The Individuals Deposit Guarantee Fund jointly with the National Bank of Ukraine (NBU) starts a pilot project on selling large pools of assets of insolvent banks used as collateral for the loans issued by the NBU with the attraction of international advisers – U.S. companies selling troubled assets: DebtX Ukraine LLC (the subsidiary of DebtX) and First Financial Network Ukraine LLC (the subsidiary of FFN).

According to a posting on the website of the fund, the companies will be involved in the presale preparation, marketing of assets and search of potential buyers.

"The implementation of the project would allow opening the Ukrainian troubled assets market to the world, attracting best practices, and get international investors interested. This will be increase the effectiveness of the sale of assets," the fund said.

The fund said that assets used as collateral for the NBU refinancing loans issued to eight banks will be used in the pilot project: VAB Bank, Brokbusinessbank, Delta Bank, Active-Bank, bank Kyivska Rus, bank Finance and Credit, Eurogasbank and Zlatobank. Two pools have been formed. They include claims on credits with the total debt of around UAH 5 billion each.

Buyers of the lots will be searched both in Ukraine and outside the country. Information about the assets in Ukraine and English will be available in the virtual data cabinet. The electronic auctions will be held online. All interested investors can participate in them, irrespective of their location.

The fund said that the NBU is approving the way and the place to sell the assets.