12:13 07.12.2015

Administrative board approves new structure of deposit guarantee fund

2 min read
Administrative board approves new structure of deposit guarantee fund

The administrative board of the Individuals' Deposit Guarantee Fund has approved the new structure of the fund, the National Bank of Ukraine (NBU) said on its website, referring the decision of the administrative board of December 3, 2015.

"The current structure of the fund was created in 2012. Then no one planned to clear out the banking system. Since early 2014, 63 banks were sent to the fund. As a result, today, the fund requires restructuring to effectively react to the following challenges: looking for investors for insolvent banks and managing their assets," the press service of the NBU reported, citing chair of the administrative board of the fund and first deputy NBU governor Oleksandr Pysaruk.

He said that the new structure was designed with the participation of international experts: specialists of the World Bank and the U.S. Department of the Treasury. It aims at making the fund the efficient structure able to work in the current conditions.

The transfer to the new organization structure of the fund will be completed by Q2 2016.

"The main changes in the operation of the fund will be made from January 1, 2016," the press service said, citing Individuals' Deposit Guarantee Fund Managing Director Kostiantyn Vorushylin.

A consolidated sales department will be created in the fund. The department will accompany asset management and their sale in all insolvent banks. The new system would allow increasing transparency and cutting expenses on insolvent banks' assets management.

The data warehouse will be created to consolidate assets of insolvent banks. The newly created IT department will manage it.

The financial investigation department is being also created. The department will work with owners and affiliated persons actions of which led to bankruptcy of banks. The department will introduce the anti-corruption program inside the fund.

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