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Investiční a poštovní banka translated as Investment and Postal Bank (IPB) was one of the largest banks in the Czech Republic before its collapse in 2000 resulting in the largest bankruptcy in Czech Republic history.[1][2]
Historyedit
IPB was established by merging Investiční banka and Poštovní banka at the end of 1993. The bank was first privatized in a coupon privatization, the Czech state retained a majority stake and was able to control developments in the bank.[1]
In 1993, the National Property Fund did not participate in the increase of the registered capital of IPB and the state lost a majority stake in the bank. IPB terminated its cooperation with the auditing company Coopers & Lybrand in February 1997, which, according to press speculation, demanded the creation of reserves in the amount of several billion crowns. Ernst & Young has become the new auditor.[3] At government meetings on July 23, 1997 and March 4, 1998, the government decided to sell the state share to Nomura Holdings. Nomura Holdings paid CZK 3 billion for 36.29% of the shares and its shareholding increased to 46.6%. As the bank's financial situation was unsustainable, Nomura increased its share capital by CZK 6 billion and issued subordinated bonds in the same amount, which was supposed to stabilize IPB. However, a change in credit risk management was necessary for further successful development.[1]
Issuesedit
In order to avoid the need to create provisions, IPB carried out operations to reduce credit risk. These were often non-standard operations leading to a reduction in the volume of classified loans in the bank which did not result in a reduction in risk, such as the sale of bad debts to NIPB. The short-term measures of the turn of 1998 and 1999 ensured that the bank did not have to make provisions.
In February 2000, the Czech National Bank identified multiple deficiencies in IPB, which appealed against the findings and filed objections against individual points. IPB stated that it is taking steps to reduce credit risk and increase the bank's share capital by CZK 13.4 billion. The appeal contained 270 pages of text and 9700 pages of annexes. Due to the scope of this document, the CNB did not have a good chance of intervening on the basis of the findings of the comprehensive inspection and therefore had to wait for the confirmation of its findings by the auditor.
On June 12, 2000, massive withdrawals were made from the bank.[4] By June 19, all the assets and liabilities of IPB were taken over by ČSOB. The bank's collapse resulted in losses valued at CZK67.8 billion (around $1.79bn, or £1.18bn at the time).[5]
Referencesedit
^ abcKudrna, Zdenek (2002-09-10). "The Rise and Fall of Investicni a Postovni Banka (IPB)". papers.ssrn.com. Retrieved 5 September 2020.
^"Krize likvidity Investiční a Poštovní banky, a.s." historie.cnb.cz (in Czech). Retrieved 5 September 2020.
^Martin Jašminský, Olga Skalková, Unexpected exchange of audit firm may prolong IPB privatization, Hospodářské noviny, March 5, 1997
^"Den, kdy vzali Češi pobočky IPB útokem. Před 20 lety zkolabovala dosud největší banka". Aktuálně.cz. Czech News Agency. 2020-06-14. Retrieved 5 September 2020.
^Zámečník, Petr (2001-05-03). "Kdo zaplatí dluhy?". Měšec.cz. Retrieved 5 September 2020.
January 01, 1970
investiční, poštovní, banka, help, expand, this, article, with, text, translated, from, corresponding, article, czech, september, 2020, click, show, important, translation, instructions, view, machine, translated, version, czech, article, machine, translation,. You can help expand this article with text translated from the corresponding article in Czech September 2020 Click show for important translation instructions View a machine translated version of the Czech article Machine translation like DeepL or Google Translate is a useful starting point for translations but translators must revise errors as necessary and confirm that the translation is accurate rather than simply copy pasting machine translated text into the English Wikipedia Consider adding a topic to this template there are already 251 articles in the main category and specifying topic will aid in categorization Do not translate text that appears unreliable or low quality If possible verify the text with references provided in the foreign language article You must provide copyright attribution in the edit summary accompanying your translation by providing an interlanguage link to the source of your translation A model attribution edit summary is Content in this edit is translated from the existing Czech Wikipedia article at cs Investicni a postovni banka see its history for attribution You may also add the template Translated cs Investicni a postovni banka to the talk page For more guidance see Wikipedia Translation Investicni a postovni banka translated as Investment and Postal Bank IPB was one of the largest banks in the Czech Republic before its collapse in 2000 resulting in the largest bankruptcy in Czech Republic history 1 2 History editIPB was established by merging Investicni banka and Postovni banka at the end of 1993 The bank was first privatized in a coupon privatization the Czech state retained a majority stake and was able to control developments in the bank 1 In 1993 the National Property Fund did not participate in the increase of the registered capital of IPB and the state lost a majority stake in the bank IPB terminated its cooperation with the auditing company Coopers amp Lybrand in February 1997 which according to press speculation demanded the creation of reserves in the amount of several billion crowns Ernst amp Young has become the new auditor 3 At government meetings on July 23 1997 and March 4 1998 the government decided to sell the state share to Nomura Holdings Nomura Holdings paid CZK 3 billion for 36 29 of the shares and its shareholding increased to 46 6 As the bank s financial situation was unsustainable Nomura increased its share capital by CZK 6 billion and issued subordinated bonds in the same amount which was supposed to stabilize IPB However a change in credit risk management was necessary for further successful development 1 Issues editIn order to avoid the need to create provisions IPB carried out operations to reduce credit risk These were often non standard operations leading to a reduction in the volume of classified loans in the bank which did not result in a reduction in risk such as the sale of bad debts to NIPB The short term measures of the turn of 1998 and 1999 ensured that the bank did not have to make provisions In February 2000 the Czech National Bank identified multiple deficiencies in IPB which appealed against the findings and filed objections against individual points IPB stated that it is taking steps to reduce credit risk and increase the bank s share capital by CZK 13 4 billion The appeal contained 270 pages of text and 9700 pages of annexes Due to the scope of this document the CNB did not have a good chance of intervening on the basis of the findings of the comprehensive inspection and therefore had to wait for the confirmation of its findings by the auditor On June 12 2000 massive withdrawals were made from the bank 4 By June 19 all the assets and liabilities of IPB were taken over by CSOB The bank s collapse resulted in losses valued at CZK67 8 billion around 1 79bn or 1 18bn at the time 5 References edit a b c Kudrna Zdenek 2002 09 10 The Rise and Fall of Investicni a Postovni Banka IPB papers ssrn com Retrieved 5 September 2020 Krize likvidity Investicni a Postovni banky a s historie cnb cz in Czech Retrieved 5 September 2020 Martin Jasminsky Olga Skalkova Unexpected exchange of audit firm may prolong IPB privatization Hospodarske noviny March 5 1997 Den kdy vzali Cesi pobocky IPB utokem Pred 20 lety zkolabovala dosud nejvetsi banka Aktualne cz Czech News Agency 2020 06 14 Retrieved 5 September 2020 Zamecnik Petr 2001 05 03 Kdo zaplati dluhy Mesec cz Retrieved 5 September 2020 Retrieved from https en wikipedia org w index php title Investicni a postovni banka amp oldid 1193496857, wikipedia, wiki, book, books, library,
