The opposition SDSM warns that the financial difficulties facing ALTA Bank in Serbia could also affect its subsidiary in Macedonia, “ALTA Banka AD Manastir.” The Serbian bank owns 97 percent of the shares in the Macedonian bank.
The party is calling for immediate intervention by the National Bank, measures to guarantee deposits, and the launch of an investigation by the Prosecutor’s Office. SDSM is also demanding that Prime Minister Hristijan Mickoski and Governor Trajko Sllaveski be held responsible.
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“The National Bank of Serbia revoked ALTA Bank a.d. Belgrade’s operating license because of liquidity problems and a deterioration in its financial condition. This decision represents a direct systemic blow to its subsidiary in Macedonia, ‘ALTA Banka AD Manastir,’ in which the Serbian headquarters owns 97 percent of the shares.
The risk of the crisis spreading is clear. News of Alta Bank’s bankruptcy in Serbia could immediately create uncertainty among depositors, prompt mass withdrawals of deposits, and trigger a liquidity crisis.
There is a possibility that, before or during the blockade in Serbia, attempts were made to transfer liquidity from the Macedonian headquarters to the Serbian one through intra-group loans or suspicious transfers.
The Banking Law requires the National Bank to act without delay. Since the owner in Serbia is going bankrupt, the authority should suspend voting rights, place ‘ALTA Banka AD Manastir’ under emergency administration, and seek a new buyer or begin its liquidation.
Individual deposits are insured by the Deposit Insurance Fund up to 30,000 euros. Meanwhile, legal entities and depositors with amounts above this limit risk losing their funds.
Public enterprises also have deposits in this bank, and they must therefore be protected immediately.
According to SDSM, the National Bank’s responsibility is clear: the purchase of a bank in Macedonia requires prior approval, as well as strict scrutiny of the buyer’s source of capital, financial stability, and business reputation.
The collapse of ALTA Bank in Serbia, in record time after its regional expansion, shows that the assessment was fundamentally wrong. Before its entry into Macedonia, there were public warnings about the controversial nature of the ALTA Group, its owner Davor Macura, and its rapid growth, backed by political connections and state agreements in Serbia.
SDSM is demanding that the National Bank implement all legal measures today and that the Prosecutor’s Office launch an investigation today as well.
“Hristijan Mickoski and Governor Trajko Sllaveski brought Vučić’s bank to Macedonia. Now they must be held responsible.”
