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SKD - Short-Term Bond System

The Short-Term Bond System (hereinafter only the "SKD"), operated by the Czech National Bank (hereinafter only the "CNB") is a system which ensures a separate record (register) of securities and a settlement system for trading in the securities included therein. In the SKD, records are kept of and transactions are settled in securities issued by the Czech Republic (i.e. by the Ministry of Finance of the CR) with maturities of up to one year, short-term securities issued by the CNB with maturities of up to six months, and other bonds with maturities of up to one year. All the securities are issued in the Czech currency and in book-entry form.