Lower house votes in favour of flood bonds

Members of the lower house have voted in favour of special government bonds totalling up to 3.0 billion crowns to help repair the damage from recent floods in Moravia. The vote on the flood bonds was subject to a special fast track procedure with the upper house, the Senate, due to discuss the issue next week. The bonds should be bought by the European Investment Bank which gives the Czech government better terms than offering them on the open market. The total bill for flood damages is estimated at up to 5.0 billion crowns by the Association of Czech Regions.