12:30 06.01.2017

Deposit Guarantee Fund earns some UAH 3 bln from sale of property of bankrupt banks in 2016

2 min read
Deposit Guarantee Fund earns some UAH 3 bln from sale of property of bankrupt banks in 2016

The Individuals' Deposit Guarantee Fund tentatively earned around UAH 3 billion from selling property of insolvent banks in 2016, Director of the consolidated sale and asset management department of the fund Yulia Bereschenko has said.

"We received around UAH 3 billion. We are summarizing the results of the year, as it takes a couple of weeks to calculate everything. The final statistics will be published in the middle of January," she said on Vesti radio on January 5.

Bereschenko said that sale of assets of insolvent banks are a part of income the fund receives thanks to management of assets of bankrupt banks. Payments of credit debts by clients of the banks also bring money. Thus, total income at the end of the year is around UAH 7 billion, she said.

She said that in 2017 the fund seeks to boost income.

"Drawing up a plan for this year we looked at income from sale of four categories of assets… For the fourth category of assets – so-called 'special assets' worth over UAH 50 million - there was almost no income last year, as most of these large credits were issued to affiliated persons," she said.

She said that the volume of large credits is around UAH 90 billion in the credit portfolio managed by the fund, including a half of them are credits issued to affiliated persons issued for bubble or non-existing collateral like 'junk' securities.

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