The Individuals' Deposit Guarantee Fund has introduced temporary administration in Avant-Bank (Kyiv) on the basis of the decision of the National Bank of Ukraine (NBU) dated January 29, 2016 on declaring the bank insolvent, according to the website of the fund.

According to the report, temporary administration is introduced for a period of one month from January 29 to February 28, 2016.

Iryna Larchenko has been appointed temporary administrator in the bank.

As reported, the NBU by the decree of January 29, 2016 declared Avant-Bank insolvent.

The regulator explained the decision was made on the basis of the bank shareholders' having no clear plans for the restoration of the bank's liquidity and the failure to perform customers' operations in the period established by the legislation.

According to the NBU, the Individuals' Deposit Guarantee Fund will ensure payment of compensation to 96% of the bank's depositors. The guaranteed amount of payment on deposits will be about UAH 550 million.