Hradec Králové stands to lose millions in investment

The town of Hradec Králové, in north-eastern Bohemia, could stand to lose as much as 74 million crowns invested in bonds in Icelandic banks Glitnir and Landsbank, while millions more have already been lost for share investments. The town originally put money into an investment portfolio, valued as worth 782 million crowns on September 30. The town invested funds saved in past years, a spokesman for city hall has said.