Czech Export Bank (ČEB) given 2.5 billion crown bailout

02-11-2016 updated

The government on Wednesday agreed to a cash injection of 2.5 billion crowns into the Czech Export Bank (ČEB), which helps Czech companies funds export projects in risky financial environments. Much of that sum will be aimed at covering losses from a Czech project to build a power station in Russia. The Czech Ministry of Finance has complained that losses by the bank since 2014 have climbed to around 18.4 billion crowns and have called for its shake up as well as that of the state export insurance agency. Some of the ČEB support has been investigated by the police.