Bank Michael declared insolvent

Банк Михайловский признали неплатежеспособным

Bank Michael accused of fraud

The Deposit guarantee Fund has received an additional load of 2.6 billion USD.

The national Bank of Ukraine took the Bank Michael insolvent,the press service of the NBU. The relevant decision is made may 23, 2016.

As noted, 20 may 2016, head of Board of Bank Igor Doroshenko has informed that left the position. On the same day the Bank said that for technical reasons it does not work system “operating day Bank” that made it impossible for the curator to access operational data.

“The new system is operational only late in the evening of 20 may. A curator, after receiving the access, he saw a large number of transactions to transfer deposits of physical persons with a financial company associated with the Bank, on the Bank’s balance sheet. This increased stress on the Deposit guarantee Fund of individuals (fgvfl) from 1.6 billion USD to 2.6 billion USD”, – commented the Deputy head of the NBU Ekaterina Rozhkova.

According to the NBU, as of may 23 100% of its shares owned by Ekosian, 92.5% of which is owned by the owner of a chain selling household appliances and electronics Eldorado Viktor Polishchuk, 3,9% – Igor Doroshenko, 3% – Victor Yerasov.

The Bank was declared problematic on 23 December 2015 in connection with risky activities and then, the NBU has been working with shareholder and management to resolve the situation.

Recall, may 20 was declared insolvent Fidobank.