The Individuals' Deposit Guarantee Fund has prolonged temporary administration at government-controlled Bank Kyiv until June 24, the fund has reported on its website.

"The executive directors of the fund made decision No. 102 of May 21, 2015 on the prolongation of temporary administration at public joint-stock company Bank Kyiv until June 24, 2015 inclusively… with the purpose of providing for safety of assets of insolvent Bank Kyiv, preventing loss of property and the losses of the bank and the Individuals' Deposit Guarantee Fund," reads the report.

The fund had previously introduced temporary administration at Bank Kyiv for three months, until May 24, 2015.

As reported, on February 11, 2015 the Ukrainian government approved resolution No. 61 which foresees the participation of the state as represented government-controlled Ukrgasbank in the removal of Bank Kyiv from the market.

Bank Kyiv was established in 1993. The bank was transferred to state control during the implementation of an anti-crisis program to recapitalize 2008 crisis-hit banks. The Finance Ministry's stake in the bank as of early January 2015 was 99.9369%.

Bank Kyiv ranked 67th among 158 operating banks as of January 1, 2015, in terms of total assets worth UAH 1.485 billion, according to the National Bank of Ukraine.