IRB belly up

The very moment Investičná a rozvojová banka (IRB), Slovakia's third largest bank, literally closed its doors on December 18, bank insiders knew the challenge it was facing was far greater than just withstanding a bank run of panicked retail depositors. Long before the stampede of individual clients, these corporate insiders, normally IRB's colleagues on the money market, had begun gradually to limit their lending to the troubled bank. From December 15, IRB had been virtually unable to borrow anything.

Three days later, the embattled bank came crawling to the central bank for help.

Vol. 4 No. 1, Jan. 15-28, 1998

Get daily Slovak news directly to your inbox

Top stories

Another former police president reportedly charged in a corruption case

NAKA charged eight former high-ranking police, SIS and Financial Administration officials.

Milan Lučanský

Haščák of Penta detained and accused

Dozens of police officers raided Digital Park, the headquarters of the financial group.

Jaroslav Haščák

Economy minister Sulík is the most trustworthy politician regarding solutions to the pandemic

More than half of respondents also think that the government underestimated preparation for the second wave.

Richard Sulík introduces his plan.

Car industry needs to jump on the latest trends

Economy minister promises extensive support for hydrogen technologies in Slovakia.

The Hydrogen Technology Research Centre (CVVT) is to be launched at the end of 2020 or beginning of 2021 in Košice to do R&D in this field.