The creation of a transition bank to remove insolvent Delta Bank from the market is impossible without state participation, Director of the Individuals' Deposit Guarantee Fund Kostiantyn Vorushylin has said.

"Of course, the ideal option of settling the situation for us is if a transition bank is created on the basis of Delta Bank, but it is impossible without state participation. The decision will be made by the Cabinet of Ministers. The prime minister signed the resolution and the services are studying the issue," he told reporters on Thursday.

As reported, the Individuals' Deposit Guarantee Fund has received eight applications from potential investors to withdraw Delta Bank from the market.

Vorushylin said that among the potential investors for Delta Bank are the State Mortgage Institution, Oschadbank, PrivatBank, and Foxtrot.

He said that the participation of an investor in removing Delta Bank from the market would allow the fund to save considerable funds.

"This concerns several billions of hryvnias," he said.

Delta Bank was founded in 2006. Its largest shareholders in early 2015 were Mykola Lahun (70.6059%) and Cargill Financial Services International, Inc. (29.3941%).

Delta Bank ranked 4th among 158 operating banks on January 1, 2015 by total assets (UAH 60.303 billion), according to the National Bank of Ukraine.