Public enterprises in Serbia are expected to incur significant financial losses following the collapse of Alta Bank, according to Milan Ćulibrk, editor of the weekly Radar. Ćulibrk highlighted that the extent of these losses is under investigation, focusing on who managed to withdraw funds before the bank lost its operating license. He emphasized the need for accountability not only from the bank’s management but also from the National Bank of Serbia (NBS), which was responsible for overseeing Alta Bank’s operations.

Ćulibrk pointed out that public sector deposits in Alta Bank increased sevenfold over the past six months, raising questions about financial oversight and management. “Public enterprises will be ‘shaved,’ it’s just a question of by what percentage, as there are no 300 or 400 million euros they held there,” he stated. Ćulibrk called for the prosecution to investigate the role of the NBS, questioning how significant funds were allowed to remain in a failing bank.

The collapse of Alta Bank, which led to the revocation of its operating license on October 31, 2026, has already raised concerns about the stability of the Serbian banking sector. Ćulibrk noted that the bank’s financial instability was not a sector-wide issue but rather isolated to Alta Bank. He criticized the NBS for apparently accepting the bank’s claims about its financial reserves without adequate verification, leading to a situation where public enterprises held substantial funds in the bank.

The investigation will also look into the timing of fund withdrawals, particularly between October 26 and the bank’s license revocation, when approximately 170 million euros were reportedly withdrawn. Ćulibrk expressed skepticism about the NBS’s assurances during this period, as the bank’s financial activities were purportedly in compliance with the law despite the substantial outflows.

Ćulibrk also mentioned the Vista Rika investment fund, which suffered a 30% drop in the value of its investment units due to its ties with Alta Bank. He suggested that this fund’s proximity to the ruling Serbian Progressive Party (SNS) raises further questions about the bank’s operations and oversight.

As the investigation continues, Ćulibrk underscored the need to determine the true state of public finances, especially as the new government takes office. He referenced a significant budget deficit in October, which contrasts with previous government claims of a budget surplus. The official data, expected to be released in December, will provide a clearer picture of the financial situation.

The fallout from Alta Bank’s collapse has sparked calls for not only political but also criminal accountability, with Ćulibrk advocating for a thorough examination of the NBS’s actions and decisions. The situation underscores the importance of robust financial oversight and the potential consequences of regulatory failures on public enterprises and the broader economy.