National Bank places Alta Bank AD Bitola under temporary administration
Measure aims to protect clients' funds and keep the bank operating while ownership is changed.
The National Bank of the Republic of North Macedonia (NBRM) has placed Alta Bank AD Bitola under temporary administration as a protective measure while ownership of the bank is changed. The central bank says the step is intended to keep the bank operating normally and to protect the property and interests of depositors and other creditors.
What the NBRM says
“The introduction of temporary administration is a protective measure and does not mean the closure of Alta Bank AD Bitola, nor the activation of the deposit insurance payout mechanism. Alta Bank AD Bitola continues to operate, it is not in bankruptcy and its licence has not been revoked. The bank is liquid, highly capitalised, has a solid loan portfolio quality and meets supervisory standards,” the NBRM said this morning.
During the temporary administration the bank will continue to carry out transactions, but withdrawals and transfers out of the bank are temporarily restricted to prevent a large liquidity outflow. NBRM notes that yesterday approximately two million euros were withdrawn from the bank.
Individuals will be limited to weekly cash withdrawals and card payments of up to 10,000 denars; internal transfers to other customers within Alta Bank remain unrestricted. Legal entities may make unlimited transfers within the bank but cannot transfer funds to other banks nor withdraw cash from ATMs or teller windows.
“Inbound payments from abroad via SEPA and correspondent banking will be processed without interruption, while outbound payments abroad will be temporarily unavailable for both individuals and legal entities. Savings deposits of individuals are insured by the Deposit Insurance Fund up to the amount of 30,000 euros, in accordance with legal rules,” the NBRM added.
The central bank said it is continuously monitoring the situation and appealed to the public not to make decisions based on unverified information, warning that unnecessary mass withdrawals would not be in savers' interest. Alta Bank AD Bitola will have its branches closed from tomorrow.
Photo: press material from the event
