Deposit Guarantee Fund takes Bank Arcada under control

The Deposit Guarantee Fund has taken Bank Arcada under control, Svitlana Rekrut, the managing director of the fund, has said.

"The Deposit Guarantee Fund has entered Bank Arcada. It completely took control. The authorized person of the fund will perform the functions of the chairman of the board, the supervisory board and audit functions. We are starting to act within the law, in particular, this is an inventory, the formation of liquidity and the formation of a register of creditors," she said at a press conference.

"Some 72% of depositors will receive their money in the total amount. These are 4,746 persons, their deposits are less than the state guaranteed amount of UAH 200,000. In general, the fund will pay such depositors UAH 290 million. Other depositors will receive funds in the manner prescribed by law," Governor of the National Bank of Ukraine Kyrylo Shevchenko said.

According to Rekrut, all specified deposits will be paid no later than the 20th business day.

As reported, the NBU on August 25 declared the bank insolvent due to a decrease in capital requirements to less than one third of the minimum established level.

Bank Arcada was established in 1993. According to the NBU, the owner of the bank's significant stake as of June 1, 2020 is Kostiantyn Palyvoda (total participation of 74.797%).

According to the National Bank, as of July 1, 2020, in terms of total assets (UAH 1.902 billion) Bank Arcada ranked 45th among 75 banks operating in the country.

Source: www.en.interfax.com.ua