12:08 17.07.2019

Deputy head of Deposit Guarantee Fund Svitlana Rekrut tapped to head the Fund from July 18

2 min read
Deputy head of Deposit Guarantee Fund Svitlana Rekrut tapped to head the Fund from July 18

Deputy Head of the Deposit Guarantee Fund Svitlana Rekrut has been tapped to head the Fund from July 18 instead of Kostiantyn Vorushylin.

The corresponding decision was taken by the Fund's Administrative Board, the Fund said in a statement on its website.

"On July 16, the Deposit Guarantee Fund's Administrative Board accepted Deposit Guarantee Fund Director Kostiantyn Mykolayovych Vorushylin's resignation from July 18 as his five-year contract expired. The Administrative Board also appointed Svitlana Rekrut to head the Fund," it said.

Prior to the appointment, Rekrut was deputy head at the Fund.

As indicated in the statement with reference to Rekrut, the Fund's team faces major challenges, in particular, it will continue fulfilling obligations to bank creditors and the state.

"Since the balance of debt to the Finance Ministry currently exceeds UAH 49 billion in the form of bills and another UAH 67 billion [in debt] on interest, the Fund's most important task in the near future is to restructure interest on those loans. This will let proceed to the discussion of an increase in the guaranteed amount," Rekrut was quoted as saying.

According to her, the Fund's team will continue working on the developments that allowed creating a transparent and competitive market of problem assets. Another challenge facing the Fund, is work to recover funds from former shareholders and top managers of bankrupt banks, she added.

She recalled that work under Article 52 of the Law of Ukraine on the System of Guaranteeing Deposits of Individuals is actively under way, and the Fund plans to "bring it to completion" and return the funds to be received to the creditors of those banks. The total amount of claims exceeds UAH 81.3 billion.

Among other important plans of the Fund is the introduction of EU standards, she said. In particular, the introduction of an early intervention system, which will allow for preventive determination of risks for banks and solving the insolvency problem not at the expense of their depositors, but at the expense of owners.

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