Deposit Guarantee Fund starts payments to depositors of insolvent Fidobank

18:50, 24.06.2016 1 min read

The Individuals' Deposit Guarantee Fund from June 24 started payments to the depositors of insolvent Fidobank (Kyiv) on contracts valid until May 20, 2016 inclusive, according to the fund's website.

According to the report, payments will be made through the establishments of agent banks, namely Ukrgasbank, Kredobank, OTP Bank, Bank Pivdennyi, and Alfa-Bank.

As reported, the fund estimates the total amount of compensation to 90,000 individual customers of Fidobank under the deposit guarantee system at UAH 1.82 billion.

Funds will be fully reimbursed to 97.7% of the depositors.

"In the early days of work of temporary administration one of the priorities is to form a register of depositors to start payments on time," the report says.

As reported, temporary administration was introduced in the insolvent bank for one month from May 20 to June 19, 2016.