Deposit Guarantee Fund places bank National Investment under temporary administration

The executive directorate of the Individuals' Deposit Guarantee Fund on September 17, 2015 decided to place bank National Investment under temporary administration, the fund has said on its website.

Ihor Voloschuk has been appointed as the authorized person of the fund for the duration of temporary administration, which will last for three months.

As reported, the National Bank of Ukraine (NBU) on September 17 decided to place public joint-stock company bank National Investment in the category of insolvent banks.

The regulator said that the non-transparency of several transactions of the bank and the quick reduction of liquidity at the bank was the first reason for placing the bank in the category of troubled banks and introducing a curator to the bank.

The NBU had to declare Bank National Investment insolvent after non-reflecting documents of clients which were not settled in the term set under Ukrainian law on accounting documents were uncovered.

Bank National Investment was founded in 1995.

The bank ranked 34th among 127 operating banks in the country as of July 1, 2015, in terms of total assets worth UAH 4.248, according to the NBU. Its liabilities to individuals as of July 1, 2015 totaled UAH 1.83 billion, including UAH 1.204 billion in foreign currency.