Mikhailovsky declared insolvent due to the growth of deposits – the former head of

Михайловский признали неплатежеспособным из-за роста депозитов – экс-глава

Igor Doroshenko

Doroshenko called their version of the Bank’s insolvency, the Mikhailovsky.

The bankruptcy of the Bank Mikhailovsky was not due to the violation of any economic standards. This was stated by the former head of Board of Bank Igor Doroshenko in an interview FinClub.

“The Bank was declared insolvent in connection with the increase of the Deposit portfolio. But on the other hand, in fact the increase in the Deposit portfolio of the Bank can be a reason for attributing it to the category of insolvent? The rhetorical question,” – said Doroshenko.

Other reasons for bankruptcy, in his opinion, was not. Doroshenko stressed that at the time of introduction of temporary administration, the Mikhailovsky did not have any outstanding obligations to customers, had highly liquid assets (balances in cash and on correspondent account with the NBU) in the amount of more than 87 million hryvnias.

“To speak of insolvency in this case means to distort the real situation. Moreover, as of 19 may (the date of my departure) the Bank complied with all prudential standards for capital, liquidity and foreign exchange positions,” – said Doroshenko.

He also denied information about the attitude of the Bank of the St. Michael Ukrainian businessman Boris Kaufman. “The information in the media is based mainly on guesses of competitors,” – said Doroshenko.

In his opinion, the Bank became a hostage situation. “The business is majority shareholder of the Bank had significant debts to state banks. I think that this, as well as competitive pressures in consumer lending was the main reason of liquidation of the Bank Mikhailovsky” – said Doroshenko.

We will remind, the law providing for the refund of money to depositors of the Bank Mikhailovsky, was adopted by the Parliament on 15 November and entered into force on 19 November.