10:38 24.03.2015

VAB Bank depositors to contest in court NBU decision on bank liquidation

1 min read
VAB Bank depositors to contest in court NBU decision on bank liquidation

The initiative group of the major depositors of VAB Bank (Kyiv) is intending to contest in court the decision of the National Bank of Ukraine (NBU) on the liquidation of the financial institution, head of the initiative group Valeriy Mischenko has said at a press conference at Interfax-Ukraine.

According to him, the initiative group of large VAB Bank depositors proposed the National Bank and the Individuals' Deposit Guarantee Fund create a transition bank, passing the assets and liabilities of VAB Bank to it, which then must be purchased by the bank's large depositors for UAH 1 billion. Thus, the bank's large depositors were ready to convert their deposits into the transition bank shares, as well as additionally capitalize it. At the same time, they got response neither from the National Bank nor the Individuals' Deposit Guarantee Fund.

According to Mischenko, VAB Bank has 12,000 large depositors. The funds of individual depositors, whose deposits exceed the guaranteed amount of compensation, stand at UAH 3.028 billion.

"We have not been heard for one reason, because today they have UAH 18 billion of assets [of VAB Bank], which they have turned into UAH 5 billion," Mischenko said.

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