The executive directors of the Individuals Deposit Guarantee Fund has approved a document for forming the liquidation assets of bank Mykhailivsky (Kyiv), and according to independent appraisers the real cost of the bank's assets was less than their balance sheet cost by 97.2%, the fund has reported on its website.

According to a report drawn up by three appraising companies, the real cost of the bank's assets is UAH 138.13 million, while the balance sheet cost exceeded UAH 5.113 billion. During the liquidation of the bank first own property of the bank could be sold – old PC equipment, furniture, cash desks, ATMs. These assets were assessed at UAH 30.5 million by independent appraisers. The bank's balance sheet does not contain any premises or land parcel for commercial use. The rests of the assets, first of all credit portfolios of companies and individuals, were removed from the bank several days before the introduction of temporary administration. The scheme was finished on May 19, 2016. Independent appraisers assessed the credit portfolio of companies at UAH 59.47 million with the balance sheet figure of UAH 1.478 billion. Almost the entire credit portfolio of companies is credits issued to companies affiliated with the owner of the bank. They were removed from the bank using a fraud scheme. Credit agreements for almost UAH 1 billion with a UAH 50 million worth of farmland parcel in Makarove district of Kyiv region as the only collateral for them were left on the balance sheet.

The fund said that it is trying to return the removed assets in court. The fund filed seven applications to law enforcement agencies reporting crimes committed at the bank.