Alta Banka: What Did the NBS Know About the Bank's Cash Pile?

Questions about the National Bank of Serbia's supervision of Alta Banka are growing after the lender lost its licence on 30–31 October. According to the NBS decision cited by BIRN, Alta reported holding nearly 60 billion dinars — more than half a billion euros — in its vault on 30 September, including about 100 million euros in foreign currency. Prosecutors suspect that owner Davor Macura and two employees removed about 45 billion dinars (around 380 million euros) before the licence was withdrawn; Macura denies wrongdoing.

The numbers that were public

BIRN reports that Alta's annual financial statements showed about 40 billion dinars in cash at the end of 2024 and about 50 billion at the end of 2025, so the unusually large cash holdings were visible for years. The bank had liquidity problems throughout 2026 and paid above-market rates to attract deposits: a weighted average of 3.13% against a sector average of 1.59%. Public-sector bodies and public companies held about 400 million euros, around a quarter of its deposits. About 140 million euros was withdrawn on 28 and 29 October.

The timeline inside the central bank

On 29 October the NBS ordered Alta to count its cash within three working days. A day later it learned of the withdrawals and missed overnight loan repayments, concluded the bank was likely to become insolvent and revoked its licence that night. Four vice-governors — Željko Jović, Ana Ivković, Dragana Stanić and Nikola Dragašević — said they learned the bank's real condition only at an extraordinary Executive Board session on 30 October, and asked prosecutors to establish who knew of the risks and when.

Nova reported on 4 November, citing unnamed sources, that Governor Jorgovanka Tabaković is among the witnesses prosecutors intend to question in the Macura case. This has not been officially confirmed. Tabaković has not made a public statement on the collapse and did not answer questions from Danas or BIRN.

What economists say

Đorđe Đukić, an economics professor quoted by Danas, said the size of Alta's cash holdings relative to its assets should have triggered a detailed review, and that revoking a licence is “the easiest final step”. Vojislav Stojanović of the Centre for High Economic Studies said responsibility lies with the whole NBS leadership and that it is unclear who withheld information. Nikola Fabris of the Belgrade Faculty of Economics told BIRN the NBS had serious grounds to intervene, noting that temporary administration was an alternative to revocation.

What it means for depositors

Deposits of individuals and small businesses are insured up to 50,000 euros and are being paid out through Poštanska štedionica. Larger deposits, including those of public companies, are not covered and will depend on what the bankruptcy estate recovers. The Organised Crime Prosecutor's Office has said it is examining the work of both Alta and the NBS.