Summary

Transactions between banks and customers rely on mutual trust. The principle of trust is one of the basic principles in banking law. In executing transactions, credit institutions acquire a large amount of information on the personal and proprietary relations of their customers. Customers may count on the fact that credit institutions do not disclose the information entrusted to them to third persons without appropriate legal bases and that credit institutions assume the obligation to keep confident all circumstances related to customers and any evaluations they have become aware of in communications with customers. A breach of the confidentiality obligation by a bank constitutes a breach of an agreement or an obligation arising from law, as a result of which the customer has the right to demand the prompt termination of the transactional relations with the bank and to claim damages. Banking secrets act as professional or business secrets of the monetary or financial sector and are in effect longer than transactional relations. The obligation to maintain banking secrets will remain effective even after the relationship between a bank and customer has come to an end.
The protection of banking secrets grants to banks the right to maintain the confidentiality of circumstances related to their customers even if such information is requested by state authorities. In amending the provisions regarding banking secrets, the legislature should take it into account that the concept of banking secret is directly linked with the fundamental rights of persons and that the obligation to disclose banking secrets may only derive from the law or an agreement of the parties or if, for any other reasons, a credit institution is required to abandon the obligation to protect banking secrets.