The National Bank of Ukraine (NBU) has declared PJSC Bank Boguslav (Kyiv) insolvent, according to the central bank's website.

The NBU Board made corresponding decision No. 708-RSh/BT on November 6.

"As of November 1, 2017 Bank Boguslav had not ensured the implementation of measures foreseen in the previously approved restructuring plan with respect to raising charter capital, as a result of which the bank did not reach the planned size of charter and regulatory capital," the report said.

The National Bank said the regulatory capital of Bank Boguslav on November 1, 2017 was less than one-third of the minimum level.

"Thus, in accordance with the law on banks and banking activities, the National Bank must make decision to classify the bank as insolvent," the report said.

According to the Individuals' Deposit Guarantee Fund, as of October 1, 2017 some 96% (5,600 people) of Bank Boguslav depositors will receive their deposits in full, since their amount does not exceed the fund's guaranteed sum of UAH 200,000. Customers with larger amounts of deposits will receive payments within the amount guaranteed by the fund.

The total amount of guaranteed payment will be about UAH 178 million.