of Supervisory Board; Volksbank Ljudska Banka d.d., Laibach: Chairman of Supervisory Board; Volksbank, Gewerbe- und Handelsbank Kärnten AG: Member of Supervisory Board; Volksbank Alpelvorland, Amstetten: Vice-chairman of Supervisory Board; Volksbank-BeteiligungsgesmbH: Vice-chairman of Supervisory Board; Wirtschaftsbund Niederösterreich: Member of management of department; Wirtschaftskammer Niederösterreich, Section Bank und Versicherung NÖ: Deputy Chairman manager in department, Fachvertretung der Kreditgenossenschaften nach dem System Schulze-Delitzsch: Chairman; Wirtschaftskammer Österreich, Bundessektion Bank und Versicherung: Member of branch conference, Fachverband der Kreditgenossenschaften nach dem System Schulze-Delitzsch: Chairman of expert association, Grundumlagenausschuss des Fachverbands der Kreditgenossenschaften nach dem System Schulze- Delitzsch: Chairman 11 DEPUTY CHAIRMAN Dr. KALTENBRUNNER Christian Vice-chairman of the Supervisory Board Appointed on: Experience: bank experience - 21 years, managerial position - 18 years Membership in the bodies of other companies:

10 Ľudová Banka, a.s., Slovakia, Volksbank CZ, a. s., Czech Republic, Volksbank-Ljudska Banka d.d., Slovenia, Volksbank d.d., Croatia, Magyarországi Volksbank Rt., Hungary, Volksbank BH d.d., Bosnia and Herzegovina: Vice-chairman of Supervisory Board; Volksbank Romania SA, Romania: Member of managing board; Volksbank Malta Ltd.: Director, Member of Board of Directors; ALB EDV-Service GmbH: Member of Council, Volksbank International AG: Chairman of the Board of Directors MEMBERS Mag. JANESCHITZ Hans Member of the Supervisory Board Appointed on: Experience: bank experience - 23 years, managerial position - 17 years Membership in the bodies of other companies: Volksbank Linz-Mühlviertel rgmbh: Member of Supervisory Board; VB Factoring Bank AG: Chairman of Board of Directors; VB Gewerbe- und Handelsbank Kärnten AG: Member of Supervisory Board; Volksbank Wien AG: Member of Board of Directors; Ľudová Banka, a.s., Slovakia, Volksbank CZ, a. s., Czech Republic, Magyarországi Volksbank Rt., Hungary, Volksbank BH d.d., Bosnia and Herzegovina, VB-Holding AG, Volksbank International AG: Member of Supervisory Board; Volksbank Romania SA, Romania: Member of Managing Board; VB-Unternehmensholding GmbH: statutory representative 12 Rag. BRIONI Primo Member of the Supervisory Board Appointed on: Experience: bank experience - 34 years, managerial position - 18 years Membership in the bodies of other companies: Mantovana Ireland Ltd Dublin, Ireland, Voksbank International AG, Vienna, Austria, Volksbank CZ, a. s. Czech Republic, Cosorzio Mantova Export, Mantova, Italy: Member of Supervisory Board GD DUQUESNE Daniel Member of the Supervisory Board Appointed on: Experience: bank experience - 29 years, managerial position - 29 years Membership in the bodies of other companies: Banque Fédérale des Banques Populaires: Member of Managing Board; Natexis Banques Populaires: Member of Managing Board, president of Audit committee; Volksbank CZ, a. s., Czech Republic: Member of Supervisory Board; Group of companies Medef-Lyon: Vice-president Dir. SCHON Rainer Member of the Supervisory Board Appointed on: Experience: bank experience - 39 years, managerial position - 17 years Membership in the bodies of other companies: Ľudová Banka, a.s., Slovakia, Volksbank CZ, a. s., Czech Republic: Member of Supervisory Board

11 Mgr. SCHAFFEROVÁ Jaroslava Member of the Supervisory Board Appointed on: Experience: experience total - 5 years, bank experience - 5 years, managerial position - 5 years Membership in the bodies of other companies: None Ing. ŠTĚRBOVÁ Irena Member of the Supervisory Board Appointed on: Experience: experience total - 16 years, bank experience - 9 years, managerial position - 7 years Membership in the bodies of other companies: None Ing. VLČEK Luboš Member of the Supervisory Board Appointed on: Experience: experience total - 23 years, bank experience - 5 years, managerial position - 10 years Membership in the bodies of other companies: None 13 BOARD OF DIRECTORS LURF Johann Chairman of the Board of Directors Appointed on: Experience: experience total - 27 years, bank experience - 27 years, managerial position - 16 years Membership in the bodies of other companies: None SKOK Herbert Member of the Board of Directors Appointed on: Experience: experience total - 30 years, bank experience - 28 years, managerial position - 23 years Membership in the bodies of other companies: None Ing. VITHA Václav Member of the Board of Directors Appointed on: Experience: experience total - 11 years, bank experience - 11 years, managerial position - 5 years Membership in the bodies of other companies: None

