12:34 05.01.2016

Deposit guarantee fund pays 40% of funds to depositors of bank Finance and Credit in first week of bank liquidation

2 min read
Deposit guarantee fund pays 40% of funds to depositors of bank Finance and Credit in first week of bank liquidation

The Individuals' Deposit Guarantee Fund has paid UAH 2.5 billion to depositors of bank Finance and Credit being under liquidation in the first week of payments in the period of the bank's liquidation starting from December 23, 2015, which is 40% of the total refunding (UAH 6.5 billion), the fund has said on its website.

The fund said that the general register of depositors who will receive funds during the liquidation of the bank includes over 200,000 depositors.

Payments are settled via Oschadbank, Alfa-Bank, bank Pivdenny and First Ukrainian International Bank (FUIB) depending on the place of registration of depositors mentioned in the agreements.

The fund said that UAH 3.9 billion was paid to depositors in the period from September 18 to December 17, 2015 when temporary administration worked at the bank.

As reported, the National Bank of Ukraine (NBU) on December 17, 2015 under a proposal of the Individuals' Deposit Guarantee Fund passed resolution No. 898 on revoking the banking license of bank Finance and Credit and liquidating it.

The fund on September 18 introduced temporary administration at Bank Finance and Credit, while the NBU declared the bank insolvent on September 17.

Bank Finance and Credit was founded in 1990. Its main beneficiary is the Ukrainian businessman, the MP, the majority shareholder and CEO of Ferrexpo, Kostiantyn Zhevaho.

The bank ranked tenth among 127 operating banks in the country by total assets on July 1, 2015 (UAH 38.88 billion), according to the NBU. Its obligations to individuals on this date were equal to UAH 16.98 billion, including forex obligations in the amount of UAH 11.61 billion.

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