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PRAGUE, Oct 11 (Reuters) - The small Russian-controlled ERB bank operating on the Czech market is unable to meet its obligations, the Czech National Bank said on Tuesday.
ERB bank, one of the smallest players on the market with assets of $277 million in the third quarter last year, has been banned by the central bank from taking deposits since March this year.
The announcement triggers payment of depositors from the country's compulsory deposit insurance scheme, which fully guarantees deposits of up to 100,000 euros per client. (Reporting by Jan Lopatka)