12 Economic Environment The Czech Republic continued to grow in 2002 although at 2% growth was not as high as the 3.6% achieved in the year before. The growth in the Czech economy, while still being shaped by existing positive factors also had to contend with a series of new factors, most of which were negative, such as world wide economic weakness which led to a stagnation in demand for Czech goods as well as the catastrophic flooding in the summer of On the other hand, positive factors influencing the increase of GDP were visible during the whole year, resulting in stability of price levels: inflation during 2002, for example, 12-months inter-bank PRIBOR fell from 4.50% p. a. to a level of about 2.50% p. a. This has also resulted in an increase in volume of consumer loans provided, and also in high consumption which in principle led to the growth in GDP. The influx of foreign investment decreased especially in relation to the finalisation of the privatisation of the remaining government stakes in major companies. At the same time foreign investors started to monitor more closely the unfavourable development of the fiscal imbalance, Interest rate 12 Month PRIBOR & PRIBID PRIBOR PRIBID 14 7% 6% 5% 4% 3% 2% 1% 0% almost stopped and later in the beginning of the year 2003 the consumer price index fell almost below zero in the deflationary range. This resulted in further decreases in interest rates in the country and increased pressures on the Government to make reforms in this area were also generally expected in relation to compliance with the Maastricht budget criteria requirements for

13 accession to the Eurozone. The foreign trade deficit was maintained below CZK 80 billion which was one half less than in the previous year. Total current account balance of the overall balance of payments reached an unfavourable deficit of USD (3.7) billion, which was however covered more than twice by the financial account surplus reaching USD 10.4 billion. Continuing very competitive labour prices in the Czech Republic, combined with lower, however still substantial, influx of foreign investments, were not able to reduce the unemployment rate, which in the whole period since the establishment of a market economy. GDP GROWTH (YEAR-ON-YEAR CHANGE) Q1 99Q4 00Q1 00Q4 01Q1 01Q4 02Q1 02Q4 fluctuated around 10%. More rapid growth of real wages compared to the growth in productivity of labour and GDP also played its role. In 2002 the banking sector did not show any dramatic fluctuations, total assets increased, as did profitability, save for some exceptions. The situation of most banks in the market was so far the best

14 Lines of Business 16 International Desk After the necessary restructuring measures taken in 2002, the International Desk s most important activities did not focus only on the Italian client base which still remains the largest client group, but also on French and Spanish clients. Thanks to highly qualified and bilingual staff and thanks to our international partner support, the outcome was very positive. Presently, the International Desk has more than 700 clients operating in various branches of the economy, with more than 1,300 accounts open with Volksbank CZ. Even with activities in the industrial and commerce sectors is clearly visible. The co-operation with Italian, French and Spanish partner banks has expanded further as well as with ÖVAG-branch in Italy and colleagues from the new bureau de liaison in Paris. Corporate clients In the course of the year 2002 internal restructuring resulted in a new organisational structure. Its objective was the enhancement of domestic and international corporate customer care. The structuring of business activities by territory to Moravia and Bohemia that had commenced in the previous year turned out to be beneficial, especially in supporting the individual approach to business partners and establishing closer and more open co-operation. The international clientele administered at this client department comes particularly from German and English speaking countries (Germany, Austria, Great Britain etc.). Corporate Clients Department - Moravia and Corporate Clients Department - Bohemia were substantially supported by employees with adequate professional and language skills, not only in the Brno head office and Prague regional head office, but also in departments operating at selected branches. Consequently, the staff can better understand individual regions, including local clientele needs, and provide bank products, services and related consulting services on the spot, i.e. at the client premises or in the local branch. Teams are prepared to provide complex bank services for all economic entities within defined target client groups, including the partner approach typical for the Volksbank group. Corporate Clients - Moravia The volume of year-on-year client deals in Moravia increased by 76.4%, with the biggest increase noted in the area of investment loans and current and term deposits in Czech Crowns. New business

