Jiří Klumpar’s Indictment

Regarding the indictment of the former conservator of Agrobanka (AGB), Jiří Klumpar, the CNB states that the financial losses at AGB - meaning in fact its insolvency vis-a-vis creditors - were incurred prior to the imposition of conservatorship. This was confirmed by the Price Waterhouse audit performed as of the day conservatorship was imposed. As part of its legal obligation to safeguard the stability of the banking system, the central bank together with external financial advisers assessed the possible solutions to Agrobanka's situation. This involved not only preventing destabilisation of the banking system, but also protecting creditors. The sale of part of the business to a strategic investor, carried out on this basis by the conservator, optimally fulfilled this objective from the point of view of society as a whole. The CNB is co-operating with the law enforcement authorities in the interests of fast clarification of this case.

Milan Tománek
CNB Spokesman