Deposit Guarantee Fund gets last tranche of UAH 5 bln within Finance Ministry loan
The Individuals' Deposit Guarantee Fund on December 22 received the last tranche of UAH 5 billion of a government loan for payments to the depositors of insolvent banks within the credit from the Finance Ministry, according to the website of the fund.
The funds are raised at a rate of 10.86% per annum in the form of government domestic loan bonds, which were monetized in the secondary market of securities with the participation of the National Bank of Ukraine.
The fund said the money will be spent on guaranteed amount payments to the depositors of Bank Finance and Credit, Delta Bank, Bank Financial Initiative and other financial institutions.
Since the beginning of 2015 the fund has received UAH 41.5 billion in loans from the Ministry of Finance in the form of government domestic loan bonds. The fund sent more than UAH 48.5 billion to agent banks for payments to the depositors of insolvent banks.