The cheated depositors of Bank Mykhailivsky will receive payments from the Individuals Deposit Guarantee Fund for a total of more than UAH 1.2 billion if the law on amendments to the law on the system of individuals' deposits guarantees, compensation for individuals' losses caused by abuse in the field of banking and financial services is passed, fund managing director Kostiantyn Vorushilin has said at a press conference.

According to him, deposit refunds will be paid to about 14,000 people in the period not later than 20 days from the date of entry into force of the law.

According to Vorushilin, currently the fund has sufficient money to make payments and does not intend in the near future to seek additional funding from the Ministry of Finance.

As reported, the draft law on compensation to individuals through the system individuals' deposit guarantees for the losses caused by abuse in the field of banking and other financial services (No. 5390), providing for applying guaranteed refunds to defrauded depositors through the deposit guarantee system and strengthening financial institutions' liability, was registered in the Verkhovna Rada on November 14, 2016.