NBS could have stopped large cash withdrawals from Alta Bank

The National Bank of Serbia (NBS) could have acted earlier to stop large sums of money being taken out of Alta Bank, according to sources inside the central bank familiar with events before the regulator revoked the lender’s licence. The account points to warning signs in the bank’s business model that, if followed up sooner, might have limited the outflow.

Key moments before the licence was revoked

Members of the NBS Executive Board — led by Governor Jorgovanka Tabaković and four vice‑governors — decided to withdraw Alta Bank’s licence at an extraordinary meeting held during the night between Friday and Saturday. Several officials who oversee bank supervision knew about problems at Alta days earlier and, the source says, a timely inspection and appropriate action could have prevented large cash withdrawals.

As the source put it, the bank operated with unusually large amounts of cash and other atypical features: non‑standard banking fees and very high deposit levels relative to approved lending. Those traits differed from a normal banking model and, the source says, should have triggered intensified supervision.

"I don't know whether 45 billion dinars, as reported by the Organized Crime Prosecutor's Office, were held in cash, but all signs point to that," the source said. The same source suggested that some supervisory departments had been aware of troubling indicators several days earlier.

Relations inside the NBS were also strained. Vice‑governors publicly issued a statement the day after the licence was withdrawn asking the public prosecutor to establish all facts related to the case; notably their statement was signed only by the vice‑governors, without the governor. The vice‑governors also asked that the investigation cover procedures inside the central bank itself.

After the licence withdrawal the owner of Alta Bank, Davor Macura, was arrested on the prosecutor’s order, together with two other people suspected of helping remove funds from the vault. Meanwhile, many NBS employees have been working to calm the market and prevent the bank’s collapse from triggering wider instability.

"Irresponsible public statements can only further unsettle the market and cause panic. Now the entire banking system, together with the regulator, needs to reassure depositors and avoid panic that could threaten stability. The banking system rests on trust, and panic in such a system can have catastrophic consequences," the source warned.

Photo: press material from the event