For successful monetary policy implementation, it is crucial to know the pricing behaviour of banks and the determinants of banks' lending rates. With the onset of the global financial crisis, markets in unsecured lending ceased to provide a reliable level of market costs, while markets in cross-currency products gained significance. The aim of this research is to gauge the extent to which the EUR-CZK cross-currency basis spread is reflected in the corporate lending rates provided by Czech banks. We discovered that just over 50% of the changes in the basis pass through to the lending rates. The greater part of this pass-through can be identified in EUR lending rates, which are, as a result, higher. In the case of CZK, the negative basis should tend to decrease the lending rates. However, the impact is fairly limited, and we were not able to confirm any significant long-run relationship.

中文翻译：

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捷克银行业中的跨货币基础传播及其对公司贷款利率的影响

为了成功实施货币政策，了解银行的定价行为以及银行贷款利率的决定因素至关重要。随着全球金融危机的爆发，无担保贷款市场不再提供可靠的市场成本水平，而交叉货币产品的市场变得越来越重要。这项研究的目的是评估捷克银行提供的公司贷款利率对欧元兑捷克克朗跨货币基础利差的反映程度。我们发现，基础变化中只有超过50％的变化会传递给贷款利率。可以从欧元借贷利率中识别出这种传递的更大部分，因此利率更高。在克朗（CZK）的情况下，负基应倾向于降低贷款利率。但是，影响是相当有限的，