Erste Bank, which won the tender for the government’s 52% stake in Ceska sporitelna earlier this year, will likely hold part of the stake directly (27%) and part indirectly (25%) through a holding company, as a result of a compromise arranged to meet the Czech government’s desire to avoid a potentially non-transparent ownership structure. Erste originally planned to control CS only through the holding, for tax purposes. However, having learned its lessons with IPB, the Czech government asked Erste to take a direct stake in CS. Erste then proposed the compromise solution, and this arrangement is waiting for Cabinet approval today. This is not an issue of major relevance for the stock.