Finance Ministry to amend law on 'constructions savings' following record fine of anti-monopoly office against participating banks

The Ministry of Finance said on Friday it would amend the law on building and loan institutions in order to allow participants to be able to transfer their so-called "construction savings" schemes to other institutions without penalties. The move came after the Czech anti-monopoly office this week imposed a record high fine of 484 million crowns on the country's six building and loans for having allegedly colluded on prices. The banks, which are likely to appeal the decision, were found to have taken advantage of the fact that building and loan customers cannot switch to other institutions without losing state subsidies.