The National Bank of Ukraine (NBU) has declared joint-stock commercial bank Novy (New, Dnipro) insolvent, the central bank has reported on its website.

The NBU board made decision No. 441-rsh/bt on July 13.

The central bank said that the shareholders in the bank on June 26 decided to halt bank operations and submitted the relevant plan to the regulator.

According to the law on relaxation of the reorganization and capitalization of banks the NBU does not have the right to approve the plan for terminating operations of banks if there are grounds for placing the banks to the list of insolvent banks.

The size of the regulatory capital of bank Novy as of July 12, 2017 was less than one third of the lower limit, the NBU is obliged to declare it insolvent, the NBU said.

The central bank said that 99% depositors of the bank (around 3,000) will receive their deposits in the full amount, as their size does not exceed the sum guaranteed by the Individuals Deposit Guarantee Fund (UAH 200,000). The total sum for refunds is UAH 36 million.

As of June 8, 2017, the State Space Agency of Ukraine held 18.3% of shares in the bank. The rests of the shareholders are persons with less than 10% of shares.

Bank Novy was founded in 1992.

The bank ranked 58th among 90 operating banks as of April 1, 2017, in terms of total assets worth UAH 770.586 million, according to the NBU.