A luxury five-star Sofitel hotel was to arise on one of the most prestigious addresses in the Czech capital. But it was not to be. The lot on the corner of Mikulandská street and Národní třída, the avenue that runs from the Vltava River to the edge of Wenceslas Square, is still an unassuming parking lot, belying the fact that it is the most expensive plot in Prague.
The Czech Bank Association says that if passed proposed amendments to the law on budget rules will lead to the outflow of Kč 100 billion from commercial banks, resulting in them having less money to lend. One of the main aims of the legislation put forward by Finance Minister Miroslav Kalousek (TOP 09) and approved by the government last week is to reduce lending costs for state institutions.