15 relationships were established with leading business entities and co-operation with current corporate clients was extended. In addition, several projects in the area of real estate funding commenced. Corporate Clients - Bohemia In the first six months of the year 2002 contact has been established with a important supplier of investment units and their technology parts and appropriate mutually satisfactory implementation forms of bank transactions were found. Bank guarantees and operational funding with minimum return risks for new partners active in industries were provided. The Bank also participated in its client s business plan in the area of capacity extension of foreign language schools in Prague. Retail bank services The goal of the open branches concept already used during the development of three new branches opened in 2002, which will be gradually introduced in all current branches, is to enhance the personal approach to our clients. With the assistance of the latest technology Volksbank CZ clients can now use information terminals which make it possible for them to trace back their account balances for a period of up to two years. In addition, clients may print their account statements for themselves free of charge; all this reflects Volksbank s philosophy of treating its customers as partners and its goal is to be a modern bank with the latest technologies and be prepared to share them with its clients for the benefit of both sides. The introduction of the revolutionary new Twin Safes system, which renders the old cash systems obsolete, can be used by our clients for all cash transactions. These innovations Info-terminal and Twin Safe illustrated by the motto We know how valuable your time is, will speed up client services in branches and will enable more intensive focus on the client himself, his needs and wishes. Municipalities/Public Sector In 2002 the Bank continued with its engagement in the municipality sector and within the framework of the municipality programme it acquired, as new clients, a number of municipalities and their subsidiary firms. Steps were taken to expand the bank s co-operation with housing co-operatives. The Bank took part in most public tenders for financing municipality projects and was successful in many of them. Overall, the Bank provides its banking and 17 NUMBER OF BRANCHES

16 18 CURRENT ACCOUNTS AND TERM DEPOSITS (in 000 CZK) 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, , Term deposits Current accounts consulting services to more than two hundred municipal organisations (municipalities and their subsidiary firms). Treasury Despite the challenging environment that predominated in 2002, the activities of the Treasury Department were very successful. The department had a significant share in the bank s total profits. Planned earnings from business operations in financial markets were surpassed by ca 67%. The number of transactions increased by approximately 23%, and the value traded by 35%. Concerning sales, the department concentrated on direct product sales. The number of clients using Treasury products almost doubled in the last year. Trained branch staff participated in the work. The department also organised, in co-operation with branches and the Chamber of Commerce, several presentations and specialised seminars. Securities The work of the Securities Department was also affected by the volatility of financial markets. Nonetheless, thanks to experienced staff it managed to overcome this adverse trend in the capital markets, to report an increase in securities investments of more than 28%. Thanks to more intense activity it achieved an increase in the number of clients investing in securities. These results could not have been achieved without further staff training in the individual branches. Another 35 staff members were trained in Risk management The Bank takes a conservative approach to risk management. It has to cope with the following risks, whose structure and impact it maintains at a reasonable level: credit and market risk, liquidity and operational risk. In the process of risk management the Bank follows the legislation in force, principles laid down by the group headquarters, and the group companies know-how. The Bank s Board of Directors approves the Bank s strategy in risk management in line with the rules laid down by the Basel Committee. It has developed a risk management system in compliance with this strategy, based on strict organisational separation of sales and risk management. It operates a quality control system based on the four eyes principle and in compliance with criteria for the assessment of risks and internal limit adequacy.

17 Credit risk management The Bank s credit policy applies the most important principles of credit risk management. These principles comply with the Group s credit policy and include a definition of target client groups and limits set for the individual sectors. In the credit process the principle of clear organisational separation of sales and risk management is maintained and both sections are represented in the approval process. All the Bank s internal controls comply with measures of the Czech National Bank, and together with specimen contract documentation, they are up-dated on an ongoing basis. In the area of collateral valuation the Bank applies a prudent approach, in particular in real estate valuation. In 2002 the Bank started in co-operation with the group headquarters to implement the corporate internal rating system, the so-called VB-Corporate Rating System which is one of those projects to be implemented as part of the rules laid down by the Basel Commitee. The aim of the VB-Corporate Rating System is to achieve an optimum risk management process within the lending approval procedure and at the same time to identify possible loan losses early on. It is also preparing, in co-operation with the group headquarters, internal ratings for other client segments, such as the municipality sector, project funding, and private individuals. Despite the Bank s conservative approach to risk management, new loans granted in 2002 increased the total loan value to CZK 12,672 million, which compared with the previous period is an increase of approximately 44%. During the same period the proportion of the Bank s classified loans decreased from 17.03% in 2001 to 12.08% in At the same time, according to figures issued by the Czech National Bank per 31 December 2002, the proportion of classified loans in the banking sector was 16.78%. CLASSIFIED LOANS 35% 30% 25% 20% 15% 10% 5% 0% Average in Czech banking sector (CNB) Volksbank CZ

