Universal Bank

At its meeting today, the Czech National Bank Board confirmed the decision to revoke the banking licence of Universal banka a.s. On the basis of the appeal filed, the appeal commission has assessed the entire case. It has recommended to the Bank Board that the banking licence of Universal banka a.s. be revoked in view of the fact that Universal banka a.s. as of 30 September 1998 had insufficient capital adequacy and that during the administrative proceedings this situation has neither changed nor have other circumstances occurred to improve the bank´s situation. The decision to revoke the banking licence of Universal banka a.s. will become legally valid by delivery of this decision and the administrative proceedings will thus be terminated.

ČNB - M. Švehla

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