Final Word from Wednesday, May 18, 2005
"How soon we forget," wrote CEO Jack Stack of Česká spořitelna. "Banking in 1999 meant no access to loans for SMEs and consumers, poor service, ATMs that didn't work, no 24/7 telephone centers, bad loans, and underpaid and untrained bank employees. What do we have in 2005? Private mortgages growing 50% per year, SME loans growing 20%, 24/7 access, improved customer satisfaction, more hours, better-trained personnel - a modern banking system that's a build-ing block for economic growth. What's the competition office doing? Trying to create a cartel where none exists and destroying trust in banks that are helping to make the CR an economic success story. The government ruined the banking system with bad loans in the 1990s. Competition and modern management practices have rebuilt it. 'The Big Three were handed a sure thing ... ?' Get real!" [Czech Republic Komerční banka ČSOB antitrust probe investigation banking socialism]