CORPORATE NEWS

Tackling slump, IRB swaps leaders

Vojtech Vranay, President of IRB, the third largest Slovak commercial bank, resigned from his post on November 26. Vladimír Turzák, the bank's former Vice-President, was appointed as temporary director before the December 19 special shareholders' meeting decides on a new director. The meeting will discuss the 1 billion Sk ($28.5 million) increase in the basic capital of the bank, whose capital adequacy at the moment is 1.57 percent. The central bank's (NBS) Bank Supervision Department requires 8 percent. However, Turzák said that despite the 400 million Sk decline in clients' deposits over the last few weeks, the level of deposits has already stabilized and the bank is fulfilling all its liabilities to clients. "The NBS... monitors the situation in the IRB and it is not contemplating imposing caretaker administration over the bank," Turzák said.

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