92 Abstract and keywords The audit of financial institutions The purpose of my thesis is to provide a comprehensive view on the issue of the audit of financial institutions. The main reason for my research is my personal interest in this area stemming from my contemporary occupation. Secondly, I would like to broaden a range of a few existing theses dealing with related topics by complex and especially legal point of view. The thesis is composed of four chapters, each of them dealing with the issue on different level of generalization and specialization. Chapter One is introductory and defines basic terminology used in the thesis: "audit" and "financial institutions". The chapter is subdivided into three parts. Part One describes audit, its aims and functions and explains important concept of materiality. Part Two deals with various understandings of the term "financial institutions". Part Three determines scope of the thesis and its structure. Chapter Two examines relevant Czech legislation, International Standards on Auditing and Code of Ethics. The chapter consists of eleven parts which focus on respective elements of audit regulation. Namely it investigates requirements for compulsory audit, eligibility of an auditor, rights and duties of an auditor with deeper focus on ethical imperatives (especially...

L'objectif de cette étude consiste à développer une approche permettant d'économiser de l'énergie de haut niveau thermique dans le procédé de la distillation atmosphérique du pétrole. Cette approche repose sur le fait que l'installation de plusieurs flashs sur le train de préchauffage de ce procédé associée à un choix approprié du plateau d'alimentation des vapeurs résultantes à la colonne de distillation, provoque une diminution de la chaleur apportée à ce train de préchauffage. Le déficit de chaleur de haut niveau thermique ainsi créé est causé par la réduction des débits des reflux latéraux de la colonne de distillation et il est compensé par de la chaleur de bas niveau thermique apportée par les effluents résiduaires disponibles dans toute la raffinerie. Cette approche peut être appliquée aux nouveaux procédés comme à l'expansion des procédés existants et l'économie d'énergie de haut niveau thermique dans le four peut atteindre les 21%. Une réduction équivalente des gaz à effet de serre est aussi observée / The objective of this thesis is to demonstrate, on thermodynamic grounds, that introducing a flash in the preheating train of an atmospheric oil distillation process , together with an appropriate feeding of the resulting vapors into the column, could potentially bring substantial energy savings by reducing the duty of the preheating furnace and by reducing the distillation column irreversibilities. This idea has been expended by showing how this can be done while keeping the throughput and the product characteristics unchanged. The outcome is that placing several flashes after the heat exchangers and feeding the corresponding vapor streams to the appropriate trays of the column, reduces the pumparound flows and then the heat brought to the preheating train. The resulting heat deficit may then be compensated in additional heat exchangers by using low level heat recuperated from the products of the distillation and/or imported from other processes. The use of this residual heat reduces the furnace duty by approximately an equivalent amount and could be as high as 21%. The approach can be applied in the design of news processes or in the revamping of existing ones

A la suite de la signature de l'Acte Unique Européen en 1986 fixant les bases de l'achèvement du marché intérieur, l'Union européenne s'était mise à la recherche d'une formule qui aurait permis une taxation effective des revenus de l'épargne dans Il a fallu attendre de nombreuses années pour qu'une mesure concrète puisse voir le jour. Le 3 juin 2003, le Conseil ECOFIN adopta une directive européenne sur la fiscalité de l'épargne d'application depuis le 1er juillet 2005. Luxembourg a obtenu de déroger à la règle générale de l'échange d'informations et a bénéficié d'un régime transitoire qui consiste en une retenue à la source. Quel est l'impact réel de l'application de la directive sur le maintien du secret bancaire dans le grand-duché du Luxembourg ?Comment se positionne t-il par rapport aux autres pays appliquant ce principe et au mouvement en faveur d'une plus grande transparence fiscale ? De quelle manière la place financière luxembourgeoise a-t-elle dû s'adapter afin de répondre aux dispositions communautaires introduisant le prélèvement à la source ? / .

This thesis deals with the risk management of savings accounts. Savings accounts are non- maturing liabilities bearing two embedded options. The first option is the client's right to withdraw deposits on notice. The second option is a bank's right to change the deposit rate on savings accounts whenever it wishes. This in practice means that a fierce competition may arise as banks can quickly react to competitor's change in the deposit rate. The embedded characteristics make the risk management of savings accounts challenging. We identify five key risks of savings accounts: liquidity risk, market risk (interest rate risk), systemic risk, reputational risk, and model risk. The thesis focuses on the interest rate risk and the method of replicating portfolios, which is a standard technique of the estimation of non-maturing liabilities' interest rate risk employed by banks. Using replicating portfolio approach, we derive that savings accounts are risky liabilities. We provide evidence that high deposit rates offered on numerous savings accounts in the Czech Republic have not been consistent with low market rates since January 2012, at least. We show that unsustainable deposit rates combined with competition among banks will lead to capital losses in some banks when market rates increase. JEL...

