time CFO of Sklo Union. In December 1991 PPF set up five investment funds: The registered capital of each fund was CSK 100,000 ($3,300). PPF did not establish a fund focused on Slovakia. 1992–2000 In March 1992 the registered name of the management company was shortened to První privatizační fond (First Privatisation Fund), a month later an extraordinary general meeting elected Popovič to its board. Following the advertising campaign at the outset of the first wave of voucher privatisation, PPF funds gathered 1.4% of all investment points and PPF the became eleventh-largest management company in terms of acquired privatisation points. In the second wave, which took place after the dissolution of Czechoslovakia on 31 December 1992, PPF funds gathered 2.1% of all investment points (ninth-largest group). In 1994 shareholders of the four largest funds from the first wave agreed a merger, the smallest Regional Investment Fund was later liquidated. In 1996 the merged fund acquired a 20% stake in Česká pojišťovna (ČP), the largest Czech insurance company. ČP had a profitable insurance business, however its two subsidiary banks were losing billions of Czech crowns, decreasing the ownership equity of ČP. On 17 June 1996 the first wave fund was transformed to a standard holding corporation (PPF IH). The transformation took place just two weeks before 1 July 1996, when the Act No. 142/1996 made the transition to a standard corporation much more complicated. As a result, PPF IH was no longer subject to the regulation of investment funds. To push the transformation through, PPF used cross-shareholdings. For example, the industrial company TMP, in which PPF was the largest shareholder, acquired in March 1996 shares of the fund, only to sell them for a lower price after the extraordinary general meeting losing CZK 96 million ($2.5 million). On 19 June 1996 the Minister of Finance Ivan Kočárník hosted a key meeting of ČP shareholders, the state’s National Property Fund (NPF), PPF, and three banks, IPB, ČSOB and KB. NPF, which held a 30% stake in ČP, was represented by the Minister of Privatization Roman Češka (of the party ODA), the governor of the Czech National Bank, Josef Tošovský was also present. It was agreed that PPF should manage ČP, and IPB would manage its ailing subsidiary banks. PPF and IPB also got an option to purchase ČSOB shares, subject to the condition that the audited ČP profit for 1997 was positive.