Czech president approves doubling of guarantees on bank deposits

Czech President Václav Klaus has approved a government-sponsored amendment to the banking law, raising guarantees for bank deposits from 25,000 to 50,000 euros (around CZK 1.25 million). The amendment was proposed in response to the global banking and credit crisis. Under the new law, the Czech government will also guarantee the full amount of deposits, against the current limit of 90 percent.