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July 7th, 2008
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COLLAPSE An amendment increasing the maximum compensation individual clients of bankrupt banks can receive passed its first reading in the Senate, Hospodářské noviny reported June 11. The bill would allow clients to receive up to 4 million Kč ($190,295) and is expected to benefit former customers of Union banka and Plzeňská banka.

EXPANDING MBank, a Polish bank owned by Commerzbank, has announced plans to expand into the Czech Republic and Slovakia by the end of the year. Similarly, the German bank Sparkasse Oberlausitz-Niederschlesien plans to open 20 branches in north Bohemia next year, where the bank already has 3,000 clients. Both banks promise better service and lower fees than domestic banks.
PENSIONS The country spent 193.2 billion Kč on pensions in 2006, 17.5 billion Kč more than in 2005, the daily Lidové noviny reported June 7. The increase is due to the country’s aging population. Last year, more than 30,500 senior citizens began collecting pensions.
EURO The European Central Bank raised its benchmark interest rate to 4 percent June 6, reaching a six-year high. The bank’s president, Jean-Claude Trichet, indicated that further growth may be expected. The rate remains below that of the United States and the United Kingdom — at 5.25 percent and 5.5 percent, respectively — and above the Czech Republic’s EU-low rate of 2.75 percent.
DISCIPLINE When it comes to making payments on time, the Czech Republic is among the worst countries in Europe, according to a recent poll. Czech companies take 25 days to pay invoices on average, compared with 15 days in Germany. Czechs were only more punctual than the Greeks, Cypriots and the Portuguese; the latter wait 40 days on average to make payments.
MERCANTILE The Czech securities dealer RSJ Invest plans to enter the Chicago Mercantile Exchange, the United States’ largest derivatives market, in about six months, RSJ Chairman Libor Winkler told the Czech News Agency June 3. RSJ is the only Czech member of the London derivatives market Euronext.liffe. The firm has traded derivatives since 2002, though not on the Prague bourse.


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