18 20 Market risk management Market risk represents the risk of a loss resulting from changing prices, FX rates and financial market rates. It comprises interest rate, currency, share and other risks related to market price fluctuations. Responsibilities and control mechanisms in the market risk management process are addressed by the Bank s internal regulations and the internal control system. The main instrument used to manage market risks are limits in respect of individual types of market risk. Limit compliance is monitored on an ongoing basis and is regularly reported to ALCO (Asset and Liabilitie Committee) meetings that determine market risk management strategy and objectives. If any limits are exceeded emergency measures are taken and open positions are closed or secured by appropriate hedging instruments. market the Bank s transactions focus on hedging of positions resulting from trading with clients. The Bank did not exceed any open currency position limit in Interest rate risk The Bank s interest rate risk exposure is the possibility of the Bank s decrease in net profit due to interest rate fluctuations. The Bank monitors the risk daily using GAP analysis. For the year 2003 the Bank is preparing to introduce direct interest rate risk management using a wide-spread GAP method (a set of limits), stress scenarios and models, a system for simulation of the impact of changes in market conditions on the level of risk to be faced. To hedge interest rate positions, the Bank uses derivative transactions. Currency risk The Bank deals in currencies in both Czech and international markets. All limits are included in the Group s structure of limits. In the FX area the Bank concentrates on client trading. In the inter-bank Equity market risk The Bank has introduced and approved limits for equity trading in Czech and international markets. All limits are included in the Group s structure of limits. The Bank did not hold any equities in its TOTAL LOANS STRUCTURE (in 000 CZK) 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000, Standard Classified

19 portfolio in 2002 and was not therefore exposed to equity market risk. Liquidity risk Liquidity management is based on the planning of future inflows and outflows of funds based on agreements with the clients and on credit agreements which oblige the Bank to undertake activities. The Bank forecasts every day net cash flows for the period of five business days in advance for each main currency in its management information system. An estimated cash flow, actual liquidity report, basic and alternate scenarios are processed for each main currency. Each currency has its set limit which is monitored on a daily basis. Operational risk Operational risk constitutes a substantial part of the Bank s risk policy. It may be defined as the risk of a loss incurred as a result of inadequacy or failure of internal procedures, as a result of accidental human error or systems failures, or due to external circumstances. The Bank is going to take part in a project for comprehensive management and monitoring of operational risks, applying the Basel Committee rules and directed by the group headquarters. Payments The most important event in the Payments Department was without doubt the introduction of new methods of communication with the Bank in electronic banking Internet banking and Multicash in the portfolio of banking products and services, which took place in October From the very beginning these products met with great interest on the part of our clients. The staff of the individual payments sections (inland, foreign and electronic) were able to cope with an increase in domestic and foreign payments of approximately 15% thanks to suitable hardware and software. The value of all payments processed increased by a similar percentage. Much interest was also noted in the Homebanking service. The number of users increased by 36% in comparison with the preceding period. Electronic banking has thus already become one of our standard products as a modern and almost irreplaceable form of communication with the bank. This is best illustrated with figures: of the total number of inland and foreign transactions, 53% and 37%, respectively, were sent electronically. Thanks to co-operation with the Department of Automation, which looked after the technical aspects, our clients can place their orders with any branch of Volksbank CZ no matter in which branch they have their account. The work of the department was further streamlined and the entire process of payment processing was accelerated by the implementation of electronic processing of operations that had previously been done manually. As a result, the time necessary to deal with client matters in the branches was reduced. Payment cards Another three ATMs were put into service last year in new branches in Znojmo and Hradec Kralove, and the first ATM outside the branch network was put into operation in the shopping centre Big Billa in Brno. An important moment, and probably the most significant event of last year, which is going to have an influence in the coming years, was the conclusion of a contract with the Czech 21

20 22 representation of Diners Club and the issuing of the first 250 pre-embossed charge cards in the last quarter of The number of payment cards issued increased by about 82%. The activities of the Payment Card Department were also influenced by the fact that an increasing number of clients realise the advantages of paying by a payment card for goods and services in shops and prefer this payment method to cash. A considerable increase of more than 55% was reported for POS (point-of-sale) payments (payments for goods and services in shops). The total number of Volksbank payment card transactions rose by a significant 35%. Their total value increased by 32%. Automation/EDP The priority of the Department of Automation was traditionally client service support in the area of electronic and self-service payments and the further development of the Bank s infrastructure. A new electronic banking product, Multi-cash, was offered in the middle of the year in co-operation with the Departments of Marketing and Payments. It is a European standard product and it is primarily designed for major and multinational clients. In the second half of the year the portfolio of e-services offered by Volksbank CZ was supplemented with an Internet banking product addressed to the broadest client base of the non-corporate type. At the same time, there was a huge increase in the number of information terminals which enable clients to access information about their accounts and print account statements for themselves. All of the bank s workplaces are equipped with NUMBER OF PAYMENT TRANSACTIONS 2,500,000 2,000,000 1,500,000 1,000, ,000 0 Foreign payments Domestic electronic payments Domestic payments excl. electronic

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