Over three years since full deposit guarantee refund payments were introduced in April 2022, the Ukrainian Deposit Guarantee Fund has transferred more than UAH 9 billion to the depositors of insolvent banks.
The relevant statement was made by Ukrainian Deposit Guarantee Fund Managing Director Olha Bilai in an interview with Ukrinform.
“In April 2022, at the President’s initiative, a full guarantee was introduced in Ukraine, which provides for the entire deposit amount and accrued interest to be refunded in case of the bank’s bankruptcy. Over three years, full guarantee refund payments have been transferred to the depositors of seven banks,” Bilai told.
During that period, a total of 10 banks were removed from the market, including Sense Bank, which had been nationalized and continues operation. Only five banks left the market due to insolvency. The rest of banks were those with Russian capital or those that failed to follow the financial monitoring regulations.
Currently, the Deposit Guarantee Fund continues payments to the depositors of 31 banks. All their retail clients can apply to the Fund and receive guarantee refund payments.
In addition, the Deposit Guarantee Fund is actively working to recover funds from the former owners of insolvent banks. Overall, the Fund filed lawsuits against the affiliated persons (as well as shareholders) of 57 banks. In some cases, courts have already given a final ruling, and the Fund has launched enforcement proceedings. In total, courts are now considering cases against more than 1,000 defendants.
A reminder that insolvent bank depositors can receive guarantee refund payments all over Ukraine and worldwide. For this purpose, a relevant online payment service was introduced in the Diia app.
Source: Deposit Guarantee Fund pays insolvent bank depositors UAH 9B over three years
