The Individuals' Deposit Guarantee Fund has introduced temporary administration to bank Mykhailivsky (Kyiv) declared insolvent for one month – from May 23 to June 22, 2016 inclusively, the fund has said on its website.

Temporary administrator is a representative of the fund, Turiy Irkliyenko.

The NBU declared the bank insolvent on May 23. The central bank also accused the bank of perpetrating a fraud on May 20. The burden on the Individual Deposit Guarantee Fund increased from UAH 1.6 billion to UAH 2.6 billion.

Bank Mykhailivsky was registered on June 14, 2013.

The bank ranked 71st among 109 operating banks as of April 1, 2016, in terms of total assets worth UAH 2.954 billion, according to the National Bank of Ukraine.