TAXES The nation's tax burden currently ranks 17th in the world out of 56 countries worldwide, according to a survey conducted by Forbes magazine. The high rates are especially characteristic of Western Europe, with eight EU member states placing in the top 10 countries with the highest misery tax index. EU newcomer Poland ranks 7th, Hungary 16th and Slovakia 32nd.

MORTGAGES After cutting mortgage rates by up to 0.5 points about a month ago, Ceská sporitelna raised its rates 0.3 points this month due to developments on the interbank market and expert analyses of stagnating rates. Ceská sporitelna is the first major bank to raise its rates.

LOANS Czech demand for American mortgages has grown significantly this year and experts say the loans mainly finance luxury holidays, expensive cars and home decorating, Lidové noviny reported. When applying for American mortgage loans, clients are not compelled to state purpose or guarantee. Ceská sporitelna is currently the biggest provider, with 2,673 American mortgages worth 1.4 billion Kc.

WATCHDOG The Securities Commission (KCP) is openly against the proposal of Finance Minister Bohuslav Sobotka to establish a supervisory unit of the financial market at the Czech National Bank as of spring 2006, KCP spokeswoman Ivana Sedlácková said this month, adding that KCP will suggest an independent supervisory organization.

BANKING A total of 42,000 people in Prague work in the banking sector or up to 5 percent of the city's population, according to recent data from the Czech Statistical Office. Another 14,000 in the capital work in the insurance sector.

INVESTMENTS The region of central Bohemia has attracted the largest amount of investments of all Czech regions since 1994, according to CzechInvest spokeswoman Jana Vísková. She said 26 percent of all registered investments, amounting to $13 billion (308 billion Kc) were made in that region. The Karlovy Vary region in west Bohemia attracted just 1 percent of all investments.

EU FUNDS The Czech Republic is having problems spending its EU funds due to delays launching programs, excessive bureaucracy and late payments, Hospodárské noviny reported. Last year the country received over 10.6 billion Kc from the EU and according to regulations, the money must be spent within two years. The Regional Development Ministry is proposing steps to speed up the drawing of those funds.