The National Bank of Ukraine (NBU) has declared Fidobank insolvent.

According to the website of the regulator, the NBU board made the decision, No. 8, on May 20, 2016.

The report states on May 12 the outflow of funds from the accounts of legal entities and funds of other banks started, while funds were not withdrawn to institutions related to the shareholders.

According to the NBU, the outflow of funds on May 12-13 amounted to about UAH 200 million. Problems meeting obligations to customers began on May 16.

As of May 20 the total amount of operations the bank failed to fulfill to customers exceeded UAH 500 million, or 9% of its liabilities.

The NBU said Fidobank had not applied to the regulator for obtaining refinancing, while on May 17 it gave notice that bank investors would no seek to recapitalize the bank.

According to the report, 98% of depositors, or 97,700 people, will recieve their deposits in full because the size of their deposits does not exceed the guaranteed amount of UAH 200,000.

The total amount of compensation is about UAH 1.8 billion.