Innovative financial instruments in the Czech Republic and their hypothetical use in the field of energy efficiency are analysed and assessed in this thesis. We address lim- ited awareness about multiple benefits of energy efficiency improvements and also emerging innovative financial instruments that are promoted by the European Com- mission as a way to multiply impacts of limited public budgets. Then we identify a suitable segment, Czech residential housing stock and public support of insulation, and compare several forms of possible public support in this field. As the main driver of space heating costs, we predict the future development of heat prices, and assess po- tential energy savings resulting from renovations. Finally, we assess and also simulate the potential of such an initiative and identify four suitable settings of the innovative financial instrument for a majority of stakeholders. Our findings support an idea that this innovative financial instrument offers a valuable alternative to traditional grants. It also suggests that such an initiative can be interesting for a private sector as well as a public sector, with benefits to public budgets, equity investors, households and many other stakeholders. Moreover, this initiative can be sustainable in the long run. JEL Classification G23,...

The thesis investigates determinants of participation in the supplementary pension savings scheme in the Czech Republic and estimates their change with respect to the policy intervention realized in 2013. Using the time series of cross-sectional microeconomic data provided by the Statistics on Income and Living Conditions, the probability of participation and the level of contributions are estimated separately by probit and multiple linear regressions, respectively. The estimated coefficients of both models are tested for structural differences caused by the policy change, employing the pooled dataset of multiple years with additional coefficients to treat the compared period. The analysis confirms that income, age, education and economic activity have a positive effect on both the probability of participation and expected level of contributions. Whereas gender differences for the level of contributions have not been detected, single women on average show, ceteris paribus, 4.6 percentage points higher probability of participation than single men. Unexpectedly high level of activity was observed in case of retired individuals, who in 2014 represented approximately 15% of all participants and collected 20% of the credited direct state subsidy. With respect to the 2013 policy change, no evidence of a...

This thesis deals with the problem of water consumption in European Union and ways to overcome its excessive abstraction. The aim is to analyze whether the current abstraction in each area is sustainable in the future, and if there is any possible way how to ensure this sustainability. This work is based on the information about the development of abstraction in different sectors, changes in the amount of water that will be caused by global warming and the data on the current technical possibilities of obtaining water. The first section explains the concept of sustainable development and clarifies why the water consumption is excessive. The second chapter deals with the quantity of water and its resources, including alternative resources. The third chapter describes the water abstraction and the potential for savings. The last part focuses on policies and measures to ensure sustainable water abstraction.

This thesis investigates which factors affecting savings behavior by using a fixed effect regression model. To see what affects the household savings rate the following independent variables is considered: Natural logarithm of trend per capita income, natural logarithm of deviation from trend per capita income, growth of disposable income, real interest rate, inflation, wealth in relation to household disposable income, foreign savings in relation to disposable income, dependency ratio and human development index. To see whether changes of human development within a county impacts the household´s savings ratio this variables was included in a separate regression. To avoid possible biasedness from ordinary least square, a panel data technique called fixed effect regression model is used. The investigated time period is between year 1999 and 2016 and to make a restriction, variables from 25 developed countries were studied. The involved economic theories in this work are Keynesianism, permanent income hypothesis and the savings theory behind Maslow´s behavioral pyramid. The result made by using this study is that growth in income and foreign savings in relation to disposable income is insignificant and can´t be used in explaining the differences between household´s savings. Human development index within a country has a negative effect on the savings ratio but a conclusion regarding whether changes in HDI´s does affect savings can´t be made and more research within that field is needed.

O Plano Brasil Novo ou Plano Collor, como ficou conhecido foi lançado em março de 1990 por Fernando Collor de Mello, primeiro presidente eleito por voto direto no Brasil em quase 30 anos, tendo como principal marca o inédito confisco das aplicações financeiras privadas por um período de 18 meses. A brusca retirada de moeda de circulação, que fez sumir de um dia para outro cerca de 75% do dinheiro que irrigava a economia brasileira, provocou uma ruptura não apenas no sistema econômico-financeiro do País, como também nas relações sociais e na cultura econômica vigentes, alterando a dinâmica do cotidiano e o comportamento econômico da população urbana. / The New Brazil Plan or Collor Plan, as it was known was launched in March 1990 by Fernando Collor de Mello, the first president elected by direct vote in Brazil in almost 30 years, having main feature the unprecedented confiscation of private financial investments for a period of 18 months. The abrupt withdrawal of circulation money, which wiped out about 75% of the money that irrigated the Brazilian economy from one day to the next, provoked a rupture not only in the country\'s economic-financial system, but also in social relations and economic culture, changing the daily dynamics and the economic behavior of the urban population.

The aim of this diploma thesis is to discuss the assessment of changes of the modal split in connection with the construction of high speed railway Prague-Brno. Thesis is aimed on wider context of two theoretical concepts in transportation researches: travel behaviour and the value of travel time. Data collection took place in the form of "Paper and Pencil Interview" method. For a deeper analysis was used the Pivot Table tools. From the collected data was found that economically active people from coaches and trains have higher travel time than students. Among cars users the most important factor influencing the choice of traffic mode is the speed, for coach users it is price and for train users the posibility of work/rest during the journey. Assuming a reduction of travel time between Prague and Brno for about 1 hour while keeping the fare price about CZK 200, high-speed rail connections has the potential to generate more frequent journeys among existing passengers. Keywords: modal split, travel behaviour, the value of travel time savings, competitiveness of railways, high speed railway