English Translation

The large demand for 4 % bond values secures the bonds of the city at par. Lo2 % can be expected. Such an initial exchange rate will always provide favourable ground for a future issue in case of future monetary needs if appropriate price maintenance in the future. Once such city bonds have been introduced, the city has once and for all tapped into the best possible bond options, and one could ask why the city did not carry out this conversion within the framework of a common community policy. First of all, it has been shown that in the question of bond conversion as well as in the case of interest-rate cuts, a strong advance from the debtor side was necessary in order to bring it forward. Second, it seemed expedient to bring the financial strength of Stedt Prague to fruition independently. Prague's city bonds will most likely always be well assessed and thus indirectly contribute to a better assessment of the other local loans. Thirdly, this route is much cheaper for the city and gives the ideal to make the city cheap money and to the citizens who are thus financially interested in urban management a good investment possibility with reasonable interest rates, without any avoidable costs.