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. Last Updated: 07/27/2016

Check on Banks

PRAGUE -- The Czech parliament has passed a measure that gives the country's central bank more power to control poorly run banks before they collapse.

The amendment to the banking act widens the powers of the Czech National Bank, allowing its governing board to remove the management of failing banks.

The move comes after the CNB had to shut down two banks earlier this year and one last year after dubious banking practices led to their insolvency.