Spectator on facebook

Spectator on facebook


Central bank takes license from AG Banka

After talks with the Finance Ministry, the banking supervision board of the National Bank of Slovakia (NBS) revoked the banking license of AG Banka Nitra on December 1. The decision was taken because of the persisting unfavourable financial and economic situation at the bank, and its violations of NBS criteria on prudent banking practices, NBS spokesman Ján Onda said.

As AB Banka is insolvent and unable to repay debtors or depositors, the state-run Deposit Insurance Fund will now decide within five days of the taking of the bank's license when it will begin compensating depositors. Under Slovak law, the Fund will compensate non-anonymous deposits of physical persons in a maximum amount of thirty times the national salary - in other words, depositors stand to recover a maximum of 310,500 crowns.

In 1998, AG Banka was one of the smallest banks on the Slovak market, in 23rd position out of 25 banks ranked by total assets as of December 31, 1998. According to the daily Sme newspaper, the bank had in the past been managed by business circles close to the HZDS party from Trenčín and Trnava. Financial analysts now expect further crashes to occur in the near future among those of the country's small domestic banks which have no foreign capital.

Top stories

Night life in Bratislava will not end

Councillors for the Old Town adopt new opening hours for pubs, night clubs and restaurants.

Cvernovka's creative talents celebrate first open day at new premises Photo

Bratislava's art and design ateliers from the old yarn-making factory open their doors on May Day.

New premises for Cvernovka

How social networks can earn you a ticket to Germany

Can a status on a social network change someone’s life? Yes, if you write humorous stories about a fictive German ambassador.

Assaf Alassaf (r) talked about his life and his book in Bratislava

New investor to create 500 jobs in Nitra

A company following the Jaguar Land Rover carmaker to Nitra plans to create 500 new jobs and invest €17 million.

Tha Jaguar Land Rover draws also other investors to Nitra.