Spectator on facebook

Spectator on facebook

CORPORATE BRIEFS

IRB shareholders' meeting approves annual report for 1998

The troubled Investičná a Rozvojová Banka (IRB-Investment and Development Bank) held a shareholders' meeting on July 23, but was unable to approve either a change in the bank's basic capital or the entry of a strategic partner.

IRB, which has been under a caretaker administration imposed by the central bank since December 1997 because of liquidity problems, closed the year 1998 with losses of 4.5 billion Slovak crowns ($105 million). IRB administrator Vladimír Hromý explained after the meeting that shareholders had not dealt with the basic capital issue because it lacked approval from the National Bank of Slovakia.

Local media have reported that a secret government plan for IRB, approved by cabinet in June, calls for IRB's basic capital to be cut from three billion to one billion, and then raised to 6.7 billion, leaving the state in control of IRB.

According to auditor Deloitte &Touche, classified loans accounted for 33% of IRB's loan portfolio at the end of 1998. Another 37% of loans had been extended to a single client on disadvantageous conditions, or had been used to finance the Mochovce nuclear power station. Fully 24% of IRB loans were held by housing associations at an average interest rate of 1.02%.

Top stories

General Prosecutor filed a motion for the dissolution of ĽSNS

The Slovak Supreme Court received a motion to dissolve the extreme right ĽSNS party founded and led by Marian Kotleba.

Jaromír Čižnár

Russian spies allegedly recruit also Slovaks

They are using martial art clubs in Germany and dozens more in other EU states, in the Western Balkans, and in North America.

Illustrative stock photo

EC scrutinises state aid for Jaguar Photo

There is a question whether the scrutiny may impact the carmaker’s plans to invest in Slovakia.

The construction site of a brand new plant of Jaguar Land Rover near Nitra.

GLOBSEC forum will host guests from 70 countries

The 12th year of the conference will be attended by the highest number of participants in its history.

Slovak President Andrej Kiska gives the opening speech of The Globsec 2016 security conference.